Andrew Doughman (Reinsurance Underwriter and Client Manager at Hannover Re) questions Sharanjit Paddam (Principal of Actuaries and Consultants at Deloitte) on his thought leadership paper “Climate Risk Disclosure, Financial Institutions Feel the Heat” (co-authored by Stephanie Wong)Climate change raises real risks and opportunities for financial institutions which need to be identified, managed and disclosed. Sharanjit states “I think there's an opportunity to renew your business in a really good way. And to build a capability that talks about, how do we manage risks across the organizations, and how do we think about opportunities?” Australian Institutions are ill-prepared for the impact of rising temperatures and extreme weather events and the effects these will have on their balance sheets. Sharanjit talks about “the East coast low we had in Sydney back in May 2016. And where we saw a number of backyards of properties at the, at Collaroy disappear into the sea”. First home buyers and those who have investment properties or looking to invest in a property will need to be aware of climate risk and how this can affect their home insurance premiums.The Impact across industries of rising temperatures and an increase in floods, bush fires and cyclones, are likely to result in acute physical risk to property. How can financial institutions identify and create solutions for climate risks and what should they be doing now to be ahead of the curve and avoid the heat?Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/TheDialogueEp1Transcript.pdfFollow the Actuaries Institute on social media;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ Twitter: https://www.twitter.com/ActuariesInst↳ LinkedIn: https://www.linkedin.com/company/792645/↳ Spreaker: https://www.spreaker.com/user/actinst↳ YouTube: https://www.youtube.com/subscription_center?add_user=ActuariesInstituteCPD members can earn 2 points for each Podcast listened too.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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