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The future of UK flood policy

The increasing damage and disruption caused by this increase in flooding has had implications for the affordability of insurance. In an attempt to solve a burgeoning affordability crisis, the UK Government and insurance industry established the Flood Re reinsurance scheme which came into force in 2016.

This policy paper sets out the IFoA’s position on the achievements of Flood Re so far, and the longer term issues that various actors need to grapple with in order to ensure its success.

Key findings:

  • More needs to be done to ensure that flood defences are strengthened while the Flood Re scheme is in place. Flood Re is a temporary measure rather than a long term solution. If high risk of flood persists, insurance will continue to be unaffordable for those living in high risk areas.
  • Increased spending on flood defences is only part of what is required to ensure homes and businesses are sufficiently equipped to cope with future flooding. More joined-up thinking between government, environmental organisations, planners, homeowners and the insurance industry is necessary to help manage the risks associated with flooding.
  • The Government should create a workable, proactive, long-term strategy for dealing with flood risk. This means dealing with the root causes of flooding. A strategy needs to be implemented that recognises the changing nature of flooding and the impact of more frequent and extreme weather.

    Download the policy >

     

     

    Contact Details

    For further information, please contact the Policy Team at

    Policy@actuaries.org.uk

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    Events calendar

    • ARC Event on Periodical Payment Orders

      Staple Inn, High Holborn, London WC1V 7QJ
      20 February 2019

      Few spaces available

      The IFoA’s Actuarial Research Centre (ARC) is convening a research event on the subject of Periodical Payment Orders (PPOs) in late February 2019.

    • IFRS17 Workshop, 21 February

      Staple Inn Hall, High Holborn, London, WC1V 7QJ
      21 February 2019

      Spaces available

      IFoA Logo for EventsThe Life Board and Life Lifelong Learning Sub-committee are running this half-day workshop on IFRS 17.

      They will provide a detailed understanding of the key concepts of the standard, as well as discuss how implementation will impact people, process and systems.  They will also share views on how the new standard will change the way insurers are viewed in the market, and share perspectives from within and outside of the profession.

       

    • Data Science: Opportunities for Actuaries

      The IFoA's first virtual event   
      26 February 2019 - 28 February 2019

      Spaces available

      The IFoA are launching their first virtual conference on the topic of Data Science, that is free to attend. This is an exciting and forward thinking move to reach members all over the world and to share knowledge and discuss developments and techniques within data science.

    • Leicester Actuarial Science Society presents the 5th Annual Worshipful Company of Actuaries Lecture

      The University of Leicester, Ken Edwards Lecture Theatre 3 (see map and directions)
      27 February 2019

      Spaces available

      IFoA President-Elect, John Taylor will discuss his work on 'robo advice' and the implications of technology for the future of the profession, but also his thoughts about the immediate priorities for the actuarial profession based on his first year with the Presidential Team. 

      The Worshipful Company of Actuaries will also be explaining their work and presenting two prizes: one each to the best performing 2nd year and 3rd year BSc Mathematics and Actuarial Science student at the University during the session.

    • ARC: ERM Results Launch Event

      Staple inn Hall, High Holborn, London, WC1V 7QJ
      28 February 2019

      Fully booked.

       

      This event is now full. We do operate a waiting system for this event should there become availability, which you can register for here and be added to the waitlist. We will email everyone on the waiting list nearer the time to confirm whether there is availability for them to attend.

       

    • SIAS Event: Challenges and Opportunities for Actuaries Working in Data Science

      Staple Inn Hall, High Holborn, London, WC1V 7QJ
      4 March 2019

      Spaces available

      This talk will present examples of the use of data science in the General Insurance and Health and Care practice areas. It will highlight some of the opportunities and challenges for actuaries in using the latest data science techniques in these fields.

      1. Lisa Balboa will present on using predictive analytics to improve health care forecasting.
      2. Alexander Hanks will present a practical example of training a neural network to fit curves to general insurance claims data.
    • Highlights of the Life Conference 2018 - London

      Ect Venues, 200 Aldersgate, St. Pauls, London EC1A 4HD
      5 March 2019

      Spaces available

      IFoA event AllThis event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best sessions from the Life Conference 2018.  Book now to ensure your place.

    • Life and F&I One Day Workshop

      Staple Inn Hall, High Holborn, London, WC1V 7QJ
      11 March 2019

      Spaces available

      IFoA Event Logo AllThis cross-practice event for Life actuaries and those in finance and investments roles offers high-quality CPD with a series of thought-provoking presentations covering economics and financial markets, responsible investment, CMA review outcome, FCA requirements, asset analytics, and much more.

    • Spring Lecture 2019, Edinburgh - Sir John Curtice

      Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
      13 March 2019

      Fully booked.

      In conjunction with the Scottish BoardEdinburgh is now full. However, you can still register here to view the event live online, allowing those who cannot attend in person to stream the lecture to their computer, laptop, tablet, and phones wherever they are in the world. 
      We do operate a waiting system for each of the Edinburgh and London venues should there be availability, which you can register for here and be added to the waitlist. We will email everyone on the waiting list nearer the time to confirm whether there is availability for them to attend.
    • Spring Lecture 2019, Live stream at Staple Inn - Professor Sir John Curtice

      Staple Inn, High Holborn, London, WC1V 7QJ
      13 March 2019

      Fully booked.

       
      In conjunction with the Scottish BoardFollowing the popularity of this year’s Spring Lecture, delivered by Professor Sir John Curtice, an additional venue has been sourced for Members to attend a London Livestream event at the Lloyd's building. Please register here. Alternatively, you can still register here  to view the event live online, allowing those who cannot attend in person to stream the lecture to their computer, laptop, tablet, and phones wherever they are in the world. 
       
    • Sessional Meeting: Investment risk for long term investors - risk measurement approaches

      Staple Inn Hall, High Holborn, London, WC1V 7QJ
      18 March 2019

      Spaces available

      The term ‘investment risk’ is often used loosely, and frequently confused with the notion of short term price volatility, particularly for equity instruments. For the long term investor, however, what is most apposite is the ability to meet future real cash flows as they become due.

    • Highlights of the Life Conference 2018 - Edinburgh

      Apex Grassmarket Hotel, 31-35 Grassmarket, Edinburgh EH1 2HS
      19 March 2019

      Spaces available

      This event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best sessions from the Life Conference 2018.  Book now to ensure your place.

    • KSS event - FinTech and The Actuarial Profession

      Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
      20 March 2019

      Spaces available

      This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

    • Professional Skills Training - Edinburgh (26 March 19)

      IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
      26 March 2019

      Spaces available

      A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

    • Professional Skills Training - London (16 April 19)

      Staple Inn Hall, High Holborn London WC1V 7QJ
      16 April 2019

      Fully booked.

      Please register here to join the wait list

      A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

    • TIGI 2019 (Technical Issues in General Insurance)

      Royal College of Physicians, 11 St Andrews Place, Regent's Park, London, NW1 4LE
      25-26 April 2019
      Spaces available

      This General Insurance CPD offering has been changed from former years of individual one day seminars to include individual sessions for IFRS 17, Pricing, Capital Modelling and Reserving over a two-day event  packaged as Technical Issues in General Insurance, providing attendees with a varied program . The event is suitable for anyone who works, or are interested, in these areas.

    • Professional Skills Training - Edinburgh (30 April 19)

      IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
      30 April 2019

      Spaces available

      A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

    • IFoA Asia Conference 2019, Chengdu

      Crowne Plaza Chengdu Panda Garden, Poly Park 198, No. 1980 ShuLong Avenue,Xindu District, Chengdu
      09-10 May 2019
      Spaces available

      IfoA Logo for eventsOffering a diverse selection of plenary sessions and cross-practice workshops, the annual Asia Conference is the perfect opportunity to discover and discuss current and developing actuarial topics in Asia, whilst providing excellent opportunity to grow your network of contacts.

    • CILA 2019

      30 Euston Square, London NW1 2FB
      14 May 2019

      Spaces available

      CILA is one of the pre-eminent events in the annual Life calendar. It is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in or advise on, the life assurance market in the UK and Europe.

    • Risk and Investment one day Conference 2019

      Amba Hotel, Charing Cross, Strand, London WC2N 5HX
      20-21 May 2019
      Spaces available

      This year's Risk and Investment Conference will be taking place at Amba Hotel, Charing Cross, London.

      To book your place click here.

       

    • Sessional Research Event - Saving for Retirement: Rules of Thumb

      Staple Inn Hall, High Holborn London WC1V 7QJ
      20 May 2019

      Spaces available

      How much does the average person need to save over a full working life to provide a decent retirement income? We call this the Lifetime Pension Contribution (LPC) and have attempted to quantify it.

    • Professional Skills Training - London (12 June 19)

      Staple Inn Hall, High Holborn London WC1V 7QJ
      12 June 2019

      Spaces available

      A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

    • NED Event: Behavioural Finance and Boards

      Staple Inn Hall, High Holborn, London, WC1V 7QJ
      18 June 2019

      Spaces available

      Substantial work has been undertaken in the field of behavioural finance to explore the psychological factors affecting investment decisions made by individuals.  In contrast, “behavioural” factors (such as politics or human psychology) affecting decisions and actions made by institutional investors, such as insurers or pension schemes, are less understood.

    • Pensions Conference 2019

      Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
      18-19 June 2019
      Spaces available

      This year's Pensions Conference will be taking place at the Bristol Marriott City Centre.

    • Current Issues in General Insurance (CIGI) 2019

      Inmarsat, 99 City Road, London, EC1Y 1BJ
      19 June 2019

      Spaces available

      CIGI will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics.  The programme will be broad in nature, so will be of most value to those with some experience in the industry. 

    • Professional Skills Training - London (25 June 19)

      Staple Inn Hall, High Holborn London WC1V 7QJ
      25 June 2019

      Spaces available

      A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.