WRMS expands into Latin America
Climate risk management company WRMS is to expand its operation into key Latin American countries: Argentina, Paraguay, Colombia, Brazil, Chile, Ecuador, Peru, Uruguay and other countries. The company said that its strategic expansion will go a long way in bringing climate resilience for sustainable growth within the region.
WRMS said that it is focusing on those countries because of their large agricultural sector, emerging markets, and increasing climate risk management awareness. WRMS sees high potential to respond to local challenges linked to climate change and strives to contribute to economic and environmental sustainability for those regions.
The expansion of its operations will enhance resilience to climate challenges by implementing solutions that help businesses and communities adapt to adverse climate conditions. WRMS aims to bridge the protection gap by providing innovative risk management and insurance solutions designed to mitigate the financial impacts of climate events. This growth will also support the transition to a low-carbon economy through sustainable practices. The expansion efforts will focus on empowering local communities by building capacity and supporting their sustainable development initiatives.
WRMS said that it will adopt climate risk management solutions tailored to the specific needs of the Latin American market, addressing both transition and physical risks and fitting local needs. These solutions will be customised to meet regional regulatory standards and cultural expectations, ensuring they are practical and effective in this diverse market.
WRMS is set to work closely with local insurers, government agencies, NGOs, and agricultural cooperatives to effectively implement its risk management and insurance solutions. Such a partnership would facilitate effective distribution, regulatory compliance, and capacity building. The products will be adapted to specific regional risks and regulatory environments by collecting hyper-local climate and socioeconomic data, while also considering cultural implications. Notably, this includes hurricane insurance in Haiti and crop insurance in Honduras. Moving forward, strategic investments will be made in technology integration, local partnerships, and workforce development, contributing to the creation of thousands of jobs.
“The expansion in Latin America will prove to be one of the most significant milestones for WRMS, showing our commitment to support global climate resilience in some of the most weather-vulnerable regions,” said Anuj Kumbhat, founder & chief executive of WRMS. “We are committed to not only protecting businesses but also ensuring the sustainability of the local communities in these critical regions through our financial tools and customised solutions.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
