Amid Emerging Climate-Related Disclosures and Rising Commercial Insurance Rates, AreaHub Equips Businesses With Critical Risk Intelligence

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Amid the recent SEC climate risk disclosure rules, a changing insurance landscape, and increasing climate-related losses for businesses, AreaHub announced an Enterprise version of its climate and environmental intelligence platform for U.S. businesses and organizations.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, March 14, 2024
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Tags: 
Oil, Gas, Residential Building & Real Estate, Commercial Building & Real Estate, Alternative Energy, Construction & Property, Data Management, Energy, Climate Change, Insurance, Technology, Business, Professional Services, Environment, Urban Planning, REIT, Software, Climate change, Organization, Disaster, Basic, Risk, Climate, Wildfire, Enterprise, City, Investment, Parent, NOAA, Weather
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UNITED STATES, NORTH AMERICA, NEW YORK
Organisation: 
AREAHUB
Summary
Key Points: 
  • Amid the recent SEC climate risk disclosure rules, a changing insurance landscape, and increasing climate-related losses for businesses, AreaHub announced an Enterprise version of its climate and environmental intelligence platform for U.S. businesses and organizations.
  • According to USI’s 2024 Property & Casualty Market Outlook , natural catastrophe losses continue to increase by 5% to 7% annually.
  • Additionally, as insurance rates rise and insurance companies scale back coverage in certain areas, property owners take on additional risk - leaving businesses exposed to increasing losses.
  • “Climate and environmental risks are affecting businesses’ bottom line,” said AreaHub Co-Founder and CEO Alison Gregory.


Amid the recent SEC climate risk disclosure rules, a changing insurance landscape, and increasing climate-related losses for businesses, AreaHub announced an Enterprise version of its climate and environmental intelligence platform for U.S. businesses and organizations.

Last week, the SEC released its final climate disclosure rules, requiring large U.S. public companies to reveal information about their material climate risks and emissions to the public. According to USI’s 2024 Property & Casualty Market Outlook, natural catastrophe losses continue to increase by 5% to 7% annually.

Additionally, as insurance rates rise and insurance companies scale back coverage in certain areas, property owners take on additional risk - leaving businesses exposed to increasing losses. The rise in insurance costs also correlates with the frequency of U.S. billion-dollar disasters. In 2023, the U.S. experienced a record-setting 28 billion-dollar climate and weather disasters, with damages costing over $92.9 billion, according to NOAA.

“Climate and environmental risks are affecting businesses’ bottom line,” said AreaHub Co-Founder and CEO Alison Gregory. “Businesses need to incorporate environmental risk information into their strategies, decision making, and investments to prepare for and reduce the increasing effects of climate change on their finances and operations.”

AreaHub Enterprise provides clear, synthesized, and localized climate environmental information (such as climate risks, nearby contaminated sites, infrastructure, and more) to help businesses make more informed decisions about any of their U.S. locations.

By aggregating over 30 topics from credible, science-based sources, the platform offers enterprise clients address-specific information to proactively manage their locations and make informed decisions. AreaHub Enterprise services include:

  1. Portfolio monitoring which helps multi-location businesses manage and keep tabs on their properties with ongoing data and alerts of extreme weather, pollution notices, or key changes to nearby infrastructure or industrial hazards.
  2. One-time assessments that reveal notable flags and top climate and environmental issues to inform investment decisions.
  3. Predictive reports which provide how an area’s risks of flooding, drought, wildfires, and extreme heat are expected to change over time.

As public awareness and stakeholder pressure grows, businesses must align their governance and strategies with evolving climate and environmental expectations.

“AreaHub Enterprise is ideal for businesses looking to identify the local climate and environmental factors that can impact their investments, finances, operations, and people,” continued Gregory. “Our data-driven platform enables clients to inform investments, mitigate exposures, and increase resiliency by leveraging the environmental risk profile of their locations to inform their operational planning or management strategies.”

AreaHub also offers consumer plans catering to relocators, homeowners, or parents. The Basic plan provides limited free reports of select major U.S. cities, while AreaHub Pro’s extensive address-specific one-time paid reports include additional topics and access to expanded details, such as specific hazard locations and risk indicators.

About AreaHub

AreaHub is an environmental risk management platform that offers localized climate and environmental hazard information by aggregating credible, science-based data about climate risks, industrial hazards, pollution and other issues that can impact finances, operations, or health and safety. By leveraging their prior managerial, data processing, and startup experience, the co-founders built AreaHub to help businesses and individuals make healthier and wiser decisions with clearly presented, scientific, and locally relevant information. For more information, visit AreaHub.com or follow AreaHub on LinkedIn and Instagram.

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