WRMS, the climate risk management company, is expanding its operation in Latin American countries such as Argentina, Paraguay, Colombia, Brazil, Chile, Ecuador, Peru, Uruguay, according to a company statement.
It said WRMS focuses 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.
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Expanding efforts will empower local communities by building capacity and supporting sustainable development initiatives.
WRMS will adopt climate risk management solutions tailored to the specific needs of the Latin American market, addressing both transition and physical risks. The newest climate modelling tools and domain expertise will be applied to create solutions that fit the local context, it said.
Adapt to specific regional risks
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. This includes cyclone insurance in Haiti and crop insurance in Honduras, it said.
Quoting Anuj Kumbhat, Founder and Chief Executive Officer of WRMS, the statement said: “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. 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 customized solutions.”