Global insurance group Howden has launched a new platform that will help its clients model climate scenarios and assess their financial impacts, Life Insurance International reported.
The Howden Resilience Laboratory is powered by Microsoft cloud services like Azure, Microsoft 365, and Dynamics 365, and can simulate the potential outcomes of strategic decisions such as mergers, decarbonisation efforts or geographic expansions, the publication explained. The platform will also offer investment and insurance strategies that factor in hazards, exposure, and vulnerability changes. Plus, it can assess the financial advantages of climate resilience investments.
"Together with Microsoft, we will continue to integrate insights and collaborate with other data partners and researchers to help scale and build the tools and capabilities to de-risk financing decisions and accelerate the transition to a more resilient world," Howden CIO Lyn Grobler said, per Life Insurance International.
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Not only will this platform help people make smarter financial decisions, but its focus on resilience investments can help fund projects that address the impacts of an overheating planet. For instance, Howden mentions biodiversity as one of its focus areas — investing in biodiversity projects can directly benefit humans, as biodiversity is important in maintaining vital ecosystem services like fresh water and pollination. Plus, biodiversity is an ally in fighting climate catastrophe, according to Conservation International.
Howden's new tool isn't the only way financial institutions are making it easier for clients to make a positive environmental impact with their investments. For instance, green 401(k)s allow people to put their money into companies that are working for the better of the planet. Plus, green banks invest in planet-friendly technologies like wind and solar instead of dirty options like oil and gas.
Howden shared information about its new platform via LinkedIn, saying, "As climate-related challenges grow, businesses and communities need to adapt quickly. The Howden Resilience Laboratory is here to bridge the gap, leveraging cutting-edge technology, analytics, and data-driven insights to help decision makers understand and manage climate risks in a rapidly changing world."
The post received positive input from users, with one commenting, "This is a really vital initiative as the world grapples with the impacts of climate stress."
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