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Since reforming in 2007 the UK Asbestos Working Party (“AWP”) is a source of expertise within the profession on matters relating to UK asbestos related diseases. It has been working towards a new UK insurance market estimate to provide assistance to actuaries having to estimate the reserves relating to UK asbestos related claims.
The Working Party has produced a central estimate, together with the models used to generate that estimate, to assist actuaries in setting their year-end reserves relating to UK asbestos related claims.
Karen Brolly provided an update from the Life Board.
The most recent Life Board was held on 18 November 2020 which coincided with the online Life Conference events. We should have been together in Edinburgh as part of the conference but as it was a rather wet and windy day in Scotland, I’m sure that some were glad that they hadn’t had to make a landing at Edinburgh airport earlier in the day.
The AI and Automation working party has recently published their interim report. In this report, they document their initial definition of AI and Automation, the aims of the Working Party and provide a review of applications of AI and Automation in Life and Health actuarial practice areas.
This IAA discussion paper summarises the main features and global trends in pension fund ESG risk disclosures. Pension fund ESG risks are important in terms of long-term fund performance and delivering members’ benefits, as well as in relation to wider societal impacts. Accordingly, ESG risk disclosures is a rapidly developing area.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers week 1 of 2021 (2 to 8 January) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 19 January 2021.
The key points of this update are:
Calling all GI Actuaries - have your say on Post-Brexit Solvency II
The following survey has been set up on behalf of the IFoA, to aid their response to HM Treasury on post-Brexit changes in Solvency II. The IFoA aims to submit a response in January 2021 (covering Life and Non-Life aspects) and survey results will be considered in this final write up.
The UK Government is looking for opinions on changes in SCR, Risk Margin, Discount Rates, Reporting, Climate Change and Matching Adjustment.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers week 53 of 2020 (26 December 2020 to 1 January 2021) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 12 January 2021.
The Institute and Faculty of Actuaries (IFoA) are undertaking a Diversity Monitoring survey to monitor effectiveness of our diversity and inclusion policies and processes and deliver the support and improvements our members need.
Feedback from the 2019 400 Club Diversity and Inclusion Survey, reemphasised the importance of capturing data on the make-up of our membership, to enable us to analyse and monitor the effectiveness of our diversity and inclusion policies and processes.
Louise Pryor introduces the IFoA climate change statement.
Climate change matters.
It’s increasingly being recognised as presenting major risks to everyone living on the planet. Governments and financial regulators are becoming increasingly concerned, and there’s gathering momentum around it in all areas of business and finance.