Actuaries will need to develop mitigation and financing strategies to handle sustainability risks, according to discussion at the Casualty Actuarial Society Spring Meeting.
"Sustainability risks are going to have a substantial impact on risk management and insurance, specifically on actuaries, who need to consider these risks in setting premiums and loss reserves," said Dan Anderson, a professor of actuarial science, risk management and insurance, at University of Wisconsin.
While claims-made policies should help to mitigate D&O, chemical, pollution and discrimination claims, Anderson said that in the case of global warming and climate change, claims may fall under occurrence policies which could trigger many policy years.
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