With many regions experiencing the current record-breaking heat wave, it is a stark reminder that climate risks – once thought off in the distance – are now becoming something every organization in every industry in every geography must prepare for and manage.
In Europe, there have been over 1,800 casualties as a result of the extreme heat as of July 21, 2022. According to Steve Bowen, head of catastrophe insight at Aon, a “notable portion” of European homes are not equipped to handle high temperatures and this “really enhances the concern and risk to the most vulnerable segments of the population, such as the elderly or homeless.” You can read more about Steve’s insights in this Axios article. Steve was also a guest on Tech Central’s podcast, TechRadio, where he discussed the natural and unnatural trends of the world’s climate. Tune in here.
Aon estimates that in the first half of 2022, natural catastrophe insured losses were at $39 billion but expects the damage bill to rise. Read more about Aon’s Global Catastrophe Recap: First Half of 2022 report in Artemis.
As the world experiences increasing climate risk and volatility, data and insights can help organizations make better decisions. Aon’s 2021 Weather, Climate and Catastrophe Insight Report evaluates how best to build for the long term while tackling immediate impacts. While striving to help mobilize private sector capital and drive collaboration with governments, academia, communities and businesses to deliver compelling solutions, Aon is collaborating with top climate academic researchers to implement research into catastrophe models to better understand potential impact. Read more about Aon’s initiatives to help clients tackle climate change here.
In addition to the economic toll from severe weather events, there is also a significant impact on health and wellbeing through the related spread of disease, the disruption of food supplies, the damage to mental health and more. Check out Aon’s The One Brief for more information on these impacts.
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