Climate change made headlines this week as a key government decision sparked renewed debates among politicians. It’s a topic that has also sparked serious discussion within the insurance industry and actuaries are being asked to evaluate the potentially serious implications. Our previous blog post examines how climate change could impact the insurance industry and discusses what actuaries are doing to provide unbiased tools to analyze climate data. The Actuaries Climate Index (ACI) measures the changes in climate over time in a single index score. Scores greater than 0 indicate a greater than average frequency of extreme weather such as high temperatures and rising sea levels. The ACI provides a wealth of information from which we can gain key insights into the behavior and impact of climate change that has already been observed.

It’s concerning that many indicators of climate change like global temperature or sea levels continue to rise. Fortunately for the insurance industry, actuaries are also rising to the challenges posed by climate change. One recent example is the creation of the Actuaries Climate Index (ACI) and the forthcoming Actuaries Climate Risk Index (ACRI). These indices were created jointly by the American Academy of Actuaries (AAA), Canadian Institute of Actuaries (CIA), Casualty Actuarial Society (CAS) and Society of Actuaries (SOA) to help actuaries address the challenges climate change has created.

Pinnacle recently hosted the 4th annual Pinnacle U event in our Bloomington office. Pinnacle U is a collaborative effort between Illinois State University (ISU) and Pinnacle that provides a wide array of training and development opportunities for its participants. The event is also a tangible response to the strategic plan of the Casualty Actuarial Society (CAS), which lists improving communications and relationships with candidates and academics as a top priority.

The 2017 Self-Insurance Institute of America (SIIA) International Conference took place in San Juan, Puerto Rico on April 18-19. Session highlights included the advantages of the island’s financial services environment for offshore companies and an overview of the Puerto Rico Insurance Code. An accredited member of the National Association of Insurance Commissioners (NAIC), Puerto Rico’s Office of the Commissioner of Insurance (OIC) has taken an active role in promoting the island as an ideal domicile for international insurers.

The Delaware Captive Insurance Association (DCIA) held its 2017 Spring Forum May 8-9 on the Wilmington riverfront. Conference attendees included leading captive service providers, captive owners and Delaware’s captive regulators. The DCIA Spring Forum provided great networking opportunities and educational sessions.