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Tackling the winds of change with geospatial intelligence

The twelve named storms in the 2023/2024 storm season certainly made their mark. Insurance providers paid out a record breaking £585 million for weather-related damage to people’s homes and possessions last year. Delving further into the detail, claims for damage to homes from windstorms, flooding and frozen pipes in 2024 topped the previous 2022 record for the same claim types by £77m .
Posted on Friday Apr 4

Pension Scams Action Group on fighting pension fraud

This session provides crucial information from industry experts updating you on how PSAG is combatting pension scams. We were also joined by Chris Bell from City of London Police who talked about the new service which is replacing Action Fraud. The session concluded with a 30-minute Q&A, offering clarity on common questions asked. It is vital that the industry and savers report suspicions of pension scams and fraud, for more on how to do this and how to sign up to TPR’s pledge, watch the webinar today.

Key topics covered:
• PSAGs strategic overview
• PSAG in action: updates on fraud prevention efforts
• Replacing Action Fraud: The countdown to a new service from CoLP
Posted on Thursday Apr 3

Are your investment managers using every tool to reduce risk

Recent changes in the international political backdrop and polarisation in views has made responsible investment a trickier subject for some investment managers to navigate. However, it is important that they continue to tackle the largest risks to your investments, and ultimately your beneficiaries, and in my view they should be using all the leverage they are able to. An often-overlooked avenue is systemic stewardship.
Posted on Thursday Apr 3

Comparing risk corrections for illiquid liabilities

The International Capital Standard (ICS) introduces a new approach to discounting illiquid liabilities — one that includes an explicit credit risk premium. But how does it compare to Solvency II’s Fundamental Spread? And what might it mean for UK insurers already familiar with the Matching Adjustment? We break down the key differences and their potential impact. The International Capital Standard (ICS), finalised by the International Association of Insurance Supervisors (IAIS) in December 2024, marks a new chapter for Internationally Active Insurance Groups (IAIGs).
Posted on Wednesday Apr 2

Has Trumps stance on ESG impacted its growth

The principles of Environmental, Social, and Governance (ESG) remain a prominent force in shaping corporate strategies worldwide, though their application can vary depending on industry, company, and region. While certain sectors are re-evaluating their ESG focus, others continue to expand their commitment, with notable implications for the pensions sector. Understanding these dynamics is critical for actuaries as they assess long-term investment risks, sustainability goals, and corporate governance.
Posted on Tuesday Apr 1

March 2025 Edition of the Actuarial Post Magazine

The Spring Statement from Rachel Reeves was a little disappointing in its lack of clarity around pensions – not least the lack of clarity around the second stage of the DWP Pensions Investment Review. However, despite reports that the triple lock is close to being axed, it remains intact for now, even as the Chancellor grapples with spending cuts and tough fiscal choices. In this month’s magazine our cover article, Reimagining the Actuary, comes from Jamie Wilson from hyperexponential, looking at how technology is changing the profession.
Posted on Monday Mar 31

Devolution and LGR governance implications for the LGPS

2025 has got off to a hectic start for the LGPS with the ‘Fit for the Future’ consultation and planning for the year(s) ahead. That’s going to continue with a consultation due on New Fair Deal and miscellaneous changes to address discrimination; the 2025 valuations; not to mention and dashboards, McCloud, and good governance. In areas where devolution and local government reorganisation (LGR) are being fast-tracked, there could be more seismic changes which mustn’t get lost amongst the pressure of other fund priorities.
Posted on Thursday Mar 27

Driving the Sustainability Challenge in Claims

Join us for this MGAA Market Briefing delivered by Sedgwick. The session is delivered by Ian Gibb, National Technical Manager who explores how climate change has a direct impact on the insurance sector and reviews how taking a systems approach has real benefits to driving a more sustainable claim solutions. At the end of the session, participants will be able to: Explain how climate change has a direct impact on the insurance sector. Outline the importance of taking a systems approach to carbon reduction. List some options to reduce the carbon impact of claims
Posted on Wednesday Mar 26

Four key issues HMRC must fix on IHT in pension proposals

I believe there are four key issues that HMRC need to address in their proposals on how to apply inheritance tax (IHT) to pension benefits. The changes required are so fundamental a further consultation will be needed on the updated proposals to ensure they are practical to implement. On 30 October 2024 the Chancellor announced that IHT would be applied to unused pension assets for deaths on or after 6 April 2027.
Posted on Wednesday Mar 26

IFRS 17 Reporting Update

Fresh analysis from Fitch considers the current state of IFRS 17 reporting, revealing how close – or not – the standard has come to its original objectives of comparability and transparency. The adoption of IFRS 17 has driven significant change across the insurance industry. Despite the new global accounting standard’s goal of enhancing comparability and transparency, compliance has proven complex, with varying interpretations and approaches adopted by carriers across the life and non-life segments.
Posted on Tuesday Mar 25

Tracking risk, people and AI predictions 5 years after COVID

As working from home appears here to stay, effective leaders take a balanced and thoughtful approach to support employee wellbeing and organizational resilience. As business leaders mark the fifth anniversary of COVID-19 lockdowns, they take stock of the post-pandemic impact on people, risk and capital. Boards and senior management teams continue to pursue growth while managing risks and opportunities as they navigate a still increasingly complex world.
Posted on Monday Mar 24

Two thirds of employers embrace responsible pensions

Scottish Widows has revealed that more than two-thirds (69%) of employers in the UK now offer a responsibly invested company pension* - but less than half have it as their default option (44%), which puts the onus on employees to take action if they want to switch. However, Scottish Widows’ Responsibly Invested Pensions Report reveals that nearly two thirds (61%) of employees have no idea how to do that, highlighting a growing need for employers and advisers to educate workers on this issue.
Posted on Thursday Mar 20

Independent Trustee Survey 2025

Barnett Waddingham conducted a survey which reveals exclusive insights into the professional independent trustee (IT) market, offering a firsthand look at what to expect when working with an IT. They received over 220 responses to our survey from a range of individuals including member nominated trustees, company appointed trustees (non-ITs), company representatives and pension managers. What key insights are explored within the report
Posted on Wednesday Mar 19

PLSA Investment Conference 2025

The PLSA investment conference offered new pensions Minister Torsten Bell the perfect opportunity to showcase his determination to promote productive investment with a vision for fewer bigger schemes putting the trillions in UK pension pots to work. Torsten Bell: "We need to pay more attention to returns for Savers rather than just to costs or to savings rates important as both of those are"
Posted on Wednesday Mar 19

The fiscal value of treatment and prevention

LCP Health Analytics was delighted to recently convene a roundtable discussion exploring tractable solutions for aligning incentives around the full value of health. We know that medical interventions – both those that prevent onset of disease and those that effectively control disease preventing complications – have wider value beyond health and direct social care. This includes societal benefit (e.g. net productivity) and government value (e.g. fiscal value).
Posted on Tuesday Mar 18

AI and pensions affecting life expectancy

Since the mid-1800s, U.K. life expectancy has consistently increased despite the occasional shocks from major global pandemics or wars. Since the early 2000s, there has been excellent progress in reducing rates of death attributable to cardiovascular diseases and certain cancers. However, these improvements slowed in the decade leading up to the COVID-19 pandemic and only last year did mortality rates return to the relatively low levels achieved in 2019, just before that pandemic.
Posted on Monday Mar 17

Four ways to optimise your salary sacrifice arrangement

Salary sacrifice schemes, also known as salary exchange, which enable employees to receive some of their pay in the form of a non-cash benefit, have long been used to make employee benefits more affordable for employees. Now, with the average cost of employing someone set to increase by £900 a year due to national insurance increases, schemes ranging from bikes and childcare vouchers to pensions and holiday buy are set to becoming increasingly used.
Posted on Thursday Mar 13

The changing risk that comes with changing cars

Both new and used car sales are growing, according to the latest Society of Motor Manufacturers and Traders (SMMT) data(1) . In all, around 8 million new and used vehicles were bought in the past year. Every time a car is purchased, an insurance quote is sought, and insurance providers will vie for that custom assessment based on their evaluation of the risk. How deep that assessment process goes using data enrichment at the point of quote is up to each insurance provider.
Posted on Wednesday Mar 12

Rising climate risks demand strategies to build resilience

Torolf Hamm from WTW looks at how climate change is amplifying property damage and business interruption exposures, and how companies can better manage the risks and protect their organisation. Climate change is significantly amplifying property damage and business interruption exposures. This is due to the increasing frequency and severity of natural catastrophe events such as floods, wildfires and storms, which are often exacerbated by climate change.
Posted on Tuesday Mar 11

Reverting to the mean every night and day

With credit spreads hitting record lows for the millenium, future returns from IG look pretty thin. But that isn’t the whole story, with at least two other reasons for pessimism: asymmetry and mean reversion. Between ICE, St Louis Fred and Shiller’s interest rates data, we have over 100 years of US BBB spread levels, which allows us to analyse the behaviour of IG spreads.
Posted on Monday Mar 10

Losing weights the planned changes to the CMI Model

The Continuous Mortality Investigation (CMI) has proposed major changes for the next version of its Mortality Projections Model. We supported the CMI with its analysis and decision-making, but this blog reflects our own view rather than the CMI’s. The coronavirus pandemic was a serious challenge to the CMI Mortality Projections Model. A key principle of the model is that recent mortality rates are a good guide to the short-term future. That worked pretty well up to 2019, but the pandemic changed that.
Posted on Friday Mar 7

Turning the Tide can Parametric Insurance Keep the UK Afloat

In the era of big data, using parametric insurance solutions in the UK is increasingly essential. These solutions can expedite payments, ensure adequate coverage and foster long-term resilience. This article considers the advantages and disadvantages of parametric solutions, their current availability in the UK, and the potential future trajectory of the market.
Posted on Thursday Mar 6

Keeping one step ahead of the scammers

Scam communications are nothing new. That tempting offer of an inheritance from overseas that we didn’t know we were due, or a lottery win when no ticket was purchased. But times have changed, and scams are now terrifyingly convincing. A sophistication that has been accelerated by artificial intelligence (AI). The Economist reported this month that investment scammers are using (AI) in a variety of ways to dupe their victims and make their activities more efficient.
Posted on Wednesday Mar 5

2025 and beyond and the impact of LGR on LGPS valuations

Following the publication of the Government’s white paper on 16 December 2024, local government reorganisation (LGR) is proposed for two-tier areas and potentially some existing unitary councils. Devolution proposals include new powers and responsibilities for mayors, including responsibility for Police and Crime Commissioners (PCC), the Fire and Rescue Authority service, and the establishment of new mayoral strategic authorities. In this article, we explore the potential impact of reorganisation on the 2025 valuations, in terms of funding approach and contribution setting.
Posted on Tuesday Mar 4

How AI is transforming actuarial models

Insurance revenues have changed considerably in recent years, due to a combination of evolving economic conditions, regulatory changes, and changing customer behaviour. The growing awareness of personal risk, for example, has led to more interest and uptake in health insurance, with an 11% annual increase in new purchases and a 13% annual growth in existing holders increasing their cover. Yet while there have been more opportunities, there has also been increased competition and fleeting customer loyalty to contend with in the wider insurance industry.
Posted on Monday Mar 3