Tom Kenny provides an update on the IFoA Life Board activities.
The IFoA Life Practice Board has met three times so far this year. Climate change and our plans for engaging with actuaries at life re/insurers has been a regular part of the agenda. In 2020 the IFoA set-up a Climate Related Risks Taskforce (CRRT) which comprised members of Council and the Sustainability Board. The CRRT made 38 recommendations, which Council endorsed in September 2020 and the Life Board as well as other practice Boards have been discussing how we address the CRRT recommendations. The key points of discussion and agreement have been:
- Establish a Climate Change working party – We are in the process of setting up a climate change focussed working party that will cover multiple workstreams including:
- Embedding climate change risks into risk frameworks
- Quantifying asset climate change risks for life insurers
- Quantifying demographic risks for life insurers
- Life insurer reporting
Closing date for applications is 30 June 2021. Find more details and submit your interest on the IFoA Volunteer Vacancy webpage.
- 2021 Life Conference – we have asked conference organisers to include climate change related topics on the agenda.
- A key area of focus for the Life Board on climate change is to ensure we are joined up with the other practice areas within the IFoA, but also other professions and organisations that are also focussing on the long term impacts of climate change.
- Other areas we are looking at is:
- engaging more with regulators on climate change.
- supporting changes to the life practice syllabus to reflect climate change risk.
- Supporting updates to the ‘Practical guide for life actuaries’ which is expected later this year. Current version (November 2019)