Broker WTW has launched an Asia Pacific climate risk centre in Singapore. The centre will provide climate risk quantification and management capabilities to support the region’s resilience and transition to net-zero.
WTW says the centre will support corporates, financial institutions, insurers and governments in understanding, quantifying and building resilience against climate risks. It will focus on physical and transition climate risk assessment and quantification through top-down and bottom-up methods and proprietary models.
Carl Hess, CEO at WTW, said: “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. This, coupled with its well-established insurance market infrastructure, makes the country a natural choice for the new centre.”
Over the next three years, the centre will be staffed with a team of 15 climate specialists to support clients in the Asia Pacific region.
Simon Weaver, head of Asia Pacific and head of corporate risk & broking, Asia Pacific at WTW, 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. 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.”
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