Traditionally, the majority of IFoA research has been carried out by working parties of volunteers largely from the profession. However it has become clear that there are some major challenges that would benefit from the efforts of full time research teams.
The main terms of our research agreements in their standard form are summarised below:
Standard of care - We require all works and activities to be undertaken with due care and attention notwithstanding that research may be exploratory or uncertain. In that respect, depending on the proposed use of the research, we do not usually look for guarantees or warranties as to what certain outcomes will be able to do but we do need care to be taken whilst the work is being undertaken.
Outputs - The outputs will be known at the time of applying for grants and will need to be included in the agreement. The payment of grants will be linked to the outputs. This will enable payments to be made in set amounts at key dates with the payments being subject to satisfactorily completing the relevant work and any other factors that apply.
Intellectual property - Our starting point is for the Institute and Faculty of Actuaries to hold all intellectual property in the research that we provide grants for. We will, however, take account of the nature of projects that we are looking to provide grants for and certain circumstances, e.g. where funding is towards established/ongoing projects that others are contributing towards.
VAT - The Institute and Faculty of Actuaries is an exempt body in terms of VAT where we are providing grants for research that meets the relevant criteria.
Publicity - We require input and, where relevant, prior consent to publications on the research that we provide grants for. Our research activities come from within our Public Affairs Directorate, which has established media contacts and dedicated staff who are able to provide help and support in making the most of research projects in the public arena.
For more information about the calls for research please contact the Research and Knowledge Team.
Filter or search events
As part of the ARC Webinar Series 2021, this webinar will review the work of the UEA/Aviva research team over the last four years on a major research programme funded by the IFoA’s Actuarial Research Centre.
Climate change poses a significant threat across many regions and sectors, and businesses. Insurers and asset managers, must play a role in ensuring transparency around climate related risks and opportunities.
Whilst insurers have been performing stress and scenario testing for many years, in the last 12 months the PRA has increased its focus on the ability to identify, measure and increase financial and operational resilience.
There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.
This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.
This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)
What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'.
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.