Institute and Faculty of Actuaries - News

The Institute and Faculty of Actuaries comments on the Transport Select Committee's investigation into whiplash claims

afitzsimmons — Tue, 21 May 2013 10:58:02 +0000

Article date:

21 May 2013

Summary:

David Brown, from the Institute and Faculty of Actuaries said;

"The Institute and Faculty of Actuaries (IFoA) has been compiling data from across the motor insurance industry since 2009 on third party accident claims (TPI). The data has shown a sharp correlation between hot spots in England and Wales for small TPI claims (considered as being up to £20,000), for injuries such as whiplash, and the locations of claim management firms - commonly known as ambulance chasers. Since 2009 there has been a sharp increase in these claim figures and in 2011 (the most recent data) IFoA research showed that the regions in England and Wales with the highest volumes of claims were higher than those in what many consider the most litigious country in the world, the USA.

"The Transport Select Committee is undertaking an investigation into such claims and the Justice Secretary has stated his intention to reform small injury claims. The increased frequency of small claims, particularly for whiplash injuries, and the associated costs have contributed to a rise in the price of insurance over recent years. IFoA research has estimated that whiplash claims may be adding about £90 to the cost of the average motor insurance policy. The proposed reforms could contribute to changes in behaviour and a reduction in the number of claims.

"However motor insurance company premiums in 2011 did not meet the costs of claims and expenses and competition has driven average premiums to decrease since then. As a result the favourable impact of the reforms, whilst significant, may not necessarily lead to any immediate significant reduction in premiums."

The Institute and Faculty of Actuaries publishes the 2012 TPI data in the summer of 2013.

For further information, please contact Karen Wagg on 077 255 58 551 or Karen.wagg@actuaries.org.uk

Exposure Draft 30 - Quality Assurance Scheme for Organisations

epegg — Wed, 08 May 2013 12:49:09 +0000

08 May 2013

We have recently launched a consultation on a Quality Assurance Scheme for Organisations. This is an important new initiative for the Institute and Faculty of Actuaries, and we would encourage you to read the proposals and give us your views.

The consultation document, together with details of how to respond, can be found here or by going direct to the questionnaire. The supporting documents can be downloaded separately from the Consultations and Discussion page of the website.

The closing date for response is 8 July 2013.

Dates of consultation meetings can be found here.

Prize nominations sought

mlyons — Fri, 26 Apr 2013 12:29:01 +0000

26 April 2013

Nominations for the Peter Clark Prize for best paper for the 2012/13 session are currently being sought.

Members are invited to download the nomination form and return it to maria.lyons@actuaries.org.uk by Friday 24 May 2013. Guidelines for nominating papers and a summary of papers for consideration (not exhaustive!) are also available to download. Please see here for information on previous winners.

Actuary is the best job of 2013

epegg — Wed, 24 Apr 2013 09:23:11 +0000

24 April 2013

The results of a new survey show that of 200 jobs rated best to worst on five criteria (physical demands, work environment, income, stress and hiring outlook), a career as an actuary comes out top.

The full story, published in the Wall Street Journal and based on a new survey by CareerCast.com, can be read here.

President-elect David Hare commented in today's Metro newspaper: ‘The results of this survey provide further evidence of the great opportunities for career satisfaction and advancement offered by pursuing a career as an actuary.’

The Daily Telegraph has also reported that although "... it may not be considered a sexy job to some, ... it seems that pursuing a career as an actuary could in fact be a smart move. "

CMI publishes Working papers 65 and 66

fmcneil — Wed, 24 Apr 2013 09:51:47 +0000

24 April 2013

The CMI has published Working paper 66, consulting on the proposed "S2" graduations of the CMI SAPS Mortality experience for 2004 to 2011. Responses are requested by 31 May 2013.

It has also issued Working paper 65, an analysis of the mortality experience of the underlying dataset.

Note: these papers are available to Authorised users only.

Working papers 65 and 66

More details of recent changes to the CMI

New Honorary Fellow Elected

mlyons — Wed, 24 Apr 2013 16:34:34 +0000

24 April 2013

The Institute and Faculty of Actuaries is delighted to announce the election of John Hibbert as an Honorary Fellow.

John, a well known figure in the risk management field, has shown clear evidence of thought leadership through his work in mainstream actuarial work; through his interactions with the IFoA and with academia, and through the innovation that he has brought to risk management through his research.

Arrangements are being made for John to be formally presented with his award. Further details will be published on the website shortly.

Nick Salter to become Institute and Faculty of Actuaries President-elect for 2013-14

afitzsimmons — Mon, 22 Apr 2013 11:20:49 +0000

Article date:

22 April 2013

Summary:

The Council of the Institute and Faculty of Actuaries (IFoA) has elected Barnett Waddingham senior partner and co-founder, Nick Salter to be its President-elect. Nick Salter will take up his position on 24 June 2013 when David Hare becomes President and current President, Philip Scott, becomes Immediate Past President.

Nick has been an active volunteer within the IFoA for a number of years in roles ranging from Assistant Examiner, to Chairman of the Member Support Executive Committee. Nick was elected to the Council of the combined body in 2011 having served on the Council of the Institute of Actuaries from 2004 – 2010 and is currently on the Court of the Worshipful Company of Actuaries.

Commenting on his appointment, Nick Salter said:

“I am honoured to have been elected to the leadership team and look forward to representing and championing the interests of our members and the profession.

“The environment in which we operate has changed enormously in recent years and we have adapted well to those changes. My priority will be to build on the excellent work of my predecessors and ensure that the IFoA remains connected with its membership and in step with the changing global demands on actuaries.”

Philip Scott, President of the Institute and Faculty of Actuaries said:

“I congratulate Nick on becoming the next President-elect. As an ambassador for the IFoA, Nick brings a wealth of invaluable knowledge, experience and expertise, and I look forward to working with him as part of the leadership team.”

Ends

Notes to editors:

Nick Salter started his career in 1978 with Duncan C Fraser and qualified as a Fellow in 1986. Nick is currently the Senior Partner at Barnett Waddingham, which he co-founded in 1989. A Scheme Actuary, Nick manages a diverse portfolio of corporate pensions clients and leads the firm’s US liaison operations.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues
.Members of the Institute and Faculty of Actuaries have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s
.A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.
The Institute and Faculty of Actuaries is available to provide expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.

For further information, please contact Paul Reynolds on 07961957487 or paul.reynolds@actuaries.org.uk

CMI publishes Working paper 64

epegg — Tue, 16 Apr 2013 10:48:33 +0000

16 April 2013

The CMI has published Working paper 64, consulting on the future development of the CMI Library of Mortality Projections and the CMI Mortality Projections Model. Responses are requested by 31 May 2013.

It has also issued version 1.4 of the CMI library of mortality projections, containing ten additional projections.

To access the paper and the library, click here.

Note: this paper is available to Authorised users only. For further details, click here.

Institute and Faculty of Actuaries statement on GMP Equalisation

afitzsimmons — Fri, 19 Apr 2013 15:57:56 +0000

Article date:

10 April 2013

Jane Curtis, Immediate Past-President of the Institute and Faculty of Actuaries (IFoA), commented on the DWP’s interim consultation response,

“The IFoA recognises the complex issues affecting the equalisation of GMPs, which were illustrated in the broad spectrum of responses to the consultation.

"The IFoA believes it is appropriate to amend the regulations in a manner that does not place onerous administrative burdens on trustees and employers, while at the same time ensuring that men and women are treated equally. If further time is required to meet those aims, it is appropriate to delay final regulations.

"The IFoA stands ready to work with the DWP to achieve a conclusion to this matter that is satisfactory to all interested parties.”

Notes to editors:

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues

2. Members of the Actuarial Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

3. The Profession is governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.

4. The Institute and Faculty of Actuaries is available to provide expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.

For further information please contact Paul Reynolds on 07961957487 or paul.reynolds@actuaries.org.uk

Institute and Faculty of Actuaries statement on EIOPA QIS results

afitzsimmons — Fri, 19 Apr 2013 16:03:01 +0000

Article date:

10 April 2013

Jane Curtis, Immediate Past President of the Institute and Faculty of Actuaries, today commented,

“The Institute and Faculty of Actuaries (IFoA) welcomes EIOPA’s publication of the preliminary QIS results. We note that there is much more work required for EIOPA and the European Commission to fully understand the valuation of sponsor support, and we hope that our research on the valuation of employer covenant, published in January this year, has helped inform the debate.

“The significance of the capital requirements for UK defined benefit pension schemes indicates the importance of resolving the outstanding issues before the publication of the revised IORP directive, and we look forward to continuing our work with EIOPA and the Commission to achieve the best outcome for UK pension schemes.”

Notes to editors:

For further information please contact Paul Reynolds on 07961957487 or paul.reynolds@actuaries.org.uk