Aon launches climate innovation hub in Singapore

Aon launches climate innovation hub in Singapore | Insurance Business Asia

Insurance News

Aon launches climate innovation hub in Singapore

“In 2022, there were $313 billion in total economic losses from natural disasters globally”

Insurance News

By
Kenneth Araullo

Aon has officially announced the launch of a new climate innovation hub in Singapore, supported by the country’s Economic Development Board (EDB).

The hub was built as a response to the growing threat of climate change across the world and will help the brokerage’s clients navigate environmental risk and opportunities. Aon announced its plans to invest over the next 10 years to further enhance the firm’s data, analytics, insights, and solutions to better advise its clients on emerging and evolving risks in the sector. Aon also said that it plans to grow its Centre for Innovation and Analytics (ACIA) in Singapore from its current 180 employees to more than 350 over the same period.

Aon CEO Greg Case (pictured left) said that the new climate hub represents the reality of climate change, and not its probability.

“In 2022, there were $313 billion in total economic losses from natural disasters globally—$299 billion of which was the result of weather and climate events. The acceleration of innovation and digitalisation will continue to influence the future of business. We look forward to working closely with the EDB to identify local talent, pursue innovation at scale and develop new solutions that help our clients make better-informed decisions around the world,” Case said in a news release.

The new climate hub will be a centrepiece for Aon’s further plans to meet the needs of its clients, with initiatives such as:

Navigating new forms of volatility – modelling emerging long-tail risks, with an emphasis on climate
Rethinking access to capital – developing best-in-class global solutions based on Aon’s capabilities across the global insurance value chain
Building a resilient workforce – creating a scalable workforce solution through advanced digital technologies and analytics
Addressing underserved markets – providing access to new solutions to all types of organisations through scalable insurance solutions built on digital platforms

EDB chairman Png Cheong Boon (pictured right) also complimented the development, saying that the innovation hub is geared to support the country’s growing ecosystem of sustainability solutions providers that can help businesses meet their climate commitments.

“We look forward to partnering with Aon on this initiative and to bring together Aon’s expertise and Singapore solutions providers to develop new and innovative solutions to tackle climate and sustainability challenges,” Boon said.

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