The Actuaries Institute has named Finity Consulting’s Tim Andrews as Actuary of the Year for his work around climate change impacts.

Mr Andrews led the institute’s development of the Australian Actuaries Climate Index, which provides an objective measure of the frequency of weather extremes.

“I hope that we can go one step further and analyse the link between weather extremes and the risks faced by the community,” he says.

“This would enable the development of indices measuring, for example, the extra bushfire risk on hot, dry and windy days, or the extra risks to health during heatwaves.”

Mr Andrews, who leads Finity’s climate risk practice, says actuaries are well placed to contribute to the knowledge base and to assist insurers by engaging with scientists and building models to quantify potential financial risks.

The award will be presented to Mr Andrews next month.