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Climate change adaptation measures such as insurance

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Insurance for Climate Adaptation – Opportunities and Limitations argues that greater collaboration between the insurance industry and state policy makers, including investment in open-source risk models, could improve society’s ability to recover from disasters linked to climate change.

Adaptation involves taking action to prevent or minimise the damage the adverse effects of climate change can cause, or taking advantage of opportunities that may arise. It has been shown that well- planned, early adaptation action saves money and lives later, for example using scarce water resources more efficiently, adapting building codes to future climate conditions and extreme weather events, building flood defences and raising the levels of dykes.

Climate change adaptation has increasingly focused on building resilience so that people can cope better with climate change impacts. This agenda converges with disaster risk management, an area with its own separate set of international institutions and agreements such as the Sendai Framework.

Some stakeholders view insurance as a form of adaptation as it enables people to bounce back faster from the adverse effects of climate change. This portends insurance playing a larger role globally in driving greater resilience, both in closing current protection gaps and introducing innovative new climate coverages. There is also the hypothesis that insurance incentivises other adaptation activities that reduce loss and damage, akin to risk management practices in more traditional insurance policies. Adapting to climate change, by increasing our ability to recover from specific disasters, reducing vulnerability around the globe, and promoting both financial and physical resilience to its effects, is essential to society.

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  • CILA 2022

    23 May 2022 - 24 May 2022

    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.

  • Spaces available

    In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.

    The Business of the AGM

  • The IFoA Conference 2022

    133 Houndsditch, London EC3A 7BX and Online
    22 June 2022 - 23 June 2022
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    We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.

     

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    This webinar will cover:

    • Some background on the risks of misselling in an ESG context, including the DWS case

    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

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    This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on  the expected future changes. Through examining  the transformation, we will highlight how the sector is and can use actuarial  expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.