Risk Management and Climate Risk: A Collection of Essays
March 24, 2026
Authors
- Arocha, Carlos, FSA
- Decardi-Nelson, Nii Amoo
- Gutterman, Sam, FSA, MAAA, CERA, FCAS, FCA, HonFIA
- Hinkle, Brian, FSA, MAAA
- Lieberthal, Robert D., Ph.D.
- Livingston, Sathiya
- Nguyen, Long (Mark), ASA, ACAS
- Orfanos, Stefanos, FSA, Ph.D.
- Pang, King Yin, FSA, CERA, FRM
- Rudolph, Max, FSA, CFA, CERA
- Skotiuk, Jorge
- Skotiuk, Julio
- VS, Rajeshwarie
- Ali, Syed Danish, CSPA
- Narine, Terry, FSA, FCIA
Introduction
The Society of Actuaries Research Institute Catastrophe & Climate Strategic Research Program Steering Committee issued a call for essays to supply actuaries and others with ideas and methods for identifying, quantifying, reporting, and managing the financial impacts of climate-related risks, and invited essay submissions on how climate risks can be integrated into the risk management processes used by actuaries and other risk managers.
The thirteen essays that form this collection are included below. The top five essays chosen for creativity, originality, and the extent to which an idea might help promote further thought in this area, are noted here:
Award Winners
Cross-Platform Climate Catastrophe Models: How LLM Translation Enables Actuarial Adoption
Robert D. Lieberthal, Ph.D.
The Hidden Climate Exposure: How Operational Fragility Becomes a Systemic Risk for Insurers
Sathiya Livingston
Incorporating Climate Risk Modeling into ORSA Reporting
Terry Narine, FSA, FCIA
Forecasting What Has Never Happened
Long (Mark) Nguyen, ASA, ACAS and Stefanos Orfanos, FSA, Ph.D.
When Climate Risk Becomes Endogenous: Macro-Risk Feedback Loops in Insurance Pricing and Capital
Rajeshwarie VS
Remaining Essays
Becoming Evolvers Rather than Forecasters Alone: Climate Risk and the Future of Actuarial Risk Management
Syed Danish Ali, CSPA
A Minimum Viable Climate Integration Roadmap for Insurers
Carlos Arocha, FSA
Preparing for Climate Futures We Cannot Predict: An Actuarial Perspective
Nii Amoo Decardi-Nelson
Risk Management and Climate Risk
Sam Gutterman, FSA, MAAA, CERA, FCAS, FCA, HonFIA
From Emerging Risk to Business-as-Usual: Integrating Climate Risk Management and Scenario Analysis into ERM
Brian Hinkle, FSA, MAAA
Adopting SASB Metrics for Climate Risk Management in Life Insurance Companies
King Yin Pang, FSA, CERA, FRM
Stability of Actuarial Assumptions: Impact of Climate Change
Max Rudolph, FSA, CFA, CERA
Impact of Climate Risks on Automobile Insurance Market: An Approach Based on the Risk Management of Nonlinear Systems
Jorge Skotiuk and Julio Skotiuk
Essay Collection
Suggested Citation
Lieberthal, Robert D. Cross-Platform Climate Catastrophe Models: How LLM Translation Enables Actuarial Adoption. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Livingston, Sathiya. The Hidden Climate Exposure: How Operational Fragility Becomes a Systemic Risk for Insurers. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Narine, Terry. Incorporating Climate Risk Modeling into ORSA Reporting. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Nguyen, Long (Mark), and Stefanos Orfanos. Forecasting What Has Never Happened. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
VS, Rajeshwarie. When Climate Risk Becomes Endogenous: Macro-Risk Feedback Loops in Insurance Pricing and Capital. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Ali, Syed Danish. Becoming Evolvers Rather than Forecasters Alone: Climate Risk and the Future of Actuarial Risk Management. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Arocha, Carlos. A Minimum Viable Climate Integration Roadmap for Insurers. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Decardi-Nelson, Nii Amoo. Preparing for Climate Futures We Cannot Predict: An Actuarial Perspective. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Gutterman, Sam. Risk Management and Climate Risk. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Hinkle, Brian. From Emerging Risk to Business-as-Usual: Integrating Climate Risk Management and Scenario Analysis into ERM. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Pang, King Yin. Adopting SASB Metrics for Climate Risk Management in Life Insurance Companies. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Rudolph, Max. Stability of Actuarial Assumptions: Impact of Climate Change. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Skotiuk, Jorge and Julio Skotiuk. Impact of Climate Risks on Automobile Insurance Market: An Approach Based on the Risk Management of Nonlinear Systems. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
Society of Actuaries Research Institute. Risk Management and Climate Risk: A Collection of Essays. Society of Actuaries Research Institute, March 2026. https://www.soa.org/resources/research-reports/2026/climate-risk-essay-collection/
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