Climate risks are expected to increase the frequency and intensity of the extreme weather events responsible for floods and droughts – both of which have significant economic impact. During this session we’ll discuss SOA research findings that estimate how climate risks will affect wildfire and flood losses to property for a 2050-time horizon under the assumption of a Representative Concentration Pathway (RCP) 8.5 scenario. This extreme but plausible scenario is useful for developing resiliency plans. The information discussed is valuable for insurers and investors who want to understand the risk to various assets during an approximate 30-year time horizon. This research provides the loss breakdown and relative impact of climate risks by region, line-of-business, and weather type; and uses a technique that can easily adapt to different climate change scenarios. This session will be of interest to actuaries who need to incorporate climate risks into their work, as well as practitioners who wish to learn more about the resources available from SOA climate risk research. Also included in this session will be an overview of the SOA Catastrophe & Climate Strategic Research Program, which is the sponsor of the research that is featured in this session. This is the SOA’s fifth Strategic Research Program and is slated to launch in Early October, 2021.
Attend this session and you’ll understand and consider the:
• Framework for projecting the climate risks related to inland floods and wildfires. • Principals needed to adapt that framework. • Resources which apply to coverages and risk management considerations applicable to them., through increased familiarity with resources available to define future scenarios, • Resiliency planning for the types of impacts that are illustrated under the scenarios that are the subject of this research.• Background, resources available, and the future direction of the SOA Catastrophe & Climate Strategic Research Program
Track: Safeguarding Population(s)