Keep up with what has been happening this week in our latest actuary news round-up…
Lloyd’s of London have announced their plans to reopen their London headquarters and iconic underwriting room on September 1st. The opening date is subject to governments guidelines and easing of the lockdown. Whilst their priorities are of the health and safety of participants in the market; and to minimise the spread of the virus.
New research from Cass Business School suggests that the COVID-19 pandemic can open doors for the insurance industry; to utilise new digital initiatives which can create opportunities to move forward in the industry.
Chancellor, Rishi Sunak, has unveiled that the Treasury will review the Solvency II regime in autumn. This is to ensure that the regime is “properly tailored to take account of the structural features of the UK insurance sector,” said the Chancellor.
Tan Suee Chieh has become the new president of the Institute and Faculty of Actuaries (IFoA) after taking over from John Taylor FFA. Tan Suee Chieh, IFoA President, said: “The global Covid-19 crisis has prompted new ways of doing things both in our professional and personal lives. We now have a unique opportunity to shape the future, instead of simply responding to it…”
Analysis from Equiniti, a financial services firm has revealed that UK workplace pension income rose by more than a third in the past 10 years. The findings show a 38% increase from the average pension income of £121 a week in 2008/9 to £167 a week in 2018/19.
8 risk hotspots have been identified by the Joint Forum on Actuarial Regulation (JFAR) in their updated Risk Perspective; which aims to show the risks that could affect high quality actuarial work. Analysis using the Actuarial Risk Identification Architecture (ARIA) methodology has also showed that Climate Related Risk is potentially the ‘defining risk of our times’.
Britain’s financial watchdog has launched 30 enforcement investigations into firms that have been given bad advice to customers about transferring out of their defined benefit pension scheme.
The government is to provide a £10bn guarantee for trade credit insurance in an effort to stop the market seizing up in the wake of the coronavirus crisis.