Climate-related risk report: an information-gathering report on actuarial involvement

Consideration of climate-related risk has accelerated significantly over the last two to three years, influenced by increased regulation, and this is expected to continue. In this exercise, we asked members and their employers to tell us about the involvement of actuaries in climate-related risk, and the extent and impact of actuarial influence in this high-profile and important area of work.

We found that in many organisations actuaries are among those leading the thinking on climate-related risk, helping to put in place the requirements of emerging regulation, and updating risk management principles to enable their firms and clients to reflect this critical risk of our time. Download the full report to see the full findings.

We would like to thank all of those who took part by completing one of our questionnaires and look forward to further engagement on this important and developing topic for the actuarial profession.

Climate-related risk report

Climate-related risk report

An information gathering report on actuarial involvement
Download the report

David Gordon, IFoA Senior Review Actuary, said: “ I am delighted to publish the findings of this exercise, which looked at the involvement of actuaries in climate-related risk. Carrying out this exercise in 2021 in the run-up to COP26 has enabled us to capture the change of pace in many organisations
to their approach to climate-related risk, as pension funds and insurers increase their activities in response to both an increased understanding of the risks and the evolving regulatory landscape.

I would like to thank the 50 individuals and organisations that completed our questionnaires, including those who provided insight through conversations on the topic, ensuring that we were able to conduct a comprehensive and meaningful exercise and I look forward to discussing this report and its findings with stakeholders.”