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The Financial Reporting Council, who are responsible for setting standards on technical actuarial work in the UK, are seeking views on their Actuarial Statement of Recommended Practice 1: Financial Analysis of Social Security Programmes. Technical actuarial work related to Social Security Pensions was identified by the FRC as representing a high level of risk to the public interest.
IFRS 17 is now expected to be implemented in 2022, following the IASB’s recent vote to propose a one-year deferral of the mandatory effective date.
This past year has seen firms establish IFRS 17 programmes to investigate the technical impact and the impact on systems and processes. The most significant change to insurance accounting in recent times has been discussed for at least twenty years but there is now a clear path to implementation of the rules across many countries globally.
Whether you’re a savvy saver or a serious spender, keeping track of money is big business in the finance sector – and it’s actually more interesting than you’d think. No, really!
We spoke with Abbie Woodrow about what it’s like to be an actuary (if you’ve never heard of it, we’ll let her explain!) and how she uses maths and problem-solving skills every day.
So, what exactly is an actuary?
The IFoA is undertaking its first all-member survey since 2011.
IFoA President Elect John Taylor explains why you should take advantage of this opportunity to make your voice heard.
As a member of Council, I have been lucky enough to meet a number of our members from across the globe at IFoA events. I find it incredibly valuable to hear directly from you, our members, about your hopes and fears for our profession, the challenges you face and how well you think we are equipping you to face these challenges.
John Taylor, IFoA President Elect discusses how actuaries are taking the lead in the emerging field of data science
When a topic generates a cloud of buzz-words ranging from “Big Data” to “Machine Learning” and “Artificial Intelligence” we can be sure that the core issue is one of public interest. Indeed, data science in all its manifestations is rarely out of the public eye as society grapples with the implications of the emergence of an incredibly powerful phenomena.
In this blog, Bethan Goddard, an intern at Barnett Waddingham, talks about her introduction to the actuarial profession and the things learnt along the way.
Having studied law at the University of Bristol for four years, to say I was outside my comfort zone at the start of my internship is a massive understatement. On day one at Barnett Waddingham, I had no actuarial, insurance or Excel experience. The list of things I didn’t know was endless.
GI Asia International Working Party are reporting on a Cyber risk event at which they presented.
As a working party, we’ve been giving thought to how, in practice, we would approach challenges that actuaries face on cyber risk. These may be reserving for a silent cyber loss, pricing a cyber extension or managing cyber exposures.
A ‘practical guide’ for pensions actuaries is helping members advising UK DB pension schemes to help their clients manage Resource & Environment (“R&E”) risks.
Make your views count
We will asking all our members to take part in a short, online survey later this month.
This is an important opportunity for you to tell us what you value and how we can improve the support and services we provide. The last time we undertook an all-member survey was eight years ago and we encourage all our members to take advantage of this opportunity to tell us what’s most important to you.
Ahead of the government’s long-awaited social care green paper, Policy Manager Henry Thompson introduces the IFoA’s new Social Care Policy Briefing series
Other actuary news
Added: Tue, 11/12/2018 - 10:09The Pensions Regulator (TPR) will scrutinise all defined benefit (DB) superfunds looking to enter the market while the government develops a new authorisation system.
Added: Mon, 10/12/2018 - 14:20A group of 11 insurance associations has written to the International Accounting Standards Board (IASB) reaffirming the need for a two-year delay to the introduction of IFRS 17.
Added: Fri, 07/12/2018 - 14:53Aviva, HSBC and Hermes are among a group of institutional investors with over $5trn (£3.9trn) in assets backing a 'just transition' for workers and communities when tackling climate change.
Added: Fri, 07/12/2018 - 13:00The Markets in Financial Instruments Directive II (MiFID II) has failed to boost competition, investor protection, and transparency in European bond markets.
Added: Thu, 06/12/2018 - 13:57Defined benefit (DB) pension schemes in the UK are increasingly worried about liquidity, with four-fifths expecting to be cash flow negative within five years.
Added: Wed, 05/12/2018 - 14:20The number of patients happy to turn to artificial intelligence (AI) for their healthcare is set to explode over the next five years, saving hospitals billions of dollars in the process.
Added: Tue, 04/12/2018 - 15:40Almost two-thirds of the UK's defined benefit (DB) pension schemes are running at a deficit, despite funding increasing to the highest levels recorded since 2014.
Added: Mon, 03/12/2018 - 13:12The UK government has today unveiled plans for a series of pension dashboards that would allow millions to keep track of their retirement savings easily online.
Added: Mon, 03/12/2018 - 13:00None of the US' nine leading insurers have taken action to stop underwriting or investing in the coal industry, undermining their European peers in the process.
Added: Mon, 03/12/2018 - 09:30There are many antiquities in the City of London, and some particularly fine ancient relics were on display on 20 September, when the Worshipful Company of Actuaries visited the London Mithraeum, an ancient temple to the Roman god Mithras.