Building Climate Resilience: trusted data is the core of an effective climate change risk assessment

The risks associated with climate change are growing in complexity. High quality climate data and insight is at the core of climate change and resilience. Interactive climate risk management tools help organisations navigate risk and build resilience.

A climate risk assessment is the starting point for climate resilience

The impacts of climate change are becoming increasingly severe and widespread. Effective climate risk management is crucial for building resilience to climate shocks and ensuring long-term sustainability. By proactively identifying and mitigating climate-related risks, organisations can safeguard their assets, protect their stakeholders, and contribute to a more sustainable future.

As climate risks become more interconnected and complex, they require a more comprehensive analysis. Embracing advanced tools for climate risk management helps organisations build confidence in their decisions about climate risks. Leveraging innovative solutions and high-quality data will support businesses better position themselves to get ahead of emerging opportunities in what is an evolving landscape.

Climate Spotlight provides high quality data to inform your climate risk assessment

Climate Spotlight is an interactive tool offering current and forward-looking risk analyses through a digital platform. It provides organisations with data-led insights to help them identify their exposure to a range of climate hazards, pinpoint their assets most at risk and to support climate reporting initiatives.

This climate risk analysis is powered using Zurich’s proprietary climate data and modelled on four different IPCC climate change scenarios up to the year 2100.

Climate Spotlight is available through two offerings, Core and Expert.

Climate Spotlight Core is an easy-to-use self-service climate risk analysis tool, providing organisations with a series of interactive dashboards and a downloadable risk report. It offers a fast, flexible and affordable approach for organisations to identify their exposure to physical climate risk.

Climate Spotlight Expert is the fully customisable and more detailed version of Climate Spotlight. The climate risk analysis is performed by our team of in-house experts, allowing the organisation to choose precisely which business metrics to include within the analysis, and detailed insights are delivered through an in-depth climate risk report and fully customised interactive dashboards.

How Climate Spotlight Core Strengthens Organisational Climate Resilience:

Risk Identification and Adaptation:

Climate Spotlight Core provides organisations with a tool to easily identify their exposure to climate risk. The solution gives clarity on which specific climate hazards are a threat now and which hazards are likely to emerge as key risks in the future, informing strategic decision making on when and where to deploy adaptation and resilience action.

Ease of use:

Climate Spotlight Core is our self-service offering, allowing organisations to take control of their climate risk through a highly intuitive set of dashboards and comprehensive visuals. It involves a quick and simple set up using address data and property values and unique dashboards are automatically generated. Users can tailor the results through four different climate change scenarios and time-horizons to best suit their risk management requirements. The climate risk analysis can be updated as and when the organisation requires, with the ability to enter new locations at any time.

Enhances Collaboration:

Managing climate risk requires a team effort, with collaboration needed from ESG, risk managers and insurance professionals. Our Climate Spotlight tool allows for multi-user access, user friendly data visualisations and downloadable results to maximise stakeholder alignment and inform better decision making across an organisation. The Climate Spotlight dashboards each look at the data through a different lens, with supporting explanatory details so that each stakeholder can readily comprehend their organisation’s climate risk.

Zurich’s proprietary climate data:

Risk management decisions should be made upon trustworthy and high-quality data. At Zurich we have developed our own state of the art climate data providing globally consistent results between present and future risks, transparency in our methodology and flexibility in our analysis approach. Climate Spotlight leverages this in-house data, which is the same data used by Zurich’s Insurance and investment businesses, to build confidence in business planning and the implementation of adaptation measures.

Regulatory Support:

The impact of climate change is becoming increasingly evident, and businesses are facing greater pressure when it comes to disclosing ESG, sustainability and climate-related risks. High quality data accurately captures the complex nature of climate risks so organisations can be confident in the reporting of climate related disclosures. Our Climate Spotlight tool can aid organisations business to stay ahead of the regulatory landscape and support with aligning to CSRD, TCFD and ISSB recommendations.

Flexibility:

Climate Spotlight Core offers banded pricing dependent on the number of locations the organisation requires. The options include up to 10, 30 and 100 locations, with the ability to upgrade as your needs grow. Climate Spotlight Expert allows for a higher volume of locations and bespoke metrics to suit each organisation, allowing for alignment with business operational structure and ease of integration to risk management frameworks.

If you want to learn more about identifying or managing climate risks, get in touch with the author of this article. At Zurich Resilience Solutions, our specialists in climate resilience can provide customised services to help you.