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Technology transforming insurance from AI to Cyber Risk

The insurance industry is undergoing a significant transformation, driven by rapid advancements in technology. From property and casualty to life insurance, the role of digital solutions has never been more important. Today, it’s almost impossible to imagine a successful, compliant insurance business without technology at its core. But how exactly is technology reshaping the insurance landscape? And what does it mean for the future of actuarial work, AI, and cyber risk?
Posted on Tuesday Jan 21

Football Governance Code overhaul are we game

English football is on the brink of a governance overhaul with the Football Governance Bill 2024. We look at what clubs and leagues need to be prepared for. Introduced to Parliament on 13 November 2024, the bill represents a bold attempt to address the long-standing challenges of financial mismanagement, governance failures, and the need for stronger fan representation in the game. This latest iteration aims to establish an Independent Football Regulator (IFR) to oversee financial sustainability, governance standards, and fan engagement across the top five tiers of English men’s football.
Posted on Friday Jan 17

LCPs new Scheme Stewardship platform

The Pension Playpen forum on LCPs new Scheme Stewardship platform
Posted on Thursday Jan 16

LGPS: Fit for the future

Ahead of the government’s LGPS: Fit for the future consultation, closing Robbie McInroy, Head of LGPS Client Consulting, Hymans Robertson says: “It is disappointing to see that the general premise of the pension investment review and consultation has been that the LGPS is in poor health. It implies it is inefficient, fragmented and ‘not fit for the future’. We do not believe that this is the case.
Posted on Wednesday Jan 15

Whats in store for Life and Health and Reinsurers in 2025

Forecasting the future can be a notoriously tricky business, for reinsurers or anyone else. Ask Robert Metcalfe, the US tech pioneer and inventor of Ethernet technology who 30 years ago predicted in a magazine column that the internet "will soon go spectacularly supernova and in 1996 will collapse." Even though Metcalfe's crystal ball was wildly off target, I still believe looking ahead with a critical, thoughtful eye has real value. As an actuary by profession, I know how life insurers and reinsurers are compelled to take risks built upon decades of predictive thought about the future.
Posted on Tuesday Jan 14

5 questions trustees must ask on insurer financial strength

Choosing the right insurer for a buy-in transaction is one of the most significant decisions that trustees of a defined benefit scheme will ever make. It’s essential to understand how the insurer and the UK regulatory regime will deliver long-term security for your members. While it can offer clear benefits in terms of security, the setup of insurers is highly complex and the regime is not intended to be a zero-failure regime. How can trustees and sponsors ensure they’re making informed and confident decisions? By asking the right questions.
Posted on Monday Jan 13

Paris 2024 Olympics a risky business

How can excellence in sport be insured, when this ideal is confronted to the harsh reality of multiple pressures: socio-political, technology, climate and ESG. Olympic games evoke world records and superlatives: athletes were not the only ones expected to excel in Paris; but also a complex supply chain of organizers and suppliers planning for years the world’s largest sports event; one critical component, often overlooked, is insurance.
Posted on Friday Jan 10

COP29 and lessons for investors

COP29 faced criticisms around lobbying and lack of scale of action, but some important agreements were completed. For example, $300bn per year for developing nations was agreed to address climate issues. This was less than the target £1.3trn, with the remainder to be sourced from elsewhere, including private markets, which pointed to opportunities to invest in emerging market energy-transition solutions.
Posted on Wednesday Jan 8

Navigating changes to Solvency II for UK insurers

The UK’s solvency regulations are amended by PS15/24, released by the Prudential Regulation Authority (PRA) in November 2024. With changes to reporting, permissions, and waivers, many updates took effect from 31 December 2024 — making it essential for insurers to act now. On 15 November 2024, the PRA released PS15/24, completing the initial review of Solvency II regulations as they apply in the UK. While much focus over the last couple of years has been on reforms of the Matching Adjustment, PS15/24 was an early Christmas present relevant for all firms.
Posted on Tuesday Jan 7

A Paradise of Love and Joy a Set of Payments Unknown

Unexpected cashflows – and where they could come from. CDI continues to grow in popularity, and as DB schemes see their funding levels improve this is expected to continue. Regulation is likely to change, allowing money to be taken from schemes, and this will probably encourage more schemes to run-on, with low-risk strategies, again furthering demand for CDI. That said, regular readers will suspect there’s a ‘but’ coming, and there are definitely reasons to question how to do CDI well.
Posted on Monday Jan 6

Protecting coral reefs with parametric insurance

Coral reefs are under considerable threat from climate change, with a fourth global mass coral bleaching event confirmed this year. The second in the past decade. As climate change intensifies, parametric insurance could play a crucial role in protecting these vulnerable ecosystems from escalating stresses. In April, the Coral Reef Watch (CRW) at the U.S. National Oceanographic and Atmospheric Administration (NOAA) confirmed the world’s fourth recorded global coral bleaching event — following those in 1998, 2010 and 2014 to 2017.
Posted on Thursday Jan 2

Regulations consultations and guidance oh my

The FCA has recently come under criticism from the All-Party Parliamentary Group on Investment Fraud & Fairer Financial Services, who called into question the watchdog’s competence and integrity. The FCA, understandably, has strongly rejected this characterisation, referencing recent lessons and a transformation of the organisation. Whether you are an impartial observer, or have already taken a stance on the performance of the watchdog, it is difficult to argue that we've experienced a ‘tornado’ of recent regulatory activity.
Posted on Monday Dec 30

Solvent exit planning now the way is clear

For many, work begins to wind down ahead of the festive period. However, just when you think nothing exciting can come up, the Prudential Regulation Authority (PRA) has stepped in and issued the long-awaited policy statement on solvency exit planning for Insurers - something to sink your teeth into besides turkey. So, what exactly are we dealing with? The PRA issued the initial consultation for insurers in January 2024 and the requirements remain relatively unchanged for most insurers.
Posted on Tuesday Dec 24

2024: Six pension policies and a general election

As we look ahead to the new year, it’s also a time to reflect on what has happened in the world of workplace pension policy over the last twelve months. I’m struggling to remember another year when so many major pension policy ideas were put forward. The start of 2024 saw the industry respond to the previous government’s proposals for a pot for life. The idea draws heavily from Australia’s experience, where individuals can choose their pension scheme provider and employers pay into each employee’s scheme.
Posted on Monday Dec 23

Actuarial Post Magazine Awards Winners Edition December 2024

Welcome to the Actuarial Post Awards 2024 winner’s edition and we hope you enjoy reading about their responses on having won their award. The awards this year were, once again I am in danger of repeating myself every year, but they were our biggest to date in terms of engagement and votes cast across all of the categories. I would like to take this opportunity to thank our sponsors Pension Insurance Corporation (PIC), Bolton Associates and Star Actuarial Futures for supporting our awards this year.
Posted on Friday Dec 20

Guide to setting expense reserves under the new Funding Code

The new defined benefit (DB) funding code of practice (new Funding Code) requires all schemes to achieve funding levels that ensure low dependency on their sponsoring employer in the long-term. This means that schemes must strive for their funding position to be robust enough so that no further employer contributions are expected. To meet the objective of operating independently of employer support, in addition to having sufficient funds to meet the promised member benefits, schemes should be able to cover all their expected future expenses.
Posted on Thursday Dec 19

Smooth(ing) Operator

Private equity can be a great asset. It’s generally the most significant way to have any real world impact as an investor (eg infrastructure assets like renewable power, natural capital, or health- or climate- focused venture capital), and managers typically have more operational control than in public equities, so can do more with it. Moreover, past performance has generally been very strong. However, from a quantitative perspective, private market returns can’t be taken at face value, at least not as a direct comparator with public assets.
Posted on Wednesday Dec 18

LGPS reforms welcome but what does it mean for the future

There were lots of headlines surrounding the Mansion House announcements made by the Chancellor on LGPS reforms, but it’s important to take a close look at the detail in the consultation to get a better picture of the proposals. In summary, we think there are three main strands to the proposals that will have the biggest impact on participating employers
Posted on Tuesday Dec 17

Crunching HIV AIDS data during a time of fear and loathing

This year marks four decades since scientists developed an antibody test for HIV, the breakthrough coming a year after it had been confirmed as the virus that causes AIDS. It was an important milestone – and not just for clinicians and policymakers. Professionals across a range of industries had been grappling with the potential impact of a devastating and highly infectious disease.
Posted on Monday Dec 16

From back room to C suite the actuary’s evolving role

About 20 years ago, when I decided to become an actuary, job opportunities were good for people with our specialised skillset. However, there were not that many actuaries, even less so female, in key corporate leadership roles. Today, I’m glad to say that has changed dramatically. Since I started, many actuaries have evolved from the purely technical background into the limelight, assuming more commercial roles.
Posted on Friday Dec 13

Regulators working together to better inform pension savers

When I mention to someone that I work in pensions, it often results in one of two reactions. Either they quickly change the subject to the weather, or they ask what they should do with their pensions. The straightforward response is usually to point them in the direction of independent financial advice. However, people may only resort to this when they are considering action which is likely to have a significant impact on their retirement savings.
Posted on Thursday Dec 12

New modelling approaches for a new year

As technology, society, and the world of work continue to evolve at an accelerating pace, finding time to reflect on these changes can be challenging. But, as Confucius observed, “it is wise to study the past if you would define the future”, and the turn of the year offers an apposite opportunity to pause. Our predictions for 2024, written just one short year ago, provide a valuable point of comparison for our upcoming annual forecast.
Posted on Wednesday Dec 11

Final Day for Voting in the 2024 Actuarial Post Awards

It's your last chance to vote in the 2024 Actuarial Post Awards as the voting window slams shut tonight. We have been celebrating and rewarding talent and achievements of individuals in the actuarial arena since 2012. We would like to thank our sponsors who support the awards, this year Pension Insurance Corporation (PIC) sponsor Actuary of the Year and Bolton Associates sponsor GI Actuary of the Year. Sustainability Actuary of the Year is sponsored by Star Actuarial Futures. It's your final chance to cast your vote today.
Posted on Tuesday Dec 10

MBWL mergers and acquisitions webinar

Barnett Waddingham webinar, join global experts as they share their knowledge and experiences on the ever-evolving landscape of mergers and acquisitions, and the significant implications for employee benefits and pensions globally.
Posted on Monday Dec 9

Distinctive. Relevant. Chartered - Chartered Actuary

Chartered Actuary status is a widely recognised mark of regulatory distinction, assuring the public that actuaries are qualified and held to a protected, globally recognised standard. Currently, anyone doing actuarial work may call themselves an actuary, regardless of their qualifications. Chartered status can only be used by actuaries who have achieved the level of qualification, professionalism and expertise demanded by the Institute and Faculty of Actuaries (IFoA).
Posted on Friday Dec 6