The ACI has been developed by a consortium of North American actuarial bodies - American Academy of Actuaries, the Casualty Actuarial Society, the Canadian Institute of Actuaries and the Society of Actuaries. It is intended to serve as a tool to provide information about climate-related extreme events to the insurance industry and the general public. It is based on six key elements:
- High temperatures
- Low temperatures
- High precipitation
- Strong winds
- Sea level
Measures of these elements are combined into an index that looks at changes compared to the period from 1961 – 1990. Currently, the ACI covers only North America.
UK/Europe Feasibility Study
The IFoA commissioned a feasibility study to explore whether would be possible to extend the ACI to cover the UK and Europe. The study concluded that an extension would be technically feasible, and that no changes to the formulation of the index would be required; the main challenge would be that of selecting the optimal datasets.
|Research commissioned by:||The IFoA|
|Project conduted by:||
Louise Pryor, Kenneth Donaldson
If you want more information about our research programmes please contact the IFoA Actuarial Research Centre:
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Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri
This session will examine the megatrends and themes driving the Future of Work across the Financial Services industry, and how Covid-19 has accelerated new future work priorities with a particular focus on hybrid work and leadership mindset and capabilities.
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.