Policy and Public Affairs Board (PPAB)

Tan Suee Chieh will be inaugurated as President of the IFoA at this year’s AGM. Join us for Suee Chieh’s Presidential address on Uncertainty, Culture and Imagination. Using the Covid-19 crisis as the backdrop, he will invite IFoA and the profession to re-imagine our roles in a digital age and a future fraught with uncertainty and opportunity.

Technical Issues in General Insurance provides content across all key areas of the general insurance sector whilst also offering cross-practice area technical topic deep-dives.

Technical Issues in General Insurance

Backtesting is one of the more valuable tests performed when validating internal models: it tells us something about model output relative to results observed historically (hopefully that the two are in agreement!)

This is the third webinar in the Extreme Mortality Events series presented by Chair of the Life Board of the Institute and Faculty of Actuaries, Colin Dutkiewicz.

This discussion will have a look at the much talked about R0 number.  It will dissect why this average number is so poorly understood, and why it is a bad indicator of the pandemic progression.  In particular it will discuss how serious errors in decision making can be made by relying on this number.

Climate change represents a material risk to future financial stability and creates implications for the work, actions and decision making of actuaries. Join us to learn about the science behind global warming and what that means for policy makers and society over the coming decades.

Technical session covering how a complex, long term climate change risk can be modelled and understood by asset owners.

Converting lifetime savings into a lifelong income are a fundamental part of pensions. Yet this is often not part of DC pension plans. One possibility is to offer a post-retirement, pooled annuity option, perhaps structured as a Collective Defined Contribution (CDC) plan, to retirees.  Pooled annuities convert lump-sum savings to a life annuity by collectively pooling longevity risk.

Technical Issues in General Insurance

Machine learning can significantly enhance insurers’ reserving processes.  However, moving to business as usual can be challenging.

We will openly share practical applications and lessons learned from embedding machine learning in reserving, including:

Technical Issues in General Insurance

Across the General Insurance market actuarial pricing tools are being migrated from Excel to web-based technologies. Web based pricing technology offers many synergies with AI and Machine Learning. But they are often hampered by poor design and practically always perform worse than their Excel counterparts!

The following will be presented: 

In this talk we cover the practicalities of implementing ESG within real asset investment decisions. Capital deployed in real assets is invested for a long term and has far reaching impact on the environment and society.  However, implementing ESG into real asset investment decisions is not straightforward and requires a different approach to public market assets.

Technical Issues in General Insurance

Lloyd’s will be presenting on the recent Casualty Market Study that was conducted across a section of the market. This study looked at the Non-Marine General Liability, Directors & Officers and Medical Malpractice from an underwriting, reserving and claims perspective. The presentation will cover the reasons for why the Study was conducted, the approach taken to determine the focus classes and participants, the key general findings as well as the next steps that Lloyd’s are proposing to take.

The PPF’s Purple Book provides the most comprehensive data on the UK universe of Defined Benefit (DB) pension schemes in the private sector.  Analysing how this landscape has changed over time shows that whilst the risk profile of DB schemes has reduced underfunding has persisted.  The session will explore these trends and provide an insight into how funding may evolve in the future under a number of our modelled scenarios.   

An online webinar delivered by John Taylor, President of the Institute and Faculty of Actuaries who will look at the prospects for the actuarial profession in the era of unprecedented technological innovation.

Because of Covid-19, forecasters predict a severe recession in 2020, followed by a V or U-shaped recovery. This impacts both individuals and companies. However, compared to previous recessions, the impact on banks of higher credit losses should be mitigated to some extent by government actions. 

Many actuaries consider career opportunities in the Finance and Investment practice area after having started off in more traditional actuarial roles such as valuations, capital management or pricing. This session is aimed at helping actuaries to better understand roles in Finance and Investment and how they can fine tune their skills to pursue such careers.

Part of the Protection, Health and Care Conference 2020 webinar series

This session will cover how we have challenged conventional approaches to underwriting and risk selection in order to develop an approach that aligns current practices, customer and broader interests with robust risk assessment.

Chief Medical Officer (CMO) for Gen Re Life/Health Research and Development, Dr John O'Brien, will discuss the impacts of Gene Modification for life/health insurance. 

Part of the Protection, Health and Care Conference 2020 webinar series. In this talk we will outline the steps Aviva took in pulling together our first large-scale disclosures on the exposure of our business to climate change published in March 2019; in line with the recommendations of the Taskforce on Climate-related Financial Disclosures. After touching on why insurers have such an important role in climate change, we'll cover a brief “how-to” guide for those who have not yet embarked on thinking about these topics before giving a case study of how the learnings from a TCFD disclosure exercise can be applied to investment portfolios.