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The introduction of the ‘pensions freedoms’ and the current low interest rate environment have both contributed to a relatively high level of transfer values from defined benefit schemes. Against this background the IFoA’s Current Pensions Review Working Party is undertaking some research into the way in which transfer values are determined, and would welcome members’ input to this process through the completion of this short survey. Responses are invited from those outside the Pensions Industry as well as those working within it.
The webinars will focus on key elements of the revised Actuaries’ Code and the IFoA Disciplinary process and there will be a selection of video and illustrated case studies to bring the discussion to life. You can also put questions via a live feed to our panel of experts and join in the debate wherever you are located.
Grahame Stott, Fellow of the IFoA and Chair of the IFoA’s Management Board, talks about his work experiences.
Q: Grahame, you describe yourself as a “businessman who happens to be an actuary”, why do you think that description fits you best?
The Institute and Faculty of Actuaries’ (IFoA’s) Life Research Sub-committee is seeking to recruit up to two new members, who could be Fellows or Associates or academics with expertise in actuarial, life insurance or related fields, to volunteer to join this sub-committee to help drive the development of actuarial practice in the Life area. The
Mercer has published the sequel to its widely-cited 2015 “Investing in a time of climate change” report.
The underlying climate-economy model has been changed and extended the time horizon to 2100. The long-term return impacts continue to be implausibly low, but Mercer now do a better job of highlighting the modelling limitations (e.g. “the resulting magnitudes are likely to be significantly underestimated”) and encourage focus on the relative rather than absolute results.
The Health and Care Research Sub-committee launched a member-led working party in 2018 to research mortality and morbidity of diabetes to understand how risk factors and good management of this conditions can impact outcomes.
We are delighted to announce that the 2019 Hachemeister Prize has been awarded to the IFoA/CAS International Reinsurance Pricing Working Party (representatives from working party in right image), for their paper 'Analysing the Disconnect Between the Reinsurance Submission and Global Underwriters' Needs'.
The cyber attack of this quarter is Lockergoga. It is a ransomware targeting industrial firms. Norsk Hydro, a Norwegian aluminium producer, with initial estimates of losses at $41m due cost of lost production. Norsk Hydro has a cyber insurance policy with AIG as lead.
Nonetheless, claiming from cyber insurance policy is not straightforward. Earlier in the quarter, news broke out that Mondelez, the US food company, more popularly known for one of its brand Oreo, is suing Zurich $100m for refusing to pay out for the NotPetya cyber attack in 2017.
Other actuary news
Added: Thu, 18/04/2019 - 11:00Stewardship still only accounts for a small fraction of the asset management industry's activities, but redoubling efforts could present a huge opportunity for firms.
Added: Wed, 17/04/2019 - 15:10The value of global blockchain transactions is set to rocket over the coming years as financial institutions increasingly look to the technology to improve their bottom lines.
Added: Tue, 16/04/2019 - 17:40A record eight in 10 chief financial officers (CFOs) at large UK companies believe the long-term business environment will be worse after the country leaves the EU.
Added: Mon, 15/04/2019 - 18:00The UK's rising state pension age has significant potential to exacerbate social inequalities, with women and low-income workers likely to be among the hardest hit.
Added: Fri, 12/04/2019 - 18:00Insurers will have to offer personalised policies delivered in real-time if they are to thrive in a 'post digital' era, consultancy firm Accenture has warned.
Added: Tue, 09/04/2019 - 16:10Around one in eight UK organisations think they will offer collective defined contribution (CDC) pension schemes within the next six years if the required legislation is passed.
Added: Mon, 08/04/2019 - 17:55World-leading insurance legislation has helped position the UK as the number one location for a mass-market rollout of connected and autonomous vehicles (CAVs).
Added: Mon, 08/04/2019 - 15:15UK car insurance premiums fell by £100 over three months after the government announced changes to the way insurers calculate whiplash compensation last December.
Added: Fri, 05/04/2019 - 15:41Millions of UK workers will start saving more for their retirement tomorrow, but less than half of employees even know the details, a survey by Aviva has found.
Added: Fri, 05/04/2019 - 11:09Investors are consistently underpricing the potential impacts of climate change on their assets, and need to reassess their vulnerability to an increasing number of risks.