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COVID-19 is causing a severe economic recession in the United Kingdom (UK) due to unprecedented government interventions to control the virus that was declared a pandemic on 11 March 2020 . In this bulletin Scott Reid, John Ng, Dr Chris Martin and Josephine Robertson focus on UK unemployment forecasts where the working group have provided an application using R-Shiny to enable actuaries to consider a range of expert opinions and functionality to create custom scenarios. The code for this is open access.
To achieve the Paris Agreement objective of limiting global warming to well below 2ºC, the Intergovernmental Panel on Climate Change (IPCC) showed that it is necessary for us to achieve net zero emissions by 2050. Governments and organisations are setting targets to have net-zero greenhouse gas emissions by 2050 (or earlier).
In this paper, members of the Actuaries Institute (Australia)’s Climate Change Working Group discuss the actions that are being taken around the world and domestically to achieve net-zero emissions by 2050.
Importance of Climate Related Risks for Actuaries by the IAA is the first of a planned series of papers that aim to create awareness and promote actuarial approaches in climate-related risk management and reporting. It discusses the main components of the climate-related risks relevant to actuaries, their implications, and the importance of climate-related risk to each category of actuarial work.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers weeks 33 to 36 of 2020 (8 August to 4 September) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 15 September 2020.
The key points of this update are:
Lawrence Habahbeh, Chair of the Resource & Environment MIG, and member of the COVID-19 action task force on Enterprise risk management and Investment impact for Life and Annuity Insurers, discusses the economic impacts of COVID-19 which demonstrate that, once again, Professor Hyman P. Minsky, who long argued that markets were crisis prone, is likely to be proved correct.
Mukami Njeru has been elected to IFoA council and was the first woman in Kenya to become a qualified actuary. We asked her about lockdown, studying and female representation.
How has lockdown been for you?
After passing her last written exam Canadian based IFoA Fellow Tanwi Kulkarni started missing the feeling of being in touch with her books and learning resources.
In this blog, Tanwi reflects on why she decided to experience the other side of the table and volunteer to take on both Guinea Pig 1 and Marker roles.
Why did I get involved?
Andrea Munley, GI Actuary, with input from within the COVID-19 workstream, demonstrates how real-life examples from the COVID-19 pandemic can be used to bring actuarial concepts to life in a simple way for a wide and diverse range of audiences
The Institute and Faculty of Actuaries (IFoA) has today launched a consultation on proposals to introduce a revised APS P1 on ‘Duties and Responsibilities of Members undertaking work in relation to pension schemes’. The revised APS has been produced by the Pension Standards Committee, with approval from the Regulation Board.
There is a growing demand for climate related information by a range of participants in the financial markets as creditors and investors seek access to better risk information. Understanding what climate related risks and opportunities are is vital to organisations.
The Task Force on Climate Related Financial Disclosures (TCFD) provides their recommendations in their online hub. These disclosures offer us all opportunities for supporting business transitions and influencing change.