Catastrophe risk solutions company RMS plans to launch a new suite of climate change models to help customers assess the near and long term impacts of climate change on physical assets and their businesses.

Karen White, chief executive officer of RMS, said: “Today there are no robust or consistent frameworks that can quantify the physical risks posed by catastrophes in a changing climate at the depth required. The innovative suite of RMS Climate Change Models changes that, giving the market a powerful new set of tools.”

She said the financial impacts of climate change are not solely a “future problem”.

Ms White said: “The increasing incidence of wildfires, floods and hurricanes mean that climate change insights need to be incorporated into financial decisions that are being made today, in parallel with long term strategic planning and meeting increasing regulatory, environmental, social and governance and TCFD reporting requirements, and investor and customer demands.”

RMS said its new climate change models take its existing capabilities further with “forward-looking predictive insights and analysis”. They will be generally available in June for major peril models North Atlantic hurricane, Europe inland flood and Europe windstorm.

Further models and geographies are set to follow the initial launch.

RMS said its climate change solutions include climate change specialist advisory and consulting expertise and regulatory, ESG and TCFD support.

Commenting on the climate change solutions, Eric Letourneau, group head of Cat accumulation management for QBE, said: “The insights on climate risk provided by RMS have enabled us to better understand climate-related risks and opportunities for our business, to report those insights to financial stakeholders, and to develop and test strategy for our business. We can embed these analytics in our business processes, confident that we have consistency with how we measure underwriting risk and capital requirements now and in the future.”

More information on RMS climate change solutions are available at https://www.rms.com/climate-change