Financial institutions

Aon: and Jupiter Collaborate to Address Climate Volatility for Global Financial Institutions

LONDON, August 25, 2022 – Aon plc (NYSE: AON), a leading global professional services firm, announced a collaboration with Jupiter, a leading provider of data and predictive analytics for climate risk management and resilience, that will help institutions global financial institutions to manage the increased volatility resulting from climate change.

Financial institutions in many jurisdictions are now required by regulators to quantify, disclose and manage climate-related financial risks that exist in their investment and lending portfolios. This new collaboration between Aon and Jupiter will calculate the range of potential impacts of climate change on financial institutions’ balance sheets, helping them identify risks and opportunities and respond to the growing volume, specificity and quantification of climate regulations. and disclosure requirements.

As a model developer and user of supplier models, Aon is able to take a broad perspective in its recommendations to clients on how climate change could materially impact their risk exposure, connecting solutions to their unique needs. Jupiter’s solutions, which include climate risk analyzes for chronic and acute perils for individual assets and portfolio-level aggregation, will augment Aon’s extensive disaster modeling capabilities and ongoing climate research partnerships with academic institutions – such as Columbia University and Karlsruhe Institute of Technology (KIT), among others.

The Jupiter collaboration aims to enhance the customer experience when engaging with Aon, while also gaining access to the company’s disaster modeling and risk advisory capabilities. With such a comprehensive service, financial institutions can reassess their capital needs, weather volatility, and build business resilience while meeting regulatory requirements.

Joe Monaghan, Head of Global Growth at Aon’s Reinsurance Solutions, said, “This collaboration is designed to enable financial institutions to make better business decisions by combining Aon’s risk and analytics capabilities. holistic finance with Jupiter’s leadership in climate risk analysis. analytics will become even more critical for financial institutions to understand the impact of climate change while maintaining operational efficiency and regulatory compliance.”

The global economy is increasingly exposed to climate change risk, creating unpredictable business and operating environments for financial institutions. Meanwhile, the physical risks of climate change are severe: in 2021, natural disasters caused $343 billion in global economic losses – nearly 30% above the 21st century average, according to Aon’s Overview of weather, disasters and climate 2021 report.

Financial institutions globally continue to play a critical role in a transitioning economy, navigating a complex web of first- and third-party climate risks.

Rich Sorkin, CEO and Co-Founder of Jupiter, added, “By collaborating to help customers by applying Aon’s world-class risk management solutions with Jupiter’s best-in-class climate risk analytics, our enterprise solutions contribute to building a more resilient planet. ”

For more information on Aon’s reinsurance solutions, please visit:
https://www.aon.com/home/solutions/reinsurance.html.

About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better – to protect and enrich the lives of people around the world. Our colleagues provide our clients in more than 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

Aon UK Limited is authorized and regulated by the Financial Conduct Authority to provide regulated products and services in the UK. Registered in England and Wales. Registration number: 00210725. Registered office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN. Such. : 020 7623 5500. FP#13061.

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About Jupiter
Jupiter is the global market, science and technology leader in physical climate analysis for risk management and resilience planning. Its solutions are used in the private and public sectors: its clients include at least one of the world’s five largest companies in the fields of asset management, banking, chemicals, insurance, minerals and mining, oil and gas, pension funds, pharmaceuticals, power and reinsurance. as well as critical departments and agencies within the United States government and climate-vulnerable geographies around the world. Jupiter’s ClimateScore™ intelligence platform provides sophisticated, dynamic, hyper-local, current probabilistic hazard analysis from 1 hour to 50+ years for weather patterns in a changing climate. The Company’s FloodScore™, HeatScore™, WindScore™, FireScore™ and ClimateScore Global™ services are used for climate risk assessment and management worldwide. Jupiter models are based on the latest scientific advances, as developed by the global Earth and Ocean systems science community.

Jupiter provides enterprise solutions for asset owners in critical infrastructure, financial services including insurance, banking and asset management, energy and real estate, and the public sector. These customers use Jupiter’s services for a wide range of applications including capital planning, risk management, site selection, design requirements, supply chain management, investment appraisal and assets and disclosure to shareholders. For more information, please visit http://jupiterintel.com/.

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