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Covid-19 briefing: Covid-19 crisis, climate change and green recovery
24 November 2020
The Coronavirus pandemic, and the measures to contain it, had far reaching consequences on economic activities, which also led to a sharp fall in CO2 emissions. This has sparked new debate about how the recovery from the crisis could be made compatible with the Paris climate goals.
IFoA Thematic Review Programme
24 November 2020
The IFoA Thematic Review Programme (TRP) is based on collaboration between the IFoA, our members, and the organisations for which they work. The TRP involves review of how work is being carried out in practice by actuaries, including review of the work itself, which will allow the IFoA to share useful learning and good practice with members and their employers. The IFoA hopes that the benefits to organisations will include enhanced information about the quality of the actuarial work upon which they rely to make significant decisions.
CMI sees fourth successive week of increasing excess deaths
17 November 2020
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers week 45 of 2020 (31 October to 6 November) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 17 November 2020.
The key points of this update are:
Pension scheme cyber risk
17 November 2020
Pension schemes are vulnerable to a variety of Cyber Risks including ransomware attacks; data breaches; theft of assets and disruption to service. This paper describes these risks in detail including the types of loss schemes that their sponsors may be exposed to. It outlines who is responsible for managing Cyber Risk. Finally, it sets out how Trustees and schemes can manage their risk including cyber hygiene, third party assessment, cyber insurance and incident management.
Proposed amendment to the IFoA's Regulations
13 November 2020
At its meetings on 29 November 2019 and 4 June 2020, the Institute and Faculty of Actuaries’ Council agreed to a proposal to amend Regulation 16 of the IFoA’s constitution, which concerns the admission criteria for Affiliate members of the IFoA.
Council agreed that there is merit in ensuring the Affiliate membership category is open and flexible enough to be available to anyone with an interest in actuarial work but who is not an IFoA student or qualified member. The proposed amendment to Regulation 16 provides this flexibility.
IFoA to remain full member of Actuarial Association of Europe
13 November 2020
This year, in the light of our global expansion, our focus on delivering value to members and the UK’s decision to leave the European Union, the Institute and Faculty of Actuaries (IFoA) has reviewed its membership of the Actuarial Association of Europe (AAE). After many fruitful discussions with the AAE Board, we can now confirm that the IFoA will remain a full member of the AAE.
As part of our joint discussions, the IFoA’s financial contribution was reconsidered. The AAE is now applying a 25% cap on subscription fees for any member association.
Join the GI Community on LinkedIn!
11 November 2020
The General Insurance Board has recently set up a new community page on LinkedIn. The aim of this page is to share the content being made by IFoA GI volunteers which varies from working party updates to analysis performed by ICAT workstreams. The page will also share relevant GI articles and any upcoming events.
We are hoping to grow this page over time and allow more direct communication with the GI membership. Don’t miss out and follow the page here.
Australian super fund agrees to factor climate crisis into decisions in ‘ground-breaking' case
11 November 2020
A $57bn Australian pension fund has settled a court case with a 25-year-old member who accused it of failing to act in his best interests by not properly considering climate risks posed to investments. The settlement, which was reached a week before the trial was due to start, requires the fund to ensure its actions are consistent with “net zero carbon footprint” by 2050.
Report: Climate related risk at the IFoA
11 November 2020
At its September meeting, the Institute and Faculty of Actuaries (IFoA) Council endorsed a ground-breaking report on climate-related risk at the IFoA. It was agreed that a core goal for the IFoA should be that climate related risk is understood and considered by its members in the same way as other major risks such as interest rate risk and mortality risk.
The report sets out an action plan with 38 recommendations covering immediate priorities and longer-term goals. The more immediate priorities include education, regulation and thought leadership.IFoA Diversity Action Group Volunteer Group needs you!
10 November 2020
The IFoA has launched a new Diversity Action Group (DAG) volunteer group to allow members to contribute easily to this important area of our work.
DAG is a Member Interest Group which works collaboratively with the IFoA Leadership team to support the IFoA in matters of diversity in the IFoA and in the actuarial profession. They do this by leading work-streams to deliver resources; campaigns, initiatives, events and original research.