Actuarial Climate Indexes: Comparisons North America – Europe

Wednesday, 28 February 2024
10.30 am - 12 noon
Venue: Gaia, Lecture Theatre 2, (#ABS-02-LT2)

Speaker: Jose Garrido
Distinguished Professor Emeritus
Concordia University 

Chairperson: Asst Prof Wenjun Zhu

Abstract

Climate change is defined as a long–term shift in climate patterns affecting the planet. Main consequences : an increase in average temperatures, in the frequency/intensity of extreme weather events, like floods, droughts, storms, or hurricanes.

Climate change is associated also with a rise in sea levels, more frequent and severe wildfires, a loss of biodiversity, and many other disruptions with serious economic impacts.

These new risks increasingly affect frequency and severity of claims in insurance. To help insurance companies predict and manage these risks, actuaries have defined the Actuaries Climate Index (ACI) ; combines historical records from 6 weather variables of the US and Canada. In this presentation we extend the ACI methodology to climate data from France, Portugal and Spain and compare the results.

About the Speaker

Prof. Garrido has published over 50 articles in refereed journals and conference proceedings. He is an Editor of the European Actuarial Journal and Risks, and Associate Editor of Insurance: Mathematics and Economics and the North American Actuarial Journal, past President of the Actuarial Section of the Statistical Society of Canada, past Chair of the Academic Research Committee of the CIA and served on grant selection committees of NSERC, of the SOA-CAE grants. He has supervised 40 MSc, 14 PhD thesis and 8 post-doctoral students.