Public Affairs Brief

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27 April 2024

Welcome from Tim Werkhoven, Head of Public Affairs

Over the past few months we have been very busy with the hugely successful Autumn Lecture, delivered in December by Vicky Ford MEP, the launch of a number of new policy briefings, and with our members participating at the World Economic Forum in Davos and appearing in front of the House of Commons Treasury Select Committee.

2017 promises to be a very busy year, with Brexit negotiations and preparation for the UK leaving the EU at the top of the agenda for the UK Government. Our Autumn Lecture on the subject was well received, and we will seek to provide similar insight to interested stakeholders whenever we are able.

We will continue to engage with Whitehall and Westminster to ensure that actuarial science is promoted in the public interest at all levels of policymaking. We will also work to maintain our reputation as a thought leader on all things actuarial, particularly in the light of Brexit, and build on our existing relationships with organisations, business leaders, and professional bodies around the world.

If you have any questions about any of the articles below, ideas for policy work or suggestions for how we might improve, please get in touch using policy@actuaries.org.uk

Our engagement

Photo of Andrew Chamberlain providing oral evidence to the Treasury Select Committee

Treasury Select Committee Solvency II inquiry

On 17 January Andrew Chamberlain, Chair of the IFoA’s Life Board, gave evidence to the Treasury Select Committee, at a hearing on EU Insurance Regulation. The evidence session built on the IFoA’s written evidence submission from late 2016. Andrew was joined on the panel by representatives of PwC and KPMG, and was grilled by Andrew Tyrie MP, the Chair of the Committee and other members.

Andrew spoke eloquently about the effects of Solvency II and the potential for reform of the UK’s insurance regulatory framework post-Brexit. He covered a range of Solvency II issues, their impacts on the UK market and also possible solutions. Our evidence considered these impacts from a public interest perspective. We are sure Andrew’s performance has done much to enhance the reputation of the IFoA with what is considered to be one of the most influential parliamentary committees in Westminster.

More on Brexit and SII >

Our policy work

The Future of UK Flood Policy

In December, as the UK reflected on the year since storms Desmond, Eva and Frank caused the UK’s most extreme floods on record, the IFoA released a policy summary on flood policy in the UK, arguing that the UK home insurance affordability problem is only likely to be tackled if the risks around flooding themselves change.

Download the paper >

Intergenerational Fairness bulletin front cover

Intergenerational Fairness Bulletin - climate change edition

There are many policy issues where a long-term view is essential if we are going to meet today’s needs, without putting future generations at a disadvantage. In the first of our Intergenerational Fairness series, we brought together academics, thought leaders and financial services professionals to debate the issues in relation to climate change.

Download the paper >

The Actuarial Risk Principles global release

In December, Nico Aspinall, Chair of the IFoA’s Resource and Environment Board took part in an online webinar hosted by the World Business Council for Sustainable Development (WBCSD).

The event introduced the Actuarial Risk Principles, a new risk management framework developed by the Risk Management Board group led by Matt Gurden. The framework aims to demonstrate how the actuarial risk management approach can add value relative to other approaches, by creating a clear picture of the risks that facilitates decision-making.

Since then, Nico has continued to help us promote the Risk Principles to the world, in January being invited to present alongside the WBCSD at the World Economic Forum in Davos. The paper is now available to actuaries and business leaders from around the world.

Watch the Webinar >

KPP in Focus – Resource and Environment

This Key Policy Priority (KPP) focuses on the actuarial implications of natural resource depletion and environmental matters. The IFoA has a number of projects planned under this KPP for 2017, including:

Responding to the Financial Stability Board’s Taskforce on Climate-related Financial Disclosure and raising awareness amongst actuaries of the recommendations, as well as promoting the role of actuaries to corporate organisations that will be implementing this framework
Promoting the Actuarial Risk Principles as a method for analysing the risks associated with climate change
Engaging with the All-Party Parliamentary Group on Limits to Growth as they scope out their 2017 work plan.

We will also be building on our relationships with other stakeholders such as the Committee on Climate Change, Principles for Responsible Investment and ShareAction.

International work

From 18-23 November 2016, IFoA volunteers and Executive attended the International Actuarial Association (IAA) conference in Cape Town.

The IFoA senior leadership team engaged with other associations in bilateral meetings. Eighteen IFoA volunteers attended their committee and working party meetings. There was a good cooperation between the volunteers and the Executive on important IAA issues.

By far the most talked-about topic at the meetings was the implementation plan for the IAA education syllabus. The IFoA believes we need a high quality, robust international standard. We have based our new curriculum on the previously agreed syllabus for this reason.

The IFoA, together with the American Society of Actuaries (SOA), also organised an event to celebrate the launch of our CAA Global joint venture, inviting others to participate.

At the next IAA meeting, on 18 April in Budapest, the IFoA will continue to engage with these important discussions.

Word on the street

The IFoA's Public Affairs team keeps its ear to the ground, constantly scanning the external environment for governmental, parliamentary, regulatory and industry developments that could affect or interest actuaries and the IFoA. Some highlights from this month include:

Consultations

Speaking out on behalf of the profession

The IFoA regularly engages with government, regulators and parliamentary committees by responding to consultations on relevant topics where actuarial analysis can have a valuable input to the public debate.

Some highlights from the IFoA's recent submissions include:

Read all our responses >

In the news

The latest news from Policy and Public Affairs

Visit our media centre >

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