Agenda Preview: Risk Management and Financial Reporting Council Breakout Sessions at Envision Tomorrow

WHO: All Practice Areas  

WHAT: The Long, Hot Summer of 2024: How Climate Change Events Disproportionately Affect Various Populations  

WHERE: Grand Hyatt Washington, Washington, D.C. 

WHEN: Oct. 15–16 

HOW: Register for “Envision Tomorrow” before the Sept. 13 early deadline. 

WHY: This year’s Academy annual meeting centers around the theme “Exploring a World of Risk.” The sessions and speakers will delve into the “mega-issues,” as we’ve discussed previously in this blog as well as in the Academy’s Election Clearinghouse.  

Considering these mega-issues and the priorities that are likely to come up in 2025, the Risk Management and Financial Reporting Council (RMFRC) is hosting a breakout session Oct. 16 at 12:45 EDT entitled “The Long, Hot Summer of 2024.” This concurrent session will focus on the implications and effects of climate change, as well as disproportionate effects on at-risk populations. 

This breakout will delve into key considerations for actuaries, providing an overview of the equity issues that may arise from climatic events—particularly the growing frequency of certain types of events. Both policymakers and regulators, along with actuaries, can leverage this information to develop more effective regulations, policies, and risk mitigation strategies that address the potential equity challenges associated with climatic events and climate change trends. 

Climate equity can be achieved when the disproportionate impacts of climate change on disadvantaged populations and their communities are acknowledged and effectively addressed. These populations—which include lower-income groups, children, the disabled, and the elderly—are often located in rural areas. They face a variety of challenges, ranging from basic survival needs like shelter, health, and economic stability, to the difficulties of preparing for climate events through insurance and other financial planning tools. Actuaries, who frequently model and price the systems meant to protect the public from the financial repercussions of climate-related events, are well-positioned to contribute to efforts aimed at reducing the inequities caused by such disasters. 

The session ties back to the Academy Climate Change Joint Committee’s recent publication, Climatic Events, Inequalities, and Risk Mitigation. Panelists for this session will include members of the drafting group Lisa Slotznick and Rebecca Owen addressing the increased concerns actuaries, regulators, and everyday people have about climate risk and the effects of climate change.