Sustainable Finance and Climate Risk
Resilient Flood Insurance in the Face of Climate Change
The P&C insurance industry has various opportunities to increase Canada’s resilience to climate change. This project assesses a potential solution that incentivizes investments in flood-protection measures and retrofitting. The expected solution has the benefit to reduce losses at the source, which is consistent with the Sendai Framework for Disaster Risk Reduction (UNISDR), thus reducing claims, variability of claims, and improving the industry’s profitability. The research thus provides a framework to compare the risk/return profiles of these investment opportunities as well as a set of tools to help the P&C insurance industry act at the root of risk, similar to actions taken to reduce fires and car accidents.
Climate Risk and Housing Finance
Département de Mathématiques, Université du Québec à Montréal (UQAM)
Mathieu Boudreault, Ph.D., FSA, FCIA
is an Associate Professor of Actuarial science in the Département de mathématiques at the Université du Québec à Montréal (UQAM). His research interests concern the risk modeling and management of natural catastrophes, hurricanes and floods notably, and also the solvency of corporations, insurance companies and programs. He is the co-organizer of the International Congress on Insurance: Mathematics & Economics at UQAM in 2020, as well as the Undergraduate Chair of Actuarial Science Programs. Mathieu is also co-author of the book Actuarial Finance, published with Wiley in 2019.
Jean-Philippe Boucher, Ph.D.
is a Professor of Actuarial science in the Département de mathématiques at the Université du Québec à Montréal (UQAM). His areas of expertise are actuarial, statistical analysis of reserves, count data, mathematics, statistics, and insurance pricing. He sits on the executive committee and scientific committee of the Co-operators Research Chair in Actuarial Risk Analysis. Jen-Philippe is the co-author of A Longitudinal Analysis of the Impact of Distance Driven on the Probability of Car Accidents, as well as On Fitting Dependent Nonhomogeneous Loss Models to Unearned Premium Risk.