Description: This report examines monthly and daily extremes from the Global Historical Climatology Network (GHCN) monthly and daily records and associated flooding, as well as extreme wind events in the Northeast U.S. and tornado and flooding events in the Southeast U.S. These signal the changeover from extreme winter conditions to volatile spring storm conditions which have been found in the U.S.

Description: The earth’s ecosystem appears to be leaving the 10,000-year Holocene epoch that featured a stable environment. For homo sapiens, this stability encouraged a move from hunter/gatherer to farming and urban lifestyles. The new period showcases climate risk, resulting in higher temperatures and more extreme weather. These conditions lead to greater exposures to properties and economies when events like hurricanes and wildfires occur.

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: The SOA Research Institute Catastrophe & Climate Strategic Research Program Steering Committee is seeking researchers to put together a case study discussing scenario development, actuarial methodology, and how to incorporate climate-related tipping points into actuarial practice. With the march toward global temperature increase approaching 1.5 degrees Celsius above pre-industrial levels, it would be valuable to research what it would look like when the point has been reached and we are in an era, or “new-normal,” represented by more extreme climate-related events.

Description: Where once an insurer's chief investment officer (CIO) reigned supreme over assets-aided and sometimes hindered by the involvement of a chief risk officer (CRO)-these days managing portfolio risk and return seems to be an altogether more complex affair. No less of this complexity has come from the expansion by insurers into illiquid assets in the last decade. Moving away from traditional assets has raised scrutiny of liquidity risk management, but how do insurers tackle this? In a world 'brimming with large and growing portfolio allocations to illiquid private assets,' liquidity management concerns are distinct from a typical CRO's portfolio or asset risk orientation. There's a need to look at all aspects of a fund's liquidity demands and sources, such as top-down asset allocation, bottom-up private market deal-making activities, and internal and external operations. A dedicated liquidity management function should also be able to identify both explicit and potential liquidity demands and sources and, in particular, stay in touch with market movements and the regulatory environment. It should identify, evaluate and keep at-the-ready possible external liquidity facilities-for example, the secondary market for private equity stakes, a collateralized portfolio liquidity line, a repurchase agreement or a futures program. A high-quality liquidity management team can also identify when a fund has too much liquidity, the cost of being overly cautious and how to put excess liquidity to work.

Description: The world of climate risk disclosures has seen dizzying levels of change in the last few years. In 2023, many regulators have publicly issued guidance on what insurance companies and other FIs should look to disclose. So what are we seeing in these disclosures and how do we use this information? Join our panel of experts to learn about the evolution of U.S. life insurance industry's climate disclosures and how insurers of all sizes and complexities are responding to NAIC's requirements.

Description: Attend this webcast to learn more on how to navigate managing ESG principles in the new normal of a post-COVID world. Enhance your ESG insights in a post-pandemic landscape.

Description: There is value in a framework that allows a smooth transition from a qualitative assessment to a quantitative analysis as entities mature in their understanding of climate risk. In this webcast, a case study on climate change's impact on home prices, a topic the SOA published research on, will be discussed along with other perspectives. The goal of this webcast will be for attendees to takeaway knowledge and tools to begin to move toward quantitative assessments in their own fields of practice.

Description: This report looks at compound weather extreme events and their impacts, focusing on understanding how different weather and climate-related hazards interact. It discusses three types of compound events: temporally compounding, multivariate compounding, and spatially compounding events.