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In this blog, Mark Williams FIA, Chair of the Pensions Board at the Institute and Faculty of Actuaries, discusses what could arguably be the most critical pensions issue of our time.
Aviva releases first UK Insurer detailed climate reporting in line with TCFD detailing how they quantify climate risk
In July 2017 the Financial Stability Board’s Taskforce for Climate-related Financial Disclosure (TCFD) launched the final version of their recommendations on corporate disclosure, which Aviva Investors was involved in shaping. Aviva’s report sets out how businesses should disclose climate-related financial risks and opportunities within the context of their existing disclosure requirements.
The UK Asbestos Working Party periodically carries out market surveys of insurance company UK asbestos-related claims in order that they can estimate the future cost of UK asbestos-related claims to the insurance industry.
A new cross-practice working party has just been launched to explore the impact of Artificial Intelligence and automation on the work of life and health and care actuaries. The call for volunteers is online with an application closing date of 23 April.
Further working parties will be launched in 2019 on:
The Health and Care Board at the IFoA is planning to commission up to three new working parties in 2019. They are seeking feedback from members on potential topics for research, and would appreciate it if you could spare five minutes to complete thier online survey on research opportunities by 15 April 2019.
The Institute and Faculty of Actuaries’ (IFoA’s) Engagement and Learning Directorate are seeking to hear from applicants who would like to be considered for senior positions in Health and Care.
The Risk Management Board is championing exciting initiatives to grow a vibrant and thriving risk community and is looking for two new members who would like to be a part of this.
IFoA Disciplinary Board member Jim Webber takes a look back over the IFoA Disciplinary and Capacity for Membership Schemes in 2018. More detail is available in the Disciplinary Board’s Annual Report.
New Capacity for Membership Scheme
Last year marked a major change in our disciplinary process with the introduction of the Capacity for Membership Scheme on 1 February 2018.
The data visualisation working party was established in 2017, with Rob Black (Standard Life) taking on the role as Chair in March 2018. The main goal of data visualisation is to communicate information clearly and effectively through graphical means and, by maintaining a library of data visualisation techniques, their vision is that actuaries should have:
Support the IFoA’s research work on behavioural finance
The IFoA’s Actuarial Research Centre is sponsoring academic research into the behavioural aspects of pension scheme decision-making. This could be significant for actuaries working in the areas of investment advice, asset-liability matching, liability-driven investments and investment risk management, within institutional investors, such as insurance companies and defined benefit pension schemes.
Other actuary news
Added: Wed, 03/04/2019 - 11:10Most of the UK's pension industry expects collective defined contribution (CDC) schemes to fail, a survey by the Pensions Management Institute (PMI) has found.
Added: Tue, 02/04/2019 - 14:42Strong investment in intelligent automation (IA) technology has failed to deliver fast enough returns, with many projects stuck in pilot mode as firms struggle to scale.
Added: Mon, 01/04/2019 - 16:30A rising number of large and complex risks have rendered the Asian commercial insurance market unsustainable, Willis Towers Watson (WLTW) has warned.
Added: Fri, 29/03/2019 - 11:20An updated funding code due in 2020 could add £100bn to defined benefit (DB) pension scheme deficits in the UK and cause employer contributions to double, KPMG analysis has revealed.
Added: Thu, 28/03/2019 - 12:51UK financial services have suffered another quarter of falling business volumes, with growth in the investment management sector declining faster than at any point since the end of 2008.
Added: Wed, 27/03/2019 - 14:40Life insurers are failing to find value for money in actuarial consultants due to intrinsic weaknesses in the hiring process, a survey by Barnett Waddingham has uncovered.
Added: Wed, 27/03/2019 - 13:00Global businesses have failed to provide detailed and transparent workforce data in response to a request from more than 120 investors managing over $13trn (£11trn) in assets.
Added: Tue, 26/03/2019 - 13:00Insurance payouts for businesses struggling to cope with bad debts are at their highest level since 2009, the Association of British Insurers (ABI) has revealed.
Added: Mon, 25/03/2019 - 15:30The UK's 100 largest listed companies are set to transfer £300bn of pension liabilities to insurers through full buy-outs over the next decade, up from just £5bn today.
Added: Fri, 22/03/2019 - 17:11California could become the first US state to mandate climate-related financial disclosures for insurers after more than 60 public interest groups petitioned Insurance Commissioner Ricardo Lara yesterday.