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The cyber attack of this quarter is Lockergoga. It is a ransomware targeting industrial firms. Norsk Hydro, a Norwegian aluminium producer, with initial estimates of losses at $41m due cost of lost production. Norsk Hydro has a cyber insurance policy with AIG as lead.
Nonetheless, claiming from cyber insurance policy is not straightforward. Earlier in the quarter, news broke out that Mondelez, the US food company, more popularly known for one of its brand Oreo, is suing Zurich $100m for refusing to pay out for the NotPetya cyber attack in 2017.
In this blog, Mark Williams FIA, Chair of the Pensions Board at the Institute and Faculty of Actuaries, discusses what could arguably be the most critical pensions issue of our time.
Aviva releases first UK Insurer detailed climate reporting in line with TCFD detailing how they quantify climate risk
In July 2017 the Financial Stability Board’s Taskforce for Climate-related Financial Disclosure (TCFD) launched the final version of their recommendations on corporate disclosure, which Aviva Investors was involved in shaping. Aviva’s report sets out how businesses should disclose climate-related financial risks and opportunities within the context of their existing disclosure requirements.
The UK Asbestos Working Party periodically carries out market surveys of insurance company UK asbestos-related claims in order that they can estimate the future cost of UK asbestos-related claims to the insurance industry.
A new cross-practice working party has just been launched to explore the impact of Artificial Intelligence and automation on the work of life and health and care actuaries. The call for volunteers is online with an application closing date of 23 April.
Further working parties will be launched in 2019 on:
The Health and Care Board at the IFoA is planning to commission up to three new working parties in 2019. They are seeking feedback from members on potential topics for research, and would appreciate it if you could spare five minutes to complete thier online survey on research opportunities by 15 April 2019.
The Institute and Faculty of Actuaries’ (IFoA’s) Engagement and Learning Directorate are seeking to hear from applicants who would like to be considered for senior positions in Health and Care.
The Risk Management Board is championing exciting initiatives to grow a vibrant and thriving risk community and is looking for two new members who would like to be a part of this.
IFoA Disciplinary Board member Jim Webber takes a look back over the IFoA Disciplinary and Capacity for Membership Schemes in 2018. More detail is available in the Disciplinary Board’s Annual Report.
New Capacity for Membership Scheme
Last year marked a major change in our disciplinary process with the introduction of the Capacity for Membership Scheme on 1 February 2018.
The data visualisation working party was established in 2017, with Rob Black (Standard Life) taking on the role as Chair in March 2018. The main goal of data visualisation is to communicate information clearly and effectively through graphical means and, by maintaining a library of data visualisation techniques, their vision is that actuaries should have:
Other actuary news
Added: Fri, 26/04/2019 - 15:00Eight of the 10 brands most praised by activist groups so far this year have been insurance and investment companies, a quarterly ranking by consultancy firm SIGWATCH has revealed.
Added: Thu, 25/04/2019 - 12:00Three out of five firms experienced at least one cyber attack over the last 12 months, compared with less than half in the previous year, a survey of 5,400 organisations has found.
Added: Wed, 24/04/2019 - 16:00Californian insurers will not be forced to disclose their fossil fuel business after insurance commissioner Ricardo Lara yesterday rejected a petition from more than 60 public interest groups.
Added: Wed, 24/04/2019 - 15:30Total capital in the global reinsurance industry fell by 5% to $462bn (£400.8bn) over 2018 after unrealised investment losses and mergers and acquisitions (M&A).
Added: Tue, 23/04/2019 - 18:03Pension scheme trustees must produce a chair's statement that is compliant with the law or face mandatory fines, the Pensions Regulator (TPR) has warned today.
Added: Tue, 23/04/2019 - 16:22The UK's financial services sector is facing a shortage of workers because it is seen as boring and fails to offer adequate social mobility, a survey by KPMG has uncovered.
Added: Thu, 18/04/2019 - 11:00Stewardship still only accounts for a small fraction of the asset management industry's activities, but redoubling efforts could present a huge opportunity for firms.
Added: Wed, 17/04/2019 - 15:10The value of global blockchain transactions is set to rocket over the coming years as financial institutions increasingly look to the technology to improve their bottom lines.
Added: Tue, 16/04/2019 - 17:40A record eight in 10 chief financial officers (CFOs) at large UK companies believe the long-term business environment will be worse after the country leaves the EU.
Added: Mon, 15/04/2019 - 18:00The UK's rising state pension age has significant potential to exacerbate social inequalities, with women and low-income workers likely to be among the hardest hit.