The science of epidemic handling and response has long been an area of actuarial expertise.
With an increasingly connected and complex world a pandemic can impact our health, wellbeing, and livelihood from many different perspectives and in ways that can be difficult to predict. The multi-faceted influence of Covid-19 reflects the extent to which the work of actuaries and the industries that we work in are also impacted; this is an extreme event that actuaries from all Practice Areas may need to consider carefully in their work – from the obvious healthcare aspect to the wider economic fallout through falling asset values and challenging investment markets, to the non-life insurance industry facing claims for business interruption, travel disruption and legal liability challenges, to risk management practitioners trying to bring it all together.
As the global response to the COVID-19 (coronavirus) gathers pace, our IFoA Pandemics Hub aims to provide the actuarial perspective on epidemic mitigation and control. Gathering together the most relevant research, articles, and insight on the subject from recognised experts; this resource is designed to ensure our members are fully appraised as to the actuarial approach.
"At times like this, the IFoA has a significant role to play in both supporting our members and responding to the wider societal challenges. The IFoA COVID-19 Action Task Force aims to provide a range of outputs to support our members across all practice areas. We also seek to provide actuarial insight that could help and inform our members and others and contribute towards managing the impacts of this crisis."
Dr Louise Pryor
Incoming IFoA President-elect
Please see the IFoA’s Coronavirus Policy for our latest operational response to the current COVID-19 epidemic.
Resources and debate
Find out more about how the profession is responding to the COVID-19 pandemic.
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We’ve all heard about the gender pay gap. Sadly, the gap doesn’t just exist with base pay.
Research carried out by Legal & General in 2021 across the four million members in our Defined Contribution (DC) pensions, found that there’s a gender pension gap too, continuing the divide between men and women.
As current global events continue to demonstrate, geopolitical tensions present significant risks to corporates of all sizes. However, these types of risk are often not given the discussion time it needs at the board level or executive committee levels, nor the resources required to anticipate, analyse and mitigate them effectively.
At retirement, it has become very popular for those with Defined Contribution (DC) pensions to choose drawdown rather than an annuity, but drawing a sustainable lifetime income in this way is an impossible challenge for most people. We consider a Decumulation Pathway for the typical consumer, where a small part of the DC fund is set aside for any flexible access and legacy requirements. The bulk is then used to provide a lifetime income, utilising the pooling or insuring of longevity risk.
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.
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
Join newly inaugurated IFoA President, Matt Saker, for his Presidential Address.
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.