Climate change is one of the biggest challenges facing the world. Scientific research points out that it is predominately driven by human activity. It will be a major source of risk and uncertainty for insurers over the coming years. Actuaries and other insurance practitioners will need to assess the possible impacts of and appropriate responses to climate change, to help manage those risks and meet the demands of regulators and investors. Consequently, it has become an increasing area of focus for regulators, investors and customers leading to this timely cross-practice sessional event.
In April 2019, the PRA published its supervisory statement (SS3/19) on the financial risks from climate change. The statement highlighted that, “while firms are enhancing their approaches to managing the financial risks from climate change, few firms are taking a strategic approach that considers how actions today affect future financial risks.”
The IFoA’s 2017 risk alert states that all actuaries should consider how climate-related risks affect the decisions, calculations or advice they are providing. These risks can impact insurers to different degrees, depending on their business areas and investment strategies. These may pose different strategic, investment, market, operational and reputational risks.
This session will provide actuaries and insurance practitioners with an overview of how life and general insurance could be affected by climate change and highlight and discuss practical steps identified in the working party papers.
|17:30||Event starts / Chair's opening comments|
|17:40||Presentation of paper: "practical guide to climate change for general insurance practitioners"|
|18:20||Presentation of paper: "A Practical Guide to Climate Change for Life Actuaries"|
|19:00||Q&A / Closeing remarks|
Staple Inn Hall,
Nearest Public Transport
Chancery Lane Tube