Aon and Jupiter partner to boost climate risk analysis for financial institutions
Aon has teamed up with climate risk analytics firm Jupiter to help its financial institutions clients quantify and disclose their climate-related financial risks.
The collaboration will see Jupiter lend its solutions for climate risk analysis to complement Aon’s catastrophe models and calculate the range of potential impacts from climate change on financial institutions’ balance sheets. Jupiter’s solutions include climate risk analysis for chronic and acute perils for individual assets and portfolio aggregation.
“With such a comprehensive service, financial institutions can re-evaluate capital needs, address volatility and build business resilience while satisfying regulatory requirements,” Aon said.
It added that the new collaboration comes at a time when global financial institutions are faced with regulatory requirements to measure and disclose climate-related financial risks within their investment and loan portfolios. Through Aon and Jupiter, firms will be able to identify risks and opportunities as well as comply with growing climate regulations and disclosure requirements.
Joe Monaghan, global growth leader at Aon’s Reinsurance Solutions, said: “This collaboration is designed to enable financial institutions to make better business decisions by combining Aon’s capabilities in risk and holistic financial analysis with Jupiter’s leadership in climate risk analytics.
“We believe that such comprehensive analyses will become even more crucial to financial institutions in understanding the impact of climate change while maintaining operational effectiveness and regulatory compliance.”
Rich Sorkin, Jupiter’s CEO and co-founder, added: “In collaborating to assist clients by applying Aon’s world-class risk solutions with Jupiter’s best-in-class climate risk analytics, our enterprise-grade solutions are helping to build a more resilient planet.”
