Climate Risks - Identifying Risks
How well do you understand your climate risks?
Continued climate change is inevitable, so organisations around the world need to better understand the impacts that it might have on their business operations and assets. Willis Tower Watson conducts advanced geospatial analysis with ArcGIS to help its clients identify, measure and respond to climate-related risks and opportunities, at each of their business locations.
Climate change creates new and enhanced business risks, ranging from the increased likelihood of flooding at commercial premises to the increased possibility of supply chain interruption from more frequent tropical storms. For insurers, financial institutions and large corporations with global operations and premises or portfolios across multiple countries, it can be incredibly challenging to understand where climate-related risks are greatest and how to mitigate them.
The multinational risk management and insurance brokering organisation Willis Tower Watson uses ArcGIS to analyse the latest data on climate change risks and provide accurate, location-specific advice to its clients. Used in the delivery of the firm’s Climate Quantified™ service, ArcGIS allows data scientists to model hazards and vulnerabilities and quantify physical and transition risks around the world in different climate scenarios. In addition, both employees and clients can use an ArcGIS-based tool called Climate Diagnostic to visualise actual and predicted changes in hazards, such as extreme wind, sea levels and heat stress. The tool makes it very easy for people to visualise changes over time, at specific locations, and better understand how climate-related hazards could impact their operations, properties and portfolios in the future.
By using ArcGIS to gain a deeper understanding of climate risks, Willis Tower Watson has been able to offer informed climate advice to thousands of the world’s leading financial institutions, governments, insurers and large, multinational businesses. The insight it provides helps these clients to plan ahead and make effective responses to climate change, including planning for decarbonisation; ensuring compliance with regulatory and disclosure requirements for climate-related risks; and building more resilient businesses and communities.
“The ArcGIS tools that we use as part of the Willis Tower Watson Climate Quantified service enable us to build a comprehensive narrative about climate risks and share this insight with our clients in a meaningful way.”
Sharon Palmer, Head of Analytics Centre of Excellence, Willis Tower Watson
To read more inspiring stories of how different organisations and government are using GIS to challenge climate change and make a difference, click here.
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If you have a story to tell, we'd love to hear it. Send us an email detailing the Climate Change challenge you have addressed and how you have used GIS to improve this. Please include ‘Climate Change Stories’ in your subject line and we will be in touch!
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