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The Pensions in a Global Context Working Party has used the World Bank pension policy framework to evaluate a range of pension system designs in seven countries around the world (Brazil, Canada, China, Germany, India, Nigeria and Sweden). The World Bank’s Five Pillar framework sets out primary evaluation criteria, which are adequacy, affordability, equity, predictability, sustainability and robustness.
The UN Intergovernmental Panel on Climate Change released a report last month warning that there is a very real risk that global warming could reach 1.5 degrees Celsius by as early as 2030. This poses significant risk to health, livelihood, food security, water supply, human security, and economic growth.
When properly insured individuals are injured in an accident, it is right that they are compensated for any resulting reduction in their quality of life. Institute and Faculty of Actuaries’ (IFoA) Public Affairs Manager Michael Williams blogs on the compensation solution that helps provide extra protections to injured individuals.
Tim Gordon, Chair of the CMI Mortality Projections Committee explains why providing more regular mortality analysis will help in the understanding of future longevity projections.
The IFoA IFRS 17 for General Insurers Working Party are hosting an interactive workshop that will work through the practical aspects of IFRS 17.
The workshop will split into groups to work through one of three case studies: personal lines, commercial lines, and inwards reinsurance. Each group will also look at the challenges of application topic by topic, e.g. contract boundaries, coverage units, PAA eligibility, among others.
The Risk Margin working party has two main objectives:
- What can be done to fix known issues with the risk margin, either within Solvency II or using potential post-Brexit flexibility?
- What should be the purpose of the risk margin, and how can that purpose best be fulfilled?
We are researching the issues, and are preparing a sessional paper, which we hope to present early in 2020.
Brighton played host to the 2018 PHC Conference, held in May, attracting 150 delegates and presenters. The attendees enjoyed two days of insightful and challenging presentations mixed with the opportunity to network with other actuaries working in the protection industries. This included a number of actuaries working outside the UK.
The IFoA is currently seeking experienced volunteers for vacancies in the Life practice area:
We’ve all had a good education and learned about everything from finger painting to Fibonacci numbers. But how many of us were educated about money; the importance of budgeting and saving for a rainy day; how bank accounts and debt works; and whether it makes sense to save for a pension or not?
IFoA publish Cyber operational risk scenarios for insurance companies
The research paper, published by the IFoA’s Cyber Risk Investigation working party was launched at the Sessional Research Event: Cyber Operational Risk Scenarios for Insurance Companies.