28 Oct 2020
Webinar: Actuarial Approaches to Climate Change – Measuring the Financial Side of Climate Risk
Climate change is no more a debatable issue but a key World concern with potentially catastrophic consequences. Impacts on the environment are blatant, but quite often the financial side of climate change, i.e., the climate risk, is less obvious. Actuaries worldwide agree nowadays on the relevance of the topic and on the need to develop methods and techniques for measuring both the frequency and the financial impact of extreme climate events. During the webinar, developments in the field currently under way in North America, Australia and Europe will be described at length.
From a Risk Management perspective, insurers are also expected to manage effectively their exposure to climate risks. According to the Financial Stability Institute, insurance international supervisory authorities deem climate risks as “reasonably foreseeable and relevant material ones”. Hence, these authorities expect insurers to address climate risks in their ERM – Enterprise Risk Management frameworks. In their current stage, modelling approaches can be considered as a means of improving the understanding of the financial effects of climate risks for insurers.
This webinar will provide an overview of the work in progress Actuarial Associations are carrying out all around the World to develop actuarial methods for measuring climate risks, of the risk management perspective for insurers and, last but not least, of the guidelines issued by international insurance authorities to address the challenges climate change poses both for the insurance industry and for the whole society.
Organised by the EAA - European Actuarial Academy GmbH.
The webinar is open to all interested persons.
Technical requirements and test sessionPlease check with your IT department if your firewall and computer settings support webinar participations (the programme GoToTraining is used for the webinar). Please also make sure that you are joining the webinar with a stable internet connection.
On 7 October 10:00 – 10:30 CET, there will be a test session offered to all registered participants to test the software.
Purpose and Nature