
Recent climate events suggest we’re in uncharted territory when it comes to amplified climate change risks. WTW's latest insight shows how the most effective strategies go beyond traditional boundaries of climate risk management.
October 2024 saw the deaths of hundreds after catastrophic floods hit Eastern Spain, marking the most deadly deluge in a single country in Europe in more than 50 years. Survivors faced devastation to homes, livelihoods and infrastructure following slow and disorganised disaster planning and emergency responses by authorities, prompting protests by beleaguered communities.
Engineering experts have argued better use of natural catastrophe (natcat) and climate risk modeling before disaster struck would have helped mitigate the risks. In this article, WTW's experts argue that going beyond traditional stand-alone natcat and climate risk modeling is only one way of reframing climate risk management to better navigate what can feel like unchartered climate risk territory.
Instead, they look at five ways you can go beyond traditional climate risk management boundaries to deal with the increasing volatility of acute (for example, flood and wind) and chronic (for example, heat and drought) climate risks and their amplifying impacts, specifically:
- Going beyond traditional modeling to identify compounding climate impacts
- Going beyond traditional organizational boundaries between treasury, risk and sustainability
- Going beyond traditional insurance approaches to look at alternative climate risk transfer
- Going beyond traditional organizational boundaries to widen your climate risk management view
- Going beyond today’s climate disclosure and metrics
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Read the full article here.
About WTW
Willis Towers Watson (WTW) is a global leader in advisory, broking, and risk management solutions. With nearly 200 years of experience and 45,000 employees in over 140 countries, WTW helps businesses turn risks into growth opportunities by providing tailored solutions for intricate risk profiles. WTW’s offerings, including professional liability, D&O insurance, cyber risk, and M&A-related insurances, directly address the risks and challenges faced by today’s NEDs.