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Climate Risk Research

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By Geoffrey Saville | August 5, 2019

Climate change and climate risk have become top topics of discussion within the (re)insurance market. Colleagues across Willis Towers Watson are coordinating their efforts, research and advisory services in order to help our clients respond promptly to all their climate-related regulatory and business pressures.

Climate-related risks are increasingly recognised by clients as material to their operations and potentially impacting both asset and liability sides of the balance sheet. Opportunities in this space are being accelerated by changing regulatory and reporting environments, such as the Task Force on Climate-related Financial Disclosures (TCFD) and Bank of England / Prudential Regulatory Authority (PRA) climate stress tests for general insurers.

Working groups have been established to coordinate climate-related activities across Willis Towers Watson, covering re/insurance, corporates, banking, investment and infrastructure. These working groups focus on gathering climate risk-related knowledge, developing analytical tools and building necessary resources, in order to serve respective business sectors.

The Willis Research Network (WRN) will continue supporting these activities with climate-risk related research and is well-positioned to leverage the strong relationships we have forged with academic partners around the world and across many disciplines. Whilst our Wills Re International Catastrophe Analytics team is currently working with Professor Chris Kilsby and his team at Newcastle University, regarding how we can advise clients on the new climate change stress tests issued by the PRA, we are also initiating new projects focusing on climate risk (tropical cyclone, hail, tornado/hail and flood) with a host of world leading academics at the National Center for Atmospheric Research (NCAR), Karlsruhe Institute of Technology (KIT), Columbia University and the National University of Singapore (NUS). These new projects will build on previous WRN research into climate variability and climate change, and as they develop we'll keep you posted on progress and research outputs via future newsletters and events

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Authors

Geoffrey Saville
Senior Research Manager

Geoff is a Senior Research Manager for the Willis Research Network. He manages the weather and climate related research projects with leading academic partners around the world, matching them with business needs to derive tangible outputs to improve our client services. He also works on consultancy projects relating to climate risk and climate change. His background is in weather forecasting and holds a BSc in Environmental Science the University of East Anglia, and a MSc in Climate Change from University College London. He is also a Fellow of the Royal Meteorological Society.


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