Current and Potential Uses for the Actuaries Climate Index
Overview
In 2017, the North American actuarial organizations (Society of Actuaries, Casualty Actuarial Society, American Academy of Actuaries, and the Canadian Institute of Actuaries) developed the Actuaries Climate Index (covering Canada and the United States)[1]. It has been produced every quarter since then. Beginning in 2020, the Australian Institute of Actuaries began publishing a similar index for Australia[2]. Indices are also under development in other areas.
The six components of the Actuaries Climate Index are:
- High temperatures;
- Low temperatures;
- Heavy rainfall;
- Drought (consecutive dry days);
- High wind; and
- Sea level.
The Society of Actuaries Research Institute Catastrophe & Climate Strategic Research Program Steering Committee would like to better understand how the Actuaries Climate Index is being used or could potentially be used, as well as thoughts respondents may have on enhancements to the Index.
Content
The following questions and issues are examples of ideas or issues for respondents to consider in crafting essays with a focus on practical applications. Authors may address these issues or issues they consider more relevant for a particular group or more generally among different groups. The list below is neither exhaustive nor intended to be restrictive of other related areas:
- How has the Actuaries Climate Index been used in practice?
- How can the Actuaries Climate Index be applied in actuarial practice, risk management processes, or in other contexts?
- How can the Actuaries Climate Index be applied in the design or pricing of new insurance coverage?
- A practical quantitative example of how the Actuaries Climate Index can be applied.
- The Actuaries Climate Index utilizes various metrics, sources for data, and analysis parameters (such as granularity of data, and regions studied). Given this, it would be informative to include suggestions on how the Actuaries Climate Index could potentially be enhanced.
Timeline
The deadline for submissions is June 23, 2023. Essays will be published in a formal collection later in the year.
Length and Instructions for Submission
Essays must be submitted in English with a desired length of between 500 to 3,000 words. There is no requirement for formal or extensive footnoting. Essays are not intended to be rigorous research, but rather can reflect personal opinions and/or experience.
Author information must be submitted with the essay and include name; credentials or designations (if appropriate); title; organization/company; e-mail address; and phone number. Please provide all author information at the beginning of the essay.
Essays that contain any overt political statements, commercial content, and other inappropriate material will not be accepted. Articles must comply with the SOA's antitrust guidelines.
Please submit your essay via e–mail to:
Erika Schulty, Research Administrator
Society of Actuaries Research Institute
e–mail: ESchulty@soa.org
Awards
$5,000 in award money has been allocated for this call for essays. The review committee will select the leading essays and determine how to allocate the award money among them. Consideration will be given to creativity, originality and the extent to which an idea may be of practical significance. In exchange for award money, selected authors will be required to assign all copyrights in their essays to the Society of Actuaries Research Institute.
Authors are ineligible for awards if an essay is based on an SOA Research Institute-sponsored and funded research study conducted by the author. However, authors are welcome to submit such essays for publication consideration.
Publication and Presentation
Depending on how many essays are received and the range of the topic areas, a suitable format for electronic publication and dissemination of those accepted essays will be selected. Essays may also be presented at an SOA Research Institute meeting, webcast, or other professional development event.
In addition, other venues for publication or presentation of the ideas outside of the SOA Research Institute will be considered. It is hoped that publication of the collected essays will further knowledge and stimulate discussion as well as promote future efforts in this area.
Rights Granted
Please understand that by submitting an essay for consideration, the essay author(s) is granting to the Society of Actuaries Research Institute an unlimited license to print or republish their essay, with proper attribution given to the author(s).
Questions
Please direct any questions regarding this Call for Essays to:
Rob Montgomery, SOA Research Project Manager
Society of Actuaries Research Institute
e–mail: rmontgomery@soa.org