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Financial Condition Testing for Climate Change: A Possible Approach
How should insurers begin incorporating climate change into financial condition testing, particularly given limited data and evolving guidance? Terry Narine, FCIA, outlines a practical, scenario‑based approach to climate stress testing, demonstrating how climate‑adjusted assumptions can be applied to both liabilities and assets.
Extreme Weather and Increased Risks
Canada’s insurance industry saw record-breaking losses in 2023-24 due to extreme weather events, including wildfires, floods and hailstorms. Learn how exposure creep, infrastructure gaps and reinsurance dynamics played a role in this loss, and why there is an urgent need for resilient building practices and better risk modelling.
Unifying Actuarial Expertise to Revolutionize Climate Risk Modelling
With climate-related disasters in Canada causing $8.5 billion in insured losses last year, a new high, insurers must rethink how they assess and prepare for risk. Could collaboration between life and P&C actuaries be the key to tackling this challenge and reshaping the future of climate risk modelling? Explore how interdisciplinary partnerships can drive innovation and strategic leadership in the actuarial profession.
The green transition: actuarial roles and lessons from China
The green transition – a global shift toward sustainable practices and technologies – is essential for combating climate change, and actuaries have a critical role to play.
Getting to grips with nature and biodiversity risks
Actuaries are increasingly recognizing nature and biodiversity as integral to financial valuation of risk and as an emerging practice area.
Canada’s actuaries advise to include nature risk in climate risk frameworks
Michael Tencer, FCIA, explains the CIA’s new statement Integrating Nature in Climate Scenario Analysis for Enhanced Resilience.
Navigating the climate frontier – incorporating climate change into financial risk assessment
Actuaries and other professionals will be increasingly expected to incorporate climate change considerations into their work.
Climate Risk from the Canada Pension Plan’s Perspective
In a world marked by extreme weather events and climate uncertainties, understanding the financial landscape becomes crucial. Discover the Office of the Chief Actuary’s (OSFI) innovative approach to assessing climate-related risks and their potential impact on social programs.
Behind the Scenes at COP27 in Egypt
Have you ever wondered what happens at the Conference of the Parties (COP), the United Nations’ annual climate change summit? I was asked by the International Actuarial Association (IAA) to attend COP27 in Egypt in November 2022. Here’s what I learned.
Cities and the brown-ocean effect
The inter-related and combined influences of climate and cities – temperature, moisture, infrastructure, and ultimately people – on urban extreme weather events needs to be better understood. This is especially so as many cities adapt too slowly to keep pace with our changing climate.