Determining the Impact of Climate Change on Insurance Risk and the Global Community
The index is to be a resource for actuaries and others in developing predictive models for potential climate change related losses or opportunities as well as for risk management strategies. Actuaries might utilize the data and measures of the indicators and index in evaluating the potential risks of climate related changes to their employers. For example, a high index for increased hurricane intensity might indicate the potential for increased property damage, personal injury or death. In addition, the data and index might be useful to the American Academy of Actuaries and others in public policy discussions.
The session will also discuss actuarial perspectives on the use of climate change information in risk management and decision making. It will outline insurance product opportunities and underwriting/balance sheet risks that could emerge as a result of climate change. It will also explore how well-equipped actuaries and the insurance industry are in dealing with this challenge. There will also be a discussion on recent developments in the evolving area of regulatory oversight for monitoring and tracking of climate change risks.
Mike Kreidler, Insurance Commissioner, State of Washington
Tanya Havlicek, MSc Land Resources, Marsh