New climate index launched

New climate index launched

By November 8, 2018News

The Actuaries Institute has launched a climate index, an objective measure of extreme weather conditions and changes to sea levels, to help policymakers and Australia's businesses assess how the frequency of weather extremes is changing over time.

  • The index measures weather extremes
  • Aim is to help organisations assess risk
  • Property damage, health and other risk data to come
  • First AACI shows frequency of extreme conditions in Autumn 2018 was higher than historical
  • Frequency in baseline period has been exceeded in every season but one since 2010.

According to Finity Principal Tim Andrews, "The index is designed to help us understand how extreme weather, and hence risk levels, may be shifting as a result of climate change."

Tim who has 30 years of actuarial experience, collated the index, using data from the Bureau of Meteorology's extensive network of weather stations and tide gauge facilities.  The data was collected nationally and grouped into 12 climatically similar regions.

"This project aims to help big and small corporations better understand the changes in weather extremes across Australia. It is one way to bring science and business together," said Tim.

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Read recent media coverage:  Australian Financial Review and ABC News