HDI Global creates climate reporting service
HDI Global is introducing a new service, Climate Risk Reporting, to the market, which enables companies to analyse their physical climate risks at their locations and assess them according to the EU Taxonomy guidelines.
In a statement HDI Global said that in the face of climate change, businesses are increasingly confronted with location-specific physical climate risks that threaten their business success and future viability. In addition, they have an obligation to comply with legal requirements and regulations related to these risks, which also requires specialised expertise.
The new service from subsidiary HDI Risk Consulting highlights the severity of climate risks and also provides specific data such as water depths, maximum temperatures, and duration of heatwaves, allowing companies to take targeted risk improvement measures for their locations. In addition to protecting existing locations, the climate risk data is also suitable for decision support in investments and the selection of new locations.
Climate Risk Reporting supports customers who since the beginning of 2024 fall under the reporting obligation as part of the Corporate Sustainability Reporting Directive (CSRD) and the EU Taxonomy. Using a grid of around 30 potential physical climate risks, HDI Global assigns customers' locations to a six-level scale. For the service, the industrial insurer expands its database with the help of partner Mitiga Solutions, whose scientifically validated data is based, among other things, on the commonly used climate change models according to IPCC. The service follows the guidelines of the EU Taxonomy and supports reporting on climate risks as well as more precise and faster due diligence reviews of investments. By being able to evaluate future risks, it also serves as decision support in location planning. Therefore, customers not only benefit from bureaucratic simplification but also receive valuable support in actively preparing for future climate change challenges.
“With our Climate Risk Reporting service, we are setting a new standard in the insurance industry,” said Dr Dirk Höring, member of the HDI Global SE executive board, responsible for property insurance, engineering insurance, marine insurance, and HDI Risk Consulting. “We are proud of our approach to act as a true Partner in Transformation. We not only highlight risks but also provide recommendations for action on how our customers can mitigate risks and seize opportunities.”
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