With rapid changes from technological advancement, demographic shifts, and a resource-demanding standard of living in the developed world, we face a number of unprecedented global risks with the potential of severely affecting billions of people. Actuaries can draw upon their risk-management expertise to identify the potential range of environmental risks, both short and long-term, and the subsequent means for mitigating or adapting to them.
Climate related risk may be the defining risk of our times. Actuaries have an important role in assisting others to mitigate the worst effects of climate change. These include not only the long-term catastrophic risk to the world, but also the costs and risks to companies of transitioning to a low carbon environment which, even now, are impacting company results and are becoming subject to disclosure requirements.
Louise Pryor - IFoA President Elect
Sustainability Policy Papers
Climate Change Consultations
Consultation Response - Environmental Audit Committee inquiry into Aligning the UK's Economic Goals with Environmental Sustainability7 January 2022
Consultation Response - FCA consultation on Sustainability Disclosure Requirements (SDR) and investment labels Discussion Paper7 January 2022
- 15 July 2021
- 10 August 2021
- 15 April 2021
Taking action on climate risk: improving governance and reporting by occupational schemes – response and consultation on regulations16 March 2021
- 7 October 2020
CP20/3: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations1 October 2020
- 24 August 2020
- 22 April 2020
- 19 March 2020
- 28 February 2020
- 26 July 2019
IFoA response to underwriting environmental, social and governance risks in non-life insurance business25 July 2019
- 5 July 2019
- 11 March 2019
- 31 January 2019
- 15 January 2019
IFoA response to EU Commission- Public consultation on institutional investors and asset managers' duties regarding sustainability22 January 2018
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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.