Verisk, a leading global data analytics and technology provider, has recently released its inaugural report following the recommended framework by the Task Force on Climate-related Financial Disclosures (TCFD).

Although the company routinely shares details about its climate strategy, this report introduces new elements such as analyses of physical risk, transition risk, and carbon pricing.

Lee Shavel, Verisk's President and CEO, stressed the company's dedication to analysing risks as a strategic partner to the global insurance industry. The report serves as more than self-reflection; it underscores Verisk's ongoing commitment to sustainability, meaningful reductions in emissions, and research on climate-related and extreme events that inform the diverse solutions and services offered to a growing client base.

Verisk's dedication to global resilience is evident in its risk assessment solutions, featuring catastrophe models aiding insurers and reinsurers in quantifying potential risks. Additionally, ESG risk datasets assist large organisations in effectively managing challenges linked to climate change and energy transition. These tools were employed to review and validate the independent assessment results.

Key highlights from the report include:

• A physical risk analysis, assessing exposure to climate-related hazards across the company's operations.
• A transition risk analysis, considering risks associated with a low-carbon economy and their impact on policy, legal, technology, market, and reputational categories.
• An evaluation of potential risks of carbon pricing using Net Zero 2050 and Divergent Net Zero scenarios.

To access Verisk's 2023 TCFD report, click here. For further information on Verisk's commitment to corporate social responsibility, visit their page here.

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Source: Verisk