Description: Supporting Excel file for Actuarial Weather Extremes Series Iowa Tornados: March 5, 2022

Description: The Society of Actuaries (SOA) Research Institute commissioned a study to understand how insurers are responding to the framework used for climate disclosure practices, attempting to identify current practice and best and emerging practice. Used by firms to ensure they manage climate risk appropriately, the framework from the Task Force on Climate-related Financial Disclosures (TCFD) focuses on disclosure of governance, risk management, strategy, and metrics.

Description: On March 31, 2022, the SOA Research Institute assembled an expert panel to discuss key considerations related to climate risk analysis applied to life and health insurance companies. The panelists were selected to represent a wide and diverse array of opinions, and were encouraged to contribute from their own, individual perspective working in areas such as insurance, reinsurance, state regulation, consultancy, meteorology, and climate finance. A summary of the main discussion points is presented in this report.

Description: On March 5, 2022, an EF-4 tornado hit Iowa and caused 6 fatalities, according to preliminary reports.1 The supercell thunderstorm that produced the destructive tornado also produced damaging wind and hail events. According to the National Weather Service, this tornado was the first EF-4 tornado in Iowa since 2013 and was the second longest tornado path since 1980, with a path length of 69.5 miles.

Description: On May 20, 2022, an EF-3 tornado hit Gaylord, Michigan and caused 2 fatalities and 44 injuries, according to the National Weather Service Damage Survey [2]. The supercell thunderstorm that produced the destructive tornado also produced damaging wind and hail up to 3 inches in diameter [3]. According to data from the National Center for Environmental Information, this tornado was the first EF-3+ tornado in Michigan since 2012 and first EF-3+ tornado in Michigan in May since 1991 [1].

Description: Supporting excel file for Actuarial Weather Extremes Series Heavy U.S. Precipitation: July 26-29, 2022

Description: Support file with python code for Actuarial Weather Extremes Series Heavy U.S. Precipitation: July 26-29, 2022.

Description: The research provides a modeling framework for assessing the inundation risk of properties and their expected flood damages, thereby laying a foundation for flood insurance pricing. The researchers studied over 50 years of claims data from the National Flood Insurance Program with 2.5 million records and identify property characteristics that predict flood damages for inundated properties. The development of a private flood insurance market hinges on insurers’ ability to better understand and price flood risk. This research takes a closer look at flood risk modeling and flood insurance pricing.

Description: Climate risk modeling is taking center stage. With businesses increasingly expected to show how they assess, adapt to, and mitigate the risks of climate change, companies are asking: What is the right climate risk modeling approach for our business?

Description: Just in the recent two years, COVID-19 has demonstrated very impressively that a pandemic is not something for which one can fully prepare. However, what makes a pandemic so special and difficult to manage compared to other low frequency and high severity events such as volcanic eruptions or tsunami damage? Frank Schillerexplains what makes a pandemic so different, viz, information uncertainty, exponential growth, and time lags.