As the Actuaries Climate Index and other climate-related measurements continue to tick upwards, the question is what do we do with these data? Are Canada and the provinces putting enough effort towards adapting our infrastructure to the potential consequences of climate change? How can Canadian actuaries get more involved in climate-related risk management and apply their expertise to the...
The five-year moving average of the Actuaries Climate Index (actuariesclimateindex.org) reached a new high for the tenth consecutive quarter, according to the latest data release that includes summer 2020. The five-year moving average now sits at 1.23 points above the reference period of 1961-1990.
Teams are preparing for the worst while strategizing for the best outcomes in this snapshot of risk management preparedness. Climate change continues its reign as the top emerging risk in the 14th Annual Survey on Emerging Risks: Key Findings, while ‘pandemic/infectious diseases’ make its debut as a top risk, ranks third.
A 2020 survey of CIA members shows that just under one third of respondents account for climate change risks in their actuarial work, a proportion similar to that indicated in a 2019 survey. These results point to a continued need in the profession for additional information and guidance on the subject.
A 2019 survey of CIA members on climate change risks shows that less than one-third of respondents or their companies account for this emerging risk. However, a large percentage of respondents agree that guidance and education about the materiality of climate change risks may help with this type of risk disclosure.