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The Continuous Mortality Investigation (CMI) has released the latest annual update to the CMI Mortality Projections Model, CMI_2020.
Mortality rates in England and Wales in 2020 were on average 12% higher than in 2019 because of the coronavirus pandemic. This is the largest year-on-year increase in mortality rates since 1929, and mortality rates in 2020 were the highest we’ve seen since 2008.
The U.K. launched the word’s first mass COVID-19 vaccination on 8 December 2020. John Ng and Scott Reid explore whether the data supports early signs of immunity build up and mortality impact on people 80 years of age and above in England.
Actuaries are being urged to reacquaint themselves with the Pensions Regulator’s expectations with respect to dividend payments and the requirement to treat defined benefit pension schemes equitably (typically as an unsecured creditor of the sponsor). This follows the publication today of the report by the IFoA Working Party on the Impact of Dividends and other covenant leakage on Pension Scheme Funding.
Businesses are under intense pressure from investors, regulators, employees, and customers to get serious about sustainability, and ESG disclosures are often one of the first steps on this journey. Sharing information about carbon emissions, diversity and inclusion, anti-corruption policies, and other components of ESG is becoming a common activity among enterprise businesses. In fact, 90% of S&P 500 companies published a corporate sustainability report in 2019. Investors are also increasingly considering ESG as a standard aspect of the investment process.
The Grantham Institute has released a report which aims to set out a framework for commercial financial institutions that wish to incorporate climate concerns in scenario analysis. It focusses on key concepts that firms need to understand and put together in order to create transition scenarios for their business strategy and risk management. Climate financial scenario analysis is challenging. The climate transition will create structural economic change that is not straightforward to model.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers week 7 of 2021 (13 February to 19 February) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 2 March 2021.
The key points of this update are:
Richard Purcell summarises the discussions at the recent Health & Care board meeting.
The Financial Reporting Council (FRC) is carrying out a post implementation review of the Technical Actuarial Standards (TASs), and has issued a call for feedback for the current framework for TASs, Technical Actuarial Standard 100 (TAS 100) and potential actuarial standards in relation to IFRS 17. A second, later phase will focus on the sector-specific TASs.
The Covid-19 Actuaries Response Group (ARG) has been named as winner of the Judges’ Award for contribution to the industry in the Insurance ERM 2021 awards. This recognition of ARG’s work comes almost a year to the day since the group came together and just as it passed a key milestone of publishing its 100th bulletin.
Welcome to our roundup of the key regulatory news from 2020.
Below you will find a round-up of the key regulatory news stories from this year, which includes the publication of new standards, consultations, reviews and more.