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Issue 1 - Climate Change

In this issue, we consider the role of discount rates, financial disclosure and the importance of understanding not just the likely possible outcome, but the worst case scenario when assessing the potential impact of climate change.

In particular, this first issue addresses the role of long-term institutional investors such as pension funds and life insurance companies.

As well as highlighting the role of actuaries in understanding the long-term implications of this policy challenge, we want to present a broad perspective on the issue, and have invited contributions to this bulletin from a range of important voices in the debate. In this issue, we hear from academia, independent advisers to governments, think tanks and the financial services industry on the specific role that financial services can and should play in encouraging adaptation towards a low carbon economy.

Contributors

Matthew Bell is the Chief Executive of the Committee on Climate Change. The Committee is an independent, statutory body established under the Climate Change Act 2008. Its purpose is to advise the UK Government and Devolved Administrations on emissions targets and report to Parliament on progress made in reducing greenhouse gas emissions and preparing for climate change.

Professor Henry Shue is a Senior Research Fellow, Centre for International Studies, Department of Politics and International University of Oxford; and Senior Research Fellow Emeritus, Merton College, Oxford.

Professor Aled Jones is the inaugural Director of the Global Sustainability Institute (GSI) at Anglia Ruskin University. His work in climate finance has been recognised by the State of California and he has received a key to the city of North Little Rock, USA. He is a Co-Investigator for the ESRC Centre for the Understanding of Sustainable Prosperity. He sits on the Resource & Environment Research Sub-committee for the Institute & Faculty of Actuaries. Dr Craig Rye is an economist working at the Centre for the Understanding of Sustainable Prosperity at the University of Surrey. He is currently working on novel empirical analyses of economic instability and in explorative energy-transition models. He has a PhD in Ocean Physics and BSc in Environmental Sciences.

James Orr and Matthew Scott work for the Prudential Regulation Authority at the Bank of England. James is Chief Actuary, General Insurance and provided oversight of the PRA’s report on climate change and insurance. Matthew was principal author of the PRA’s insurance report and leads on environmental risk and green finance, including supporting the Bank’s work co-chairing the G20’s Green Finance Study Group with People’s Bank of China.

Nico Aspinall FIA works as an independent consultant in the investment management and pensions industry, focussing on DC benefits. He is Chair of the Institute and Faculty of Actuaries’ Resource and Environment Board. The Resource and Environment Board is dedicated to making sustainability issues mainstream in actuarial work and works collaboratively with actuaries, financial institutions and regulators to ensure their analyses and advice include sustainability issues.

The Principles for Responsible Investment (PRI) is the world’s leading proponent of responsible investment. It works to understand the investment implications of ESG factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole.

ShareAction’s vision is of an investment system that truly serves savers and communities, and protects our environment for the long term. It is working towards a system in which long-term thinking is recognised as the best way to guarantee healthy returns. It believes that anyone can play a part in changing the investment system for good.

Faith Ward’s career has been dedicated to integrating and reporting on ESG risks in finance and investment. Faith leads engagement with the fund management industry and is involved in industry wide initiatives to improve standards in responsible investment, corporate engagement and fund governance and reporting. The EAPF, part of the Local Government Pension Scheme (LGPS), is the pension fund of one of the world’s leading environmental organisations. It is responsible for administering the current and future pension benefits of just under 41,000 members. The EAPF remains one of the best funded in the LGPS. 

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Contact Details

For further information on any of our public affairs or policy work please contact us on:

policy@actuaries.org.uk

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Events calendar

  • Asia Conference Webinar Series

    Webinars
    7 September 2020 - 25 September 2020

    Spaces available

    There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia.  The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.

    This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.

     

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    This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements. 

    The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise.  In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities. 

  • Spaces available

    16.00-17.00 GMT+8

    Consumer expectations are changing Insurance. The Royal Commission in Australia, Design Obligations in the UK, the insurtech ecosystem, and digital-first consumers demanding personalised solutions will all revolutionise how insurance looks like in the future.

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    12.00-13.00 GMT+8

    This presenter / panel workshop hybrid will be anchored by two presentations examining the socioeconomic, medical and technological factors that will have a significant impact on mortality and our pricing over the next 20 years and beyond. It will also discuss whether significant mortality improvement will continue in Asia or whether varying experience of low improvements or deterioration. 

  • Spaces available

    12.00-13.00 GMT+8

    This presentation aims to provides an overview of the reformation of current Chinese regulatory solvency regime, how industry coping with the new normal after pandemic time and how the reformation of the regulation could help the insurance industry gets back on its feet as well as coming back to the “protection” core value for the policyholders. The presentation would include:

  • Spaces available

    16.00-17.00 (GMT+8) | 09.00-10.00 (BST)

    The basic data of China’s 2nd Critical Illness Mortality Table covers 2000+ products in Chinese market, including about 340 million insurance policies and 5.1 million claimants. Presenter will give the audience a general understanding including but not limited to the following contents:

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
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    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

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    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.