Jennifer Retford from Ezra Penland had the pleasure of attending the Casualty Actuaries of the Northeast (CANE) Fall Meeting, where industry leaders shared their insights on the future of the actuarial profession. The event was a fantastic opportunity to connect with colleagues, gain new perspectives, and explore the latest trends shaping our field.
Characterizing Tropical Cyclone Risk in a Changing Climate
One of the highlights was an insightful presentation by Dr. Chia-Ying Lee on characterizing tropical cyclone risk in a changing climate. With recent hurricanes fresh in our minds, this session was particularly compelling. Dr. Lee discussed the use of statistical-dynamical downscaling techniques to assess tropical cyclone (TC) risk, highlighting how these models incorporate large-scale environmental conditions to create climate-sensitive synthetic TCs.
Key Takeaways:
- Downscaling Techniques: Simplified TC models that reflect climate influences.
- Scientific Challenges: Deep uncertainties in climate projections make TC risk quantification difficult.
- Practical Issues: Limitations in applying these models to (re)insurance due to inconsistencies, such as the recent El Niño cooling trend.
This session underscored the complexities of predicting TC activity and the impact of climate change on these models.
Exploring Generative AI in Actuarial Science
Another enlightening session was led by Stephanie Bolstridge from Travelers on the capabilities of generative AI. The presentation covered:
- Unleashing Creativity: Exploring how generative AI can spark innovation.
- Practical Applications: Demystifying large language models with real-world examples.
- Ethical & Regulatory Considerations: Navigating the new landscape of AI.
- Insurance Risk Exposures: Understanding the new risks AI introduces.
Stephanie highlighted how generative AI can transform the actuarial profession, from creating practice problems for exams to explaining technical concepts to non-technical audiences. It can even classify risks for unique scenarios, like an ice cream truck, and assist with tasks such as resume summarization and email drafting.
The Takeaway? As technology advances, the role of actuaries continues to grow and evolve. Let’s embrace these opportunities and prepare for the future!
Connect with Us
We hope you found these insights as valuable as we did. If you have any questions or would like to discuss these topics further, feel free to reach out to us at Ezra Penland. You can contact us via our website or connect with us on LinkedIn. We’re always here to help you navigate the evolving landscape of the actuarial profession.