UK business to get access to climate resilience tools as insurer launches new service

Insurer Zurich has moved to support UK businesses with the launch of a new climate change resilience consultancy service.

The move comes following the launch of the Global Climate Change Resilience Services at Zurich Group level, Zurich UK I has revealed it is to make the full range of services and solutions available to its domestic customers operating locally and internationally to help them better manage current and future hazards associated with climate change.

Kumu Kumar, (pic) head of Zurich Resilience Services, said: “The increasing frequency and severity of extreme weather is one of the most pressing concerns facing businesses.

“We have invested in new technology and expertise to help customers assess the physical consequences they face from natural hazards and strengthen their resilience to climate-related risks.

“With global reach, latest data and technology, and deep technical expertise, we can help customers identify potential climate vulnerabilities and put in place customised physical and organisational resilience solutions. Additionally, the service supports customers in various sustainability reporting frameworks, such as Taskforce on Climate Change Related Financial Disclosures (TCFD).”

Zurich Climate Change Resilience Services will provide its business clients with risk management solutions to help organisations better prepare for and withstand climate risks, from flooding and wildfires to droughts, rising sea levels, and windstorms.

Zurich said it came as the underwriter saw the growing need for businesses to evaluate their operations or when opening a new facility.

“Companies need to perform a deep analysis of their risk exposures along their entire value chain and consider the future consequences of climate change,” it added.

Combining data-led insights and modelling capabilities with technical expertise, the service is designed to help firms to identify climate-related exposures and implement adaptations to increase their resilience and protect their bottom line.

The consultancy service is part of Zurich Resilience Solutions (ZRS). Launched in 2021, ZRS has seen double-digit revenue growth in the UK last year, helped by strong demand from new and existing customers.

“Zurich Climate Change Resilience Services combines climate change data, with a company’s global exposure and location data, to develop scenarios of how climate change could impact their operations,” said a spokesperson. “The data spans a range of perils, from weather events such as wildfires, windstorms and floods, to climate effects, including temperature and sea-level rises. It also covers a variety of climate scenarios and time horizons from today to 2100, in five-year increments.”

Customers will be able to map risk exposures along their value chain, for their global or regional operations, specific sites or even vital pieces of equipment. In addition, Zurich will provide mitigation and adaptation solutions for these risks, as well as providing guidance on how to implement sustainability measures at site level, and report these according to sustainability reporting frameworks, such as TCFD.