It is anticipated that 2024 will bring a significant amount of regulatory development for Canadian insurers in relation to climate risk. Moody’s has strong climate and financial risk modeling expertise and is working with OSFI on the Standardized Climate Scenario Exercise (SCSE) 2024.
Our webinar in collaboration with Manifest Climate, will offer an update on how well insurers are prepared for the upcoming changes and share insights on the best practices for assessing climate risk materiality.
Agenda Highlights
- State of the market: Canadian insurers preparedness for B15 – Manifest Climate
- Key challenges and priorities to address B-15 guidelines for climate risk management: An insurer’s perspective – Manulife
- Preparing for climate risk materiality assessments: Moody’s
- Calculating carbon emissions, with a spotlight on PCAF methodology.
- How to conduct physical risk assessments on multi-asset class portfolios using bottom-up, climate-adjusted credit models.
- How to conduct top-down climate scenario analysis to help develop a better understanding of the financial impacts of material climate risks. This will include a special focus on short term stresses for the ORSA.
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SpeakersGavin Conn Director of Research Moody's
David Fihrer Sr. Director- Actuarial Services Moody's
Steven Morrison Sr. Director of Research Moody's
Jin Oh Senior Director, Industry Practice Lead Moody's
Pete Richardson Head of Research Manifest Climate
Sharon Seilman Director, Climate Strategy Manulife
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Gavin Conn FFA is a Director in the Insurance research team. Gavin’s career began with AEGON UK in 2002, where he was heavily involved in the Solvency II program and the development and implementation of their economic capital model. In his ten years at AEGONUK he worked in both the financial and actuarial departments, where he was Head of Investments and previous to this, the Head of Risk & Capital Modelling.
Gavin re-joined Moody’s Analytics in 2018 after two years working as a Senior Manager in the asset allocation team at Scottish Widows. He had previously worked for four years in the Insurance advisory services team at Moody’s Analytics. He was involved in a number of consulting projects implementing economic capital models for European insurers, with a particular focus on proxy modelling.
David Fihrer is a Senior Director and part of the AXIS leadership team. He has over 35 year of experience including more than 20 at GGY/Moody’s. David was instrumental in implementing IFRS 17 within the Moody’s software offerings and is a sought after expert on IFRS 17. David holds a Bachelor of Science from the University of Witwatersrand and is a Fellow of the Institute of Actuaries and a Fellow of the Institute of Actuaries of Canada.
Steven has over 20 years of experience developing quantitative modelling solutions for insurers. His expertise spans a range of areas including economic scenario generation, capital modelling, capital management and financial reporting. His current research is focused on sustainability reporting, in particular the development of solutions to measure Greenhouse Gas emissions associated with insurers’ underwriting portfolios.
Jin Oh is a Senior Director in the Global Risk Solutions Practice for the Americas, responsible for solution structuring of portfolio risk management, stress testing, and capital planning solutions for large financial institutions including banks and insurance companies. She also works with clients on the impact of ESG and climate on portfolio credit risk and stress testing. Prior to joining Moody’s, she was an engagement director at KPMG, leading capital planning and stress testing implementations for large global financial institutions. Jin holds a Bachelor of Arts in Economics from Cornell University.
Pete brings over 15 years of experience advising clients on international law and development projects, with a focus on climate change, energy and infrastructure. Pete previously worked in London, Sydney, Jakarta and Chicago, before arriving in Toronto.
Qualified as a lawyer in Canada and England and Wales, Pete was previously a partner and head of major projects (Canada) at Baker McKenzie.
During his career, Pete has acted on a number of high-profile domestic and international projects, including the development and commercialization of utility-scale renewable energy facilities, innovative technology, corporate PPAs and sustainable infrastructure. During his time in Canada, Pete has also worked on indigenous rights projects.
Pete's experience cuts across development, M&A and compliance. Pete holds a Masters of International Law from the University of Sydney, and an MA in jurisprudence from Oxford University.
Sharon Seilman is a sustainability professional with a decade of experience spanning both public and private sectors. Her expertise lies in developing and operationalizing target-setting frameworks and decarbonization strategies that align with global sustainability goals, and supporting companies execute on their net zero commitments. Now as the Director of Climate Strategy at Manulife, Sharon drives forward the integration of climate and nature considerations and oversees the delivery of Manulife’s Climate Action Plan, while embedding climate-related risks and opportunities considerations across the organization. With a robust background in ESG including, sustainable finance, carbon markets, and sustainability disclosure, Sharon continues to be a climate leader within the financial services sector.