Date: Friday, 18 October 2024, at 12.30pm (CET)

Dual format: ESSEC Paris La Défense (CNIT), Room TBA
and via Zoom, please click here

Climate risks are increasingly affecting the frequency and the severity of claims in different insurance branches. In order to help insurance companies predict and manage climate risks, North American actuaries defined the Actuaries Climate IndexTM (ACI), that combines information from several important weather variables in the historical records of United States and Canada. The ACI provides a factual and objective climate risk measure for North America; it shows a significantly increasing trend over recent years. There is a need to test if a similar tool can measure the impact of climate change in other parts of the planet, and if the change is similar or not. Despite the observed global nature of climate change, different regions and countries can be affected in different ways. In this presentation we use the same ACI methodology to calculate actuarial climate indices with climate data from France, Spain and Portugal and compare the results obtained to those of Canada and the US. Illustrative examples use climate indexes, including the Spanish and French ACIs to predict excess mortality, hailstorm damages in agricultural insurance and design/price a parametric insurance product.

Kind regards,
Jeremy Heng, Olga Klopp, Roberto Reno, Marie Kratz and Riada Djebbar (Singapore Actuarial Society - ERM)