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A lot of the IFoA’s energy goes into educating and regulating members. This is executed exceptionally well by our quality staff and enthusiastic volunteers, but I want to focus on the IFoA’s influence on policy and public debate. Three years ago, when I joined the Life Board, we would receive a consultation of some form – late. We’d have a week to catch-up and produce something of sufficient quality to at least respond. Thanks to the work of the IFoA Policy staff, and the Life Standards and Consultations Committee, we then got into a position of getting the consultations when they were
The IFoA will host a networking event on 28 November at Staple Inn Hall, London.
Speaker Lisa Altmann-Richer will draw on the latest developments in machine learning and big data to present a framework for how predictive analytics could be used to help improve the forecasting of demand for health care services.
Malaysia: A new set of mortality tables has recently been published – M1115, based on the study of Malaysian assured lives from 2011 to 2015. The defined benefit market is not very large (besides the civil servants pension fund, which is). Private sector defined benefit (DB) plans that do exist typically pay lump sums at retirement, so this change will not be expected to materially affect retirement scheme liabilities.
The Risk Management in a Digital World Working Party will present their report and findings at the Sessional Research event on 22 October in Edinburgh, and will use the opportunity to launch their “Guide for Risk Considerations During the Innovation Journey”, in order to support the further development of risk considerations in decision making throughout the InsurTech investment process.
We are currently recruiting for the following volunteer roles:
- Risk Management Actuarial CRO Group - Deputy Chair
- Risk Management - GDPR Working Party - members
- Risk Management - Wider Fields Group - members
- Risk Management in a Digital World Working Party - members
The World Benchmarking Alliance (WBA) aims to help business measure progress against the United Nations’ (UN)’s Sustainable Development Goals (SDGs), by developing free, publically available benchmarks which will rank companies on their contributions to achieving the SDGs.
One of the key concerns with climate change, is the risk of non-linear irreversible climate tipping points, which could lead onto more significant climate change.
This paper explores at what temperature these tipping points may occur, concluding that a 2°C temperature rise may well break the upper safe limit.
The Principles for Responsible Investment (PRI) have launched a paper which considers the various potential drivers of an Intellectual Property Right (IPR).
This paper further considers when the IPR could occur, what policy and technology pathways it might take, and how these pathways would affect the macroeconomy and risk-returns of financial assets.
The PRI states that an IPR is possible at almost any time in the near to medium term.
Jesper Pan, Deputy Director of the Insurance Department at Monetary Authority of Singapore (MAS) spoke about Sustainable Insurance at a CPD event in Singapore.
He spoke about the impact of climate-related risk in Singapore and of natural catastrophes in South-East Asia. He also shared MAS’ action plan in relation to physical, transition and liability risk and the role of actuaries.
ClientEarth has referred four UK companies (EasyJet, Balfour Beatty, EnQuest and Bodycote) to the Financial Reporting Council (FRC) over failures to adequately address climate change trends and risks in their annual reports.
Other actuary news
Added: Wed, 03/10/2018 - 16:20The Markets in Financial Instruments Directive II (MiFID II) is considered the second biggest challenge facing financial advisers in the UK, greater than Brexit, cyber security, and macroeconomic risks.
Added: Wed, 03/10/2018 - 16:00Regulatory technology investment is set to explode over the next few years, with spending forecast to jump six-fold by 2023 as firms encounter a growing number of compliancy challenges.
Added: Tue, 02/10/2018 - 12:57Insurance companies and banks have significantly improved their resilience to cyber attacks this year, with approximately eight in ten breaches successfully thwarted worldwide.
Added: Mon, 01/10/2018 - 15:21The UK's financial services sector reported a sharp decline in optimism over the last three months, with sentiment deteriorating in all but one quarter since the start of 2016.
Added: Mon, 01/10/2018 - 12:08All master trust schemes will have apply for authorisation through The Pensions Regulator (TPR) to prove they meet tough minimum standards under a new law that comes into force today.
Added: Fri, 28/09/2018 - 18:26UK employers remain divided in their views on how long-term funding for the social care system should be met, a new survey by the Association of Consulting Actuaries (ACA) has found.
Added: Fri, 28/09/2018 - 12:55UK customers are being overcharged by £4.1bn a year for staying loyal to certain companies, with home insurance providers among the firms handing out 'loyalty penalties'.
Added: Wed, 26/09/2018 - 17:25Financial services companies responsible for nearly $100trn (£76trn) in assets have now given their support to the Taskforce on Climate-related Financial Disclosures (TCFD)
Added: Wed, 26/09/2018 - 16:00Broker commissions, entry fees and other transaction costs make up nearly one-quarter of the total investment charges borne by the world's largest institutional investors.
Added: Tue, 25/09/2018 - 15:30There was no improvement in life expectancy for people born in the UK between 2015 and 2017, with newborns actually predicted to live shorter lives in Wales and Scotland.