Aon has teamed up with flood specialist Fathom to enhance its Climate Risk Monitor solution, providing clients with detailed understanding of flood risks associated with climate change.
Launched in March 2024, Climate Risk Monitor is designed to help clients visualise and assess their exposure to physical climate risks for improved risk management decisions.
The partnership with Fathom brings high-resolution data to Climate Risk Monitor, improving its functionality in assessing flash, river, coastal flooding and rising sea levels.
Clients can now evaluate flood risk in the US, UK and Japan with a resolution of 10m², and 30m² for other global regions.
This integration offers forward projections of flood risk under various emissions scenarios, aiding reinsurers in understanding the insurability of flood peril and meeting due diligence, disclosure and regulatory requirements.
The tool provides diagnostic reports on individual assets and portfolio impacts, as well as geographical visualisations of evolving risks.
Fathom's flood data has also been integrated into Aon's Florida Flood v3.0 model, part of the ELEMENTS 18 catastrophe modelling suite.
Additionally, the tool informs risk selection and pricing strategies for reinsurance renewals, leveraging Aon's scientific and business expertise to transform climate data into actionable insights for clients.
Aon Climate Risk Advisory global head Liz Henderson said: "Our collaboration with Fathom will help to further enhance the value Climate Risk Monitor brings to clients, not just around physical risk management but also shaping better decisions on human capital in the areas of health, resource allocation and investment."
Fathom head of insurance Harry Vardigans stated: "Building on the success of our previous collaborations with Aon, it is great to once again join forces to see Fathom's high-resolution flood risk data integrated into Climate Risk Monitor.
"Armed with our flood risk intelligence, Aon's clients can assess and manage their flood risk exposure for anywhere in the world, strengthening the creation of robust risk strategies in an era of increasing climate volatility."
"Aon partners with Fathom to enhance Climate Risk Monitor tool " was originally created and published by Life Insurance International, a GlobalData owned brand.