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.
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.
Climate Risk: A Practical Guide for Actuaries working in Defined Contribution Pensions
This guide 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.
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.
R&E Issues for Defined Benefit Pensions Actuaries: Supplementary Information
- Resource and Environment Issues and their Implications for Sponsor Covenant Assessments
- Implications for Setting Mortality Assumptions
- Allowing for Climate Change When Setting Financial Assumptions
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.
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.
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.
For more information about the Sustainability Practice Area please contact the Professional Communities Team
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We have made it through 2020 but the COVID-19 crisis continues to have a significant impact on individuals, societies, businesses and the wider economy across the globe. Navigating the world post COVID-19 in an uncertain and highly unstable time brings along many uncertainties, challenges and exciting opportunities. Hence the theme of this year’s IFoA Asia Conference Webinar Series is “Risk. Adapt. Thrive.”
In April 2021, the CMI Income Protection Committee published Working Paper 149, which detailed the changes to analysis methodology for the Income Protection Investigation and the impact of past data issues. This webinar will provide an overview of the changes in the analysis approach and discuss the adjustments to the IP11 claim inceptions graduations.
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.