Willis has upgraded its Climate Diagnostic platform to help organisations assess exposure to 16 physical climate risks across their assets, operations and supply chains.

The technology, part of the broker’s RiskIQ platform, provides analysis of both acute and longer-term climate hazards, including flooding, tropical cyclones, drought and landslides. The latest version is designed to help organisations assess potential impacts under different climate scenarios and extend their analysis beyond their own properties to consider business continuity risks across their wider value chains.

A key change is that the platform is no longer tied to a single climate dataset. Users can select from different sources, including Willis’ own hazard indices, Moody’s high-resolution flood modelling and Munich Re’s hazard indices, depending on their portfolio and requirements.

Willis said the independent approach would allow clients to compare and challenge the assumptions used in insurers’ risk models, supporting discussions around underwriting, pricing and insurance capacity. The analysis can also be used to support climate-related disclosure requirements under frameworks including the International Sustainability Standards Board and the EU’s Corporate Sustainability Reporting Directive.

Alvaro Linares Fuster, senior director, climate analytics at Willis, said: “This major upgrade to Climate Diagnostic gives risk, sustainability and finance teams one platform, multiple data sets and a coherent story for climate-related decisions. Just as importantly, it gives them an independent view of risk. Clients can choose data they trust, and walk into renewal, disclosure and investment conversations owning their view of risk.”

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