Actuary, Sharanjit Paddam, works with risk everyday. Its his job to research how the risks associated with climate change will impact the business of insurance and banks. And, while it’s easy to focus on the obvious risks posed by climate change to key sectors of the economy, from jobs to housing, Sharanjit asks us to remember that with every financial risk comes opportunity. What opportunities exist for banks and insurers in addressing climate change?
As an actuary, Sharanjit uses his risk management, financial modelling and communication skills to help banks, insurers and investors to understand what climate change means for them and how to prepare for the uncertain future. He loves collaborating with scientists, engineers, accountants, risk managers and other actuaries to solve problems, including setting up the Climate Measurement Standards Initiative to help financial services companies develop approaches to climate risk assessment. In 2020, he was awarded Risk Manager of the Year by the Climate Alliance, and received the Actuaries Institute’s Distinguished Service Award in recognition of his service on the Institute’s Climate Change Working Group.