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.
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.
Posted 19 April 2021