It’s no secret that climate change comes at a cost — so much so that even the insurance industry has flagged it as a priority. According to a new industry survey, actuaries (the people who calculate insurance risks and premiums based on available data) ranked climate change as the top risk for 2019, beating out concerns over cyber damages, financial instability, and terrorism.
When actuaries correctly measure and manage climate risks, they can help nudge societies away from poor planning — such as overbuilding in high-risk coastal flood zones — and towards better choices — like building more resilient infrastructure designed to withstand anticipated sea level rise.
“The survey shows actuaries are engaged and tackling this risk frontier,” Steve Kolk, actuary and climate data scientist, told Grist. “It thrills me to see actuaries join the effort and help us all build a sustainable planet more quickly.”
The survey, published by the Joint Risk Management Section and two other organizations that represent professional actuaries, found that out of 267 actuaries surveyed, 22 percent…
