Latest IFoA news
Click to filter your search
NFU Mutual has become the first UK insurance company to receive IFoA Quality Assurance Scheme (QAS) accreditation for its actuarial function. This scheme recognises an employer’s commitment to providing quality assurance at an organisational level, promoting confidence in the work of their actuaries and the demonstrable high quality of their work, and to supporting their employees in carrying out that work.
The IFoA AI & Automation in Life and Healthcare Working Party has launched a survey to identify how actuaries are using AI/ML techniques in their areas of work.
The CAA Global Board, the Institute and Faculty of Actuaries (IFoA) and the Society of Actuaries (SOA) have issued a joint statement on 30 June 2021 announcing the closure of the Certified Actuarial Analyst (CAA) qualification to new candidates as the organisations evolve their future qualification offerings:
“Following a strategic review by CAA Global Ltd (CAA Ltd) and its two shareholders, the IFoA and the SOA, the decision has reluctantly been taken to close the CAA qualification to new candidates as of October 2021.
The IFoA's members have voted to approve a Motion from Council to make amendments to our Bye-laws and Rules.
The amendments, which are intended to clarify the arrangements concerning an elected member of the Council’s length of service on, and retirement from, the Council, were confirmed at our Annual General Meeting on Thursday 24 June as having been approved. The amendments to our Bye-laws will now need to be formally approved by the Privy Council before taking effect.
The results of the 2021 Council Elections were announced at the IFoA’s Annual General Meeting, which was held by live webinar today.
Nine members were elected to the vacant General constituency seats: Hannah Coleman, Charles Cowling, Michelle Darracott, Hitesh Shah, Sunil Sharma, Malcolm Slee, Nick Spencer, Mark Williams and Masimba Zata.
Patrick Kelliher was appointed into the sole vacant Scottish constituency seat, as this election was uncontested.
Tom Kenny provides an update on the IFoA Life Board activities.
This essay is an expanded version of what IFoA President, Tan Suee Chieh, said in his remarks during The Year that Was’ webinar on 7 May 2021, which marked the close of a two-week series of IFoA events on ‘Actuarial Innovation in the Covid-19 Era’.
Over the last year, our working party (Varun Bajaj, Gareth Mee, Dick Rae, Raj Saundh, Adeline Tan, Pablo Vasquez Lopez, Denis Walsh) researched procyclicality within financial markets globally. We reviewed 42 papers and articles, observed market practice and tested 8 hypotheses relating to the markets.
Home and motor insurance have come under scrutiny in the last few years, following concerns around how pricing practices impacted long-standing customers. So it’s timely that we have just published our second thematic review report, sharing the findings of our recent review of actuarial involvement into the pricing of UK home and motor insurance.
Pricing is an area where actuaries can directly influence customer outcomes, either in ‘coal-face’ technical roles, or through influencing roles in management or oversight.
The Equity Release Mortgages Working Party is inviting participants to submit model outputs for the purpose of analysing the long-term property risk associated with equity release mortgage assets. The ERM WP would welcome responses from both industry and academia in the UK and also international modelling perspectives.