Latest news with #InstituteandFacultyofActuaries
Zawya
27-03-2025
- Business
- Zawya
IFoA returns to Middle East for conference on 4 and 5 May 2025
The Institute and Faculty of Actuaries (IFoA) is delighted to announce that its Middle East Conference will be taking place on Sunday 4 and Monday 5 May 2025. This event will build on the success of the inaugural 2024 conference. The conference will be held in the King Abdullah Financial District Conference Center, Riyadh. A combination of presentations, panel-led discussions and networking sessions offers delegates the opportunity to discuss recent developments influencing the actuarial profession in the region. The IFoA Middle East Conference is a platform to bring together IFoA members, non-members, industry specialists, and stakeholders from across the Middle East region. Attendees will be able to share and learn from innovative thinking and gain insights into key issues in the region. Sessions at this year's conference include: Empowering tomorrow: The actuarial catalyst for Saudi Arabia's Vision 2030 with Mohamed Seghir, HAYAH Insurance Medical provider banding: An analytical approach towards optimising medical provider networks with Shivash Bhagaloo, Lux Actuaries Saudi Saudi Arabia public health sector transformation with Neha Taneja and Samar Badran, Center for National Health Insurance The role of pension systems in capital market development: Experiences and lessons learned with Sundeep Raichura and Tanmeet Kaur, Zamara MENA Plus expert speakers exploring the latest in AI. Kartina Tahir Thomson, IFoA President said: 'Attendees at this year's conference will hear from expert speakers on topics such as AI, pensions systems, Saudi Arabia's Vision 2030, and public health sector transformations. The conference also offers a unique opportunity to expand your network of senior industry professionals. Further updates will be shared over the coming weeks, as we continue to develop the agenda for this event.' To book your place at the conference, visit IFoA Middle East Conference 2025 Contact Hannah Patmore, Communications Manager, IFoA Email: About the Institute and Faculty of Actuaries The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body. Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest. Actuaries provide commercial, financial and prudential advice on the management of a business's assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues. Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd's of London. Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society. The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long-term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.
Yahoo
14-02-2025
- Business
- Yahoo
Experts warn of catastrophic losses to global GDP in coming years: 'Risks to future human prosperity'
According to a new British study, the economic impact of rising global temperatures may be far worse than previously anticipated. The Institute and Faculty of Actuaries (IFoA) found that, in the worst-case scenario, the global GDP could halve by the end of the 21st century. The report's lead author, Sandy Trust, warned that political leaders are not taking the potential consequences of global warming seriously enough. According to Trust, as relayed by the Guardian, other risk assessments failed to account for potential outcomes such as igniting global conflicts, mass migration, and rising sea levels. In simple terms, the prospect of planetary insolvency caused by unchecked ecological damage is understated. As a result, political leaders are making policy decisions based on an incomplete grasp of the facts. As the report says, according to the Guardian: "They are precisely wrong, rather than being roughly right." A problem cannot be solved unless it is fully understood, and the IFoA report expressly outlines the challenges that lie ahead. The report found that warming above 2 degrees Celsius (3.6 degrees Fahrenheit) will lead to several climate tipping points, including massive loss of life, the destruction of ecosystems, and the breakdown of nation states. Even if the 50% loss of GDP figure isn't realized, a 25% contraction of the world's economic output would still be a catastrophic outcome for global prosperity. Framing the issue in economic terms makes a compelling case for otherwise skeptical political leaders. Moreover, a worldwide issue cannot be solved with parochial thinking. As the report says, overcoming it will require nothing short of a global paradigm shift. It will be difficult, but the problem is not insurmountable. The report offers multiple recommendations for tackling the problem. The most notable is the creation of a Planetary Solvency risk dashboard to provide actionable guidance for political leaders to make sound policy choices. Additionally, the report calls for further international cooperation and oversight to meet the challenge. While the picture painted by the report lays out the risks in stark terms, there is some cause for optimism if their recommendations are taken seriously. If the terms of the Paris Agreement are actually met, the worst of the climate shocks could stabilize later in the century, according to at least one study. Do you think America has a plastic waste problem? Definitely Only in some areas Not really I'm not sure Click your choice to see results and speak your mind. Of course, that's a pretty big "if," and, as Trust explained to the Guardian, the stakes could not be higher: "Nature is our foundation, providing food, water and air, as well as the raw materials and energy that power our economy. Threats to the stability of this foundation are risks to future human prosperity which we must take action to avoid." Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
30-01-2025
- Business
- Yahoo
City body abandons diversity requirements as backlash grows
A professional body representing tens of thousands of UK insurance and pensions workers has dropped its diversity, equity and inclusion (DEI) plans amid a growing corporate backlash against the schemes. The Institute and Faculty of Actuaries, which represents thousands of mathematics experts who calculate risk for insurers, said it would not proceed with a proposal that would have required its members to 'encourage diversity, equity, and inclusion'. The body said that a consultation on its DEI programmes had found 'strong support' for the 'principles of belonging, fairness, respect, and to building a profession that is more representative of the society we live in'. However, a move to mandate DEI demands into its code of conduct had seen 'opinions diverge'. The institute said it would drop a plan to change its code of conduct and would also not implement separate DEI guidance, instead tweaking its current codes of conduct barring harassment and bullying. It comes amid a gathering corporate backlash against diversity programmes, with some companies rolling back initiatives amid concerns they are unfair themselves. Technology companies including Meta and Amazon have ditched their DEI teams, while retailers Walmart and Target said they would drop diversity programmes. DEI programmes are in retreat following a change in the political weather in Washington. The initiatives have come under relentless attack from Republicans and Donald Trump. Mr Trump has taken an axe to US government diversity programmes, which he has criticised as 'radical'. He told the World Economic Form last week that DEI policies were 'absolute nonsense, throughout the government and the private sector'. The president on Thursday blamed diversity policies under Barack Obama and Joe Biden for poor safety standards after a deadly crash in which a military helicopter collided with a passenger plane over Washington. Mr Trump said: 'I put safety first. Obama, Biden and the Democrats put policy first. They actually came out with a directive: 'Too white.' And we want the people that are competent.' Conservative activists have filed shareholder proposals at banks including Goldman Sachs and JP Morgan, urging them to review their DEI schemes. However, some finance giants have defended their diversity metrics and targets. Asked about shareholder activists at the World Economic Forum in Davos earlier this month, Jamie Dimon, the JP Morgan chief executive, said: 'Well. Bring them on.' Christian Sewing, the chief executive of Deutsche Bank, said this week the bank stood 'firmly behind' its DEI policies. The Institute and Faculty of Actuaries trains, regulates and represents around 32,000 actuaries worldwide. Actuarial science is crucial for calculating long-terms risks at insurers, pension plans and for government welfare programmes, helping to set prices and forecasting potential losses. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
