APRA Climate Risk Survey: Awareness to Action

TRANSCRIPThttps://actuaries.logicaldoc.cloud/download-ticket?ticketId=057cd54a-3745-4d99-bcca-df071efa9108DESCRIPTIONIn this installment of the Actuaries Institute podcast series, Sharanjit Paddam (Head of ESG Risk at QBE Insurance) is joined by Geoff Summerhayes (Executive Board Member at APRA) to discuss APRA’s Information Paper, Climate Change: Awareness to action, released on 20 March 2019, and how APRA plans to respond going forward.APRA surveyed 38 large banks, insurers and superannuation trustees last year to assess their views and practices related to climate-related financial risks. The survey found a substantial majority of regulated entities were taking steps to increase their understanding of the threat, including all of the banks, general insurers and superannuation trustees surveyed.SHOW NOTESInformation Paper | Climate change: Awareness to Actionhttps://www.apra.gov.au/sites/default/files/climate_change_awareness_to_action_march_2019.pdfAustralia 'leaders' in climate risk supervision https://actuaries.logicaldoc.cloud/download-ticket?ticketId=2838ddcf-1e09-48c6-85e7-6d87d0d6c774AFR - 6 June 2019 Licensed by Copyright Agency. You must not copy this work without permission. Actuaries Managing Riskhttps://actuaries.asn.au/microsites/actuaries-managing-riskThe Dialogue – Climate Risk Disclosure (ft. Sharanjit Paddam and Andrew Doughman)https://www.spreaker.com/episode/14153368Discussion topics include:•The background and research behind APRA’s Information Paper.•APRA’s approach to increasing awareness of climate change related risks amongst it’s 38 entities including banks, insurers and superannuation funds and subsequently moving from awareness to action through workshops, supervisory material and guidance including to its internal 600 employees.•The link between climate extremities e.g. heat stress and a rise in general insurance claims including a correlation between substance abuse, alcohol, drugs, crime and domestic violence issues.•What’s next for APRA on risk from climate change.•How Actuaries can give companies the ability to understand climate related risks in the longer term through robust scenario analyses using core data sets.ABOUT THE SPEAKERSGeoff Summerhayes was appointed a Member of APRA from 1 January 2016 for a five-year term. As an Executive Board Member of APRA his responsibilities include the oversight of the General, Life and Private Health Insurance sector. He is a member of the Executive Committee of the International Association of Insurance Supervisors and Chair of its Audit and Risk Committee, and Chair of the Sustainable Insurance Forum, which was established under the UN Environment Program.Mr Summerhayes was Chief Executive Officer of Suncorp Life from 2008 to 2015, as well as being a director of Suncorp Portfolio Services Ltd and of Asteron Life NZ. Before joining Suncorp he held a number of senior roles at the National Australia Bank (NAB) in strategy, product and distribution. Prior to that he was CEO of Retail Investment at MLC and also held senior roles at Lend Lease. Mr Summerhayes was a director of the Financial Services Council and was co-chair of their Life Board Committee.Sharanjit is Head of ESG Risk at QBE Insurance Group. He has over 20 years’...