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Climate disclosures are changing but climate risk is not

Recent changes to the CSRD and the pause to California’s SB 261 may remove or delay climate risk disclosure requirements, but the need to understand your climate risks remains unchanged. The latest changes to the EU’s Corporate Sustainability Reporting Directive (CSRD) have raised applicability thresholds and postponed reporting for many companies. California’s SB 261 has been stayed, pending appeal. Meanwhile, the UK’s Sustainability Reporting Standards are yet to be finalized.
Posted on Thursday Jan 22

MGAs, Market Cycles and Lloyd’s

In this episode of MGAA Conversations, host Mike Keating is joined by Rachel Turk, Chief of Market Performance at Lloyd’s of London, for an in-depth discussion on the evolving Lloyd’s market and its growing appeal to MGAs and cover holders. Rachel explains her role overseeing underwriting performance, delegated authority, exposure management, reinsurance, and claims across the Lloyd’s market. The conversation explores why Lloyd’s has become increasingly attractive to MGAs, how efficiency improvements are narrowing the gap with the company market, and why delegated authority is viewed as a key growth engine.
Posted on Wednesday Jan 21

Changing internal models in a controlled environment

Capital models have advanced significantly since the early 2000s, but the increased complexity can slow decision-making and raise operational risks. This article explores when a model may no longer be fit for purpose, the role of off-the-shelf and external models, and how to transition safely using strong governance, clear analysis of change and external reviewers. Over the past two decades, technological advances have resulted in a drastic change in the modelling capabilities of insurers.
Posted on Wednesday Jan 21

The actuarial profession stands at an inflection point

The past year has been a truly fascinating one for insurance actuarial professionals. Actuaries around the world have spent much of 2025 navigating complex and evolving regulatory frameworks, integrating artificial intelligence and machine learning into traditional work, developing climate risk expertise, and managing the gap between technical actuarial skills and the need for strategic business advisory capabilities.
Posted on Tuesday Jan 20

30 years of Self-Assessment

Fewer than half (48%) of those who fill in a tax return have budgeted for their tax bill every year. Around a quarter (24%) of those who’ve filled in a tax return in the past say that the amount of tax they owe has been more than they expected. Worryingly, 1 in 20 (5%) of those who fill in a return normally use a bank overdraft to pay some or all of their self-assessment tax bill. This year marks 30 years since self-assessment was first introduced, but, three decades later, new research from Royal London shows more than half of those who fill in a tax return (54%) describe it as a ‘nuisance’.
Posted on Monday Jan 19

Your wind-up journey: a guide to getting it right

With many more schemes being in a position to look at buying out their pension scheme liabilities, trustees are now starting to think past the transaction date. How can they ensure that the correct members have the correct benefits? How can they effectively wind-up their scheme to make sure that they and their sponsoring employer have securely offloaded their future risk? For many trustees and employers, winding up a pension scheme is something they will only do once, so they need to make sure they get it right.
Posted on Friday Jan 16

Airline Insurance Claims Review 2025: The lessons learned

Some headlines have questioned the aviation industry’s safety record during 2025, but the reality is more nuanced. Claims remain near long term averages against a fast-growing demand for air travel. The losses at the end of 2024 offered a taste of the 2025 aviation claims year. There were several high-profile airline incidents, including one of the deadliest commercial aviation incidents in U.S. airspace since 2001. Despite the incidents in 2025, air travel remains one of the safest forms of passenger transportation.
Posted on Thursday Jan 15

If I were a Chief Investment Officer where would my focus be

The turn of the year invites a flurry of articles containing predictions, forecasts and “things to look out for”. Yet seasoned investors know that forecasting is, at best, an entertaining parlour game and, at worst, a distraction from sensible long-term allocation decisions. Still, it is impossible to ignore the background noise: record-high equity indices and narrow credit spreads are accompanied with ominous headlines about weak economies, asset bubbles and geopolitical fracture.
Posted on Wednesday Jan 14

Soft market insights

As rates soften across multiple classes, capital and risk teams are becoming increasingly involved in management decision-making and often asked to assess and quantify future risks. In our December roundtable, senior professionals from leading insurers and Lloyd’s syndicates discussed what the current cycle means for pricing discipline, capital efficiency, modelling choices, and validation practices, and how teams can respond with confidence. This article distils the most actionable takeaways.
Posted on Tuesday Jan 13

Private markets and leadership

In this episode of CEO Perspectives, part of Mercer’s Critical Thinking series that take you inside the C-Suite for peer-to-peer conversations with leaders influencing decision making across the investment industry, Mick Dempsey, Global President of Mercer’s Investments & Retirement business, is joined by Martina Cheung, President and CEO of S&P Global. Together, they explore how economic complexity is influencing investment decision-making, from resilience and diversification to transparency across the convergence of public and private markets and the growing role of data and analytics.
Posted on Monday Jan 12

Supply chain risk: Can farmers overcome insurance challenges

Julian Roberts looks at how farmers can address protection gaps and traditional insurance challenges when recovering from natural perils using alternative insurance solutions. Farmers have been managing the risks to productivity throughout human history, for example, by selecting the most appropriate choice of crop to plant according to state of soil moisture at the time. This is efficient, dynamic risk management the old-fashioned way. From the late 19th century, the traditional way of protecting against the risks of perils, including hail, drought, flood, frost, heatwave and windstorm, has been indemnity insurance.
Posted on Friday Jan 9

Five key actions for Trustees in 2026

Are you ready to hit the ground running? We’ve set out five key actions for trustees, along with the topics we expect to dominate agendas over the coming year. Action one: Review your long-term objective and keep up to date with developing options. Action two: Evolve your strategic journey plan to achieve your long-term objective. Action three: Assess your scheme governance. Action four: Review your admin. Action five: Consider member experience. The finish line
Posted on Thursday Jan 8

The outlook for the BPA market in 2026

Market expected to exceed £50 billion in 2026. Sophistication of market creates further de-risking choices for trustees as they navigate landscape shaped by regulatory reform & strategic choice. The UK BPA market faces strategic crossroads amid legislative reform and continued demand for de-risking, and 2026 will mark a pivotal moment for defined benefit (DB) trustees—a period shaped as much by strategy as by market activity.
Posted on Wednesday Jan 7

Why EPL cover matters more than ever for financial services

EPL claims are rising fast. With new UK employment laws and cultural scrutiny, financial firms must act now to close coverage gaps and protect against costly legal risks. In an era of heightened employee expectations, evolving regulation, and increased scrutiny of workplace culture, Employment Practices Liability (EPL) insurance is becoming a strategic necessity.
Posted on Tuesday Jan 6

Why insurance matters more than ever

MGAA CEO Mike Keating sits down with Hannah Gurga, Director General of the Association of British Insurers (ABI), for a wide-ranging discussion on the state of the UK insurance market in 2025. They explore the industry’s resilience in the face of extreme weather and cyber incidents, regulatory cost pressures, changes arising from the latest Government Budget, the importance of improving claims handling, and the future of talent in the sector. Hannah also shares ABI initiatives supporting diversity, skills development, and leadership — and highlights the value MGAs gain from being part of the ABI ecosystem.
Posted on Monday Jan 5

Old Macdonald’s pension fund had IE01

DB Pension funds typically pay benefits with an inflationary uplift, so it makes sense for schemes to hold inflationary assets. So far, so good. But pension payments can’t go down, and typically any indexation is capped, most commonly at 5%. This means the indexation is not to RPI but to a capped and floored version of RPI, called LPI (here it would be LPI0-5). So, how much sensitivity do liabilities have to inflation? Ultimately, LPI is RPI with options- the scheme is long a call at 5%, and short a put at 0%. This has two major consequences.
Posted on Friday Jan 2

The value of a modelling framework for insurers

At this year’s GIRO Conference in Liverpool, my colleagues at LCP gave several excellent talks on a range of topics – from claims analytics to reserve risk and even the future of the actuarial profession . I wanted to focus on a talk that I think is directly relevant to actuaries working in GI now and in the future. Emerging risk is a topic that actuaries must consider in all areas of their work. It is also proving a constant challenge for insurers to keep on top of.
Posted on Wednesday Dec 31

Collaboration required for the vision for private markets

Whether it’s a defined benefit scheme, a defined contribution scheme or a collective defined contribution scheme, trustees and providers are likely to be thinking about the role that private market investments could play within their pension scheme’s investment mix. Private equity, infrastructure, real estate or private debt are all likely to be under consideration as trustees look at possibilities to diversify their investments, help enhance returns or reduce volatility through asset classes delivering steady income and inflation-linking characteristics.
Posted on Monday Dec 29

Longevity Perspectives

Industry experts Huey Fang Chen, Head of L&H Structured Solutions Asia, and Kerry McMullan, Global Head of L&H Structured Solutions, explore global trends in transferring longevity risk, highlighting how demographic changes and regulatory developments are transforming the market.

Key themes:
• Transfer of pension liabilities to insurers and reinsurer's role
• Regulatory impact on market trends (UK & international)
• Swiss Re Institute insights on APAC’s growing silver economy
Posted on Wednesday Dec 24

Coping with extreme climate and geopolitical uncertainty

Thriving in the face of hyper-volatility means building financial resilience using a combination of quantitative analytics and qualitative ‘storytelling’. When it comes to addressing interconnected extreme risks, companies have a number of choices from building flexibility into their operations and talent, to combining quantitative analytics with qualitative ‘storytelling’ approaches to better identify and manage risks. Understanding and quantifying risk tolerance is crucial to building financial resilience in a hyper-volatile world.
Posted on Wednesday Dec 24

Advancing Data Driven Decision Making in 2026

As the general insurance landscape continues to evolve in response to shifting and growing risks, one constant remains: the need for sharper insights at speed. From motor to home and commercial property, data is the defining force in helping insurance providers make faster, more confident, and more accurate pricing and policy decisions. Against a backdrop of rising claims costs, ongoing regulatory scrutiny and growing climate risks, gaining a comprehensive, 360-degree view of the risk has become a business imperative, from quote right through to claim.
Posted on Tuesday Dec 23

What does climate change mean for investors today

Climate risk is no longer a peripheral issue for investors or energy system planners; it is a direct driver of value, resilience and long-term performance. We recently discussed this on an episode of Beyond Curious with LCP, where one of the central ideas was the value of treating climate change the way an investor treats a company balance sheet. What sits on the asset side of the climate ledger – resilience, innovation, adaptation, new technologies – and what sits on the liability side – physical risk, supply-chain fragility, policy volatility, and carbon-intensive legacy assets?
Posted on Monday Dec 22

From start line to surplus: hedging for run on

As more defined benefit (DB) schemes choose to run on rather than move straight to buyout, attention is turning to how investment strategies can be refined to improve outcomes for members and sponsors. Our recent article, Making your assets work harder in run-on, explored how investment strategy can support this direction of travel. This article looks at the other key lever: liability hedging. By setting hedging in line with your run-on objective, time horizon and surplus policy, trustees and sponsors can reduce funding level volatility, preserve transaction affordability and create more scope for surplus, without taking unrewarded risk.
Posted on Friday Dec 19

The implications of Aberdeens landmark deal

Aberdeen's pioneering transaction to assume sponsorship of the £1.2bn Stagecoach Group Pension Scheme (SGPS) marks a significant milestone in the evolution of UK defined benefit (DB) pensions. The deal shows that there are alternatives for well-funded schemes to access surplus, beyond the well-trodden buyout path. Under the Stagecoach transaction, Aberdeen became the sponsoring employer of the SGPS, enabling the scheme to run-on and deploy surplus assets to enhance member benefits.
Posted on Thursday Dec 18

Pensions dashboards webinar are you ready to connect

This webinar is specifically designed to support medium and small schemes that are preparing to connect. With more limited resources and technical capabilities, the journey to connection can feel daunting and we understand the challenges you face. If you couldn’t join us live you can now catch-up on demand. TPR are joined by experts from the Pensions Dashboards Programme and the Pensions Administration Standards Association, as well as a professional trustee to discuss the current landscape and provide advice on what schemes need to do ahead of connection. The webinar concludes with a 36-minute Q&A which provided detailed answers to 21 questions put forward by the audience.
Posted on Wednesday Dec 17