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The Sustainability Board has commissioned a series of working parties to prepare a number of practical guides to support actuaries who are considering how to appropriately include Sustainability matters into their work.

Practical Guides

A practical guide to climate change for risk management actuaries

This guide provides a practical guide that provides cross-practice guidance to support actuaries involved in risk management (RM) exercises. The primary audience will be risk management actuaries intending to manage climate change risk, though the content is expected to be of interest to actuaries working across all practice areas.

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Climate Change - A call to action for actuaries working in defined contribution pensions

This guide (updated September 2021) has been produced to support actuaries advising UK defined contribution pension schemes (trust, contract and master trust), although some of the material may also be relevant for actuaries advising other types of pension schemes and in other jurisdictions. It explains how climate risks may be relevant to defined contribution pension arrangements and is designed to support actuaries and others working in defined contribution pensions in exercising their judgement in this area.

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A Practical Guide to Climate Change for Life Actuaries

This guide provides Life Actuaries with an overview of how climate change impacts on life insurance and the particular areas of work for life actuaries. It covers changes to economic growth and performance in wider economies, investment over or underperformance, current mortality and insurance regulatory environment and morbidity and uncertainty around future trends as well as the climate risks around Physical, Transition and Liability risk.

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Practical Guide to Climate Change for GI Practitioners

This guide provides General Insurance Practitioners with an overview of different aspects of insurance operations that may be affected by climate change. It highlights the impact of the following risks on Pricing and Underwriting, Reserving, Reinsurance, Catastrophe Modelling, Investment, Risk Management and Capital Management processes. These risks have been broadly grouped into Physical, Transition and Liability risks. These risks can impact General Insurers to different degrees, depending on their business areas and investment strategies. These may pose different strategic, investment, market, operational and reputational risks.

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R&E Issues: A Practical Guide for Defined Benefit Pensions Actuaries

This guide explains where R&E issues are relevant to pension schemes and the work of pensions actuaries. It is a first attempt at helping pensions actuaries to assist their clients in navigating the uncertainties associated with R&E issues, in collaboration with covenant and investment advisers. Supplementary reports will be published which provide more technical detail on how R&E issues might impact on covenant assessments, funding advice and mortality. This guide is intended to raise awareness of the topic, encourage discussion and prompt further research. It is aimed at actuaries advising UK trust-based defined benefit pension schemes, although some of the material is also relevant for actuaries advising other types of pension schemes and in other jurisdictions.

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R&E Issues for Defined Benefit Pensions Actuaries: Supplementary Information

Climate Scenario Analysis for Pension Schemes: A UK Case Study

This paper explores how climate scenario analysis can be used as a tool for forward-looking assessment of the risks and opportunities for defined benefit pension schemes and other financial institutions. It is intended to provide an example of how pension schemes can integrate climate change into their thinking on matters such as funding strategies and long-term strategic asset allocation, and should prove useful to pension actuaries and other advisors who are seeking to give specific consideration to climate risks in their advice to scheme trustees and sponsors.

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Climate Scenario Analysis for Pension Schemes: An illustration of potential long-term economic & financial market impacts.

This paper examines the long-term economic and financial impacts projected by a model that combines climate science with macro-economic and financial effects to examine the relative impacts of three different climate pathways.

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Climate Change Working Party

Climate Change for Actuaries: An Introduction

An introduction to climate change for actuaries in all fields of work. It provides an overview of some of the differing topics discussed and researched by the Climate Change Working Party over the last few years. 

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Archived guides

Climate Risk: A Practical Guide for Actuaries working in Defined Contribution Pensions (March 2018)

Contact Details

For more information about the Sustainability Practice Area please contact the Professional Communities Team

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