Keep up with what’s been happening this week in our latest actuary news round-up…

Lloyd’s of London to shut market today

Chief Executive John Neal has announced that Lloyd’s of London market will close its underwriting floors for a day to test emergency protocols due to coronavirus. This will be the first time Lloyd’s has shut in 330 years.

Swiss Re announces strategic alliance with Microsoft

One of the world’s biggest reinsurer, Swiss Re announces its strategic alliance with $1.2tn tech company, Microsoft to further advance insurance innovation and extend financial protection to more people globally.

Workers at Flybe at risk of not having protection under pensions scheme after collapse

The Pension Protection Fund (PPF) will not be able to protect 1,350 Flybe employees under the UK’s lifeboat scheme, who are in the British Regional Airlines Group pension scheme which is located outside of PPF’s jurisdiction.

UK’s pension sector losing £6bn a year to fraud according to Crowe

National audit, tax, advisory and risk firm Crowe has revealed in a new report that the pension’s sector in the UK faces a ‘critical risk’ from fraud and is losing £6bn a year with private pension at most risk.

Financial impact of coronavirus add £100bn to pension scheme deficits in a week

Hymans Robertson had found in an analysis that the financial impact of coronavirus will affect pensions scheme deficits; where it has already contributed to the rise of the UK Defined Benefit (DB) pension scheme deficits by £100bn in the last week taking solvency deficits to around £500bn.