How does this role benefit the work of the organization and the profession?
Currently the National Association of Insurance Commissioners (NAIC) and other regulatory bodies seek climate risk disclosures from regulated entities in the form of annual survey responses. Additionally, the Taskforce on Climate-related Financial Disclosures (TCFD) created a framework meant to do much the same in a consistent format that promotes a comparison of the responding entities. Certain regulatory bodies, the NAIC for example, now allow respondents to disclose climate risks in the TCFD framework, in lieu of the regulatory bodies’ own frameworks.
The level of participation, scope and detail of TCFD responses from responding entities can cover a wide range. The quality and specific information included in survey responses and risk disclosure has differed widely.
Looking ahead to the potential value of moving to a uniform TCFD framework for climate risk disclosure, a set of Best Practices could be beneficial. Current practice could be segmented into Good Practice, Better Practice, and the gap between these and defined Best Practice can be analyzed. Along these lines, it will be insightful to study what the gaps are and their impact, and what the insurance industry should be aware of, related to financial disclosures of climate risks.
This role supports the research activities of the SOA, providing actuaries with valuable up-to-the-minute data on climate related issues, enabling them to make more informed and accurate decisions.
Responsibilities & Duties
A Project Oversight Group (“POG”) will define expectations for the Project deliverables. It will oversee the Project and provide any direction the research team may need regarding its research plan and the acceptability of Project deliverables. The POG will consult with the research team and determine, based on the nature of the Project, the frequency with which it would like to receive progress reports, and will provide feedback or suggestions as appropriate regarding the research.
Time Commitment
11-20 hours
Experience Required
Open to Members, Non-Members and Candidates
Opportunity Location
Non-Country Specific
Travel Required
None
SOA Training Required
None
PAOP
Not Applicable
Additional Specializations
Open to all specializations