COP26 saw the creation of The Resilience Hub, an initiative backed by partners focused on increasing ambition and delivery of actions that help people, communities and businesses around the globe to adapt to the impacts of climate and build resilience.
As a key partner of the Resilience Hub, Willis Towers Watson organised an event on 2 October titled “Risk matters: making resilience add up in a Net Zero transition”. During the event we aired a series of videos, each with a focus on the Resilience Hub’s three core themes – Coasts, Rural and Urban. These videos highlight international projects that Willis Towers Watson are involved with which help communities become more resilient.
In partnership with the MAR Fund and supported by the InsuResilience Solutions Fund, Willis Towers Watson recently launched a parametric insurance programme, underwritten by AXA Climate, to support recovery of the Mesoamerican Reef following hurricane impacts.
In collaboration with The Nature Conservancy, Willis Towers Watson quantified the impact that ecological forestry would have on insurance premiums in California, potentially reducing costs in wildfire risk areas by over 40%. Willis Towers Watson have since developed an innovative wildfire resilience parametric insurance product based on ecological forestry.
The city of Medellin, Colombia is a city facing risks in the form of landslides, due to extended drought periods and heavy rainfall. Climate change is set to make that worse. In addition, the risk of earthquakes is ever present across Colombia. Working with the public and private sectors, the city will develop innovative insurance protections to support their resilience plans in response to climate and disaster risks. Willis Towers Watson, in partnership with Global Communities and Hannover Re, will collaborate closely with the city’s government to create the first of its kind parametric flood insurance product in the country, while also developing parametric solutions for earthquakes and other protection for landslides.