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IFoA member David Ford, introduces the new practical guide to help actuaries working in Life Insurance consider the impact of climate change.
This week, we’re proud to announce the launch of a pensions-focused research report from the University of Kent and the University of Waterloo, in Canada. This research has been supported by an international partnership of funders, including the IFoA, the Canadian Institute of Actuaries and the Society of Actuaries in the US.
We are pleased to announce the appointment of David Gordon to the role of Senior Review Actuary at the IFoA.
David comes to the IFoA with over 30 years’ experience in the pensions industry. He has worked with Willis Towers Watson throughout his career, advising numerous UK pension schemes, and their sponsors, on how best to deliver funding, investment, and risk management.
Members of the Institute and Faculty of Actuaries (IFoA) can be inspired and gain so much from each other: mutual support, powerful collaborations, and new and even disruptive thinking; diversity of thought, if you will.
The climate emergency is posing material financial risks that could threaten the security of pension fund members’ benefits. Significant pension funds should be obliged to disclose how they are managing their climate-related financial risks.
Read the full article on The Actuary website.
With-profits regulations are lengthy, but the guiding principles can be paraphrased simply: run the fund well by securing good investment returns to provide fair, smoothed long-term returns for each generation of policyholders. A climate warming pathway will have severe macro-economic implications – interest rates, inflation, growth and so on are likely to be impacted. This in turn impacts the key assumptions that actuaries use to manage with-profits funds. If your investment portfolios do not yet include consideration of climate factors, could you be taking risks you do not understand?
The Canadian Institute of Actuaries have released a statement outlining how quantifying and disclosing the financial impacts of climate change is an important way to help achieve global climate goals. The statement calls for the government to prioritise data collection and implement policies that accelerate climate-risk financial reporting. The report also encourages business leaders and investors to account for climate-related factors in investment decisions.
In this blog, the IFoA’s Stephen Hyams talks about a new report designed to help people understand how their level of pensions savings will impact lifestyles in later life.
Other actuary news
Added: Thu, 14/11/2019 - 09:50Around half of chief financial officers (CFOs) in Europe are feeling pressure from their customers and employees to take action on climate change, a new survey by Deloitte has found.
Added: Wed, 13/11/2019 - 14:18Half of all new appointments to senior leadership roles at FTSE 100 companies will have to go to women next year if government-backed targets for gender diversity are to be achieved.
Added: Tue, 12/11/2019 - 13:13The majority of private equity firms in the UK do not carry out sufficient assessments of cyber risks at their target companies, a new study has uncovered.
Added: Mon, 11/11/2019 - 16:31Average commercial insurance pricing increased by 8% in the third quarter of 2019 globally, the biggest rise recorded by Marsh in seven years.
Added: Mon, 11/11/2019 - 14:18Victims of pension scams lost an average of £82,000 in the UK last year, which is equivalent to around 22 years' worth of savings for workers on median salaries.
Added: Thu, 07/11/2019 - 03:00With the Government Actuary's Department celebrating its centenary this year, Matt Gurden shares some of the ways in which it is advising and supporting policymakers
Added: Wed, 06/11/2019 - 11:30The insurance-linked securities (ILS) market has enjoyed significant growth this year, with non-life capacity issued or outstanding at a near-record high, research by Willis Re has uncovered.
Added: Tue, 05/11/2019 - 14:40Financial institutions will save $7bn (£5.43bn) by 2024 thanks to blockchain technology and the automation of customer checks, a market research firm has found.
Added: Mon, 04/11/2019 - 14:11The UK government has refused to commit to a timetable for making state pension data available through online dashboards, a cross-party group of MPs has revealed.
Added: Fri, 01/11/2019 - 16:00Life expectancy improvements in England and Wales have been among the worst recorded in high-income countries since 2011, a new academic study has uncovered.