LONDON, UK, October 09, 2024 — WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company today announced a new scientific partnership with the University of Colorado Boulder to transfer scientific advances in seasonal climate prediction to the insurance and risk management industries. Through this collaboration, WTW and its clients will be able to anticipate how weather events will affect their operations and portfolios over the next quarter and prepare for forecasted climate risks.
Natural fluctuations in the Pacific Ocean – known as El Niño and La Niña – are the leading cause of year-over-year changes in the global climate. The reach of these patterns extends far beyond the Pacific and affects the odds of drought, wildfire, heatwaves, and hurricanes across much of the world. Because meteorological agencies are now able to predict El Niño and La Niña episodes several months ahead of time, these forecasts provide advance warning of severe weather events and likely climate impacts over large parts of the globe.
Historically, the state of the tropical Pacific has cost trillions of dollars in direct damages and reduced economic growth. But most businesses have only begun to take advantage of the strong predictability offered by El Niño and La Niña. WTW has teamed with the University of Colorado Boulder to harness the ongoing ‘climate prediction revolution’ for business use and improve our ability to predict global climate for the coming season, year, and decade. At UC Boulder, the collaboration will be led by Prof. Pedro DiNezio, a leading expert in long-term climate forecasts, the effects of El Niño, and climate extremes under global warming.
“These insights will be especially valuable for sectors that depend strongly on natural resources, such as energy producers, food and beverage, and transportation.”
Scott St. George | Head of Weather and Climate Research for the WTW Research Network
Scott St. George, Head of Weather and Climate Research for the WTW Research Network, said, “What happens in the tropical Pacific certainly does not stay in the tropical Pacific. El Niño and La Niña can reach across the entire globe to affect local weather and the risks of catastrophic perils. We are excited to work together with Prof. DiNezio so our clients know well in advance how to prepare their business when El Niño and La Niña are on the horizon. These insights will be especially valuable for sectors that depend strongly on natural resources, such as energy producers, food and beverage, and transportation.”
Pedro DiNezio, Associate Professor in the Department of Atmospheric and Oceanic Sciences at the University of Colorado Boulder, added, “Making predictions is one of the most thrilling parts of my work. Every prediction tests our understanding of the inner workings of the climate system. In addition, El Niño and La Niña happen every several years, therefore we do not fully know everything about these complex, sometimes chaotic phenomena, keeping our research fresh and exciting. This collaboration with WTW adds a new layer to this challenge as we learn how to produce predictions that are useful for the insurance sector and vulnerable communities around the world”.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
At the foot of the Rocky Mountains, the University of Colorado Boulder is nationally recognized as one of only 38 AAU public research universities. Established in 1876, CU Boulder is an R1 public research university with five Nobel laureates, nine MacArthur fellows and is the No. 1 public university recipient of NASA awards. CU Boulder is a leader in many fields, including aerospace engineering, earth and environmental science, physics, and environmental law. The school partners with many notable federal research labs, including the National Oceanic and Atmospheric Administration, the National Institute of Standards and Technology, and the National Renewable Energy Laboratory.
