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Networking Event: The Stochastic Full Balance Sheet Model
27 July 2018
The IFoA invites you to a networking event on 12 September at Staple Inn Hall, London.
How much surplus do we require under a 1inX event?
This talk aims to answer this question and will include an introduction to the use of stochastic full balance sheet models in addition to discussing the application of such models within risk management.
Sessional Research Programme: new films available
27 July 2018
IFoA sessional events are filmed so that members who were unable to attend the events can still access the learning content.
Recent Life practice sessionals:
CMI publishes proposed “IP06” claim inception rates
27 July 2018
The CMI has released Working Paper 109, which contains a consultation on the proposed “IP06” claim inception rates of CMI income protection experience in the period 2003-2010.
Consultation responses should be sent to CMI by 30 September 2018.
Failing is a part of life
23 July 2018
Shubhanjali Gupta, fellow actuary, talks about what she learnt from her fails and how they have made her a better actuary.
Nothing holds more truth than the statement above if you are studying actuarial science. The journey from a student actuary to a qualified actuary is dotted with passes and fails. Results day is often filled with dread. Sometimes you get through with a pass and there are other times where you don’t. And it’s these fails that make it all the harder to get up and do it all over again. But you do; you have to.
Illiquid solutions for better DC outcomes
19 July 2018
The accessing illiquidity working party was commissioned to explore the practical challenges which exist for UK Defined Contribution (‘DC’) pension schemes in relation to investment in illiquid assets and to explore existing and potential solutions. As part of their research into available and potential solutions for this paper, they have spoken to key industry DC platform providers and fund managers to consider the potential for development and to understand their own views on the viability of various options
IFoA members win prize at International Congress
17 July 2018
Six members of the IFoA (Andrew Hitchcox, Chinu Patel, Chris Ramsey, Lok Ma, Marian Elliott and Tim Keogh) presented a sessional meeting paper on “IRM for DB Pension Schemes” in March 2017. This year, the paper was awarded the Best Paper Award in the IAA Consulting Actuaries Section of the International Congress of Actuaries 2018 in Berlin.
Read the article (page nine) in The Actuary
Heavenly rewards: impact investing
17 July 2018
In 2014, the Catholic Church put engagement with impact investing on the forefront of its agenda. Four years on, the Vatican has held its third conference on the topic with the focus being on health, climate change, migrants and refugees and youth employment. Read the full report by The Economist here.
Hot and Bothered? – Club Vita webinar recording available to download
17 July 2018
The recording of the Club Vita webinar, held on 4 July, to discuss both the current understanding of climate change and the potential implications for pension schemes and insurance companies, is now available to download.
The webinar recording covers what is happening now and what may happen in the future, how this will affect investments and pension scheme demographics and how the developing regulatory environment will affect those responsible for pension scheme funding.
Transition risk – time for fiduciaries to take action?
17 July 2018
Another week and yet more headlines around the energy transition and impacts on incumbents. The Financial Times reports that energy analysts Wood MacKenzie are now forecasting Peak Oil demand by 2036, earlier than the date many oil majors use in their scenario planning.
UK performance against Sustainable Development Goals – ‘must do better’
17 July 2018
The UK Stakeholders for Sustainable Development (UKSSD) have produced a report ‘Measuring up: How the UK is performing on the UN Sustainable Development Goals’. The report finds that while there are some pockets of good news, the most vulnerable people and places in our society are increasingly being left behind.
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Other actuary news
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Insurers warn of 'volatile' financial reporting arising from IFRS 17
Added: Tue, 31/07/2018 - 13:50Insurers face a significant challenge ensuring they do not introduce artificial noise or volatility into their financial reporting under the incoming accounting standard IFRS 17. -
Cyber security fears skyrocket in 2018
Added: Mon, 30/07/2018 - 17:18Security professionals across the world are more than twice as worried about data breaches and cyber attacks today than they were this time last year. -
Insurers continue to lag behind banking for customer service
Added: Mon, 30/07/2018 - 14:02The UK's insurance sector has failed to rank among the country's top 10 industries for customer service and experiences for a second year in a row. -
London set for 25% boom in elderly residents
Added: Fri, 27/07/2018 - 17:00London is set for a 25% increase in the number of residents aged 65 and over by 2026 more than in any other region in England, research by Just Group has found. -
Watchdog uncovers significant UK pension scheme audit failures
Added: Fri, 27/07/2018 - 14:47Nearly half of audit inspections carried out by the Financial Reporting Council (FRC) in 2017/18 found problems in the way pension schemes' valuations are reported. -
MPs call on government to axe Lifetime ISA
Added: Thu, 26/07/2018 - 18:28The UK government should abolish lifetime individual savings accounts (LISAs) just 16 months after they were launched, a cross-party group of MPs has said today. -
Insured losses from global natural disasters fall in first half of 2018
Added: Thu, 26/07/2018 - 13:00Natural disasters cost the global insurance industry approximately $21bn (£16bn) in the first half of 2018, far less than the average of $35bn recorded over the last decade. -
SMEs reveal appetite for more risk management advice
Added: Wed, 25/07/2018 - 13:30Half of small and medium-sized companies (SMEs) in the UK would welcome more expert advice on the risks facing their business, research from Allianz Insurance has found. -
The IFoA urge government to push ahead with new pensions dashboard
Added: Tue, 24/07/2018 - 17:10An online pensions dashboard could be the single most effective tool in ensuring UK adults receive an adequate income in retirement, the Institute and Faculty of Actuaries (IFoA) has said today. -
Eight in ten Brits fear they are not saving enough for their retirement
Added: Mon, 23/07/2018 - 14:00There is widespread confusion among British adults around the amount of money needed in retirement, with eight in ten not confident they are saving enough.