You are here

Evolving risks and the future of insurance

Rapid changes in society, technology, economics, environment, and politics are producing an influx of new uncertainties for public policy, and for the insurance industry. These challenges will all have long-lasting effects for economies and societies. Actuaries can draw upon their expertise to identify potential implications and encourage appropriate adaptations for the insurance sector to employ.

Our policy briefing, The Future of Insurance: A STEEP Change, identifies five areas of risk that are rapidly developing and which insurance products are having to adapt to in a changing world. If the risks and opportunities of these changes are not properly understood, potential unintended consequences could be detrimental to society. 

  • Societal – changes in demographics; globalisation; microinsurance
  • Technological – data science; telematics; wearables; autonomous vehicles
  • Environmental – adverse weather events and natural catastrophes
  • Economic – recessions; low interest rates; underinsurance
  • Political – policy decisions that could have huge ramifications for all areas of insurance e.g. social care reforms and the effect of Brexit on regulation

Contact Details

For further information, please contact the Policy Team at

Policy@actuaries.org.uk

Filter or search events

Start date
E.g., 04/03/2021
End date
E.g., 04/03/2021

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.