Key Facts

• The UK financial services industry is likely to be materially affected by climate change

• Actuaries in all practice areas will increasingly be expected by their firms and clients to be aware of the issues and how it may affect their advice.

• Atmospheric CO₂ has risen by 20% since 1958.

• Global temperatures are rising rapidly and the rate of increase during the industrial era is very likely to have been unprecedented in more than 10,000 years.

• Mankind is very likely the cause.

• Sea levels are rising globally and have been rising for  nearly 100 years. The rate of increase has been higher in recent years Insurance losses are already greater as a consequence. Sea levels are projected to continue to rise.

• Global economy will be adversely affected

• Impact on human society will be adverse and significant

• Rapid climate changes have occurred in the past

• The global weather system is non-linear and tipping points have been identified beyond which irreversible and catastrophic climate change would occur.

• Local effects will be more extreme than global averages

• Certain classes of investment are already being affected.

• There many cases of legal action around the world and lawyers believe the cases are getting more sophisticated.