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The Risk Margin working party has two main objectives:
- What can be done to fix known issues with the risk margin, either within Solvency II or using potential post-Brexit flexibility?
- What should be the purpose of the risk margin, and how can that purpose best be fulfilled?
We are researching the issues, and are preparing a sessional paper, which we hope to present early in 2020.
Brighton played host to the 2018 PHC Conference, held in May, attracting 150 delegates and presenters. The attendees enjoyed two days of insightful and challenging presentations mixed with the opportunity to network with other actuaries working in the protection industries. This included a number of actuaries working outside the UK.
The IFoA is currently seeking experienced volunteers for vacancies in the Life practice area:
We’ve all had a good education and learned about everything from finger painting to Fibonacci numbers. But how many of us were educated about money; the importance of budgeting and saving for a rainy day; how bank accounts and debt works; and whether it makes sense to save for a pension or not?
IFoA publish Cyber operational risk scenarios for insurance companies
The research paper, published by the IFoA’s Cyber Risk Investigation working party was launched at the Sessional Research Event: Cyber Operational Risk Scenarios for Insurance Companies.
In this blog, Chloe Hung, Amazon best-selling author, talks about the range of specialities you can go into as you train as an actuary.
Traditional actuarial work is largely divided into three main areas: life insurance, general insurance and pensions. All three areas offer great career opportunities but there are pros and cons to each area.
Henry Thompson, IFoA Policy Manager explains why the UK political party conferences are such a great opportunity to highlight the expertise of the actuarial profession and promote the public interest
Ethical issues are rising in prominence and risk managers need to keep pace with a highly dynamic environment. Ethical questions span a wide spectrum – sustainable investing, customer outcomes and, increasingly, wider business practices, conduct and culture. Best practice corporate governance guidelines are now requiring risk managers to challenge decisions that involve ethical dilemmas.
The interim paper “ A Cashless Society: Benefits, Risks and Issues” assessed a number of key economic aspects with a view to balance the arguments, and documented a log of 20 risks and issues.
Now in its second phase of research, the Working Party is exploring further implications of a cashless society. This paper focuses on the environmental perspectives of a cashless society, and proposes to add a new issue to the register.
This paper explores four key areas:
A recent research report by the Grantham Research Institute at the LSE assesses the role of the independent Committee on Climate Change (CCC) in shaping UK climate policy. The report’s supportive conclusions enable lessons to be drawn for both domestic and international climate policymakers.
Other actuary news
Added: Tue, 06/11/2018 - 12:30Women in the UK will today start qualifying for the state pension at the same age as men, eliminating discrimination between the genders for the first time in 70 years.
Added: Mon, 05/11/2018 - 17:30One in four people approaching retirement in the UK are unaware that they have to pay tax on pension savings if they take more than 25% out as cash, a survey has found.
Added: Mon, 05/11/2018 - 15:40Last month saw the UK's service sector expand at the weakest level recorded since March, with continued Brexit uncertainty thought to be hindering growth.
Added: Fri, 02/11/2018 - 13:00Pension fund trustees will not be forced to report the risks that climate change pose to their investments after ministers refused to accept the recommendation from the Environmental Audit Committee (EAC).
Added: Wed, 31/10/2018 - 13:40The first half of this year saw the total value of mergers and acquisitions (M&A) in the global insurance market hit the highest level recorded since the financial crisis.
Added: Tue, 30/10/2018 - 15:30Asset managers have been told to prepare for massive change and disruption amid growing technological, environmental, demographic and social pressures.
Added: Mon, 29/10/2018 - 17:46Philip Hammond has announced that social care will receive an additional £650m in funding over the next financial year in his autumn budget today.
Added: Fri, 26/10/2018 - 16:15The International Accounting Standards Board (IASB) is reluctant to make revisions to IFRS 17 amid fears that changes could disrupt existing implementation processes.
Added: Thu, 25/10/2018 - 17:00UK savers have failed to claim around 1.6 million pension pots worth nearly £20bn at least six times more than previously estimated, the largest study of its kind has revealed.
Added: Wed, 24/10/2018 - 16:30The number of UK businesses with a master trust as their main defined contribution (DC) pension scheme is set to more than double over the next three years.