WTW, an advisory and intermediary services company, has formed a scientific collaboration with the University of Colorado Boulder in the US.
The alliance aims to bring the latest advancements in seasonal climate prediction to the insurance and risk management sectors.
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It is set to enable WTW and its clients to better predict and prepare for weather-related impacts on their operations and portfolios in the upcoming quarter.
WTW noted that the partnership is particularly significant given the influence of El Niño and La Niña on global climate patterns.
These natural phenomena in the Pacific Ocean are key drivers of annual climate variability, affecting the likelihood of extreme weather events such as droughts, wildfires, heatwaves and hurricanes worldwide.
With meteorological agencies now able to forecast these episodes months in advance, there is an opportunity to provide businesses with early warnings of potential climate impacts, the broker added.
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By GlobalDataThe economic repercussions of these climate patterns have historically been profound, with trillions of dollars in direct damages and hampered economic growth.
However, the predictive power of El Niño and La Niña has been underutilised by most businesses.
WTW’s initiative with the University of Colorado Boulder seeks to capitalise on what has been termed the ‘climate prediction revolution’, enhancing capacity to forecast global climate conditions for the upcoming season, year and even decade.
WTW Research Network head of weather and climate research Scott George 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.
“These insights will be especially valuable for sectors that depend strongly on natural resources, such as energy producers, food and beverage, and transportation.”
University of Colorado Boulder Department of Atmospheric and Oceanic Sciences associate professor Pedro DiNezio said: “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.”
In addition to this partnership, WTW has also recently established a co-brokerage alliance with the J. Morey Company.
