AXA XL unveils tool to manage water risks

AXA XL unveils tool to manage water risks | Insurance Business Asia

Environmental

AXA XL unveils tool to manage water risks

It evaluates an organisation’s physical, regulatory and reputational risks

Environmental

By
Mika Pangilinan

AXA XL Risk Consulting has launched a new tool aimed at helping organisations better assess and mitigate the various water risks brought on by climate change.

The Water Impact and Sustainability Evaluation (WISE) tool is a remote, customisable solution designed to evaluate risks across three components: physical, regulatory, and reputational.

The tool also considers process efficiency and business continuity, an emailed news release noted, providing an adaptable evaluation framework.

Jonathan Salter, AXA XL’s global head of risk consulting, explained how WISE utilises information gathered from various sources and risk factors. The results are then presented in an interactive dashboard, which enables clients to compare risks, access site-specific data, and easily download comprehensive reports.

Salter also spoke of the rationale that drove the development of the WISE tool.

“Water-related issues including water scarcity, poor water quality and flooding can have a significant impact on a company’s risk profile,” he said. “WISE helps clients to better understand their evolving exposure and how to address these challenges.”

Suzanne Scatliffe, director of sustainability at AXA XL, went on to emphasise the broader societal importance of addressing water risks and how the proper management of water resources is crucial to “creating a water-secure world.”

“All stakeholders relying on water should understand how changes in global climate will impact their financial security, which is why it’s important that we continue to raise awareness of these topics,” Scatliffe said.

The WISE tool will be available in the UK, Europe, and APAC initially, according to AXA XL’s release.

In other AXA XL news, the firm recently announced the appointment of Anthony Dagostino to the newly established role of global chief cyber underwriting officer, commercial lines. Dagostino’s background includes his experience as CEO and founder of cyber insurance and risk management provider Converge.

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