Helping your insurance organization
To help your insurance business better tackle climate and sustainability challenges and opportunities, we work closely with you to deliver advice and solutions aligned with business requirements and the changing demands of your stakeholders.
Depending on the needs of your organization, we tailor teams both by skillset and geography to provide a bespoke service offering. Where needed, you can draw on our insurance experts across underwriting, pricing, claims, reserving, exposure management and investments, alongside experts in climate science and parametric solutions. Our industry broker specialists are also available for market insights and we have strong links with an array of academic institutions through the WTW Research Network.
What climate and sustainability solutions can we offer your insurance business?
From developing frameworks and dynamic tools to help you model and assess climate risk more accurately, to support in delivering wide-ranging climate and sustainability plans, we provide expert strategic climate solutions for insurance organizations.
We can develop your climate-related realistic disaster scenarios (RDSs) or review and provide commentary on existing RDSs, both qualitatively and quantitatively, building on the Bank of England Climate Biennial Exploratory Scenario exercise to ensure you are assessing and embedding climate risk effectively.
We also provide climate-specific training for insurers and reinsurers, bespoke to your jurisdiction, regulatory focus and assessing the specific climate risks facing your business.
Case studies
- We supported a London market commercial lines insurer in developing an underwriting strategy for climate risk. We worked with the underwriting heads of various classes of business to develop a framework for assessing the physical, transition, litigation and reputation risk for each class and collaborated with the central technical team to prioritize decision making based on materiality.
- We developed a 2025-27 climate and sustainability strategy plan for the corporate and commercial team of a large multinational insurer, including client engagement, current and future reporting requirements, sustainable underwriting, alternative products and transition plans.
- We supported a multinational insurer in developing a more accurate understanding of climate litigation risks across its portfolios with a specific focus on directors and officers, international management liability and financial institutions. Working collaboratively with the insurer, we also developed a framework for assessing climate litigation risk with reference to a number of triggers. We used algorithms to create weightings of risk and correlated that with an interactive Power BI dashboard, setting out the insurer’s exposure data and making it possible to adjust the heatmap to look at climate litigation risk across existing portfolios. The project gave the insurer the ability to adapt and update the heatmap with live claims data and develop RDSs for exposure risk.
- We reviewed and further developed a greenwashing RDS to provide both qualitative and quantitative risk assessment feedback for a London market insurer.
- We provided climate-specific training to insurers and reinsurers, based in London and Bermuda, offering bespoke training options from a menu of choices. The options included interactive questionnaires and surveys, both before and after the training, which allowed us to pitch the sessions at the right level for the organizations, and with clear next steps after delegates had completed the training.
To find out more contact us at ict@wtwco.com
