Willis, a WTW business, has introduced an updated version of its Climate Diagnostic technology, expanding the range of climate-related threats organisations can assess across their business activities, physical assets and supply networks.
The upgrade broadens the platform’s analytical capabilities to cover 16 physical climate hazards, including floods, tropical cyclones, droughts and landslides. Willis said the changes are intended to give businesses greater flexibility when evaluating their exposure to climate risks and planning measures to address potential disruption.
Available through Willis’ RiskIQ platform, Climate Diagnostic provides access to climate information and risk assessment tools designed to inform corporate planning, operational resilience and regulatory reporting. The latest developments allow users to examine potential climate impacts under different scenarios and gain a more detailed understanding of risks affecting their operations.
Willis explained that the technology can be used to assess vulnerabilities beyond an organisation’s directly owned or managed properties. Its analytical scope also covers potential disruption across supply chains and other business relationships, providing information that can contribute to continuity planning and broader risk assessments.
The revised platform also introduces greater choice in the underlying information used to evaluate climate exposure. Instead of drawing exclusively on one proprietary source, organisations can work with different climate datasets according to their operational requirements, geographical exposure and assessment objectives.
This flexibility is intended to provide an additional basis for examining insurance-related risk assessments. The company said its independence from insurers’ internal modelling allows clients to compare assumptions used in underwriting, consider the implications for insurance costs and available capacity, and prepare climate-related disclosures aligned with requirements such as the International Sustainability Standards Board (ISSB) and the Corporate Sustainability Reporting Directive (CSRD).
The update brings together Willis’ own climate hazard indices with detailed flood modelling supplied by Moody’s and hazard data from Munich Re. Willis stated that incorporating these external analytical resources alongside its insurance market experience and climate advisory services should enable organisations to examine physical risks from different perspectives.
The company also indicated that access to multiple modelling approaches could help businesses identify areas of potential vulnerability and inform decisions concerning insurance arrangements, investment priorities and risk reduction measures.
Alvaro Linares Fuster, Senior Director, Climate Analytics, Willis, commented: “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.”
Willis described the upgrade as part of its wider programme of investment in digital technology and analytical services, with a focus on providing organisations with information to support decisions involving climate exposure and insurance risk.
The business said it intends to continue developing Climate Diagnostic to address the requirements of companies operating in a variety of industries. These include property, hospitality, retail, manufacturing and insurance, where physical climate hazards may affect assets, operational continuity and longer-term business planning.
