#actuaries — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #actuaries, aggregated by home.social.
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The risk has been assessed: who will step up to manage it? https://global-tipping-points.org/risk-dashboard/
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A great new paper out from the #IFoA talking about planetary solvency - if the planet was an insurance company it would be going insolvent and the implications for our lives. Basic message: better to be approximately right than precisely wrong
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The 2024 #Asian #Actuarial #Conference (#AAC), organized by the Actuarial Society of #HongKong (#ASHK), commenced today at the Ocean Park Marriott Hotel in Hong Kong. Themed “Exploring the #Future of #Insurance and Beyond: #Innovation, #International #Hubs, and Hong Kong,” this prestigious three-day #event has attracted over 1,000 participants, including internationally renowned #experts, #actuaries, and thought #leaders from #Asia and beyond. https://cnbusinessforum.com/2024-asian-actuarial-conference-kicks-off-in-hong-kong-focusing-on-insurance-innovation-and-growth/
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Climate risks are complex, interconnected, and could threaten the basis of our society and economy. Latest report from #IFoA - joint work from actuaries and climate scientists.
Climate Scorpion – the sting is in the tail https://actuaries.org.uk/news-and-media-releases/news-articles/2024/mar/14-mar-24-climate-scorpion-the-sting-is-in-the-tail/ .
We can't rely on the best case, or even on the best estimate of what will happen. We need to have a best guess about the worst-case and make policy on that basis.
It's a fantastic report, and a must-read.
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#Actuaries have issued a call for more #precise #climate #risk #assessments, highlighting the concept of the “🔹risk of ruin🔹,” which refers to a critical juncture beyond which global society might be unable to adapt to the ramifications of climate change.
A collaboration between the Institute and Faculty of Actuaries ( #IFoA ) and the University of Exeter has resulted in a report titled
💥“Climate Scorpion: the sting is in the tail,” 💥which makes a case for employing risk management strategies traditionally used in financial services to evaluate and convey the risks associated with climate change.The report advocates for the consideration of “worst-case” scenarios regarding climate change. It also issued a warning that the pace of global warming could be #accelerating, with the likelihood it could surpass the 1.5°C target becoming increasingly plausible.
This could lead to several tipping points, including the #collapse of the #Greenland #ice #sheets, which could have long-lasting consequences.
Unexpected sensitivity to climate change is also a concern, as what is often described as a “#tail-#risk” might have a higher probability of resulting in significant temperature increases.
Methodologies are also now suggesting that a doubling of #greenhouse #gas concentrations could lead to #temperature rises of 7°C or more.
https://www.insurancebusinessmag.com/uk/news/environmental/policymakers-urged-to-consider-risk-of-ruin-for-climate-481136.aspx