WTW partners with the University of Colorado Boulder to enhance climate prediction

Global insurance broker WTW has partnered with the University of Colorado Boulder (CU Boulder) to bring scientific advancements in seasonal climate prediction to the insurance and risk management sectors.

This collaboration will help WTW and its clients anticipate how upcoming weather events may impact their operations and portfolios, allowing them to prepare for climate risks more effectively.

Natural fluctuations in the Pacific Ocean, known as El Niño and La Niña, are the main drivers of year-to-year changes in global climate. These patterns influence the likelihood of droughts, wildfires, heatwaves, and hurricanes worldwide.

Meteorological agencies can now predict El Niño and La Niña episodes several months in advance, providing early warnings of severe weather events and their global impacts.

Historically, changes in the tropical Pacific have caused trillions of dollars in damage and slowed economic growth. Yet, many businesses are only beginning to take full advantage of the predictability offered by El Niño and La Niña.

WTW’s collaboration with CU Boulder aims to harness this “climate prediction revolution” to improve climate forecasting for businesses over the next season, year, and beyond.

The project will be led by Professor Pedro DiNezio, an expert in long-term climate forecasting, El Niño’s effects, and climate extremes under global warming.

Scott St. George, Head of Weather and Climate Research for the WTW Research Network, said, “What happens in the tropical Pacific certainly does not stay in the tropical Pacific. El Niño and La Niña can reach across the entire globe to affect local weather and the risks of catastrophic perils. We are excited to work together with Prof. DiNezio so our clients know well in advance how to prepare their business when El Niño and La Niña are on the horizon. These insights will be especially valuable for sectors that depend strongly on natural resources, such as energy producers, food and beverage, and transportation.”

Pedro DiNezio, Associate Professor in the Department of Atmospheric and Oceanic Sciences at CU Boulder, added, “Making predictions is one of the most thrilling parts of my work. Every prediction tests our understanding of the inner workings of the climate system. In addition, El Niño and La Niña happen every several years, therefore we do not fully know everything about these complex, sometimes chaotic phenomena, keeping our research fresh and exciting. This collaboration with WTW adds a new layer to this challenge as we learn how to produce predictions that are useful for the insurance sector and vulnerable communities around the world”.

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.