Plenary speakers
Invited plenary talk: Wed., Sept. 4, 2024, 09:10-10:00
M. Carmen Boado-Penas (Heriot-Watt University, UK)
Climate emergency: understanding the risks
In this talk, we provide a comprehensive overview of climate risks and their consequences for insurers, covering both life and non-life sectors, along with the solutions insurers and governments are offering. We will also discuss how insurance companies can promote greener practices in the market and incentivise adaptation measures. Special attention will be given to climate scenarios and the potential influence of tipping points on long-term projections.
The second part of the presentation will focus on how climate-related risks affect the three pillars of pension systems. We will discus the impact of climate risks on social security programs, which are typically based on a pay-as-you-go basis. Additionally, we will examine how various climate policies affecting investment strategies can influence the accumulated capital at retirement in funding schemes, highlighting the different impacts on various birth cohorts.
About
Carmen Boado-Penas is a professor of Actuarial Sciences at Heriot-Watt University in Edinburgh. For many years, she was the Actuarial Mathematics BSc programme director at the University of Liverpool, UK. She holds a PhD in Actuarial Science (Doctor Europeus) from the University of Valencia, Spain, and an MSc in Quantitative Finance. She was also awarded a prize by the Foundation of Spanish Savings Banks for her PhD "Instruments for improving the equity, transparency and sustainability of pay-as-you-go pension systems".
She has published more than 40 peer-reviewed papers on pension finance in prestigious international journals and has cooperated on various projects related to pension systems at the Swedish Social Insurance Agency in Stockholm and at the Spanish Ministry of Labour and Immigration. In 2012, she worked as head of research on a project for the Spanish Ministry of Labour and Immigration, the aim of which was to evaluate the redistributive effects of the pension system reform in Spain. In 2020, she received the BBVA Longevia award (first prize on the economics section) to support pension research.
Her research interests are focused on life insurance, automatic balance mechanisms for state pensions, mixed pension schemes, redistribution, and, most recently, the impact of climate change on retirement.
