On the definition of an actuarial climate index for the Iberian peninsula

  1. Zhou, Nan 2
  2. Vilar-Zanón, José Luis 2
  3. Garrido, José 1
  4. Heras Martínez, Antonio-José 2
  1. 1 Concordia University
    info

    Concordia University

    Montreal, Canadá

    ROR https://ror.org/0420zvk78

  2. 2 Universidad Complutense de Madrid
    info

    Universidad Complutense de Madrid

    Madrid, España

    ROR 02p0gd045

Aldizkaria:
Anales del Instituto de Actuarios Españoles

ISSN: 0534-3232

Argitalpen urtea: 2023

Zenbakia: 29

Orrialdeak: 37-59

Mota: Artikulua

DOI: 10.26360/2023_3 DIALNET GOOGLE SCHOLAR lock_openSarbide irekia editor

Beste argitalpen batzuk: Anales del Instituto de Actuarios Españoles

Laburpena

Climate change is defined as a long-term shift in climate patterns affecting the planet globally. The main consequences of climate change are a rise in average temperatures in many regions, and an increase in the frequency and intensity of extreme weather events, such as floods, droughts, storms, or hurricanes. Climate change is associated also with a rise in sea levels, more frequent and severe wildfires, a loss of biodiversity, and many other disruptions with serious economic impacts. These new risks are increasingly affecting both the frequency and severity of claims in different insurance branches. To help insurance companies predict and manage these new risks, actuaries have defined the Actuaries Climate Index™ (ACI), which combines information from several important weather variables from historical records of the United States and Canada. The ACI shows a significant increasing trend over the years. It is important to note, however, that the impact of climate change is not the same in all parts of the planet: different regions and countries are affected in different ways. Therefore, it is important to check if the ACI is as useful to assess climate risk outside the United States and Canada. In this paper, we follow the North American ACI methodology in order to build an actuarial climate index for the Iberian Peninsula, which we call Iberian Actuarial Climate Index (IACI). The paper reviews in detail the methodology and the data used to obtain the IACI, and with it, studies the impact of climate change in the Iberian Peninsula.

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