Our objectives

The Economics Member Interest Group (MIG) is led by the IFoA's Finance & Investment (F&I) Board to:

  • Raise awareness and understanding within the profession of actuaries’ use of economic thought, theories and models, the current debate about these, and the importance for users of actuarial advice and society.
     
  • Engage in meaningful discussions in various areas of economics, especially those relevant to our stakeholders. For example, in assessing implications for managing long term assets and liabilities and addressing the related risks and uncertainties.
     
  • Engage with interested parties outside the actuarial profession, including academics, to deepen the level of understanding of MIG members, to help pose and investigate questions of importance to today’s rapidly changing world.
     
  • Promote discussion and debate about the strengths and limitations of actuaries’ current use of economic thinking, and how existing and different approaches should be used by actuaries in future.
     
  • Develop thinking to help establish the IFoA’s position, where appropriate, to allow it to contribute to the wider economic debate.
     

This MIG hopes to achieve these goals through blogs, webinars, discussion fora, educational materials, discussion articles in The Actuary and elsewhere, and live events. It is open to both actuaries and non-actuaries.

Management Committee of the Economics MIG  

The MIG Managing Committee is set up to support the Chair develop and deliver the core objectives of the group. These individuals are:

  • Oliver Bettis (Chair)
  • Iain Clacher
  • Nick Foster
  • Steve Haberman
  • Henry Leveson-Gower
  • Lucy Saye
  • Alex Waite
  • Martin White

Getting involved

Keep informed of upcoming events and get involved by becoming a member of the MIG. Sign up by emailing the professional communities team via the link below. By signing up to this MIG you are confirming that your personal details can to be shared with the Managing Committee and members of the Economic MIG.
 

Sign up 
 

Outputs

The Economic Impacts of COVID-19 Digest 3 - 3 November 2020

The Economic Impacts of COVID-19 Digest 2 - 13 October 2020

The Economic Impacts of COVID-19 Digest 1- 30 September 2020

Webinar: Stimulating diverse economic thinking within the actuarial profession - 14 September 2020. Presentation slides

Resources

To be added in due course.

Contact Details

If you want more information about Member Interest Groups, or would like to start one, please contact the Professional Communities Team:

MemberInterestGroups@actuaries.org.uk

Filter or search events

Start date
E.g., 04/12/2021
End date
E.g., 04/12/2021

Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    Actuaries need to take action now - but how?  With a focus on climate change, this session will provide informed insight to enable you to improve your knowledge and understanding of the issues involved, demonstrate how it will impact advice to your clients, and highlight prospective opportunities for actuaries within pensions and wider fields.

  • Spaces available

    A joint webinar from the CMI Mortality Projections and SAPS committees that will cover: recent mortality experience in the SAPS dataset and the general population; the CMI Model benchmarking survey; the MPC 2021 interim update paper; plans for CMI_2021; and initial thoughts on possible "S4" Series pensioner mortality tables.

    The webinar will be presented by Cobus Daneel (Chair of Mortality Projections Committee) and Matthew Fletcher (Chair of SAPS Committee).

  • Spaces available

    Pension scams have become more prevalent as a result of the pandemic, and Trustees have increased responsibilities to protect members, which means that actuaries need to be in a position to provide advice in this area. Our specialist panel will include a professional trustee, an IFA and head administrator, two of whom are members of PASA.

  • Spaces available

    The Covid-19 pandemic creates a challenge for actuaries analysing experience data that includes mortality shocks.  To address this we present a methodology for modelling portfolio mortality data that offers local flexibility in the time dimension.  The approach permits the identification of seasonal variation, mortality shocks, and late-reported deaths.  The methodology also allows actuaries to measure portfolio-specific mortality improvements.  Results are given for a mature annuity portfolio in the UK

  • Spaces available

    In this webinar, the authors of the 2021 Brian Hey prize winning paper present a new deep learning model called the LocalGLMnet. While deep learning models lead to very competitive regression models, often outperforming classical statistical models such as generalized linear models, the disadvantage is that deep learning solutions are difficult to interpret and explain, and variable selection is not easily possible.

  • Spaces available

    The dominant underwriting approach is a mix between rule-based engines and traditional underwriting. Applications are first assessed by automated rule-based engines which typically are capable of processing only simple applications. The remaining applications are reviewed by underwriters or referred to the reinsurers. This research aims to construct predictive machine learning models for complicated applications that cannot be processed by rule-based engines.

  • Spaces available

    With the Pension Schemes Act 2021 requiring a long term strategy from Trustees and sponsors, choosing a pensions endgame strategy has become even more critical. However, it is important that the endgame options available are adequately assessed before choosing one. With an ever-increasing array of creative and innovative options available, this decision may not be straightforward.