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How does now compare to the 2008 global financial crisis

By Kerrin Rosenberg, CEO of Cardano UK

So the PPF published an index called the PPF 7800. It’s an index that was originally made up of 7800 UK pension funds and it tracked their funding ratio and deficit as far as the PPF measure was concerned. Today because many of those pension funds have either wound down or moved into the PPF itself, the index contains almost 5500 funds. It’s still a fairly accurate barometer of the health of the UK financial system and it is useful to take a look at what it is telling us.

So back in August of 2008, just before the GFC hit, the PPF index showed an overall deficit of about £30 billion and UK pension funds had a funding ratio on that measure of 95%. Six months later, well into the depths of the GFC, that deficit had risen to £200 billion and funding ratios had plummeted to 78%. Now as we all recall in 2009, there were extraordinary measures; quantitative easing was introduced for the first time and central banks slashed interest rates and injected a huge amount of liquidity into the system which caused a massive rally in financial assets and at the end of 2009 the PPF 7800 index had eliminated its deficit and pension funds were back to 100% funded on that basis.

If we just fast forward to 2020, at the beginning of this year, on the first of January the index showed that the aggregate deficit was about £10 billion and the funding ratio on that basis ...Read More

FCAs expectations for GI firms during coronavirus pandemic

The FCA has provided information about a number of topics including travel, motor and home, and private medical insurance. It also provides clarification in relation to suspension of products and policy renewals.

Christopher Woolard, interim Chief Executive of the FCA said: 'We have already seen some firms make significant efforts in difficult operating conditions. We expect all firms to be clear and not misleading whenever they communicate and be fair and professional in how they deal with their customers.

'Customer behaviour is changing. We expect insurance firms to recognise this and treat their customers fairly, recognising the circumstances customers may find themselves in. We would not expect to see a customer’s ability to claim affected by...Read More

IFRS 17 delayed by another year

“The IASB’s decision to further defer the effective date to 1 January 2023 is a welcome one.

"It recognises the practical difficulties for many insurers in implementing the significant changes brought about by IFRS 17. The extra year gives some insurers a chance to consider how to derive more business value from their extensive IFRS17 projects.

"For others, it will de-risk the delivery timetable. The additional time will also be welcome as insurers consider how they can use IFRS 17 to tell a clearer and more understandable story about their company.”

The IASB is expected to issue the amendments to IFRS 17 around the middle of the year.

"Generation Lost" speaks - Global Risks Report 2014

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The Luddite

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Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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