AFIR-ERM Webinar: Environmental Risk Working Party - The Journey Begins with Climate Change
Announcement from the AFIR-ERM Section - IAA organiser:
Long term climate change liabilities for the financial services industry – the journey begins
The insurance industry would need to develop approaches to model the long-term impacts of climate risk to insurance liabilities. A collaboration on this complex and challenging topic is necessary to bridge the gap between climate science to the insurance domain. Actuaries play an important role in helping shape this new frontier, against the backdrop of increased regulatory interest and challenge of insurability.
In this first session, Adrian Goh will share about the challenges from a reinsurance perspective in Singapore, and Stefan Claus will share his personal views to drawing out specific findings that can support ongoing actuarial development in this area. Stefano Prino will present a survey by the IAA Environmental Risk Working Group
Stefano Prina is an Italian fully qualified actuary. He is a Manager with 7 years of experience in Life and Non-Life Insurance under Local, Solvency II and IFRS 17 standards, and he has worked over the entire Life and Non-Life process including Reserving, Pricing, Reinsurance and Capital Requirements determination. In his background there is a first line claims reserving team experience at UnipolSai for 3 years, after which he leads the Non Life Actuarial function and Risk management in AVIVA for 1 year. Subsequently, he joined Allianz Italy for 3 more years in the development and maintenance of the Life Actuarial Projection model with WTW Rafm softwares, and finally since 2020 he joined PwC Italy as manager over IFRS17 projects, both life and non life. Since 2020 he is also member of the International Actuarial Association in the AFIR ERM section related to ESG thematics.
Kai Yin is a qualified GI actuary working for Income that is based in Singapore. He has 5 years of experience in both pricing and valuation. He was involved in the inaugural climate stress test conducted in Singapore, where he oversaw the computation of the GI liabilities. His current role involves conceptualising and implementation of pricing models using machine learning techniques. Outside of work, Kai Yin is a volunteer at the IAA with a keen interest in how financial institutions can play a major role in combating climate-related issues.
Paul Wee is a qualified actuary and has about 18 years experience across actuarial and risk management roles in reinsurance and direct insurance in Asia. He is now based in London as a senior manager with KPMG UK in the non-life actuarial consultancy practice. He is the co-chair of the IAA AFIR-ERM Environment Risk Working Group and was the past Chair of the Singapore Actuarial Society ERM Committee.
Stefan Claus is a qualified actuary and the technical head of the Bank’s Insurance Directorate. He is responsible for thematic and horizon-scanning activities that impact the life and general insurance industry. Earlier this year he lead the roll-out of the 2022 insurance stress test – covering natural catastrophe & cyber related scenarios for general insurers, and market & longevity scenarios for life insurers. In 2021 he lead the insurance aspects of the Bank’s Climate Biennial Stress Test (CBES), including developing the Bank’s first exercise to explore the potential implications of climate litigation. He is also responsible for assessing the implications of machine learning on the insurance sector, and to this end has recently completed a Data Science Master’s course. Before he joined the Bank, Stefan was Head of Actuarial Risk Modelling at Allianz Global Corporate and Speciality, and most recently a director at KPMG
Adrian Goh is the regional risk officer for property and casualty for Singapore, Japan, Korea and India. Before joining Munich Re, he served as the chief risk officer for a few multinational direct insurers both composite and life in Singapore.