How do we build back better
Code: R&E1
Lead: Simon Jones
Detail: How do we reboot the economy and what should we/could we do differently? What are the overlaps/comparisons with Disaster Recovery and is there anything that can be learned from previous experience? What should the role of government be in this? What are the practical impacts that we could have? This affects actuaries as users of economic models but also affects the narrative for change that has been championed by the R&E Board.
Outputs: pending
What are the consequences of ignoring the boundary between the environment and humanity
Code: R&E2
Lead: Simon Jones
Detail: Interconnectedness, systems thinking, doughnut economics, planetary limits. Are we straying beyond other limits and could this all happen again? What do actuaries need to know. How does all this link to the SDGs?
We discussed the potential links from this area to the biodiversity WP.
Outputs:
- What is the goal as we build back better from the aftermath of COVID-19?
Josephine Robertson, MA FIA CERA MPH, with inputs from the workstream, discusses the importance of revisiting the definition of goals we strive to achieve while we rebuild our post-pandemic societies.
- Problems with targeting GDP growth
James Fisher, with inputs from within the COVID-19 workstream, discusses the potential drawbacks of using economic growth as the primary lens through which government policy decisions are made.
- Bringing sustainability to the forefront of COVID-19 recovery
Sheel Shah and Madhuri Kumar discuss redefining goals so that recovery from the pandemic is sustainable, resilient and equitable, and one that doesn’t ignore the planetary boundaries between humanity and the environment.
How do actuaries take individual ownership for considering R&E issues
Code: R&E3
Lead: Sandy Trust
Detail: Covid-19 has taught us that extreme outcomes can arise. How do we change behaviours (amongst actuaries) at a personal and professional level such that we start to consider such issues? Further, how do we get actuaries to think about things that are outside their comfort zone? Can we develop tools or communication mechanisms that are simple to convey to actuaries to help them consider R&E issues in their work that could be socialised widely? Need to be clear on the messages we want to convey before thinking about the vehicle through which they are conveyed.
Outputs: pending
What can we learn from Covid-19 numbers that could inform the future consideration of R&E issues
Code: R&E4
Lead: Simon Jones
Detail: There have been lots of numbers on things like emissions published over the last 4-6 weeks, but could also think about things like supply chains, food etc. What do they tell us about the scale of the change we have seen and the scale of the change that we need to see? How relatable or widely known are these numbers?
Outputs: Blog: Communicating actuarial concepts with real-world examples from the COVID-19 pandemic
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.
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Events calendar
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This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on the expected future changes. Through examining the transformation, we will highlight how the sector is and can use actuarial expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.
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Sessional Meeting: Covid-19 and the Effectiveness of ERM Frameworks
Online15 August 2022The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.
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Planning your answers in the online examination format
22 August 2022This webinar will discuss good exam technique, including various approaches candidates can take in managing their time completing their exams in the online format.
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This session is for new candidates and existing candidates where we will be discussing the practical steps you need to take leading up your exam and on the day. We will be discussing how to testing the online exam platform, downloading and uploading your paper and key information from the Exam Handbook.
The exam webinar is for candidates, new to IFoA exams and returning candidates, sitting in the September 2022 exam session.
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Balancing the short – and the long – term: the challenges of being a “sustainable” NED
6 September 2022The role of Non-Executive Directors has become increasingly challenging and critical over the past few years.
Big picture thinking, Governance knowledge, Independent mindset, Ambassador potential and Energy and commitment: these are the essential skills sought in a successful NED, according to the Chartered Governance Institute (UK & Ireland).
In parallel, Environmental, Social and Governance (ESG) criteria are increasingly key and used by investors to measure the sustainability and ethical impact of investing in an organisation.
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Is your ESG offering a misselling risk? This innovative concept can resolve that risk
7 September 2022This webinar will cover:
• Some background on the risks of misselling in an ESG context, including the DWS case
• Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities
• This tension can be resolved with a concept called Universal Ownership
• Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities
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How do CDC pension schemes smooth members' pensions?
23 September 2022In the UK, the idea of collective defined contribution (CDC) pension schemes is gaining more attention with the launch of the Royal Mail CDC scheme, the first of its kind in the UK. Our recent research on CDC plans investigates the sources of the putative benefits of CDC schemes: the smoothing of pensions for members. Using an attribution analysis to burrow into the scheme design, the reason for the smoothing of members' pensions is explained and understood.
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The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar. Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity. This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations. Attendees will be invi
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Social Care Agenda
11 October 2022Social care reform has long been on the to-do list for successive governments over the last two decades. In February, the government’s proposed reforms to adult social care [including cap on care costs] was published. Against this backdrop of funding promise and rising National Insurance taxation, in this session we will debate the resilience of these new proposals, the impact of future demand for care services and what role for the insurance industry and the important role it has played in long-term care funding in other countries where public-private partnership works.
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Health – Our Greatest Asset
2 November 2022Health contributes to happiness at the personal, family, community and societal level. Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.
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GIRO Conference 2022
ACC Liverpool21 November 2022 - 23 November 2022
We are delighted to announce the return of GIRO as an in-person conference, giving you an opportunity to connect with actuaries in your practice area. Join leading experts to discuss key issues, emerging ideas, and new research across the General Insurance sector.
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Life Conference 2022
ACC Liverpool Kings Dock Liverpool Waterfront Liverpool Merseyside L3 4FP23 November 2022 - 25 November 2022
Life Conference returns as an in-person conference in 2022, giving you an opportunity to connect with your peers and fellow actuaries in your sector, in person. You will also hear leading experts discuss key issues, emerging ideas, and new research across the Life insurance sector.
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Mortality and morbidity risk varies by variables such as age, sex and smoking. In traditional actuarial experience analysis, these variables, and certain combinations thereof can be explored. However, with the wealth of data now available it is becoming increasingly challenging to identify the key drivers of experience and account for the interaction between different variables. A univariate approach often compares apples and pears, for example males are more likely to smoke and have larger policies than females. Likewise, variable interactions are missed unless specifically included.
