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“Now is the time to turn it around” – lawyers and regulators say actuaries must do their homework on climate risk

The UK’s top regulators have issued a joint statement listing climate-related risk in the top nine risk ‘hotspots’ for 2018, with the potential to affect all areas of actuarial work. Environmental lawyers have welcomed the move, saying it is a reminder for actuaries to educate themselves on their legal duties around climate change.

ClientEarth company and financial lawyer Alice Garton said: “Actuaries are the financial world’s antennae for risk – if they are not already well versed in climate risk and advising their clients on it, they may well be falling short of their professional duties and now is the time to turn it around.

“Climate risks can pose a threat not only to individual businesses but to economic stability as a whole. Actuaries occupy a unique position in being able to propagate good awareness and management of this risk across the financial system.

“The UK’s top regulators have confirmed in no uncertain terms that climate change can present material risk to companies – and this should be explored by actuaries as a priority in today’s financial context.”

ClientEarth recently issued a report on professional advisers’ legal obligations around climate risk advice and management.

 

Alice is an Australian-qualified lawyer.

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