Reserving for Climate Change Research Paper -‘Brian Hey Prize 2023’'
I am very proud to have been a co-author this year for a paper on ‘Reserving for Climate Chang’ that has just won the ‘Brian Hey Prize 2023’ for the best paper submitted to this year’s the Institute and Faculty of Actuaries IFoA , General Insurance Research Organising (GIRO) Conference in Edinburgh.
My role has been to lead the research into the development of quantitative tools including ’heat maps’, with the other working groups focusing on Litigation and Wordings. My research follows on from the work I undertook for ClimateWise in 2021, in which I helped to develop a climate change risk assessment tool that helps analyse ways to address the exposures within various underwriting portfolios across physical, transition and liability risks.
We hope that our paper will be of interest, not just to general insurance reserving actuaries, but will stimulate discussion across the wider insurance industry in the UK and Internationally.
The prize is awarded for the best paper at the GIRO conference according to the following set of criteria:
- Practical application for IFoA general insurance actuaries
- Technical content
- Innovative content
- Readability
- Wider appeal for other professionals
Please see the report: https://lnkd.in/efVt4BTz
The Climate Change Reserving Working Party was co-chaired by Alex Marcuson and James Orr. The prize has a great history in highlighting research that is practical and helpful for members of IFoA.
Please contact me if you would like to understand more about our working group and our research paper.
Email: martin.massey@oneriskconsulting.com
Book: Climate Change Enterprise Risk Management: A Practical Guide to Reaching Net Zero Goals
LinkedIn: https://www.linkedin.com/in/martinmassey/