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AXA XL launches environmental risk assessment service for Europe and the UK

AXA XL launches environmental risk assessment service for Europe and the UK | Insurance Business UK

AXA XL launches environmental risk assessment service for Europe and the UK

AXA XL Risk Consulting is launching a new environmental risk assessment tool for its clients in Europe and the UK.

The new solution helps companies identify and mitigate pollution and environmental risks. According to AXA XL, the solution combines the expertise of the company’s risk consultants, machine learning, and artificial intelligence applications to turn environmental and climatological data into actionable insights.

AXA XL’s new environmental risk assessment tool is available through the company’s Risk Scanning service.

“To understand environmental exposures, risk managers have to consider four critical dimensions: the source of a potential pollution, the pathway a pollutant could travel, what it could impact and the baseline conditions of the company’s site or sites,” said AXA XL senior casualty risk consultant Dr. Dominik Scheiben.

Scheiben added that the new tool utilises datasets from public agencies, streamed data from sensors or meters, satellite imagery and customer-specific information to map out companies’ environmental risks, enabling them to “understand where they need to focus their risk management efforts.”

“This new capability not only allows our clients to leverage new data sources, but more importantly to overlay seamlessly data from a multitude of sources to generate a more granular view of their exposures,” stated AXA XL Risk Consulting global head Jonathan Salter, adding that for a company to limit its environmental impact in the event of an incident, understanding the risk and implementing the right mitigation strategies are critical.