You are here

Climate Risk Reporting

Formerly the Environmental Risk Reporting working party, the Climate Risk Reporting working party will undertake research on climate risk-related practices in reporting by a range of UK insurance companies and pensions funds.

Climate risk reporting is an increasingly important topic both for external reporting to shareholders as well as for regulatory purposes (e.g. the production of integrated and/or sustainability reports). Professional actuaries have important skills insight into this topic and it is important to get more research published; particularly in relation to the increasing role of narrative, sustainability and climate change issues.[1] The Task Force on Climate-Related Financial Disclosures (TCFD) has recently issued guidance on these issues, while the Prudential Regulatory Authority has issued regulatory guidance and recommendations concerning the impact of climate change on the UK insurance industry.

Given that the TCFD guidance is only gradually being implemented there is only limited international evidence on climate risk reporting practices.[2] The working party is undertaking further research concerning the impact of these developments on climate risk-related practices in reporting by a range of UK insurance companies and pension funds.


 The main outcomes from the working party will be a report that:

  • overviews current guidelines, protocols, standards and rules relevant to climate risk reporting for UK insurance firms and pension schemes
  • summarises the TCFD-related risk reporting disclosure practices of a sample of UK listed insurance firms and pension schemes concerning:
  • their principal risk exposures to climate change
  • financial impact of climate-related risks on their business, strategy and financial planning processes
  • risk management processes used for managing these risks
  • metrics and targets used to assess and manage these risks
  • examines differences in practice by size and type of entity, and over time
  • provide examples of best practice (and potentially poor practice).

The paper will be disseminated through a number of channels within the actuarial profession and with other external interested parties such as the FRC, listed companies and in conjunction with other professional groups

***Details of the Environmental Risk Reporting working party can be found here.

Chair: Paul Klumpes
Membership: 5
Established: 2018

Related documents

Contact Details

If you want more information about this research working party please contact the Communities Team.

Filter or search events

Start date
E.g., 26/10/2020
End date
E.g., 26/10/2020

Events calendar

  • GIRO 2020 Virtual Conference

    Available to watch globally in November.
    02-13 November 2020
    Spaces available


    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report. 

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.