Aon unveils climate risk tool

Aon PLC on Thursday announced the launch of its Climate Risk Monitor, a tool that helps businesses visualize and understand their exposures to physical climate risk.

The tool assesses an organization’s current and future exposures to key chronic risks, such as drought, extreme rainfall, extreme heat, freeze and wildfire, under different climate change scenarios. It provides diagnostic reports on the impact to individual assets and portfolios, in addition to geographic visualizations.

Risk managers can use the data to better understand climate risk and inform property insurance placements for their organizations. The tool also helps inform insurers’ risk selection and strategies around pricing and reinsurance renewals.

The tool was developed by Aon’s climate hub in Singapore and its global reinsurance analytics experts.