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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

  • CILA 2022

    23 May 2022 - 24 May 2022

    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.

  • Spaces available

    In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.

    The Business of the AGM

  • The IFoA Conference 2022

    133 Houndsditch, London EC3A 7BX and Online
    22 June 2022 - 23 June 2022
    Spaces available

    We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.

     

  • Spaces available

    This webinar will cover:

    • Some background on the risks of misselling in an ESG context, including the DWS case

    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

  • Spaces available

    This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on  the expected future changes. Through examining  the transformation, we will highlight how the sector is and can use actuarial  expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.