The Impact of Climate Change on Technical Actuarial Work

Date: 19th June 2024 17:00-19:00 Online

Climate change is a topic on all insurance companies’ agendas. The scope of this session is to provide an overview of the implications and associated risks that actuaries working in the insurance industry must consider when carrying out technical actuarial work.

Description

This session starts with a broad overview of the regulators’ expectations on climate change issues affecting actuarial work. It will delve into the implications and associated risks of climate change for the insurance industry. Finally, it will include a discussion on how actuaries could assess climate change exposures using a set of qualitative methods.

 

Topics

  • Climate change regulatory requirements and the regulators’ expectations
  • Climate change impacts on the insurance industry
  • Getting an initial view of climate related risks
  • Addressing the challenges and opportunities
  • Case study – assessing climate change impact when reserving for a non-life portfolio.

 

Learning Objectives

  • Climate change has become a risk actuaries must consider when carrying out technical actuarial work
  • Understand the regulatory requirements and expectations around this topic
  • Equip attendees with a qualitative methodology which can be used to get an initial view to assess climate related risks

 

Target Audience

Members of the actuarial profession, actuarial function holders, anyone working within or interested in the actuarial environment.

 

Assessment Questions and Answers

In line with MFSA requirements, a short multiple-choice assessment will be provided by the trainer towards the end of the session. A Certificate of Attendance will be awarded to all students who attend the CPD (duration will be included on certificate). A Certificate of Achievement will be awarded to those who sit for the assessment and are successful (pass mark 60%).

Trainers

Konrad Farrugia B. Accty. (Hons), M.Sc. (Kent), F.I.A. (IFoA, UK), CERA, C.P.A.

Konrad is a Fellow of the Institute and Faculty of Actuaries (UK), Chartered Enterprise Risk Actuary and a Certified Public Accountant. He holds a Master of Science in Applied Actuarial Science, with Distinction from the University of Kent, UK and a Bachelor of Accountancy (Hons.) from the University of Malta. His current role is Head of Investment and Solvency Risk with Direct Line Insurance Group plc, one of the largest general insurance companies in the United Kingdom. His responsibilities within the risk and compliance team include the second line oversight and review of: reinsurance, solvency, market risk and credit risk. Between January 2021 and May 2023, he was a Regulation Lead at Marsh McLennan where his main responsibilities included: (i) the review and sign-off of reserves for insurers and captives; (ii) the sign-off regulatory reports such as the Solvency II Actuarial Function Reports; and (iii) performing IFRS 17 studies for clients. He was the appointed Actuarial Function Holder for a number of insurance companies and captives licensed in Malta and Ireland.

His prior role was an actuary and manager at Liverpool Victoria Friendly Society (“LV=”) with the primary areas of responsibility included Solvency II regulation and ad hoc projects in the financial analysis and reporting and experience analysis areas. He started off in the insurance industry as Manager at the Malta Financial Services Authority. He led a team of actuarial students within the Insurance and Pensions Supervision Unit. He was involved in the actuarial aspects of the prudential regulation of insurers and reinsurers, the implementation of the Solvency II Directive and the prudential supervision from a financial perspective of general insurers and reinsurers. Konrad is a visiting lecturer in the Department of Accountancy within the Faculty of Economics, Management & Accountancy at the University of Malta.
LinkedIn: https://uk.linkedin.com/in/konrad-farrugia-fia-cera-a56b27100

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