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Climate Risk Research

Reassuranse|Climate Quantified
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By Geoffrey Saville and Jonathon Gascoigne | 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 through Climate Quantified  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) supports 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. Our projects include working with Professor Chris Kilsby and his team at Newcastle University in the UK, 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

Authors

Jonathon Gascoigne
Senior Risk Advisor

Jonathon is director of risk analytics in the Capital, Science & Policy Practice. He uses quantitative risk techniques to inform the development of public-private insurance-related mechanisms for disaster risk financing. Jonathon has over 15 years experience in the re/insurance industry, designing, managing and delivering innovative products for the catastrophic loss profiling of natural and non-natural hazards. He works closely with the Willis Research Network. He has a BSc in Geography from the University of Lancaster, an MA in Geographical Information Systems and Spatial Modelling from the University of Leeds, and is a Fellow of the Royal Geographical Society (FRGS).


Senior Research Manager

Geoff joined Willis Towers Watson in 2013, and works with the Willis Research Network stakeholders and academic partners to match business needs to the latest in scientific research, and derive tangible outputs for Willis Towers Watson to help advise its clients to advance their understanding of risk from weather and climate related hazards.

His background is in meteorology and climate science, having worked in forecasting for over a decade for the UK Met Office and Bermuda Weather Service, in all aspects of delivering forecast services from media broadcasting to delivering warnings and actionable guidance on extreme weather phenomena such as tropical cyclones and heavy rainfall leading to flooding.

He holds a BSc in Environmental Science from the University of East Anglia, and a Masters (with distinction) in Climate Change from University College London. He is also an active Fellow of the Royal Meteorological Society.


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