UK IFoA Climate Change Risk Alert

On Jun. 6, UK IFoA issued risk alert, climate change scenario analysis.

  • UK IFoA issued risk alert to all members on climate change scenario analysis.
  • Risk Alert
  • Data on climate change is evolving rapidly and there is a risk, when using current published scenarios, that an actuary will underestimate climate risk.
  • States challenges, limitations users should be aware of when interpreting results.
  • Actuaries should note climate may change more quickly than some models predict.
  • Builds on 2022 risk alert that climate change drives material financial risks; actuaries should appropriately consider, clearly communicate impact of climate change.

Regulators UK IFoA
Entity Types IB; Ins
Reference PR, 6/6/2024; ESG
Functions Actuarial and Valuation; Compliance; Environment; Financial; Reporting; Risk
Countries United Kingdom
Category Trade Association
Products Insurance; Insurance-Casualty; Insurance-Health; Insurance-Life; Insurance-Property
Regions EMEA
Rule Type Guidance
Rule Date 6/6/2024
Effective Date 6/6/2024
Rule Id 214812
Linked to N/A
Reg. Last Update 6/6/2024
Report Section UK

Last substantive update on 06/08/2024