HDI Global reveals climate risk reporting service

HDI Global reveals climate risk reporting service | Insurance Business Canada

Environmental

HDI Global reveals climate risk reporting service

New initiative to help clients with EU Taxonomy guidelines

Environmental

By
Kenneth Araullo

HDI Global, through its subsidiary HDI Risk Consulting GmbH, has launched a new service called “Climate Risk Reporting”, designed to assist businesses in analyzing and managing location-specific physical climate risks.

The company has aligned the release of this new offering with EU Taxonomy guidelines, so companies can comply with emerging legal requirements and regulatory frameworks concerning climate risks.

The service is tailored for companies that, starting in 2024, are subject to the Corporate Sustainability Reporting Directive (CSRD) and need to align with the EU Taxonomy.

HDI Global explained that its service utilises a detailed grid that assesses about 30 potential physical climate risks, categorizing customer sites into a six-level scale based on their vulnerability.

The insurer’s service highlights specific data, such as water depths, maximum temperatures, and heatwave durations, which businesses can use to implement risk mitigation strategies at their locations. This data is also crucial for supporting investment decisions and selecting new business sites.

By partnering with Mitiga Solutions, HDI has also expanded its database with scientifically validated data, which includes projections based on widely recognized climate change models from the IPCC. This enables not only compliance with regulatory demands but also supports more precise investment due diligence and future location planning.

Dr Dirk Höring (pictured above), a member of the HDI Global SE executive board overseeing property, engineering, marine insurance, and HDI Risk Consulting, explained this new proposition and the benefits for clients.

“With our climate risk reporting service, we are setting a new standard in the insurance industry. We are proud of our approach to act as a true partner in transformation. We not only highlight risks but also provide recommendations for action on how our customers can mitigate risks and seize opportunities,” he said.

The introduction of this new service also comes at the heels of a recent major expansion for the group, with HDI Global ramping up its mid-market efforts through new services.

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