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Sustainable Development Goals: Resources

The financial services industry has a vital role to play in meeting the Sustainable Development Goals (SDGs). Whilst policymakers often focus on the roughly £150 billion worth of official development assistance, there needs to be an increased focus on the £300 trillion of capital in the global markets. If this £300 trillion is harnessed to support, rather than undermine, sustainable development globally it could be transformative in achieving the Goals.

Here is a list of useful resources from academics, businesses, industry bodies and supranational organisations that are engaging with the SDGs and considering how financial services can respond. Though this is not an endorsement of these reports, these will be of interest to those considering the role of the financial industry and the SDGs.  As such, we have provided links to the full reports and summarised the most salient points from an actuarial perspective.  If you would like to recommend any additional resources for this list then please send them to us, along with a summary, to policy@actuaries.org.uk.

Resources

ClientEarth (2017) Risky Business: climate change and professional liability risks for DB pensions actuaries and DB investment advisers

The ClientEarth reports highlight the legal and professional responsibilities of actuaries and investment consultants advising UK defined benefit pension schemes in relation to climate change. They illustrate some of the liability risks that actuaries and their clients may face if they fail to consider broader sustainability issues. The reports draw on the Pensions Regulator’s 2017 guidance, which clarified that DB pensions trustees should assess the materiality of climate change.

EU High-Level Expert Group on Sustainable Finance (2018): final report on sustainable finance

The aim of this group is to make sure that capital flows towards sustainable projects and serves society’s long-term goals. As the first priority it is working on changing the investment culture and behaviour of all market participants. This includes providing more financial and other incentives to choose and offer green products. The IFoA responded to its July 2017 consultation, stating that we need an appropriate price on carbon and an end to fossil fuel subsidies, as well as mandating fiduciary duty to consider ESG factors and improving financial disclosures.

Read the final report of the High-Level Expert Group on Sustainable Finance

International Actuarial Association a Discussion Paper on Climate Change and Mortality

This IAA paper was produced to raise awareness, among actuaries and others, of the likely long-term effects of climate change on mortality around the world. It includes:

  • some of the leading research in this area
  • the possible impacts on the global population and compares vulnerable populations with those covered by insurance and retirement programs
  • mitigation/adaptation efforts that have the potential to affect human health and life, both in adverse and favourable ways
  • possible quantitative modelling approaches to assess the net effect of climate change on mortality

Principles for Responsible Investment (2017): The SDG Investment Case

The Principles for Responsible Investment (PRI) considers 13 of the 17 SDGs directly investible (SDGs 1, 2, 3, 4, 5, 6, 7, 9, 11, 12, 13, 14 and 15) with the others either being Goals where the financial sector can assist in positive transformation (SDGs 8 and 10), or where the goals support positive financial activity (SDGs 16 and17). The PRI summarises macro and micro SDG investment risks and opportunities as follows: 

Macro/Micro Risks Opportunities
Macro By the nature of their investments, asset owners that choose to hold a diversified portfolio, investing in a wide range of asset classes and geographies, will be exposed to the global challenges that the SDGs represent. Failure to achieve the SDGs will impact all countries and sectors to some degree, and as such create macro financial risks. Achieving the SDGs will be a key driver of global economic growth, which any long-term investor will acknowledge as the main ultimate structural source of financial return.
Micro  The challenges put forward by the SDGs reflect that there are very specific regulatory. ethical and operational risks which can be financially material across industries, companies, regions and countries. Companies globally moving towards more sustainable business practices, products and services provide new investment opportunities.

United Nations Global Compact and KPMG (2015): Sustainable Development Goals Matrix - Financial Services

This Matrix provides industry specific ideas for action and practical examples for each of the SDGs. It identifies four themes dies this under four key themes:

  • Access: Improving access to financial services
    Increasing financial inclusion helps individuals to improve their financial resilience and independence. This applies within developed and developing countries. The report provides examples of where improving access to financial services has contributed to reduced poverty and hunger, improved population health and increased access to education (SDGs 1, 2, 3 and 4). The report also provides examples of where support for SMEs creates jobs and economic growth (SDG 8).
     
  • Risk: Leveraging risk expertise to directly influence customer & investor behaviour
    Improving information and data reporting aids market understanding of longer-term concerns and externalities, which enables investors to make informed decisions. In turn, this facilitates innovative pricing models which incentivise more sustainable living and production (SDG 12). There are already global, financial services-wide initiatives in place to address this, such as the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).
     
  • Investment
    Meeting the SDGs will require capital investment for example in renewable energy (SDGs 7 and 13) and other infrastructure projects (SDGs 6 and 9). The reports suggests this will impact asset managers in meeting the needs of impact investors, sovereign wealth funds in helping to de-risk institutional investors and institutional investors themselves taking a ;longer term investment horizon. projects (SDGs 6, 9). 
     
  • Cross-cutting issues including fiduciary duty, partnerships & corporate responsibility
    Cross-cutting financial issues include positively influencing ESG practices of corporate clients and investee companies with a positive role for stewardship and engagement. This can include assistance in the adoption of good practice principles, policies and risk frameworks to guide business transactions and investments. This could for example relate to internal practices in areas such as fair pay (living wage SDG 1, gender pay gap SDG5), diversity (SDG 10) and energy and waste (SDGs 7, 12 and 13).

World Benchmarking Alliance (WBA)

WBA’s mission is to provide everyone with access to information that indicates how companies are contributing to the SDGs. It will do so by developing, funding, housing, and safeguarding free and publicly available corporate sustainability benchmarks. It will rank companies on their sustainability performance and contribution to achieving the SDGs. It is hoped that this will enable investors, civil society, governments, and individuals to exert their full influence to improve corporate sustainability performance.

 

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Events calendar

  • 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.

  • Fully booked.

    Data Visualisation helps to communicate information clearly and effectively through graphical means.  This talk will showcase some visualisations that the working party has found useful for common actuarial situations.  The event is now full, however if you would like to join a waiting list, please email Barry_shannon@standardlife.com

  • Francophone Actuaries Meeting 2019

    Aviva, Saint Helen's, 1 Undershaft, London EC3P 3DQ, UK
    2 May 2019

    Spaces available

    L'Institut des Actuaires and French actuaries in the UK, partnered with Aviva, are delighted to be hosting their annual "l'afterwork" event for French speaking actuaries in the UK. The event will mix French and English interventions.

    Register via this link to be added to the guest list:  https://www.eventbrite.com/e/rencontre-annuelle-des-actuaires-francophones-londres-tickets-59758941603

     

     

  • Spaces available

    CPD

    CPD
    1.00 hours

    The CMI SAPS Mortality Committee and Mortality Projections Committee will be holding a joint webinar, aimed primarily at pension scheme trustees, describing considerations relating to setting longevity assumptions in 2019.

  • SIAS EVENT - Hurricane Clustering: A New Reality?

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

    Spaces available

    The 2017 North Atlantic hurricane season was one of the most active on record. We saw multiple hurricanes coming close together causing significant damage and human loss. The talk discusses whether 2017 was an exceptional year or indicative of what we expect to see in the near future, and the implications for (re)insurers.

  • 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.

  • DAG event - Can we overcome unconscious bias?

    KPMG LLP  Saltire Court,  20 Castle Terrace, Edinburgh EH1 2EG
    9 May 2019

    Spaces available

    This session will examine our biases, look at what it feels like to be an outsider and give attendees practical tools and actions we can all take to support and grow diversity and inclusion, within the profession. This session is also designed to meet the objectives of the IFoA’s Stage 3 Professional Skills Training for experienced members.

  • KSS event – IQ+EQ = Future Success

    Royal London, 1 Thistle Street, Edinburgh
    14 May 2019

    Spaces available

    In this interactive session, our facilitators, Russell Borland and Thomas Chalmers, Partners of UK-based coaching consulting firm, Leading Figures, will explore how we can enhance our EQ to make the most of our IQ. They will introduce an Emotional Intelligence framework developed by psychologist Daniel Goleman and provide participants with an opportunity to personally assess their own Emotional Intelligence.  To register please email Caitlin.stronach@royallondon.com

  • 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.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 Lochrin Square, 96 Fountainbridge, Edinburgh EH3 9QA
    15 May 2019

    Fully booked.

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond.  The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. Please note this event is now full, however, if you wish to join a waiting list, please email Dawn.Neil@willistowerswatson.com.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 West Regent Street Glasgow G2 1RW
    16 May 2019

    Spaces available

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond. The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book a place please email Dawn.Neil@willistowerswatson.com

  • How to protect SMEs from Cyber Attacks

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

    Spaces available

    The aim of this interdisciplinary symposium is to gain understanding and awareness of UK private SMEs about their insurance need as a part of cyber risk management and mitigation strategies.

  • Risk and Investment Conference 2019

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

    This year's event begins with a Professional Skills Training plenary to help build your CPD, followed by a formal drinks reception and dinner on the evening of 20 May.  The following day will then be a programme full of topical plenaries and workshops covering the latest trends and topical issues in the risk and investment sector with plenty of opportunities to network with colleagues and build your CPD.

  • LMS Invited Lectures 2019

    ICMS, The Bayes Centre, 47 Potterrow, Edinburgh EH8 9BT
    20 May 2019 - 24 May 2019

    Spaces available

    On May 20-24 2019, Prof Søren Asmussen (Aarhus University) will deliver a course on lectures on advanced topics in life insurance mathematics.  This will be held at the International Centre for Mathematical Sciences, Edinburgh, and will be accompanied by supporting lectures from Prof Corina Constantinescu (University of Liverpool) and Prof Andrew Cairns (Heriot-Watt University). To register, please visit https://www.icms.org.uk/LMSAsmussen.php.

  • Mortality and Longevity Symposium 2019

    ICC Birmingham, Broad St, Birmingham B1 2EA
    04-05 June 2019
    Spaces available

    The Mortality and Longevity Symposium aims to expand delegates’ horizons by giving a better view of the scope of current mortality research in a wide variety of relevant disciplines, and by providing a forum to discuss the implications for actuarial practice and it will be of interest to all actuaries concerned with setting or reviewing mortality and longevity assumptions, underwriters, demographers, epidemiologists, policy-

  • Protection, Health and Care Conference 2019

    ICC Birmingham  Broad St, Birmingham B1 2EA
    04-06 June 2019
    Spaces available

    The Protection, Health and Care Conference is an annual conference aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations. The conference uses a combination of workshops by individuals who work at the coalface and ‘big name’ experts to explore how innovation, technological/medical advances, the political landscape and other market development will impact the Protection, Health and Care markets.

  • 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

    Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (18 June) giving you the opportunity to develop your network. 

  • KSS event – FinTech and The Actuarial Profession

    EY, Atria One, 144 Morrison Street, Edinburgh
    19 June 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.

    To book your place, please email Barry_Shannon@standardlife.com 

  • 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. 

  • AGM and Presidential Address 2019

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 July 2019

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.