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Thematic Review Programme – Involvement of actuaries in pricing for UK Home and Motor Insurance
Louise Pryor, IFoA President-elect and a Fellow of the Institute of Environmental Management and Assessment, blogs about ‘A user guide to climate-related financial disclosures’ developed collaboratively by actuaries and sustainability professionals.
It’s true what they say. What gets measured, gets managed.
The Pragmatic Stochastic Reserving Working Party has just released a new paper called "A Practitioner's Introduction to Stochastic Reserving: The One Year View". This paper builds on the working party's earlier paper on the ultimate view of reserve risk.
John Graham, Health & Care Board Member, provides an update.
The Health & Care Board met on 1 July for the final meeting of the current session, again curtesy of BlueJeans with members utilising studies, kitchens, living rooms and the odd bedroom to attend the meeting. For many of us this has become common place and may indeed be a fundamental component of the “new normal” that lays ahead.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. This week’s update shows the position as at week 26 of 2020 (20 to 26 June) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 7 July 2020.
Neil Cantle, Principal at Milliman, blogs on the value of risk registers and why we might need to reconsider how we use them in the future.
Steve Bale, Senior Actuary at Munich Re and a member of the CMI’s Mortality Projection Committee, blogs on the questions facing Life insurers as they consider the impact of COVID-19 on future claims on their insured lives. The views expressed in this blog are his own.
Chris Reynolds, Chair of IFoA’s Health and Care Board, discusses how the current interaction between Universal Credit and Income Protection Payments can be improved to build the resilience of the private rented sector to income shocks.
Matthew Cann has been volunteer Chair of the Risk Management Lifelong Learning Committee for the last two years and is a Fellow of the IFoA. Matt is based in Birmingham, UK, where he is Financial Risk Manager for The Phoenix Group.
Hetal Patel of the IFoA's Finance and Investment Practice Area Board considers the shock to the financial system delivered by the COVID-19 global crisis from the perspective of institutional investment funds.
Other actuary news
Added: Tue, 05/05/2020 - 15:23The accounting position of defined benefit (DB) pension schemes at the UK's 350 largest listed companies returned to a deficit at the end of last month as COVID-19 continued to hit the economy.
Added: Mon, 04/05/2020 - 16:43UK pension funds endured their worst-ever quarterly performance in the first three months of this year as the coronavirus outbreak devastated global stock markets.
Added: Mon, 04/05/2020 - 15:05The coronavirus crisis could result in general insurance losses of up to $80bn (£64bn) across key classes in the UK and US, new research by Willis Towers Watson (WTW) has suggested.
Added: Thu, 30/04/2020 - 12:32Defined benefit (DB) pension schemes have been told to warn members that transferring to a defined contribution (DC) scheme during the COVID-19 pandemic is unlikely to be in their long-term interests.
Added: Thu, 30/04/2020 - 12:20Global insurers must use their expertise as professional risk managers to champion a fair and green economic response to the coronavirus crisis, a group of NGOs has urged.
Added: Mon, 27/04/2020 - 17:51UK insurance companies expect to pay over £1.2bn in support for businesses and individuals affected by the COVID-19 crisis, the Association of British Insurers (ABI) has revealed.
Added: Fri, 24/04/2020 - 17:31Global reinsurance capital could be slashed by around $30bn (£24bn) as companies look to de-risk their balance sheets by holding cash during the coronavirus crisis.
Added: Fri, 24/04/2020 - 13:42Dividing countries into 'green zones' with low levels of coronavirus risk, and gradually joining them together, could see social and economic interaction returned to normal within two months, a new study suggests.
Added: Wed, 22/04/2020 - 14:11Forcing insurance companies to cover financial losses brought on by COVID-19 when their policies did not include coverage for pandemics would threaten the stability of the entire global insurance industry, insurers have warned.
Added: Tue, 21/04/2020 - 15:53More than 250 institutional investors managing over $8.2trn (£6.7trn) in assets have called on their investee companies to minimise the financial and societal disruption brought on by COVID-19.