News

Climate change is affecting how risks are underwritten, priced, managed and reported globally, whether for general insurance, life insurance, pensions, other financial institutions, and social security.  

This is one of the key messages in a paper ‘Climate Change Matters’ published by the Society of Actuaries in Ireland on Monday Oct 24th.

The Demography Committee of the Society of Actuaries in Ireland (SAI) has co-written a paper with the Continuous Mortality Investigation (CMI) of the Institute and Faculty of Actuaries (IFoA). Working paper 141 explores ways of adapting the CMI Mortality Projection Model for Irish population data, areas to consider when doing so and the likely challenges of such work. The paper also considers the potential impact on life expectancy of adapting the Model to use Irish population data.

The paper considers two approaches:

The Demography Committee of the Society of Actuaries in Ireland is pleased to present the results of the analytical review of methodologies in projecting best estimate mortality improvements for the Irish population. 

This paper summarises the analytical review performed by the Demography Committee in respect of a range of potential mortality improvement models in the context of best estimate, mortality improvement projections

 

The Demography Committee has prepared a report and recommendations following a review of the mortality assumptions used in converting a retirement fund into an annuity as prescribed in the following Actuarial Standards of Practice:

The Society of Actuaries in Ireland has published a sample risk register and sample risk overview statement to help pension scheme trustees and sponsoring employers, with the assistance of their actuarial advisers, to identify the various risks inherent in pension schemes and to manage these risks effectively. 

Scheme Actuaries, in particular, are encouraged to use the sample risk register to engage with their clients on the broad spectrum of risks, from financial to operational, that pension schemes face. 


 

The Society of Actuaries in Ireland is recommending to Government that a mandatory pension system should be developed over the next 5 years for all workers as the best way of increasing private pensions coverage and improving the adequacy of pensions for individuals in Ireland. 

The Society’s position paper is available here.