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Title and Status |
Description |
|---|---|
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Climate related risk Treatment of climate related risk in actuarial work, or wider actuarial influence in approach taken by firms to recognise and mitigate this risk.
Target launch Q1 2021 |
Climate related risks are systemic long-term risks that impact the work of actuaries in many areas. The 2017 IFoA Risk Alert called on actuaries to consider how these risks affect the advice they are providing. As a signatory to the Green Finance Education Charter, the IFoA is committed to report on progress in mainstreaming the principles and practice of green and sustainable finance. This information gathering exercise will look at current practices adopted by actuaries across all practice areas in the treatment and assessment of climate related risk. |
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Equity release mortgage product design and pricing Actuarial role in technical aspects and fairness in product design and pricing.
Target launch Q2 2021 |
The actuarial inputs to the design and pricing of equity release mortgages have a direct impact on long term financial products that are provided to the public. This is a broad and complex area utilising a wide range of actuarial skills including market and product knowledge, technical competency in areas such as option-pricing, property risk and longevity risk, as well as the requirement for clear communication. The review will look at current actuarial practice to understand the processes adopted and challenges faced when providing advice in this area. The review will also consider reserving approaches and the associated adherence to technical actuarial standards. |
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Actuaries as experts (in narrower fields) Actuarial roles acting in narrow, or less typical, fields of expertise and/or providing advice directly to individual clients or consumers.
Target launch Q3 2021 |
Actuaries act as experts in a number of situations to help courts or individuals resolve disputes or quantify long-term liabilities. Although relatively few actuaries carry out these types of work, the impact on their users may be significant and the importance of clear and effective communication is critical. The review will look at current practices adopted by actuaries acting as experts in a range of areas including an analysis of the types of advice given. An initial area of focus is likely to be Funeral Trusts. |
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Corporate pensions advice Advice given to sponsors (as opposed to trustees) in reaching agreement on actuarial valuations, investment strategy and on benefit design.
Target launch Q4 2021 |
Actuarial advice to sponsors is critical to the financing of DB pension schemes, which affects the long-term security of member benefits. Advice to sponsors may also affect the benefits payable to members. The range of advice in this area is potentially wider than the advice given to trustees, and may involve other professionals. The review will look at current practices adopted by actuaries in scheme funding, investment strategy (including settlement options) and benefit design. It will also cover the treatment of potential conflicts of interest. |
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Title and Status |
Description | Documentation |
|---|---|---|
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General Insurance: Involvement of actuaries in pricing for UK Home and Motor insurance Submissions still welcome, review of responses to date in progress. |
The IFoA is reviewing actuarial involvement in General Insurance Pricing for UK Home and Motor Insurance. This review aims to understand the role of actuaries in this key area of work, and to identify best practice as well as areas where training or guidance could be enhanced to better support our members. |
Please get in touch if you have any queries you would like to raise with the Review Team.
Contact Details
For more information please contact the Actuarial Review Team
Level 2, Exchange Crescent · 7 Conference Square · Edinburgh · EH3 8RA
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Events calendar
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Presidential Speaker Series - The New Long Life
Webinar26 January 2021Drawing from his most recent book “The New Long Life” and his longevity research Andrew J Scott will outline how longer lives and new technologies will fundamentally reshape how we structure our lives and transform the economy. As well as looking at the agenda this will set governments and corporates he will focus on the implications for you and how you prepare your future career.
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Pensions: Actuarial Factors used to Calculate Benefits in UK Pension Schemes
Webinar28 January 2021The IFoA’s Actuarial Review Team has published its first thematic review, which looked at the actuarial advice given by scheme actuaries to UK pension scheme trustees on setting transfer values and commutation rates.
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India Town Hall
Webinar28 January 2021
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann. -
Winter Thought Leadership Lecture with Vicky Pryce
Webinar3 February 2021What are the options for the world economy looking ahead?
In this Thought Leadership Lecture, Economist, Vicky Pryce, will be discussing world economic trends, including the differences in geographical performance and how output is recovering and where.
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Professional Skills Training Webinar - 9 February 2021
Webinar9 February 2021
Trust and Leadership for ActuariesLed by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:
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Health and Care Hot Topics webinar
Online webinar10 February 2021In this webinar, we have two presentations showing the latest research on the implications for life and health insurers of two key issues: genomics and pandemic risk.
Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.
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As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.
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Sub-Saharan Africa Town Hall
26 February 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann. -
MENAP Town Hall
2 March 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann.