WTW teams with Cornell University to address global drought risks

WTW, a global advisory, broking, and solutions company, has formed a new partnership with Cornell University to analyse the risks posed by severe and extended droughts worldwide.

This collaboration will offer a deeper understanding of global vulnerability to drought risks and explore the potential effects of water scarcity on business operations.

Around two-thirds of the global population reside in areas that face water stress for part of the year. When drought exacerbates water shortages, many communities experience declines in agricultural production, energy generation, and overall economic performance.

The negative impacts of drought are particularly severe in low- and middle-income nations, especially in regions reliant on agriculture.

Although climate change has already increased the likelihood of droughts in many regions, even the latest climate models still struggle to fully predict the intensity, duration, and interconnectedness of future drought events.

Through this collaboration, WTW and Cornell University aim to identify regions most at risk from climate-enhanced drought, refine drought risk estimates, and develop innovative tools and datasets to forecast both short-term and prolonged droughts.

Cornell’s research is supported by the Atkinson Center for Sustainability and guided by Professor Toby Ault, a recognised expert on the effects of climate change on drought.

Scott St. George, Head of Weather & Climate Research for the WTW Research Network, commented: “Water is essential to all industries, so no one can afford to have drought take them by surprise. We know climate change has already supercharged droughts in some places — witness the ongoing drought in the American Southwest, now in its third decade. Prof.

“Ault and his team at Cornell will provide us with a clear view of the real risk of drought and water scarcity. Those insights are absolutely critical for our clients’ operations and planning in water-dependent sectors such as food and beverage, energy producers, and waterborne transport.”

“We’re excited to work with WTW to translate cutting-edge climate science into actionable insights for the insurance industry,” added Ault.

“Our research has shown that traditional climate models often underestimate the risk of severe, prolonged droughts, particularly in regions already facing water stress. By combining our expertise in drought modelling with WTW’s industry knowledge, we can better prepare for the complex drought risks of the future.”

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