Climate Change Risk for Insurers

Climate change risk for insurers

This course can be delivered to your organisation as part of our bespoke Corporate Training Solutions, at your own time and your own convenience. Contact us on kla@kpmg.com.mt or call us on +356 2563 6363 or on +356 9963 6363 for more information on how we can take care of your organisation’s training needs.

Course Description: 

ESG is one resonating theme on most boards’ agendas. Increasingly, financial uncertainty is underpinned by environmental considerations, including climate change. Insurance regulation has since adapted to cater for these changes. The objective of this course is to give a firm overview of the nature of climate change and climate-change related risks, as impacting life and general insurance undertakings. This, together with outlining the respective changes to the regulatory landscape and possible responses insurance undertakings could take on to address be both compliant and pro-active.

Target Audience:

This course is aimed at those working as Actuaries and Actuarial Students, Insurance Principals and brokers who either work with Malta Actuarial Association, MIA or work at KPMG.

Learning Outcomes:

After attending this course, the participant should be able to:

  • Understand the fundamental principles of climate change risk, and its climate-science embedded roots
  • Define what is meant by Physical, Transition and Liability Risks
  • Outline key industry and regulatory changes and implications
  • Identify necessary actions insurers can take today to act in response to consideration of Climate Change Risk

Venue: Kindly contact us on kla@kpmg.com.mt to indicate your preferred training method; online or in-person.

CPE Hours: This course qualifies for 2.5 hours of Structured CPE which can be classified as Professional Competency. A certificate of attendance will be provided at the end of the session.

Trainers:

Giselle Borg, Partner, Insurance Advisory Services, KPMG Malta

Giselle Borg

Giselle joined KPMG as an accountant in 2003 and spent the first 13 years of her career working within KPMG Malta’s audit department where she led audit and assurance engagements for various market players, with a focus on the insurance industry. Today, Giselle advises firms on financial services regulatory, risk and actuarial matters in the areas of corporate governance, regulatory reporting, risk management, internal audit (including AML) and actuarial services (including Solvency II and IFRS 17). Giselle also assists clients with their regulatory license application for setting up a regulated company in Malta.

Rachel Decelis, Associate Director, Environmental, Social & Governance (ESG), KPMG Malta

Rachel Decelis

Rachel is a chemist and chartered environmentalist, having 16 years’ experience in the environmental sector. She joined KPMG in 2022 as Environmental, Social & Governance (ESG) lead, after having worked in both the environmental consultancy and regulatory sectors. Throughout her career, Rachel has worked with Government entities and companies in various sectors, including in construction, waste management, energy, and manufacturing. Her specialisations include environmental permitting, reporting, and auditing, as well as air quality monitoring and impact assessment. Rachel is also a skilled trainer and communicator, having lectured at various levels in academic settings, and published articles online and in print.

At KPMG, Rachel supports various teams in developing, delivering and improving ESG services to clients, including by providing technical input and specialist advice. She also conducts internal and external training on ESG, and acts as ESG champion for the firm.

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Terms and conditions.

Course Features

  • Language English
  • Assessments
Giselle is a Partner, Risk Consulting Advisory, KPMG in Malta. She advises firms on governance, risk and compliance matters in the areas of corporate governance, regulatory reporting, risk management, internal audit, anti-money laundering and actuarial (including Solvency II and IFRS 17). Giselle also supports firms in their interaction with Regulators and in optimising their organisational structures for current and future regulatory requirements.

Associate Director, ESG, KPMG

Rachel is a chemist and chartered environmentalist, having 16 years’ experience in sustainability. She joined KPMG in 2022 as Environmental, Social & Governance (ESG) lead, after having worked in both the environmental consultancy and regulatory sectors. Throughout her career, Rachel has worked with Government entities and companies in various sectors, including in construction, waste management, energy, and manufacturing. Her specialisations include climate change, environmental permitting, reporting, and auditing, as well as air quality monitoring and impact assessment. Rachel is also a skilled trainer and communicator, having lectured at various levels in academic settings, and published articles online and in print. At KPMG in Malta, Rachel leads the ESG function. She leads ESG projects and supports various teams in developing and delivering ESG services to clients, including by providing technical input and specialist advice. She also conducts internal and external training on ESG, and acts as ESG champion for the firm. Rachel also forms part of KPMG’s global ESG specialist resources and is the Climate and Net Zero lead for a sub-region of KPMG across Europe, the Middle East, and Africa.

Assistant Manager

Daniela is currently an Assistant Manager within the Risk Consulting Insurance Advisory Services team of KPMG in Malta. She is a part-qualified Actuary, studying to qualify as a Fellow of the Institute and Faculty of Actuaries, with over 2 years of experience in the Insurance Regulatory and Actuarial fields. At KPMG, Daniela assists insurance clients on the Actuarial front in terms of Actuarial Function services, Solvency II and IFRS17 engagements, as well as on the Regulatory front in terms of licensing and ongoing regulatory and compliance matters.

Senior Manager

Matthew is currently a senior manager with KPMG Malta providing actuarial services and supports the firm with actuarial related matters including internal audit, external statutory audits and Solvency II audits for insurance companies and IFRS 17 engagements. Prior to joining KPMG, he was the in-house actuary at a local composite insurance undertaking. In undertaking this role he was involved in piloting the IFRS 17 implementation project, across all workstreams; building a number of models to facilitate reporting under IFRS 17. Matthew was also involved in coordinating with external actuaries on the calculation of both life and non-life technical provisions. This, together with supporting initiatives on investment portfolio optimisation, building a dynamic risk register and reporting tool, together with the development of a bespoke solvency capital requirement calculation assessment tool. He has also undertaken a number of pricing exercises including generalised-linear modelling and other experience-based pricing exercises. Matthew was also involved in matters such as undertaking specific parameter (USP) derivation and validation