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The Future of Insurance

The long-term policy issues underpinning the insurance industry are diverse, and include the effects of everything from changes in demographics, advances in data science, cyber risk, adverse weather events and natural disasters, low interest rates, and much, much more. Actuaries can provide valuable insights in these areas by applying their expertise and encouraging appropriate adaptations in the insurance sector and beyond.

Reforming the private sector has been a hot topic this election as companies are coming under ever increasing public scrutiny. Business are under pressure to not only turn profits but do so in an ethical way, for the benefit on the consumer. In insurance we have seen this trend develop, as regulators advance principles on, for example, fair pricing and protecting vulnerable customers, as well as the rise of data science and how it can be used to protect rather than penalise consumers.

The long-term policy issues relating to the insurance world are diverse, reflecting the wide reach and range of application of insurance right across the globe. Policy concerns are both national and international, with the impact of changes in demographics, advances in data science, cyber risk, adverse weather events and natural disasters, low interest rates, insurance inclusion and much, much more. Actuaries can provide valuable insights in these areas by applying their expertise and encouraging appropriate adaptations in the insurance sector and beyond.

The COVID-19 crisis, Brexit (and its implications for Solvency II) and the ongoing focus on insurance conduct regulation are making for a busy 2021. As the insurance world, policymakers and wider society emerge from the shadow of the pandemic, the role of insurance and how it needs to adapt to the emerging ‘new normal’ interconnected world will be the focus of much attention and effort. It is important that the insurance world does evolve, as the protections it can offer society has scarcely been needed more. Actuaries are sure to play their part in pushing insurance along its evolutionary journey.

Steven Graham - Technical Policy Manager 

Insurance policy papers 

Insurance Consultations

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Start date
E.g., 24/10/2021
End date
E.g., 24/10/2021

Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    This is a free webinar with an expert panel providing their views on the ongoing IFoA consultation for proposals regarding changes to the regulatory framework on climate change and sustainability.

    The regulatory consultation sets out, for feedback some proposed approaches that the IFoA are considering in relation to charter commitments under the UK’s Green Finance Education Charter (GFEC) and the regulatory framework, including the Actuaries’ Code.

  • Life 2021 Webinar Series

    Online
    22 November 2021 - 26 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.