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Launch of the World Benchmarking Alliance
11 September 2018
Mark Wilson of Aviva will formally launch the World Benchmarking Alliance (WBA) on 24 September, at an evening reception at the New York Public Library on the margins of the United Nations General Assembly 2018.
The WBA is supported by over sixty leading organisations and aims to provide consistent, comparable and publically available corporate benchmarks to measure and compare performance of companies on the Sustainable Development Goals.
AODP Ranks Pension Funds on Climate Change
11 September 2018
The Asset Owners Disclosure Project (AODP) has ranked the 100 largest global pension funds on their approach to climate change. Overall, the pension sector houses stronger leaders than the insurance sector, but also more laggards, with around 1/3rd of funds disclosing no public information on climate change. In 2017, the Financial Stability Board’s Task Force on Climate Related Disclosures recommended that all publically entities should disclose on climate related risks and opportunities.
PRI Launches Impact Investing Market Map
11 September 2018
The Principles for Responsible Investment (PRI) launched the Impact Investing Market Map (the Market Map). Its goal is to bring more clarity to the process of identifying mainstream impact investing companies and thematic investments so that asset owners and fund managers can better assess opportunities in this market.
Support the Life Board and the Life practice area
11 September 2018
The Life Board oversees a wide range of technical work, such as sponsoring member-led research, organising high quality conferences and even
LIBOR working party summarise open consultations
10 September 2018
There are currently two open consultations connected with Interbank Offered rate (IBOR) reform, the ISDA consultation on IBOR fallbacks and the Bank of England (BoE) consultation on Term SONIA rates.
The ISDA consultation is concerned with agreeing fallbacks which will apply to derivatives contracts referencing IBOR if it is discontinued.
There are two distinct parts to the consultation:
1. To determine how to adjust the relevant risk free rates (which are overnight rates) to be consistent with the IBOR rates (which are published for 1,3,6 and 12 month tenors)
IFoA welcomes delegates from China
6 September 2018
IAMAC engages with the Pensions Board
In June 2016, the IFoA signed a Memorandum of Understanding with the Insurance Asset Management Association of China (IAMAC) becoming its second strategic partner outside China.
Common reasons why people become actuaries
6 September 2018
In this blog, Chloe Hung, Amazon best-selling author, describes some of the common reasons why people become actuaries.
With a career as an actuary continuing to remain popular, here are some reasons why students want to work in this field.
1) Passionate about maths
As actuarial science is a numbers-oriented field, all aspiring actuaries should be interested in numbers. This is usually the main reason why students want to become an actuary. As an actuarial student, you’ll be joining other individuals who are passionate about maths.
The Cashless Society Working Party publishes an update on Negative Interest Rate Policies
5 September 2018
The Cashless Society Working party’s interim paper on “Benefits, risks and issues” explored the mechanics of Negative Interest Rate Policies. A number of countries have implemented NIRP, as well as other unconventional monetary policies.
What have we learnt to date? This addendum complements formal studies mostly dating from late 2017, with relevant news reports on 2018 Q1 and Q2 developments and commentaries:Time to renew your IFoA membership
31 August 2018
In the past year our member’s support has enabled the Institute and Faculty of Actuaries (IFoA) to deliver over 170 events, conferences and webinars, launch our Lifelong Learning offering and ensure our voice was heard on relevant issue at the heart of policy making; on Government Select Committees, in key policy consultations and our
Sessional Research Event : Cyber Operational Risk Scenarios for Insurance Companies
30 August 2018
Cyber risk is routinely cited as one of the most important sources of operational risks facing organisations today. Further, in recent years, cyber risk has entered the public conscience through highly publicised events involving affected UK organisations such as TalkTalk, Morrisons and the NHS. Regulators and legislators are increasing their focus on this topic, with GDPR a notable example of this.
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Other actuary news
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Insurance industry predicts rise in cyber-related losses over next year
Added: Wed, 19/09/2018 - 18:00The majority of insurance companies worldwide are expecting an increase in cyber-related losses over the next 12 months, with the frequency of large-scale attacks also predicted to rise. -
Positive outlook expected for UK life insurers
Added: Wed, 19/09/2018 - 15:35Life insurers in the UK can look forward to a period of stability over the next 12 to 18 months, with strong operating profits underpinned by continued solvency resilience and increasing demand for products. -
Pension funds shifting towards more complex investment portfolios
Added: Wed, 19/09/2018 - 15:10The majority of institutional investors like pension funds are increasing overhauling their portfolios in search of greater returns, with two-thirds having added at least one new asset class over the last three years. -
Two-thirds of large businesses considering blockchain technology
Added: Tue, 18/09/2018 - 13:40Nearly two-thirds of businesses with over 10,000 staff are at least considering new blockchain projects, up from around half last year, a new survey has found. -
Fossil fuel demand to peak in 2020s
Added: Wed, 12/09/2018 - 13:30Rapid growth in renewable energy and clean technology will see fossil fuel demand peak over the next decade, leaving trillions of pounds worth of investments at risk. -
Small insurers failing to step up IFRS 17 preparations
Added: Tue, 11/09/2018 - 18:28Just one in ten insurers with less than $1bn (£770m) in premiums worldwide have started the design or implementation phase for incoming accounting standard IFRS 17. -
Majority of firms unsure who should manage cyber security
Added: Mon, 10/09/2018 - 17:00The majority of executives worldwide are not sure who should be in charge of their firm's cyber resilience, with most facing a specialist or generalist dilemma. -
Most top pension funds risk breaching their legal duties on climate change
Added: Mon, 10/09/2018 - 12:40Almost two-thirds of the world's 100 largest public pension funds give very little or no information on the financial implications of climate change on their investments. -
Almost two million more UK workers saving for a pension since 2016
Added: Thu, 06/09/2018 - 16:50The introduction of workplace pension auto-enrolment has resulted in almost two million more UK workers saving for retirement since 2016, new data shows. -
More than 36 million Brits lack financial safety net
Added: Wed, 05/09/2018 - 18:13