WTW announced the launch of an Asia Pacific Climate Risk Centre (ACRC) in Singapore, which aim to provide climate risk quantification and management capabilities to support the region’s climate resilience and transition to net zero.
The centre reinforces WTW’s commitment to helping the region transition to a resilient, low-carbon economy.
The centre will support corporates, financial institutions, insurers and governments in understanding, quantifying and building resilience against climate risks. It focuses on physical and transition climate risk assessment and quantification through top-down and bottom-up methods and proprietary models.
Over the next three years, the centre will be staffed with a dedicated team of 15 climate specialists to support clients in the APAC region.
“I welcome the launch of the WTW APAC Climate Risk Center in Singapore. This centre will develop risk advisory, analytics and risk financing solutions to support transition efforts of firms in hard-to-abate industrial sectors key for Asia’s growth, such as real estate, transportation and natural resources,” commented Lawrence Wong, deputy prime minister and minister for Finance of Singapore, and chairman of the Monetary Authority of Singapore (MAS).
“The establishment of WTW’s ACRC moves us towards the next phase of growth in the region as we build on our extensive experience in climate risk mitigation and management. Singapore is an important hub in the region’s drive towards a low-carbon economy, with its policy ambitions in green finance and green insurance,” said Carl Hess, chief executive officer at WTW.
“This, coupled with its well-established insurance market infrastructure, makes the country a natural choice for the new centre,” Hess added.
“APAC is on the frontline of climate change: natural catastrophes are already intense and frequent, whilst economic growth and population development mean the region will account for more than 70% of the expected growth in global energy demand over the coming years,” according to Simon Weaver, head of Asia Pacific and head of Corporate Risk & Broking, Asia Pacific.
“Climate risk quantification and management, delivered through WTW’s ACRC, is another step forward in delivering on our commitment to offer clients a smarter way to quantify, mitigate and transfer risk,” Weaver continued.
Source : Insurance Journal