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Equity Release Mortgages: No Negative Equity Guarantee


The Institute and Faculty of Actuaries (IFoA) and the Association of British Insurers (ABI), through the Actuarial Research Centre (ARC), commissioned a research project on Equity Release Mortgages: No Negative Equity Guarantee. The research was delivered by the University of Kent, led by Professor Radu Tunaru (Senior Researcher).

Project Summary

The high level objective of this commissioned research was to determine appropriate methods for determining ERM cashflows and their value. Additional detail on the objectives set out in the call for tender can be found here.

Review Group 

On behalf of the ABI and the IFoA (and its relevant Governance structures), a joint project Review Group was established to oversee the delivery of this jointly commissioned, independent research project.
The Review Group ensured the project delivered output that was of high quality and was in line with expectations, producing findings that were relevant to the actuarial community and other key stakeholder groups.
The Review Group reported into the IFoA’s Research and Thought Leadership Board.

Research Results Launch Event

A research results launch event took place on Thursday 28 February, 2019, at Staple Inn Hall, London. The event  brought together a multidisciplinary group of professionals to discuss Professor Radu Tunaru’s research findings.

The event was recorded and is available to watch on the IFoA’s Virtual Leaning Environment (VLE) and IFoA’s YouTube channel

The final research report is available to view. 

Contact Details

If you want more information about our research programmes please contact the IFoA Actuarial Research Centre:

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