Latest IFoA news
Click to filter your search
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.
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.
Other actuary news
Added: Wed, 14/11/2018 - 14:40The International Accounting Standards Board (IASB) has today voted to delay the implementation deadline for IFRS 17 by one year to 1 January 2022.
Added: Tue, 13/11/2018 - 11:25Two in five British workers aged 46 to 55 do not know how much they have saved for retirement, despite closing in on the age they can access their pensions for the first time.
Added: Mon, 12/11/2018 - 15:00Cyber attacks are the greatest threat facing businesses in Europe, North America, East Asia and the Pacific, a worldwide survey of over 12,000 executives has found.
Added: Fri, 09/11/2018 - 14:30Italian insurance giant Generali has today announced that it will stop insuring the construction of new coal mines and plants as part of its commitment to tackling climate change.
Added: Wed, 07/11/2018 - 13:30Amazon is the platform most likely to cause widespread disruption to Europe's general insurance market over the next five years, a survey of insurers has found.
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.