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Aon And Jupiter Collaborate To Address Climate Volatility For Global Financial Institutions

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Aon, a leading global professional services firm, has announced a collaboration with Jupiter  , a leading provider of predictive data and analytics for climate risk management and resilience, that will assist global financial institutions in navigating the increasing volatility resulting from climate change.

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

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

The Jupiter collaboration aims to increase clients’ experience when engaging with Aon, while also having access to the firm’s catastrophe modeling and risk consulting capabilities. With such comprehensive service, financial institutions can re-evaluate capital needs, address volatility and build business resilience while satisfying regulatory 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 understanding the impact of climate change while maintaining operational effectiveness and regulatory compliance.”

The global economy is increasingly exposed to climate change risk, creating unpredictable business and operational environments for financial institutions. Meanwhile, the physical risks of climate change are severe: in 2021 natural catastrophes caused $343 billion of global economic loss – nearly 30 percent above the 21st century average, according to Aon’s 2021 Weather, Catastrophe and Climate Insight report.

Financial institutions globally maintain a critical role in a transitioning economy, navigating a complex network of first- and third-party climate risks.

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.”

For more information about 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 over 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 authorised and regulated by the Financial Conduct Authority for the provision of regulated products and services in the UK. Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN. Tel: 020 7623 5500. FP#13061.

Follow Aon on Twitter   and LinkedIn  . Stay up-to-date by visiting the Aon Newsroom   and sign up for News Alerts here.

About Jupiter
Jupiter is the global market, science and technology leader in physical climate analytics for risk management and resiliency planning. Its solutions are used across the private and public sectors: customers include at least one of the world’s five largest firms in 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 both the United States government and climate-change-vulnerable geographies around the world. Jupiter’s ClimateScore™ Intelligence Platform provides sophisticated, dynamic, hyper-local, current hour-to-50-plus-year probabilistic risk analysis for weather in a changing climate. The company’s FloodScore™, HeatScore™, WindScore™, FireScore™, and ClimateScore Global™ services are used for climate-related risk assessment and management worldwide. Jupiter’s models are based on the latest science, as developed by the global Earth and Ocean Systems science community.

Jupiter offers enterprise solutions to 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 services for a broad range of applications, including capital planning, risk management, site selection, design requirements, supply chain management, investment and asset valuations, and shareholder disclosures. For more information, please visit http://jupiterintel.com/  .  

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