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Paul Harwood, Member of the Risk Management Board, shares his thoughts.
About ten years ago, I came across a paper suggesting that there was a difference between risk and uncertainty. I passed over it at the time, thinking that this was pedantry of the worst kind. Then, as I became more involved in the risk world, the important distinction – especially for actuaries – became clear.
In short, a risk can be modelled, an uncertainty can’t.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. This week’s update shows the position as at week 32 of 2020 (1 to 7 August) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 18 August 2020.
The key points of this update are:
Four members of the IFoA COVID-19 Task Force share their thoughts as we emerge from lockdown and as they embark on their volunteering journey to investigate the impact of the pandemic on incomes and inequality.
Helena Ingram, Actuarial Mentoring Programme lead on the IFoA’s Diversity Advisory Group, and IFoA Lifelong Learning Board member, blogs on how the coronavirus crisis could lead to a more inclusive approach to learning.
This blog provides an overview of the impact of COVID-19 on open-ended property funds and is aimed at the interested observer within the industry; an understanding of property funds, fund management and insurance is assumed.
Lawrence Habahbeh, Chair of the Resource & Environment MIG, discusses the differences between government instability and hard core geopolitical risk and the leading risk factors driving geopolitical instability.
Simon Jones provides an update on the Resource & Environment Board as he steps down as Chair.
Our second fully virtual board meeting and yet another packed agenda reflecting the ongoing level of activity amongst the Board which continues to pick up momentum.
Jasvir Grewal has volunteered for the IFoA since 2013. She has been a member of several working parties, including the Model Risk Working Party and current membership of the Cyber Risk Working Party. In summer 2019, Jass also became a member of the IFoA’s Risk Management Board. Working in London, Jass is an Actuary with Arcus 1856 providing traditional and bespoke re/insurance solutions.
Scott Reid has been a volunteer Chair of the Health & Care Research Sub-Committee for the last 2 years and is a Fellow of the IFoA. Scott lives in London and works for Zurich Insurance Company Limited for a global team based in Zurich, Switzerland.