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Faced with a scenario of climate change that increases the frequency and intensity of natural phenomena, Willis Towers Watson (WTW) launches in El Salvador a set of advanced solutions to help companies manage flood risk. With the goal of strengthening business resilience, WTW introduces tools such as the Global Peril Diagnostic, developed to assess and reduce the vulnerability of organizations to natural disasters.
The World Bank warns that 1.8 billion people live in areas at high risk of flooding, an alarming figure that underscores the urgency of adopting mitigation strategies. In El Salvador, where heavy rains are a constant threat to businesses and communities, risk analysis tools are key to anticipating and managing these events. With the Global Peril Diagnostic, which uses Munich Re data, WTW helps companies identify their specific exposure in specific locations, enabling strategic decisions to minimize the impact of a potential flood.
Effective financial solutions with parametric insurance
WTW also leads with its parametric insurance offering, designed to compensate companies quickly and efficiently when triggered by pre-defined conditions, such as certain levels of rainfall or storm surges. This solution allows for immediate compensation without lengthy claims processes, offering companies financial stability in the face of unforeseen events. A successful example is the case of a large pharmaceutical company in the United States, which chose WTW’s parametric insurance that is activated if storm surges exceed 4.9 meters, thus protecting its supply chain and other associated expenses not covered by traditional insurance.
Strategic consulting for integrated risk management
In addition to its financial products, WTW offers a comprehensive approach that includes consulting for risk mapping, catastrophe modeling and cost-benefit analysis of preventive measures. These comprehensive solutions enable salvadoran companies to optimize their preparedness and improve their ability to respond to extreme weather events.
“The key to mitigating flood risk is to understand exposure in detail and make proactive decisions”, said Eduardo Barrientos, general manager of WTW El Salvador. “With tools such as Global Peril Diagnostic and parametric insurance, we offer organizations the ability to adapt to a changing environment and protect their operations from significant losses”.
With these innovations, WTW consolidates its position as a strategic ally for companies in El Salvador, providing advanced and customized solutions to face an uncertain future with confidence and financial stability.
