Verisk expands its resilience and sustainability analytics with new Climate Risk Dataset
LONDON, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has added a new Climate Risk Dataset to its growing suite of sustainability and resilience analytics to provide powerful, geospatial insight into one of the most pressing issues facing global business today. The Dataset, launched by its risk intelligence business Verisk Maplecroft, has been developed as an end-to-end solution for insurers, corporates, banks, and investors to identify exposures to current and future climate risks across global operations, supply chains and portfolios.
Created by an in-house team of climate scientists, and based on the latest climate model projections, the Climate Risk Dataset features newly released Climate Scenarios, which assess how physical risks, such as heat, precipitation, drought, and sea level rise, evolve over time across different emissions pathways. In addition, the Dataset includes global risk indices covering climate-related socio-economic vulnerabilities and an array of transition issues to deliver a comprehensive assessment of all aspects of climate risk the world over.
“Navigating the direct and indirect impacts of climate change is an imperative for multinational organisations if they are to build resilience to a heating world,” says Verisk Maplecroft’s Director of Climate and Resilience, Dr Richard Hewston. “This is dependent on effectively identifying, managing, and reporting climate risk exposures – a complex task that needs credible data you can trust.”
The Climate Risk Dataset covers 32 hazards and issues globally. Its Climate Scenarios encompass 16 physical climate risks across seven time periods and three emissions pathways. This amounts to over 330 global climate hazard risk indices with subnational granularity to assist with the identification of risks to assets and specific locations. The Dataset also includes subnational socio-economic indices measuring the adaptive capacity of nations, the sensitivity of societies to climate change, and overall climate vulnerability, alongside national-level transition indices quantifying risks associated with emissions, climate litigation, carbon policies, and environmental regulations.
The depth and breadth of the data will help companies:
- Perform global risk assessments across operations, supply chains and portfolios
- Align with climate reporting standards, such as the Task Force on Climate-related Financial Disclosures and the European Sustainability Reporting Standards (ESRS)
- Stress test resilience, insurance and investment strategies
- Identify commercial opportunities in new and existing markets
- Isolate areas of low resilience and develop effective mitigation measures
- Understand legal and regulatory challenges stemming from the energy transition
- Assess the socio-economic impacts of climate change worldwide
While many companies are beginning to create mitigation plans for physical threats, ‘cascading’ climate risks are largely going under the radar. With data covering over 170 environmental, political risk, and human rights issues, Verisk Maplecroft’s research into the interconnected nature of risk can also enable companies to identify where secondary climate impacts, such as food insecurity, migration, economic stability, and civil unrest, will emerge.
“From exposure to climate hazards and their ‘cascading’ impacts, to responses to the energy transition and rising regulatory obligations, companies need to demonstrate, convey, and instill confidence in their current and future performance,” adds Hewston. “The Climate Risk Dataset has been developed to help them do just that.”
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
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