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Actuarial Profession welcomes move to ban referral fees for third party injuries
9 September 2011
The research has consistently identified high levels of personal injury claims as a key inflationary driver for the motor insurance industry. And, as costs to the industry rise, so do premiums. Figures from the Confused.com/Towers Watson Car Insurance Price Index shows consumers paying 25% more for comprehensive car insurance than they did a year ago.
David Brown, of the Actuarial Profession said:
Does Dilnot mean an end to care-funding uncertainty?
4 July 2011
Sue Elliott, a leading health and care actuary and chair of the Actuarial Profession’s Health and Care committee said: “The good news is that the Commission has recommended a cap on the amount people will have to personally contribute to their care. If individuals have to pay no more than £35,000, no matter how long their care lasts, it will help them better prepare for their future. This greater certainty would also allow insurance companies to design more affordable and simpler products to help individuals with their financial planning.”
Actuarial Profession supports accelerating reforms to move to a single tier state pension and cautions against a single formula approach to changing state pension age
1 July 2011
Commenting on the Institute and Faculty’s response, Ronnie Bowie, Immediate Past President, said:
“We have argued for some time that a state pension scheme that is fair, simple and transparent should make it easier for people to make informed decisions about their financial future. We therefore support in principle the Government’s proposed option for more radical reform to a single-tier flat-rate state pension, although there are many points of detail on how the transition would be delivered that still need to be worked out.
Institute and Faculty of Actuaries President’s Award winners
28 June 2011
The President’s Award is given to members of the Profession who have, in the opinion of the President, made a particular and special contribution to the Institute and Faculty of Actuaries.
The recipients this year were:
- Sally Bridgeland, for her chairmanship of the Actuarial Profession’s Management Board
- Alan Botterill, for his outstanding contribution to the development of the Profession’s role in risk management
- Robert Hails, in recognition of his many years of service to the Profession, latterly as the first Honorary Treasurer of the Institute and Faculty of Actuaries.
Jane Curtis becomes President of the Institute and Faculty of Actuaries
28 June 2011
Jane said: “Ronnie will be a hard act to follow. His contributions to our strategic review, the promotion of the CERA qualification and our new public affairs strategy are a just a few examples of where he has made his mark. We also owe thanks to Nigel Masters whose commitment and enthusiasm has been the hallmark of his time in office.
New report: motoring personal injury claims continue to rise
27 June 2011
An exclusive report by the Institute and Faculty of Actuaries’ Third Party Working Party, examining motor insurance data in 2010, has shown that despite a reduction in the total road usage and a continuing reduction in the number of overall accidents per policy, the proportion of accidents resulting in personal injury claims continues to rise.
Sciences of complexity and complex adaptive systems are key to understanding risk
21 June 2011
The research, carried out for the Actuarial Profession by Neil Cantle of Milliman and Neil Allan of the University of Bath, focussed on two key problems in risk management; the setting of risk appetite with a consistent set of risk limits, and the timely identification and understanding of emerging risk.
The research presented to the conference seeks to demonstrate how using complexity and complex adaptive systems can provide practical solutions to the problems studied by Cantle and Allan.
Unravelling the complexity of risk: New research from the Actuarial Profession
23 May 2011
The discussion was part of the Actuarial Profession’s enterprise risk management symposium which took place in London on 9 May, 2011. It covered the preliminary findings of research Mr Cantle is currently undertaking with the University of Bath and the University of Bristol and examined the nature of risk appetite and emerging risk and demonstrated how the correct scientific tools and principles can be used to identify and manage emerging risk more accurately.
Actuarial Profession launches Longevity Bulletin
12 May 2011
They are:
- Uncertainty about the future range of longevity: Most countries use a range of projections to illustrate this. Each variant projection is calculated using a different set of assumptions. The study examines the assumptions in detail.
- There are large differences in projected lifespan across countries: The principal estimate for expected average lifespan for boys born in 2010 ranges from 82 years in the US to 89 years in the UK. The study looks at why these large variations exist.
Philip Scott to become President-elect for 2011/2012
13 April 2011
Mr Scott has extensive financial services experience and his responsibilities have covered finance, risk and actuarial functions, international operations, investment management and life and pensions businesses. He has been a Non-Executive Director of Royal Bank of Scotland since November 2009 and is Chair of its Board Risk Committee. He has also been a Non-Executive Director of Diageo plc since 2006 and is Chairman of its Audit Committee. During a distinguished career with Aviva his roles included Chief Financial Officer of Aviva plc, Chairman of Aviva Investors and Group