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ClientEarth has recently published an article reporting that a member of Shell’s pension fund has warned that they will take the fund to the Pensions Ombudsman for maladministration – unless it can prove it is managing its climate-related risk.
ClientEarth is supporting the member’s case, which follows only two months after an Australian pension fund member launched a similar action against his pension fund.
The International Actuarial Association (IAA) has published a paper on decarbonisation.
Providing a briefing for actuaries across the Globe, the paper covers topics including; the main types and sources of greenhouse gas emissions; relevant international agreements; commitments made; the policies adopted; likely future developments; and, observations on potential actuarial implications.
We have updated the IFoA Directory of Opportunities to reflect changes to the IFoA’s governance structure.
The redesigned Directory of Opportunities provides an overview of the governance structure and highlights the many ways you can get involved. The directory is a helpful resource for existing volunteers and members interested in volunteering.
A lot of the IFoA’s energy goes into educating and regulating members. This is executed exceptionally well by our quality staff and enthusiastic volunteers, but I want to focus on the IFoA’s influence on policy and public debate. Three years ago, when I joined the Life Board, we would receive a consultation of some form – late. We’d have a week to catch-up and produce something of sufficient quality to at least respond. Thanks to the work of the IFoA Policy staff, and the Life Standards and Consultations Committee, we then got into a position of getting the consultations when they were
The IFoA will host a networking event on 28 November at Staple Inn Hall, London.
Speaker Lisa Altmann-Richer will draw on the latest developments in machine learning and big data to present a framework for how predictive analytics could be used to help improve the forecasting of demand for health care services.
Malaysia: A new set of mortality tables has recently been published – M1115, based on the study of Malaysian assured lives from 2011 to 2015. The defined benefit market is not very large (besides the civil servants pension fund, which is). Private sector defined benefit (DB) plans that do exist typically pay lump sums at retirement, so this change will not be expected to materially affect retirement scheme liabilities.
The Risk Management in a Digital World Working Party will present their report and findings at the Sessional Research event on 22 October in Edinburgh, and will use the opportunity to launch their “Guide for Risk Considerations During the Innovation Journey”, in order to support the further development of risk considerations in decision making throughout the InsurTech investment process.
We are currently recruiting for the following volunteer roles:
- Risk Management Actuarial CRO Group - Deputy Chair
- Risk Management - GDPR Working Party - members
- Risk Management - Wider Fields Group - members
- Risk Management in a Digital World Working Party - members
The World Benchmarking Alliance (WBA) aims to help business measure progress against the United Nations’ (UN)’s Sustainable Development Goals (SDGs), by developing free, publically available benchmarks which will rank companies on their contributions to achieving the SDGs.
One of the key concerns with climate change, is the risk of non-linear irreversible climate tipping points, which could lead onto more significant climate change.
This paper explores at what temperature these tipping points may occur, concluding that a 2°C temperature rise may well break the upper safe limit.
Other actuary news
Added: Wed, 24/10/2018 - 13:40A global insurance protection gap of $163bn (£126bn) threatens the livelihoods of millions of people across the world, with poorer countries some of the most at risk.
Added: Tue, 23/10/2018 - 11:00UK insurers dispute nearly half of all large commercial claims, with many businesses thought to have a poor understanding of the conditions and limitations of their policies.
Added: Mon, 22/10/2018 - 17:45UK insurers have been told to review the management of with-profit funds after research from Barnett Waddingham found significant variations in returns.
Added: Fri, 19/10/2018 - 13:10Nine insurance organisations have written to the International Accounting Standards Board (IASB) calling for a two-year delay to the introduction of IFRS 17.
Added: Thu, 18/10/2018 - 18:15The majority of UK employers believe the current pension tax structure is too complicated, research from the Association of Consulting Actuaries (ACA) has found.
Added: Mon, 15/10/2018 - 14:06The Bank of England's Prudential Regulation Authority (PRA) has today published a consultation paper outlining how insurers should best manage the financial risks of climate change.
Added: Mon, 15/10/2018 - 12:00UK drivers saw their car insurance premiums rise for the first time in 12 months over the latest quarter, according to data from Confused.com and Willis Towers Watson (WLTW).
Added: Fri, 12/10/2018 - 15:44The entire cryptocurrency market is on the brink of collapse following a steep decline in the value of Bitcoin over the last year, according to analysis by Juniper Research.
Added: Thu, 11/10/2018 - 18:13Pharma and biotech firms have attracted well over $19bn (£14.4bn) in venture capital investment worldwide this year, considerably more than was recorded over the whole of 2017.
Added: Thu, 11/10/2018 - 17:00There are now more people that would choose to make their insurance claims online rather than deal with a human being, a poll of over 2,000 UK adults has found.