John Taylor – Immediate Past President
Since the start of 2020 the IFoA has been exploring an ongoing trend to transfer risks from institutions – such as employers, the state, and financial services providers – to individuals.
We termed this the ‘Great Risk Transfer’ and we believe it poses one of the most significant yet little understood social, financial, and political challenges of our time.
I am passionate about understanding the extent of this transfer and what it means for societies, governments and individuals.
Last year we set out to gather and share evidence about the Great Risk Transfer and its impacts across society. This evidence then informed subsequent roundtables, bringing together a range of stakeholders and IFoA members, from which we developed the suggested solutions into practical recommendations to address the trend.
Our final report
After a year of evidence-gathering, engagement and analysis, we will shortly be publishing the final report of the Great Risk Transfer campaign. In it we set out our recommendations for action, and a commitment to work with stakeholders, including government and regulators, to drive actions that will have a positive impact, in the public interest.
Our work suggests that the causes of this trend are complex and cover a number of factors, including increasing longevity, technological advances, the low interest-rate environment, and changes in financial regulation.
We believe there is an urgent need for practical solutions, as individuals are confronted with the challenge of managing risks they did not have to worry about previously, and in many cases are not well equipped to manage confidently and effectively.
Book your place at the launch of the final report
In partnership with Demos, we are delighted to be holding an online panel discussion at 11:30-30:00 on Thursday 22 April 2021 to mark the launch of the final report of the Great Risk Transfer campaign.
The panel will discuss how risk management has changed in recent decades, and how policy-makers can ensure individuals are able to manage new risks effectively, including saving enough for a good retirement and securing care in later life.
Panelists will be Stephen Timms MP (Chair of the Parliamentary Work and Pensions Select Committee), John Taylor (immediate Past President of the IFoA), Vicky Pryce (Economist), and Charlotte Pickles (Director at Reform think tank). The panel will be chaired by Polly Mackenzie, Chief Executive of Demos.