Sessional meeting by the Climate Change Reserving Working Party: 2023 Brian Hey prize winners

Wed 08 May 2024 -
17:00 - 19:30

At this event the authors will provide a short introduction to their ground-breaking paper on general insurance reserving for climate change, this year’s winner of the Brian Hey Prize.

The paper considers 3 important topics (see below) for general insurance reserving actuaries arising from climate change.

At the meeting there will be time for attendees to debate the issues raised in the paper and for the authors and guest experts to respond to questions raised.

Climate litigation
The paper introduces the topic of reserving for climate change through several litigation case studies. These provide background to some key issues reserving actuaries need to be aware of when determining how they address climate change in their reserve estimates.

Communicating uncertainty
The paper explores some of the challenges actuaries may face in communicating uncertainty in reserve estimates arising from climate change exposures. Potential solutions are suggested, particularly relevant to actuaries providing statements of actuarial opinion in the Lloyd’s market.

Qualitative tools
The paper describes some practical tools that reserving actuaries can use when analysing their portfolios. These include diagnostic questions for business functions and heatmap analysis tools for 2 portfolio types.

Schedule

Registration 17.00 – 17.30

Event 17.30 – 18.30

Networking 18.30 – 19.30

Read the paper

Reserving for climate change (PDF, 1.75 MB)

Featured Speakers

Alex Marcuson

Alex Marcuson has been co-chair of the Climate Change Reserving Working Party since 2021. He leads Marcuson Consulting Ltd, a specialist team of general insurance actuaries. He is an experienced expert witness and has wide-ranging reserving and capital modelling experience. Outside work he is a member of the IFoA’s Professional Support Service, a Freeman of the City of London, and a charity trustee.

James Orr

James Orr co-founded the Climate Change Reserving Working Party with Alex in 2021. Having led the Prudential Regulation Authority’s general insurance specialist team for several years, he is now a senior technical specialist and actuary working on a range of regulatory reform projects. Prior to his time as a regulator, he has many years’ experience in industry and consulting.