Climate Change Blog

Climate Change Blog

International Actuarial Association releases third paper in climate risk series

This week, the International Actuarial Association (IAA) released the third paper in a series on climate risk entitled 'Climate-Related Scenarios Applied to Insurers and Other Financial Institutions'. It was developed by the IAA Executive Committee Task Force on Climate Risk (CRTF) and reflects a significant contribution from the Actuaries Institute, both in terms of volunteer effort and content.

Highlights

Counting the cost of catastrophes with climate change

Of the top 10 global catastrophes examined between 1970 and 2019, storms accounted for approximately $521 billion in global economic losses whiles floods accounted for about $115 billion. Using economic loss data, a country-by-country assessment of the changes in catastrophe loss with reference to local temperatures has been performed. Read on for an analysis of the findings.