Climate Science: A Summary for Actuaries
Announcement from the IAA organiser:
This 90 minute webinar will present the findings in the recently released paper "Climate Science: A Summary for Actuaries". The Summary, based on the IPCC Working Group I Sixth Assessment Report released in August 2021, is tailored to the actuarial community to provide helpful insights into what the IPCC report means for the Actuarial profession.
Details about the "Climate Science: A Summary for Actuaries" paper can be found here.
The IPCC Working Group I report addresses the most up-to-date physical understanding of the climate system and climate change. It brings together the latest advances in climate science, combining multiple lines of evidence from paleoclimate, observations, process understanding, and global and regional climate simulations to get the clearest picture of past, present, and possible future climate.
Actuaries, as risk professionals, need to understand the physical impacts of climate systems and climate changes. Such impacts will affect how risks are underwritten, priced, managed, and reported, whether for general, life or health insurance, pensions, other financial institutions, or social security. It is important for actuaries to understand the magnitude of the potential changes, the uncertainty of their frequency and intensity, and the inherent volatility of such risks.
Each of the physical changes analyzed in the latest IPCC Working Group I report could have an impact on human well-being and the long-term sustainability of the environment. Within these changes, actuaries are particularly interested in the effect of climate change on floods, droughts, fires, storms, rise of sea level, air pollution and the long-term effects of climate change. The Summary focuses on the physical changes affecting the most common perils analysed by actuaries and is supplemented with two Annexes on data and regional specificities and a glossary to support its users.
To register for the complimentary webinar, please click here. Registration is open to actuaries of IAA member associations but also to all who are interested in this topic.
Rade Musulin is Chair of the IAA's Resource and Environement Forum and a member of the Climate Risk Task Force. He is employed as a Principal at Finity based in Sydney, Australia. He is an US trained Actuary, and has 40 years’ experience in General Insurance specialising particularly in property pricing, natural perils, reinsurance, mutuals and co-operatives, agriculture, catastrophe risk modelling, public policy development, and climate risk. His main areas of interest include how changing population demographics affect catastrophe exposure, climate change adaptation, applications of catastrophe models for disaster planning in developing countries, building code development, and community resilience.
Yordanka Velichkova is employed by Swiss Re, and is the Cat Perils & Cyber team interface to internal stakeholders such as Underwriting and Risk Management, as well as external stakeholders such as regulators and investors on the topics of Nat Cat underwriting, Nat Cat portfolio performance and state-of-the-art process governance. Her team is responsible for embedding macro trends such a climate change and urbanisation in the Nat Cat underwriting processes of Swiss Re.
Valérie Masson-Delmotte is a paléoclimatoloagiste at the Laboratoire des sciences du climat et de l’environnement (LSCE), France. She is Co-Chair of the IPCC Working Group I for its 6th assessment cycle. She has served on numerous national and international projects in addition to the Intergovernmental Panel on Climate Change (IPCC). Since 2014, she has been a member of the French Research Strategic Council. She has published extensively, including several books for the general public, as well as children's books.
José Manuel Gutiérrez, is the Director of the Instituto de Física de Cantabria (IFCA), at the Univeristy of Cantabria, Spain. He was Coordinating Lead Authors in the Working Group I contribution to the IPCC's 6th Assessment Report and lead on the Working Group I Interactive Atlas, a novel aspect of this report. His work is committed to making research data adhere to the FAIR principles; ensuring that data is Findable, Accessible, Interoperable, and Reuseable.
Gábor Hanák is Chair of the IAA's Climate Risk Task Force and was President of the IAA in 2019. Gábor has been working in the insurance sector for over decades. He has been employed by KPMG in Hungary since 2008 and has been a leading member of the firm's actuarial practice in Hungary and of KPMG CEE Risk and Actuarial Services Group. Beyond audit support, he has lead or contributed to several advisory engagements mainly in the areas of Solvency II, IFRS4, actuarial valuations and EV calculations.
Sarah Connors is Head of the Science Team. She is responsible for the delivery and coordination of science-related activities of the TSU throughout the preparation, review and completion phases of the WGI report, together with the TSU Head, Anna Pirani. Sarah’s responsibilities include the line-management of the Paris Science Team, as well as the coordination of work done in collaboration with the TSU members based at the Chinese Academy of Meteorological Sciences in Beijing, China. Sarah supports the work of the AR6 authors, working closely with the WGI Bureau, as well as the WGI Co-Chairs.