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

Pandemic can wipe billions off pension scheme liabilities

Findings from XPS Pensions Group’s COVID-19 Impact Analytics suggests that the coronavirus pandemic could reduce the liabilities of define benefit (DB) by up to £90bn in the UK.

Insurer expects car accidents abroad to increase

Data from Admiral shows that car accidents are more likely to occur in August compared to any other month in the year. Head of Claims at Admiral, said “As travel restrictions continue to ease, we expect to see a rise in the number of people deciding to drive to Europe in the coming weeks instead of flying this year… we received almost 3,000 claims for accidents abroad in 2018 and 2019, and 39% of these accidents happened in France.”

Hymans Robertson appoints new CIO

David Walker has been named the new CIO of Hymans Robertson and is head of the local authority pension fund investment services at the firm. He will be taking over from Andy Green who will remain at the firm as a chairman of the investment committee.

KPMG proposes to cut staff pension and redundancies

KPMG began a consultation on a ‘proposed temporary change’ to employer contributions; to help offset the financial damage cause by the coronavirus pandemic. Due to the changing demand of clients from the pandemic; they are also discussing the potential cutting of up to 100 positions across its consulting business.

UK’s private sector hit five-year high in July

UK’s private sector has shown to have grown in July; following a ‘surge’ of business activity that gives hope of a strong recovery after the coronavirus crisis. PMI reading from IHS Markit’s survey came in at 57.1, above the expectations of June’s figure of 47.7.

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