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Mercer has published the sequel to its widely-cited 2015 “Investing in a time of climate change” report. The report models three climate change scenarios, a 2°C, 3°C and 4°C average warming increase on preindustrial levels, over three timeframes - 2030, 2050 and 2100. It assesses the effects of both climate-related physical damages (physical risks) and the transition to a low-carbon economy (transition risks) on investment return expectations.
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.
In this blog, Mark Williams FIA, Chair of the Pensions Board at the Institute and Faculty of Actuaries, discusses what could arguably be the most critical pensions issue of our time.
Aviva releases first UK Insurer detailed climate reporting in line with TCFD detailing how they quantify climate risk
In July 2017 the Financial Stability Board’s Taskforce for Climate-related Financial Disclosure (TCFD) launched the final version of their recommendations on corporate disclosure, which Aviva Investors was involved in shaping. Aviva’s report sets out how businesses should disclose climate-related financial risks and opportunities within the context of their existing disclosure requirements.
The UK Asbestos Working Party periodically carries out market surveys of insurance company UK asbestos-related claims in order that they can estimate the future cost of UK asbestos-related claims to the insurance industry.
A new cross-practice working party has just been launched to explore the impact of Artificial Intelligence and automation on the work of life and health and care actuaries. The call for volunteers is online with an application closing date of 23 April.
Further working parties will be launched in 2019 on:
The Health and Care Board at the IFoA is planning to commission up to three new working parties in 2019. They are seeking feedback from members on potential topics for research, and would appreciate it if you could spare five minutes to complete thier online survey on research opportunities by 15 April 2019.
Other actuary news
Added: Wed, 01/05/2019 - 14:45Venture capital investment dropped in the first quarter of this year from record heights in the last quarter of 2018.
Added: Wed, 01/05/2019 - 12:40Half of motorists think it should be unlawful for insurers to charge existing customers more than new customers for the same cover.
Added: Fri, 26/04/2019 - 15:00Eight of the 10 brands most praised by activist groups so far this year have been insurance and investment companies, a quarterly ranking by consultancy firm SIGWATCH has revealed.
Added: Thu, 25/04/2019 - 12:00Three out of five firms experienced at least one cyber attack over the last 12 months, compared with less than half in the previous year, a survey of 5,400 organisations has found.
Added: Wed, 24/04/2019 - 16:00Californian insurers will not be forced to disclose their fossil fuel business after insurance commissioner Ricardo Lara yesterday rejected a petition from more than 60 public interest groups.
Added: Wed, 24/04/2019 - 15:30Total capital in the global reinsurance industry fell by 5% to $462bn (£400.8bn) over 2018 after unrealised investment losses and mergers and acquisitions (M&A).
Added: Tue, 23/04/2019 - 18:03Pension scheme trustees must produce a chair's statement that is compliant with the law or face mandatory fines, the Pensions Regulator (TPR) has warned today.
Added: Tue, 23/04/2019 - 16:22The UK's financial services sector is facing a shortage of workers because it is seen as boring and fails to offer adequate social mobility, a survey by KPMG has uncovered.
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.