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IFoA (and other actuarial) climate-related publications

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               Climate Change for Actuaries is an introduction to the topic.
 
The IFoA formed a Resources and Environment Board some years ago. Much of its work relates to climate issues. Recently, the board has been renamed the Sustainability Board. The weekly Sustainable Finance Community updates are a useful resource. Please contact sustainablefinancecommunity@gmail.com to join the distribution list.
 
In May 2017 the IFoA issued a Risk Alert on climate, drawing actuaries’ attention to a risk that is central, and would become increasingly so, to many actuaries’ work. Climate change is covered in the JFAR Risk Perspective 2019/20 published by the Joint Forum on Actuarial Regulation.
 
Climate Change for Actuaries is an introduction to the topic, first published in March 2019 and revised in July 2020. Several practical guides have been issued for Life actuaries, GI practitioners and Actuaries working in DC Pensions.
 
Climate change was the topic for the first issue of the Intergenerational Fairness Bulletin.
 
Climate scenario analysis for pension schemes is covered in A UK case study and the accompanying An illustration of potential long-term economic & financial market impacts.
 
 
Reporting Practices analyses climate risk reporting by UK insurers and pension schemes.
 
The risk of climate ruin addresses the issue: How large a risk is society prepared to run with the climate system?
 
A user guide to climate-related financial disclosures was produced by the IFoA working with the Institute of Environmental Management & Assessment (IEMA). The guide seeks to assist users of financial disclosures to make the best use of them. The Q&A format is intended to stimulate challenge and discussion. The guide looks to support the TCFD recommendations as their adoption delivers major change.
 
The IFoA has a formal link with the Oxford Smith School of Enterprise and the Environment. An IFoA representative sits on the Global Advisory Council of the Sustainable Finance Programme. Initially, this programme was narrowly titled Stranded Assets but after some years was renamed to reflect the broader scope of work that developed. The Sustainable Finance Programme publishes a wide range of research and is a lead institution in a number of networks.
 
A recent development is spatial finance, the integration of geospatial data and analysis into financial theory and practice. Here, the Smith School founded and works through the Spatial Finance Initiative, which aims to mainstream geospatial capabilities.
 
The IFoA has a formal link to the Centre for the Understanding of Sustainable Prosperity (CUSP). As the name suggests, their work includes, but goes well beyond, climate change issues.
 
 
Written from an Australian perspective, Net-zero Emissions: What are Governments and Companies Doing? discusses what actions are being taken around the world.
 
In North America, several actuarial bodies have come together to produce the Actuaries Climate Index. Australia has followed suit with the Australian Actuaries Climate Index. You can see a note on climate change for Australian Appointed Actuaries online.

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Events calendar

  • Spaces available

    We’ve all heard about the gender pay gap. Sadly, the gap doesn’t just exist with base pay.

    Research carried out by Legal & General in 2021 across the four million members in our Defined Contribution (DC) pensions, found that there’s a gender pension gap too, continuing the divide between men and women.

  • Spaces available

    As current global events continue to demonstrate, geopolitical tensions present significant risks to corporates of all sizes. However, these types of risk are often not given the discussion time it needs at the board level or executive committee levels, nor the resources required to anticipate, analyse and mitigate them effectively.

  • Spaces available

    At retirement, it has become very popular for those with Defined Contribution (DC) pensions to choose drawdown rather than an annuity, but drawing a sustainable lifetime income in this way is an impossible challenge for most people. We consider a Decumulation Pathway for the typical consumer, where a small part of the DC fund is set aside for any flexible access and legacy requirements. The bulk is then used to provide a lifetime income, utilising the pooling or insuring of longevity risk.

  • CILA 2022

    23 May 2022 - 24 May 2022

    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.

  • Spaces available

    In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.

    The Business of the AGM

  • The IFoA Conference 2022

    133 Liverpool St, London EC3A 7BX and Online
    22 June 2022 - 23 June 2022
    Spaces available

    We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.