While software has been developed to estimate the impact of climate change losses on property and casualty insurers, much of the research on how climate change might affect life and health insurance claims is at an earlier stage.

ACTUWIT wins climate regulatory and reporting solution of the year for addressing the need of life and health insurers to analyse and disclose metrics on exposure to climate change risks under IFRS S2, OSFI-B15 in Canada and other regulatory disclosures.

The essence of the software is to create climate stress scenarios under an ERM framework. It starts with a basis of seven scenarios taken from the NGFS (Network For Greening The Financial System) portal.

The output from the software can be used by life and health insurers globally to disclose regulatory metrics. Specifically, the model can produce climate scenario predictions for an Own Risk and Solvency Assessment, to enable risk reporting globally.

InsuranceERM's judging panel commended the tool for its technical relevance and global application.