WG Risk : Actuarial climate indexes : international comparative study and insurance applications

The Working Group on Risk - CREAR, with the support of the ESSEC IDS dpt, Institut des Actuaires, Fondation des Sciences de la Modélisation (CY - Labex MME-DII), and the group Risques AEF - SFdS, has the pleasure to invite you to the seminar by :

Dr José Garrido

Dr. José Garrido is Distinguished Professor Emeritus at the Department of Mathematics and Statistics at Concordia University, in Montreal, Canada. He received a Masters from Université Catholique de Louvain, in Belgium, and his PhD in 1987 from the Department of Statistics and Actuarial Sciences at the University of Waterloo, Canada, under the supervision of Prof. Harry Panjer. 

He is an Associate of the Society of Actuaries (SOA) and was an Associate of the Canadian Institute of Actuaries (CIA), from 2012 to 2021. His research interests are in Risk Theory, Loss Models, Insurance Statistics, Credibility Theory, Risk Management and Credit Risk, Machine Learning in Insurance, Predictive Modelling and Robust Methods. His recent works focus on climate risk and its impact on the insurance sector. He is an Editor of the European Actuarial Journal and of the open access journal Risks as well as Associate Editor of several other journals, including Insurance: Mathematics and Economics and the North American Actuarial Journal. Prof. Garrido is a past President of the Actuarial Section of the Statistical Society of Canada and past Chair of the Academic Research Committee of the CIA. He has served on grant selection committees of NSERC and for the CAE grants of the SOA, as well as on the Scientific Committee of numerous international actuarial conferences. 

«Actuarial climate indexes : international comparative study and insurance applications»

Dual format:

ESSEC Paris La Défense (CNIT), Room to confirm, and via Zoom, please click here .

Topics:

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 Index™ (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 the use of 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.