AXA XL’s new tool to help mitigate environmental risks in Europe and UK

Re/insurer  AXA XL has launched a new risk assessment service designed to help companies identify and mitigate pollution and environmental risks in Europe and in the UK.

The solution combines machine learning and artificial intelligence applications to turn environmental and climatological data from a variety of sources into actionable risk insights.

The tool allows risk managers to generate assessments of their company’s sites by region, country or environmental peril to better understand their exposures and to implement risk management and risk transfer measures that appropriately match their needs.

Dominik Scheiben, senior casualty risk consultant, said: “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.

“Our new tool leverages datasets from public agencies, streamed data from sensors or meters, satellite imagery and customer-specific information to map out all of these dimensions and to help companies understand where they need to focus their risk management efforts.”

Jonathan Salter (pictured), global head of AXA XL Risk Consulting, added: “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.”

“For a company to limit its environmental impact should an incident occur, understanding the risk and implementing appropriate mitigation strategies are critical.”

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