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
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.
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).
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Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.