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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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Events calendar

  • Spaces available

    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.

  • 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 Liverpool St, 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.