Society of Actuaries Highlights Americans' Perspectives on Climate Risks

U.S. Respondents Say Extreme Weather Has Impacted Their Health and Vacation Plans

SCHAUMBERG, Ill., June 27, 2023 /PRNewswire/ -- Fifty-three percent of Americans responding to a survey conducted by the Society of Actuaries (SOA) Research Institute reported that extreme weather events – including hurricanes, tornadoes, heatwaves, wildfires and flooding – have adversely affected their health. Respondents reporting that:

• 42% have experienced short-term injury or illness.
• 23% report complications to an existing chronic condition.
• 15% have suffered a long-term injury or a new chronic condition.

Additionally, more than half of respondents report negative impacts on their property (51%), communities (58%) and feelings of general safety (65%) from extreme weather events.

A Closer Look at Health Impacts by Region and Race

Looking by region, 58% of respondents from the U.S. West noted health impacts due to extreme weather, closely followed by the U.S. Northeast (56%), the U.S. South (53%) and the U.S. Midwest (47%).  

Furthermore, 70% of Asian Americans, 62% of Hispanic/Latino Americans and 57% of African Americans report health impacts stemming from extreme weather events, all higher than White Americans, 52%.

Additionally, 41%, or two in five Americans surveyed, expect climate change to negatively affect their health over the next one to five years, with 11% expecting that negative impact to be significant.

Risk Awareness and Summer Plans

There has been a growing wildfire hazard within the U.S., as shown in an SOA Research Institute report about climate change's impact on U.S. wildfire risk by 2050. Forty-two percent of respondents report changing recreational activities to steer clear of wildfire-prone areas. Northeasterners are the most likely to do so, with 54% reporting changing their plans to avoid wildfires. This finding may have been influenced by the timing of the survey, which was conducted when there was poor air quality in the Northeast due to Canadian wildfires.

The likelihood of Lyme disease has increased due to rising temperatures, a trend evaluated in the SOA Research Institute report, Climate Impact on Tick-Borne Illnesses. Despite the increase, only a third of U.S. respondents know that this risk is growing. However, awareness is higher than the national average in the Northeast, where 42% say they know incidences of Lyme disease have increased, and 50% report having changed recreational activities to avoid ticks. In comparison, on a national level, 41% of respondents have changed their summer plans.

SOA Climate Risks Survey

Climate's Effect on Investment Decisions

A fifth of millennials (ages 26 – 41) surveyed report investing in companies involved with making sustainable improvements to the environment, and 31% are considering such investments. However, other generations are less keen on "green" investing, with only 16% of Gen Z (ages 18 – 25), 11% of Gen X (ages 42 – 57), 4% of Baby Boomers (ages 58 – 76) and 6% of the Silent Generation (ages 77+) report contributing to sustainable investments. 

For more information and to download other SOA Research Institute climate risk research, visit the Catastrophe and Climate Strategic Research page.

Survey Methodology

The SOA Research Institute conducted an online survey of 2,000 U.S. respondents which was weighted to be nationally representative of gender, age, race, ethnicity, region and education. The survey was fielded between June 6 – 14, 2023.

About the Society of Actuaries

With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organization with nearly 32,000 actuaries as members. Through research and education, the SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk. Visit www.soa.org.

About the SOA Research Institute

Serving as the research arm of the SOA, the SOA Research Institute provides objective, data-driven research bringing together tried and true practices and future-focused approaches to address societal challenges and your business needs. It provides trusted knowledge, extensive experience and new technologies to help effectively identify, predict and manage risks. www.soa.org/research/research-institute/

SOURCE Society of Actuaries