Determining the Impact of Climate Change on Insurance Risk and the Global Community Phase 1: Key Climate Indicators

How climate change will affect society is a complex question, and the answer depends on the temporal and spatial scales over which one is concerned, the entities of interest, judgment criteria, and the desired level of certainty. Assessing the potential impacts of climate change on insurance is similarly complex. In addition, climate change—given its potential for systemic impact—can dramatically alter the risk management landscape.

The Casualty Actuarial Society, Canadian Institute of Actuaries, Society of Actuaries, and the American Academy of Actuaries’ Property/Casualty Extreme Events Committee have responded to this emerging risk by collaboratively commissioning committees to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry.

The Casualty Actuarial Society’s Climate Change Committee is the parent committee of the Climate Index Working Group (CIWG). The report, “Determining the Impact of Climate Change on Insurance Risk and the Global Community” is the product of Phase I of a multi-phase project, which was commissioned by the actuarial organizations and prepared by Solterra Solutions, with input from the CIWG.

Phase I is a synthesis of a vast and rapidly growing body of scientific knowledge on climate change with a focus on potential impacts to society and the insurance industry. The CIWG fostered collaboration among the representatives of the various actuarial societies and the climate scientists at Solterra Solutions to create the report.

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The CIWG is grateful for the extensive education Solterra Solutions patiently provided to us on the current state of climate change science and for Solterra Solutions’ diligence in creating a comprehensive literature survey of the science. As a group, we have integrated ideas, established common ground, and educated one another on our areas of expertise and primary questions of concern to produce the report.

The Climate Index Working Group:
Doug Collins, FCAS, MAAA
Tanya Havlicek, ACAS, MAAA
Caterina Lindman, FCIA, FSA
Vijay Manghnani, FCAS
Jason Pessel, FCAS, MAAA
Ronora Stryker, ASA, MAAA