Latest IFoA news
Click to filter your search
15 March 2022
Simon Cartagena provides an update from the latest board meeting
The Risk Management Board is responsible for developing and delivering the value of IFoA membership, for actuaries who work in risk management practice or who want to know about this field. The Board recently met on 15 March.
Digital Community Platform
Over the last few weeks the Institute and Faculty of Actuaries has been shocked and saddened by the events occurring in Ukraine. We wish to extend our sympathy and solidarity to the Ukrainian people caught up in this tragic conflict.
We are obviously deeply concerned about the safety and security of our Ukrainian members at this time. We are in contact with them and offering them whatever support and assistance we are able to provide.
The Institute and Faculty of Actuaries is delighted to announce that Kalpana Shah has been confirmed as the next President-Elect.
Kalpana will assume this role in June 2022, as Matt Saker becomes President. Kalpana will serve as IFoA President from June 2023.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. Today’s update covers week 8 of 2022 (19 to 25 February), based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 8 March 2022.
The key points of this update are:
As part of the recently published new PC Scheme, the IFoA has now published the remaining draft Competency Frameworks:
Reinsurance is a common and powerful tool that insurers can use for risk and capital management, access to technology and services, and alternative asset strategies. And more.
As a Working Party, we believe that reinsurance is not always optimised to support an insurer’s objectives, and may even destroy value through poor design and implementation.
The FRC has published a consultation on proposed changes to the Actuarial Standard Technical Memorandum 1 (AS TM1). This follows the DWP pensions dashboards consultation, which proposes that AS TM1 assumptions will be used to calculate Estimated Retirement Incomes on pensions dashboards from October 2023.
As Covid-19 has shown, the risks we are facing are changing. The pandemic has led to unprecedented levels of uncertainty and shock across the world. Emerging risks such as space-weather has the potential for causing impacts beyond everyday experience. These risks do not respect borders, and they are likely to have an international impact and will require an international response.
Following an initial consultation on proposals for a simplified, more proportionate, and effective Practising Certificates Scheme in 2021, the IFoA has now published the detailed new scheme along with a summary of consultation responses.
The proposals include:
The five year Actuarial Research Centre (ARC) funded programme Modelling, Measurement and Management of Longevity and Morbidity Risk has now drawn to a conclusion.