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.
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.
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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This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.
In this webinar, we will discuss how cause-of-death data from the Office for National Statistics can help us to understand how inequalities arise at the all-cause level. The key to understanding mortality inequality is to think about the chain that connects risk factors, relative risks, and cause-of-death mortality through to all-cause mortality.
The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.
The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.
Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.
Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.