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This week (March 4th), Parliament debated the connection between health inequalities and life expectancy in the UK. In this blog, IFoA Honorary Fellow Madhavi Bajekal provides an overview of the recent report which has caused politicians to look at this issue in more depth: ‘Health Equity in England: The Marmot Review 10 years on'. Bajekal is acknowledged in the 2020 report for providing input on life expectancy data.
The Institute and Faculty of Actuaries is delighted to announce that Dr Louise Pryor has been confirmed as the next President-Elect.
Louise will assume this role in June 2020, as Tan Suee Chieh becomes President. Louise will serve as IFoA President from June 2021.
The General Insurance (GI) Board is evolving to align itself more closely with the community it represents. The primary objective of change is to enhance member value by increasing transparency and representation as well as improving its efficiency. The purpose of the Board will continue to be to represent the General Insurance membership on all professional, technical and operational matters which affect them and to advise the Institute and Faculty of Actuaries (IFOA) accordingly. The new structure will come in to force from April 2020.
Reaching political agreement in December 2019 on the so-called ‘taxonomy regulation’ marked an important milestone in the EU Sustainable Finance Action Plan. The taxonomy is a highly ambitious initiative, straying beyond the boundaries of mainstream financial services regulation by establishing four criteria for determining what constitutes environmentally sustainable activity in the real economy. Firms will welcome the clarity this will bring, given the role it will play in helping them meet new regulatory obligations being introduced under the Action Plan.
The new COP 26 Private Finance Agenda was unveiled on Thursday 27 February by Bank of England Governor Mark Carney, Sir David Attenborough, and newly-installed President of the Glasgow Summit, Business Secretary Alok Sharma. The Agenda is a drive to ensure every financial decision made worldwide takes climate change and the net zero transition into account, ahead of the crucial COP26 summit in Glasgow.
The CMI has published CMI_2019, an updated version of the Mortality Projections Model, and accompanying Working Paper 129. The new version incorporates recent population mortality data into the Model.
Dig a little, and the regulatory – and perhaps the sensible commercial – answer seem to be that risk management helps organisations make better decisions.
Indeed, it is an often-overlooked part of Solvency II that firms must document their decision-making process as part of their risk management system. [I mentioned this once to a regulator, it was new to them].
We are pleased to announce the launch of our first review, under the Thematic Review Programme initiated in September 2019. The review will look at examples of actuarial advice provided during the review of transfer values and commutation rates for UK private pension schemes.
In autumn 2019 the IFoA Cyber Risk Working Party launched a survey to better understand perceptions around the uncertainty cyber risk has on different areas of actuarial work. The principal aim of the survey was to gather information to help the working party steer its future output, as it continues to provide guidance to IFoA members on cyber risk.
Now that we have collated the results we thought it would be useful to share what came out of the survey and some of the insights it provided.
In this guest blog, Ed Baker, Senior Specialist, Climate Change and Energy Transition at the Principles for Responsible Investment (PRI) explains that in the current climate reporting environment, investors need to act now to manage risk and protect value.
Other actuary news
Added: Wed, 11/03/2020 - 18:04The number of private sector employees putting more than 7% of their salaries into a pension doubled between 2011 and 2018 in the UK.
Added: Wed, 11/03/2020 - 16:51The threshold for tax charges on pension saving in the UK has been significantly increased today in chancellor Rishi Sunak's first budget.
Added: Wed, 11/03/2020 - 15:00Aon has announced that it will buy Willis Towers Watson (WTW), combining the world's second and third-largest insurance brokers to create an £80bn organisation.
Added: Wed, 11/03/2020 - 14:46The chair of the Pensions and Lifetime Savings Association (PLSA) has urged the UK's pension industry to go beyond minimum compliance on tackling the financial risks posed by climate change.
Added: Mon, 09/03/2020 - 11:13Robeco has topped an international ranking of asset managers for its work incorporating environmental, social and governance (ESG) considerations into its investments.
Added: Wed, 04/03/2020 - 15:50The UK's pension sector faces a critical risk from fraud, and is currently losing upwards of £6bn every year, according to national audit, tax, advisory and risk firm Crowe.
Added: Wed, 04/03/2020 - 14:00The International Accounting Standards Board (IASB) has proposed a series of minor amendments to IFRS 17 to minimise disruption over the implementation period.
Added: Wed, 04/03/2020 - 11:49Mortality rates in England and Wales were 3.8% lower last year than in 2018 on average, which was the largest annual improvement recorded since 2011.
Added: Tue, 03/03/2020 - 17:04Deficits at defined benefit (DB) pension schemes in the UK increased by around £100bn in the final week of February as coronavirus hit global financial markets.
Added: Tue, 25/02/2020 - 11:52Life expectancy has failed to increase in the UK over the last decade for the first time in more than 100 years, and has actually decreased for the poorest 10% of women.