Zurich UK launches climate change resilience services to help firms withstand climate hazards

Following the successful launch of the Global Climate Change Resilience Services at Zurich Group level, Zurich UK is making the full range of services and solutions available to its domestic customers operating locally and internationally to help them better manage current and future hazards associated with climate change.

Zurich Climate Change Resilience Services offers cutting-edge risk management solutions to help organisations better prepare for and withstand climate risks, from flooding and wildfires to droughts, rising sea levels, and windstorms. When evaluating their operations or opening a new facility, companies need to perform a deep analysis of their risk exposures along their entire value chain and consider the future consequences of climate change.

Combining data-led insights and modelling capabilities with technical expertise, the service can help firms to identify climate-related exposures and implement adaptations to increase their resilience and protect their bottom line.

The consultancy service is part of Zurich Resilience Solutions (ZRS). Launched in 2021, ZRS saw double-digit revenue growth in the UK last year, helped by strong demand from new and existing customers.

Kumu Kumar, Head of Zurich Resilience Solutions, said:

“The increasing frequency and severity of extreme weather is one of the most pressing concerns facing businesses.

“We have invested in new technology and expertise to help customers assess the physical consequences they face from natural hazards and strengthen their resilience to climate-related risks.

“With global reach, latest data and technology, and deep technical expertise, we can help customers identify potential climate vulnerabilities and put in place customised physical and organisational resilience solutions. Additionally, the service supports customers in various sustainability reporting frameworks, such as Taskforce on Climate Change Related Financial Disclosures (TCFD).”

Zurich Climate Change Resilience Services combines climate change data, with a company’s global exposure and location data, to develop scenarios of how climate change could impact their operations.

The data spans a range of perils, from weather events such as wildfires, windstorms and floods, to climate effects, including temperature and sea-level rises. It also covers a variety of climate scenarios and time horizons from today to 2100, in five-year increments.

Customers can map risk exposures along their value chain, for their global or regional operations, specific sites or even vital pieces of equipment. In addition, Zurich offers mitigation and adaptation solutions for these risks, as well as providing guidance on how to implement sustainability measures at site level, and report these according to sustainability reporting frameworks, such as TCFD.

The team includes experts in climate science, engineering, sustainability and risk management. These range from technical risk engineers with experience in natural hazard and climate risk exposures to specialists in climate change, earth and environmental sciences.

ZRS is expanding rapidly in the UK, having also launched in the last two years new services for managing cyber, supply chain and employee wellbeing risks

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Zurich Resilience Solutions in the UK

How fast is the business growing?

• Following its launch in 2021, Zurich Resilience Solutions (ZRS) is one of Zurich Group’s fastest growing businesses. In the UK, it saw double-digit revenue growth last year, helped by strong demand from new and existing customers.
• ZRS is expanding rapidly in the UK, having recently launched four new services in the last two years to help customers manage climate change, cyber, supply chain and employee wellbeing risks.
• Our Risk Engineering services themselves cover a huge variety of risks – far beyond property – including, for instance, employer’s liability, construction, motor fleet and general liability.
• Everything we do is aimed at protecting our customers, their people, property and profit. By understanding risk across many industries and customer segments, we help reduce risk and mitigate loss.

How many people does ZRS have and how is it growing?

• Globally, ZRS has a network of over 850 risk professionals in 40 countries. In the UK, the team has grown to over 150 risk professionals in the UK, with further growth planned in 2023.
• Our in-house team of experts have industry, business and specific risk specialisms, ranging from climate change, supply chain, and cyber resilience experts to energy, business resilience, and health, safety and wellbeing.
• Zurich Risk Engineers globally conduct 60,000 risk assessments annually and manage more than 800 international programs.

How is ZRS customer base growing?

• Since launch in 2021, we have seen annual growth of fee services of 30% with demand coming from both our existing insurance customers and new clients.
• In particular, we have seen strong demand for climate and cyber resilience services, from the manufacturing, logistics and public sectors.
• We now expect to see rapid growth in demand for climate changes services. The impact of climate change on people, property and the environment is continuing to increase in frequency and magnitude. To manage it effectively boards and management teams need compelling insights – not just data – which they can act on to manage their risk.

How is ZRS using technology to help customers?

• Putting actionable insight in the hands of those who need it is the key. Our ZRS risk engineers have unrivalled access to, and are led by, the latest technology and up-to-the-minute global and territory data.
• Technology is an enabler, and we are passionate about providing decision makers with the in-depth data and insights they need to make the right choices and manage their risks.
• Our technology solutions include:
  • Risk Clarity – a risk management information system (RMIS) that allows customers to create a total picture of their insurable and non-insurable risks. Bringing together all forms of risk data – insurable and non-insurable – from across an organisation into one place, offering greater insight into the risks they face.
  • Previsico - we have partnered with start-up technology company to provide flash flood warnings within 25m of an individual property, up to 48-hours in advance.
  • With our Risk insite technology we can monitor the real-time performance of buildings and give insight into issues before they happen. The sensors collect 26,000 data points every hour to unlock benefits in sustainability, risk and operational performance.
  • Zurich Smart Permit was co-created with customers and contractors and is a web-based solution for managing permits associated with construction and maintenance work, removing the need for paper permits, and providing a reliable audit trail.
  • Zurich Risk Advisor is an onsite tool that provides a unique digital platform with a suite of risk engineering tools that make self-assessments easier for the customer. It is a key tool supporting risk assessments, providing powerful insights across the risk value chain and enabling customers to deliver their Risk Management strategy