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Policy and Public Affairs

The Institute and Faculty of Actuaries seeks to inform policy debates in the public interest. We do this by drawing on the expertise of our members, who work across a range of industries and sectors on some of the biggest public policy issues facing society

Using the actuarial skillset, we offer unique, informed and impartial insights into long-term issues across three broad policy areas.           

Our three Key Policy Priorities are:

The 100 year life 

the 100 year life People are living longer and as populations age it is important that individuals are supported to maintain their financial, physical and mental wellbeing in later life. Planning for retirement is far more complicated for consumers than it used to be.

The shift from defined benefit (DB) to defined contribution (DC) pensions places the onus on individuals to know how much they need to save to have an adequate income in retirement; for many the State Pension and auto enrolment will only get them to a minimum level of income.

The gap between life expectancy and healthy life expectancy has been growing, and so the demand for social care is increasing. The complexity and lack of public understanding about the current system means that people are not well prepared for potential care costs in later life.

Actuaries can help regulators and businesses to understand and manage longevity risk and encourage policymakers to consider the generational impact of policy decisions made today.


The Future of Insurance 

The risks facing society are evolving rapidly and it is important that individuals and businesses are able to access the protection they need to thrive in the modern world. Insurance products need to be fit-for-purpose in light of changes in societal need, technological advances, the changing global economy, environmental threats and the impact of geopolitical decisions.

The impact of increasing personalisation of insurance is not uniform across all groups of consumers. It will benefit some, but could leave others without protection. In particular, vulnerable groups of consumers may be more exposed to risk or find cover less affordable.

Our work in this space looks to explore the effect of this trend on consumers, identify ways to better equip individuals to manage the impact of this trend, and consider possible policy solutions.

 


Sustainability

As a public interest body, the IFoA is a supporter of the UN’s Sustainable Development Goals and their underlying principle of global prosperity for people and the planet, ensuring that no one is left behind.

Many of us do not know how our pension pot is invested and it is not always easy to understand whether the investments fit with our values. Global leaders have committed to the Paris Agreement, and harnessing the capital in financial markets will be crucial to meeting this target.

Actuaries have expertise in green finance and climate-related financial disclosures, which will support the transition to a net-zero carbon economy. In addition to Climate Action (Goal 13), actuaries have expertise across a number of the goals, including financing major infrastructure projects (Goal 9), managing the transition to a less-cash society (Goal 10) and improving road safety (Goal 3).

Contact Details

For further information on any of our public affairs or policy work please contact us on:

policy@actuaries.org.uk

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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    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.

  • The price is righter

    16 March 2021

    Spaces available

    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.

  • Spaces available

    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)

     

  • Spaces available

    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.

  • Spaces available

    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.