Welcome to the latest edition of the WTW Research Network Newsletter.
We start this quarter by paying respect to the passing of Her Majesty the Queen. The Queen provided a sense of security, stability and continuity across generations and with her passing a permanent link across history has been lost. The Commonwealth of Nations, for nearly 100 years providing a sense of common purpose and collective ambition across its more than 50 members has also lost its figurehead and inspiration. It will not easily be replaced.
Elsewhere in Europe, the war in Ukraine has entered its 8th month. On the ground a sense of optimism is emerging that Ukraine can restore peace to its lands but the impacts on global energy and supply chain continues to undermine the international economy. Countries around the world are facing systemic economic and leadership issues, rising inflation and cost of living pressures, especially for their most vulnerable populations. These events have brought much needed attention in our industry to Political risk and on October 6th the WTW Research Network will hold an in-person seminar in London to launch new streams of research and help elevate conversations and levels of understanding for risk management. We invite you to join us by registering here.
While the immediate headlines rightly focus on these key issues, they may also be misdirecting attention away from our biggest global and existential threat: climate change. Recent floods in Pakistan and the potential of Hurricanes Fiona and Ian remind us of the devasting impact climate change is having on the world today. New York Climate Week has allowed these crucial conversations to move back to centre on the world stage with the WTW Research Network supporting key initiatives for WTW. As discussed in an article featured in this month’s Newsletter, bridging the climate action-knowledge gap needs longer terms plans and better tools.
Finally we would like to welcome new colleagues to our expanding weather and climate research hub. Scott St. George, an associate professor at the University of Minnesota has a career spanning three decades leading academic research on environmental volatility, paleoclimatology and natural hazard. Daniel Bannister combines a PhD completed in conjunction with the British Antarctic Survey with years of experience helping companies understand their climate exposures and pathways to a more sustainable future, in particular the aviation industry. We are delighted to have them join us.
The WTW Research Network is an award-winning collaboration supporting and influencing science to improve the understanding and quantification of risk, with the aim to improve the resilience of our clients and society as a whole.
Ahead of the Into the Gray-zone event next week, key speaker and Research Network partner, Elisabeth Braw, provides insight on the impact of gray-zone aggression tactics on the insurance market, and why everyone should pay attention to those trends.
The WTW Research Network were delighted to support WTW New York Climate Week. Partners from NCAR, University of Iowa and Columbia University took to the stage as part of the launch of WTW’s climate-related commercial services discussing the importance of robust, science based approaches to present and future climate assessments.
As the world changes more drastically and frequently, so too does the business need to adapt, minimising emerging risks and maximising new openings. In a series of three articles, we explore the factors that could fuel civil unrest, consider their impact and explore measures your business can take now to prepare for potential unrest.
Tailings Storage Facilities (TSFs) rank among the largest engineered structures on earth. Underwriters, investors and operators would do well to ask a few more searching questions on how these assets are designed and managed.
For all the improved climate science, our existing tools are holding us back from urgent action. Science is not enough: we need longer-term planning and reappraisal of values.
Technology has had a transformative impact on many areas of insurance but one sub-market still currently largely reliant on manual processes is the insurance of industrial properties, especially against critical risks of fire and explosion.
New report by the University of Cambridge Institute for Sustainability Leadership captures nature-related risks and opportunities for the insurance industry.
In this special edition, our contributors have taken particular focus on climate risk across 50 countries.
Observations and perspective on the risk issues related to the digital talent risk facing the TMT industry.