It seems like we hear the phrase “this year is the hottest year on record” every year. That may sound like a good deal if you like hot weather or if you are just plain tired of scraping snow off your car in the winter. On the flip side, the hotter temperatures may cause severe property damage, impact your health, or even threaten your life. In recent years, the trajectory of climate change, caused in large part by global warming, has been on the unfavorable side. There are, however, a number of efforts underway to mitigate and adapt to these risks. These efforts may or may not change the trajectory. This presents both risks and opportunities to insurers. One risk is that key projections needed to keep a company viable, like whole-life insurance premiums, may be materially inadequate. One opportunity is that projecting the impact of climate change on a specific business gives the insurer time to explore options. For example, understanding the impact of climate change on health care gives insurers the opportunity to enhance their care management processes and to build a better network.
In this session presenters will not only provide background on the cause and effect of climate change, but also discuss the impact of climate change on the day-to-day work of an actuary.
Panelists Include:
• Joan Barrett
• Dan Pribe
• Ian Genno