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Students at the IFoA may submit an appeal against an exam result decision if they think it is incorrect. If you are thinking about appealing please be aware of what grounds you can or can’t base this on.
The Pensions in a Global Context Working Party has used the World Bank pension policy framework to evaluate a range of pension system designs in seven countries around the world (Brazil, Canada, China, Germany, India, Nigeria and Sweden). The World Bank’s Five Pillar framework sets out primary evaluation criteria, which are adequacy, affordability, equity, predictability, sustainability and robustness.
The UN Intergovernmental Panel on Climate Change released a report last month warning that there is a very real risk that global warming could reach 1.5 degrees Celsius by as early as 2030. This poses significant risk to health, livelihood, food security, water supply, human security, and economic growth.
When properly insured individuals are injured in an accident, it is right that they are compensated for any resulting reduction in their quality of life. Institute and Faculty of Actuaries’ (IFoA) Public Affairs Manager Michael Williams blogs on the compensation solution that helps provide extra protections to injured individuals.
Tim Gordon, Chair of the CMI Mortality Projections Committee explains why providing more regular mortality analysis will help in the understanding of future longevity projections.
The IFoA IFRS 17 for General Insurers Working Party are hosting an interactive workshop that will work through the practical aspects of IFRS 17.
The workshop will split into groups to work through one of three case studies: personal lines, commercial lines, and inwards reinsurance. Each group will also look at the challenges of application topic by topic, e.g. contract boundaries, coverage units, PAA eligibility, among others.
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?
Other actuary news
Added: Mon, 03/12/2018 - 09:30In the summer of 2016, while deep in the Amazon jungle, two intrepid actuaries, Welshman Ceri Price and Londoner Natalie Podd, drifted under the rainforest canopy in their canoe.
Added: Sun, 02/12/2018 - 09:30December's deaths and marriages.
Added: Fri, 30/11/2018 - 14:30Insurers are increasingly worried that their investments will not achieve desired returns amid rising equity market volatility and risk, a global survey has found.
Added: Wed, 28/11/2018 - 11:00The pension industry is split on how to deal with guaranteed minimum pensions (GMP) equalisation following a landmark ruling that could add billions to UK schemes' liabilities.
Added: Tue, 27/11/2018 - 12:30Half of financial institutions with less than $250bn (£196bn) in assets are failing to use operational risk management (ORM) to inform their business strategies, a survey by KPMG has found.
Added: Mon, 26/11/2018 - 14:20Cyber attacks and data loss have overtaken regulation as the number one threat facing senior managers across the world, a survey of 161 business leaders has revealed.
Added: Fri, 23/11/2018 - 14:30More than half of the UK's leading life insurance companies expect to increase their spending on actuarial consultants over the next year, a survey has found.
Added: Thu, 22/11/2018 - 12:45UK companies are left with few options when their insurer refuses to payout on a claim, with policyholders only winning around one in three disputes over the last five years.
Added: Wed, 21/11/2018 - 15:48Insurance technology start-ups have already attracted more investments in 2018 than they did over the whole of last year, setting a new record for deal volume in the process.
Added: Tue, 20/11/2018 - 15:45The number of UK defined benefit pension schemes using fiduciary management rose by 9% over the 12 months leading up to June this year the lowest increase recorded since 2008.