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Current and planned reviews

Climate-related risk exercise - open and waiting for you

If you have an interest in climate-related risk we invite you to take part in this information gathering exercise. Your input will help us understand how actuaries treat climate-related risk across insurers, pension funds and other financial institutions. It will build a picture of how involved actuaries are in this crucial area and identify high-impact work being carried out and areas for future focus. The findings will be published in late 2021. Read President-Elect Louise Pryor's news article launching this exercise.


I would like to share my own individual experience, how can I do that?

Whether climate-related risk forms a significant part of your work or not, we want to hear from you. Our simple questionnaire asks you to provide some high-level information about you and the type of organisation you work for, although the questionnaire can be completed anonymously. It then asks you to describe how climate-related risk features in your work, including case studies. You should expect to spend around one hour completing this questionnaire.

As well as completing this questionnaire on your own behalf, please work with colleagues to complete the relevant questionnaire (below) on behalf of your organisation.

Please note: if you are a sole practitioner responding on behalf of your organisation, please go to the general questionnaire for organisations in wider fields.


My organisation would like to take part, how can we do that?

Consultancies and insurers should use these questionnaires. You are asked to provide a point of contact and some high-level information about your organisation, although the questionnaire can be completed anonymously. To help you capture information, some coordination across teams may be needed within your organisation. This will include providing high-level information on the resources you devote to climate-related risk, the impact and influence of these activities, as well as case studies of recent work in each area.

To help you prepare your response we have put together a “how to” document including a number of virtual examples to get you started.

Organisations working in wider fields (and sole practitioners) should use this questionnaire. You are asked to provide a point of contact and some high-level information about your organisation, although the questionnaire can be completed anonymously. You will then be asked to provide a more detailed account of how climate-related risk features in your work including case studies. This may involve some coordination with colleagues.


I’m not sure if this exercise is aimed at me or my organisation, should I be taking part?

This exercise is open to all IFoA members and the organisations they work for, both in the UK and globally. We hope that it is easy to identify the questionnaire that is right for you or your organisation. If you have questions or would like to find out more, please email the Actuarial Review Team. We look forward to hearing from you.

The deadline for submitting information to us is Friday 18 June 2021.


Current activities

Title and Status

Type Description Documentation

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.

 

Open to submissions

Information gathering exercise

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.

General Insurance: Involvement of actuaries in pricing for UK Home and Motor insurance

 

Closed to submissions

Thematic review 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.
  • Reporting Q2 2021

Planned activities 

Title and Status

Type Description

Equity release mortgage product design and pricing

Actuarial role in technical aspects and fairness in product design and pricing.

 

Target launch Q2 2021

Thematic review

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.

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

Thematic review

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.

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

Thematic review

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.

Contact Details

For more information please contact the Actuarial Review Team

reviews@actuaries.org.uk

Level 2, Exchange Crescent · 7 Conference Square · Edinburgh · EH3 8RA

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Events calendar

  • Spaces available

    Mathematical Futures: The Actuary in a World Transformed – Sir Adrian Smith will outline how advances in data science, machine learning and artificial intelligence in the world of big data will transform the nature of many industries, including financial services. The broader environment within which mathematics is applied will change rapidly, often led by innovative yet disruptive forces outside. These changes will undoubtedly have an impact on the work of actuaries - and the profession will need to adapt quickly to thrive.

     

  • Spaces available

    The General Insurance (GI) Spring Conference is a result of the General Insurance Lifelong Learning Committee (GILL) combining this year’s 'Current Issues in General Insurance' (CIGI) and 'Technical Issues in General Insurance' (TIGI) conferences into a virtual webinar series over 19 – 25 May that will be available to watch online globally.

  • CILA 2021

    Available to watch globally in May.
    19-21 May 2021
    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.

  • Spaces available

    This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.

    The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.

  • Spaces available

    Behavioural Science Webinar SeriesThe world is changing. The fourth industrial revolution, globalisation and the COVID-19 pandemic are up-ending traditional social and business norms around the world; changes that were once predictable and steady are now faster and more profound.

  • Spaces available

    Risk Management Webinar PrgrammeTools like python/R are being heavily used to provide end-to-end analytical solutions for risk management. They help to set up a framework/platform to collect risk data and work out stochastic analytics to provide insights into the risks faced by a firm, be it in any sector.

  • Spaces available

    The webinar will look at several aspects of intergenerational fairness and our panel of experts will challenge you, society, taxpayers and generations X, Y and Z on key aspects of DB v DC pensions, public v private sector pensions, state benefits and key aspects of sustainability.

  • Pensions Conference 2021

    Online webinar series
    16-22 June 2021
    Spaces available

    Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.

  • Spaces available

    Given our commitment to the safety of our members and employees, and as the easing of restrictions in respect of COVID-19 cannot be guaranteed at this point in time, we have decided to hold our AGM virtually again this year.

    The Business of the AGM

  • Spaces available

    Join newly inaugurated IFoA President Dr. Louise Pryor as she explores what we need to do to keep abreast of the changing world – and how we can seize the resulting opportunities – in her Presidential Address, ‘A Learning Society’

  • Spaces available

    This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.

    The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.

  • Spaces available

    The paper “Asset liability modelling in the quantum era” shall be presented by its authors, Tim Berry and James Sharpe, and chaired by Andrew Smith, Assistant Professor in the School of Mathematics and Statistics at University College Dublin.

  • Spaces available

    Risk Management Webinar ProgrammeInternal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible?  This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.