Why Did the Actuary Cross the Road? To Avoid Climate Catastrophes!
- Why Did the Actuary Cross the Road? To Avoid Climate Catastrophes! 20:50
With our guest Sandy Trust, a distinguished actuary in the UK who sits on the council of of the IFOA based in the UK, we begin the series with a look under hood at the role of actuaries.Â
Actuaries are the unsung heroes in the financial world, particularly when it comes to long-term financial commitments like pensions. Their primary responsibility is to ensure that Pension schemes can meet their obligations to pay out pensions, which often span several decades. This requires meticulous planning and a deep understanding of various risk factors. We cover the following main areas:
-Key Responsibilities of Actuaries
-The Shift in Risk Distribution Due to Climate Change
-The Importance of Climate Change Risk Assessments
-The Need for Comprehensive Risk Management
This episode underscores the critical role of risk management in pensions and insurance, particularly in the face of climate change. By applying actuarial principles to climate change, organizations can better prepare for the uncertainties of the future and ensure the sustainability of their commitments. This proactive approach is essential not only for the financial stability of pension schemes and insurance companies but also for the broader societal implications of climate change.
Further reading:
2022 – Tipping points with Sir David King (CCAG) – climate change is a risk mgt problem, tipping points change everything
2023 – Emperor’s New Scenarios with Tim Lenton (Exeter) – climate change scenario analysis is understating risk, we need to work backwards from ruin
2024 – Climate Scorpion – the sting is in the tail with Tim Lenton (Exeter) – warming is accelerating, and the climate may be much more sensitive than we think to GHGs
The 5Cs podcast, book and community are about shining a light on a better path. Â Think of it as a global village of business people giving Planet Earth a hand up. You can find Charlene Norman on LinkedIn and here. Consider subscribing for more thoughts from the 5Cs on Substack.
