Engaging with impact
Working together to engage and influence the outside world
Members contributed to important debates and initiatives on some of society’s most complex issues, from informing government policy to offering insights into alternative economic thinking.
Award-winning member-led research
Awards and media mentions for standout research on climate change
‘The Emperor’s New Climate Scenarios’, by Sustainability Board past chair Sandy Trust, won ‘Climate Risk Paper of the Year’ at InsuranceERM’s Climate Awards. The report has been covered by the Financial Times and highlighted at a Work and Pensions Committee hearing. The YouTube channel Just Have a Think, which has half a million subscribers, featured the report in a video with over 230,000 views.
The General Insurance Climate Change Reserving Working Party won the Brian Hey Prize for its paper on reserving for climate change. It received the award “given the wide appeal, practical application, and public interest.”
Nigel Topping
UN Climate Change High Level Champion for COP26 and Founder of Ambition Loop, on ‘The Emperor’s New Climate Scenarios’
Everyone who cares about the stability of our financial system should read this paper. Failing to include known non-linear effects in strategic thinking about climate change will lead to complacency, heightened risk and missed opportunities.
Members lending expertise to policymaking
Fellows gave evidence in Parliament and advised on a major review of pensions policy
Rt Hon Sir Stephen Timms MP, Chair of the Work and Pensions Select Committee, welcomed two IFoA Fellows to give evidence in the House of Commons this year. Past chair of the Pensions Board Leah Evans returned to Parliament as an expert witness at the committee’s inquiry into defined benefit pension schemes. And the board’s new chair Debbie Webb gave evidence on climate and fiduciary duties relating to pension schemes.
Leah Evans also represents the IFoA on the advisory board for the Institute for Fiscal Studies review of pensions. This is a multi-year project and the first major review since the 2006 Turner Report.
Debbie Webb
Chair, IFoA Pensions Board
We are working hard to help make the [climate risk] models better, to expand them, and to make them more sophisticated and a better reflection of what we think the real-world impacts will be.
Rt Hon Sir Stephen Timms
Chair, Work and Pensions Select Committee
It was no surprise that Leah Evans’s and Debbie Webb’s contributions were very helpful to the Committee in its inquiries into these important topics.
The IFoA’s policy prospectus
Making the case for long-term policymaking
We released our policy prospectus ‘Beyond the next Parliament: The case for long-term policymaking’, which was featured by Matt Chorley on Times Radio. The prospectus argues that policymaking has suffered from a lack of long termism for many years. It advocates a re-focusing on the many issues that require a longer-term view, including pensions adequacy, adult social care, climate, infrastructure investment, and artificial intelligence.
Rt Hon David Heath CBE
Chair, IFoA Policy Advisory Group
We understand that fire-fighting and planning for long-term resilience are not easy to do at the same time. But societal issues such as population health, social care, climate change and resource management are in urgent need of a head-on approach and a recognition that driving effective solutions will go well beyond the parliamentary term.
Touring the UK party conferences
We held two successful fringe events in Manchester and Liverpool
Party conferences offer a rare opportunity to engage with ministers and MPs on our most pressing legislative and political priorities.
At the Conservative Party conference in Manchester we teamed up with leading UK think tank Policy Exchange to deliver a fringe event evaluating government-initiated reforms in financial services.
During the panel discussion, then Immediate Past President Matt Saker emphasised that Solvency II’s reform is a ‘once-in-a-generation’ opportunity to unleash the capital required for large infrastructure projects.
Our fringe event at the Labour Party conference in Liverpool explored how tackling climate change can fuel economic prosperity. We partnered with the Institute for Public Policy Research, a well-established and progressive think tank.
Flying the actuarial flag, IFoA Fellow Sandy Trust shared detailed insights from his report ‘The Emperor’s New Climate Scenarios’.
Andrew Griffith
Economic Secretary to the Treasury at the time, speaking at the Conservative Party conference fringe event
Our brilliant actuarial profession – we need 100,000 more actuaries!
Olivia Vaughan
Head of External Affairs and Events at IPPR
IFoA members are helping to push forward the debate in the climate space. We can’t wait to see what you have planned for 2024.
Spotlight on alternative economic thinking
Members brought their insight to a series watched by over 750 people
We held four webinars on ‘alternative economic thinking’ as part of then IFoA President Matt Saker’s presidential speaker series.
Our members featured on each panel and brought invaluable insights to each fascinating discussion. Contributors included then Sustainability Board Chair Lucy Saye, Peter Scolley of the Risk Management Lifelong Learning Committee, and Immediate Past President at the time Louise Pryor.
Simon Sharpe
Director of Economics for the UN Climate Champions and Senior Fellow at the World Resources Institute
The IFoA really is a centre of thought leadership. The groups in the IFoA working on climate change and economics have really influenced my thinking over the last 10 years or so.
The Continuous Mortality Investigation (CMI)
The CMI continued to deliver output to a wide audience and published 17 working papers
The CMI produces high-quality impartial analysis and research into mortality and morbidity. This year there were several highlights across its two areas of focus:
- Analysing historic experience: This year saw the regular analyses of annuitant and pensioner mortality and assurances mortality and critical illness experience. There was also considerable progress establishing an analysis of income protection experience. The “S4” Series of mortality tables were published, as well as several wider analyses for subscribers’ interests.
- Considering future changes in experience: There was a focus on the impact of the pandemic. That included another year of weekly summaries and detailed quarterly updates of UK mortality analysis through the mortality monitor and discussions about the approach to take for the CMI Model. This was coupled with allowing for updates to population estimates following the census. The CMI also contributed to discussions about excess mortality with the Office for National Statistics and the Office for Health Improvement and Disparities.
Jonathan Hughes
Chair, Continuous Mortality Investigation
As the CMI enters its centenary year, we continue to deliver relevant output to our wide range of users, including (re)insurers, pension schemes, actuarial consultants and other professionals with an interest in mortality and morbidity. This is possible thanks to the strong support of our fee-paying subscribers, data contributors, volunteers from the profession and dedicated services from the Secretariat.
Parliamentary briefings
Our briefings to Parliament include our policy recommendations, positions, and observations.
After we briefed Baroness Drake on our report ‘The Emperor’s New Climate Scenarios’, she raised a question on climate risk models in the House of Lords. Both Baroness Altmann and Lord Davies of Brixton mentioned the IFoA in their responses, with the latter urging the minister to study our report. In another parliamentary debate in October, Jerome Mayhew MP used our briefing on financial education in schools. And in January, Alistair Carmichael MP used our briefing for his Westminster Hall debate on defined benefit pension schemes.
‘think’ advocates for neurodiversity
The second piece in the series explored the value of neurodiversity at work
Behavioural economist Dr Vina Theodorakopoulou wrote for our ‘think’ series about the benefits of a neurodiverse workplace for actuarial organisations.
Upskilling, reskilling, and caring about employee experience are just a few steps her paper highlights to help neurodiverse employees thrive.
The ‘think’ thought leadership series takes a fresh, sometimes challenging look at issues facing the actuarial profession and society.
Dr Vina Theodorakopoulou
Supervisory Board Member and Individual Member Lead at GAIN (Group for Autism, Insurance, Investment & Neurodiversity)
Thought leadership from industry professionals plays a pivotal role in shaping public policy and influencing key debates of societal value. By showcasing expertise and innovative, diverse perspectives that empower individuals, the IFoA is helping to drive informed decision-making and foster positive societal change.
First presidential visit to China since the pandemic
IFoA President at the time Matt Saker visited Beijing, Suzhou, Shanghai, and Hong Kong SAR in the first presidential visit to China since December 2019.
Over nine days, he engaged with our members, university partners, actuarial students, sister associations, employers, industry representatives and the regulatory body. With meetings, member events, and university talks, it was a chance to hear regional stakeholders’ perspectives, understand their needs, and explore opportunities for working together.
Progressing our work with international bodies
We actively contribute to the work of the International Actuarial Association and the European Actuarial Association. Over 50 members volunteer on committees and forums.
Charles Cowling became IAA President, offering a valuable opportunity to embed our alignment with the IAA on issues of global significance.
Charles has spear-headed the formation of an AI taskforce, which explores the ethics, education, governance, and innovation of AI and how AI will change the roles of actuaries. IFoA President Kalpana Shah joined other IFoA members at the AI Global Summit in Singapore in 2024.
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