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Reminder: Notice of Intent – CIA Climate Change Public Statement

As noted in the Progress Report – Development of CIA Public Statements – Proposed Bylaw Amendments and 2017 Public Statement Topics, in December 2016 the Board approved the topic of “climate change impact on life and property and casualty (P&C) insurance, investments, and pensions” for further consideration in 2017, with the goal of eventually developing a level-2 CIA public statement.

This notice of intent (NOI) sets out the proposed direction and content of the public statement.

Key Components

With regard to the targeted practice areas (i.e., life, health, and P&C insurance, investments, and pensions), the public statement will serve the public interest by:

  • Demonstrating the range of climate-related risks affecting these practice areas (e.g., effects on health, mortality, property damage from extreme climate events, stranded assets, etc.);
  • Identifying the gaps in information and tools in the context of actuarial work (e.g., TCFD recommendations); and
  • Identifying actionable initiatives whereby the actuarial profession has a unique opportunity to help to assess, adapt to, and mitigate climate change risks.

The intent is to identify areas where the CIA has a unique opportunity to contribute towards helping to assess and adapt to climate change risk, and initiatives whereby the actuarial profession can bring added value and uniquely contribute to the well-being of society as a whole by increasing the probability of meeting the agreed-upon global 2-degree Celsius target.

Member Feedback

The Single Topic Task Force (STTF) is soliciting feedback on this NOI from members of the CIA and other stakeholders. Comments are invited by June 12, 2017 and may be submitted via e-mail to ClimatePublicStatement@cia-ica.ca. No other forums for obtaining feedback on this NOI are contemplated.

Due process has been followed in the preparation of this NOI.

Link(s)
Council/Committee
Climate Change and Sustainability Committee
Contact with Questions  ClimatePublicStatement@cia-ica.ca
Announcement Number
2017-05(03787)
May 31, 2017