Application of Climate-Related Scenarios
September 29, 2021
08:00 - 09:00 EDT (click here to check your local time)
The IAA is pleased to announce the publication of the paper Climate-Related Scenarios Applied to Insurers and Other Financial Institutions developed by the IAA’s Executive Committee Task Force on Climate Risk.
This paper is the third of a series of papers that will be developed, aimed at creating awareness and promoting actuarial approaches in climate-related risk management and reporting. The first paper Importance of Climate-Related Risks for Actuaries, and the second paper Introduction to Climate-Related Scenarios were released in September 2020 and February 2021 respectively.
This third paper continues the discussion begun in the second paper in the series, by considering as a starting point the process of using scenarios at the level of an individual insurer or other financial institution at the national level. It examines the challenges faced by actuaries in implementing scenario analysis for climate-related risks and outlines a range of possible approaches.
Three simplified case studies are included to illustrate the concepts developed in this paper. These case studies have been chosen to stimulate broad thinking rather than to focus on an approach taken by a specific financial institution or for specific blocks of business. It is hoped this paper can assist actuaries and others to understand the building blocks of climate-related scenarios and how they can be used to inform many critical risk management functions surrounding climate-related risks.
Eric Dal Moro
Eric is Head of Quantitative Risk Management at Assura and has over 20 years of experience in reserving and risk management. Prior to Assura, he worked for SCOR in different functions including agriculture pricing and Group P&C reserving. Before SCOR, he worked in the consulting industry both in Paris and Zurich, and also for AXA in France, Japan and Italy in different functions. He also gained some good experience in credit and surety pricing when working at Swiss Re.
Eric has been serving as the Chairman of ASTIN Committee of the IAA between 2014 and 2017 and is an active researcher within the global actuarial community.
Rade Musulin is a Principal at Finity Consulting in Sydney, Australia, where he leads the Climate Risk practice. Previously he served as the Chief Executive Officer of FBAlliance Insurance, Chief Operating Officer of Aon Benfield Analytics Asia Pacific, and Vice President Operations, Public Affairs, and Reinsurance for the Florida Farm Bureau Insurance Companies.
Rade serves as Convenor of the Actuaries Institute of Australia Climate Change Working Group, Vice-Chair of the IAA’s Resource and Environment Forum, and was Vice President – Casualty for the American Academy of Actuaries from 2016 – 2018.
His main areas of interest include how changing population demographics affect catastrophe exposure, climate change adaptation, applications of catastrophe models for disaster planning in developing countries, building code development, and community resilience. Rade has maintained close ties with academic institutions, including being a lecturer for undergraduate classes in actuarial science, risk management, and political science.
Evelyn is a Capital Actuary working in life insurance at AIA Australia, with 7 years’ experience in valuation, pricing and analytics, and project roles.
Evelyn is a Fellow of the Institute of Actuaries of Australia and is passionate about understanding the social and financial impacts of climate change. She is an active member of the Climate Risk Working Group at the Institute, leading the International Liaison subgroup. She also recently joined the Resource and Environment Virtual Forum with the International Actuarial Association as an observer.
Micheline is chair of the IAA Climate Risk Task Force and of the IAA Resources and Environment Forum. She is a former member of the IAA Executive Committee and a former President of the Canadian Institute of Actuaries. She has been a long term volunteer for both professional actuarial associations.
Micheline has 37 years of actuarial and management practice in the life insurance industry, having work for direct insurers, a reinsurer and as consultant. She has been involved as Chief Actuary, and worked mainly in Pricing, Business development, Investments and Product Innovation.
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