http://www.actuarialpost.co.uk/rss/newsRss.aspActive News items currently in the actuarialpost.co.uk database, updated daily.en-us The Question quot When I add 2 times my age 2 years from now to 3 times my age 3 years from now I get 6 times my current age How old will I be 4 years from now quot The solution quot Let x be my present age My age 2 years from now will be x 2 and 2 times that will be 2 x 2 Similarly my age 3 years from now will be x 3 and 3 times that http://www.actuarialpost.co.uk/article/conundrum-2691.htm Fri, 18 May 2012 10:05:00 GMT NEST is today Friday 18 May releasing top line results from its independent research among UK employers to understand their readiness and plans for automatic enrolment as well as their attitudes to NEST These results focus primarily on employers in the first six to nine months of staging although we rsquo ve also included some early results from other groups NEST conducts regular independent research among UK employers to understand their readin http://www.actuarialpost.co.uk/article/nest-research-reveals-employer-plans-for-automatic-enrolment-2693.htm Fri, 18 May 2012 10:05:00 GMT Paul Clark CEO of Charter UK a provider of enterprise complaint and feedback management software working closely with the banks comments on the fact that Which has written to the government urging it to clear up the claims process for people who were mis sold payment protection insurance PPI and stop claims management companies CMCs cashing in at their expense ldquo The first questions that springs to mind is why is the Ministry of Justice not saying what they are going http://www.actuarialpost.co.uk/article/why-is-the-moj-not-being-clear-about-claims-management--2694.htm Fri, 18 May 2012 10:05:00 GMT Broadgate Consultants the strategic IT consultancy has today unveiled its lsquo Cloud Readiness Checklist rsquo The checklist is for use by business and IT leaders and has been designed to give a practical structure for companies considering transitioning to the cloud allowing them to assess the company rsquo s readiness to migrate and the likely obstacles and costs involved This checklist is available to interested companies by emailing BROADScale broadgateconsulta http://www.actuarialpost.co.uk/article/broadgate-launches-broadscale-cloud-readiness-checklist-2695.htm Fri, 18 May 2012 10:05:00 GMT After a very strong start to the year the Russian equity market has given up this performance in recent weeks A positive return of 19 6 from the MSCI Russia 10 40 Index in the first three months of the year has been followed by a series of sharp declines Year to date the market return is now 1 0 in US dollar terms In our view the ongoing problems in the Eurozone have contributed to this Investors are back in quot risk off quot mode and emerging markets are http://www.actuarialpost.co.uk/article/barings--investment-update-on-the-russian-market-2696.htm Fri, 18 May 2012 10:05:00 GMT Legal General have this morning commented on the latest ONS figures showing that 131 million days were lost to sickness absence in the UK last year The report found that bull There has been a fall in working days lost because of absence of around 26 since 1993 when 178 million days were lost bull In 1993 the average number of working days lost per worker was 7 2 days Last year it was 4 5 days bull In 2011 the greatest number o http://www.actuarialpost.co.uk/article/ons-figures-show-sickness-absence-on-the-decrease-in-uk-2683.htm Thu, 17 May 2012 10:05:00 GMT Germany was reported to have grown at 0 5 in 2012Q1 much stronger than expected Germany continues to outperform the rest of the eurozone and most of the developed world Indeed with unemployment at the lowest in over 20 years and business and consumer confidence still very high it is easy to see why Germany is still not feeling the rest of the region rsquo s pain The German economy continues to grow strongly boosted by the strength of its exports to emerging economies suc http://www.actuarialpost.co.uk/article/germany-not-feeling-the-eurozone-s-pain-2684.htm Thu, 17 May 2012 10:05:00 GMT The Institute and Faculty of Actuaries has jointly sponsored a report by the Pensions Policy Institute PPI called ldquo Retirement income and assets the implications for retirement income of Government policies to extend working lives rdquo The report published today finds that almost half of all people in England 45 over 50 years old and in work in 2011 will need to work and save for eleven or more years after state pension age if they are to retire with an income sufficient http://www.actuarialpost.co.uk/article/actuarial-profession-on-ppi-extending-working-lives-research-2685.htm Thu, 17 May 2012 10:05:00 GMT The Lloyd 39 s insurance market 39 s planned expansion into emerging markets is a net positive even though writing insurance outside of established markets carries additional risks Fitch Ratings says Fitch expects the economic development of emerging market economies to boost demand for insurance and reinsurance Lloyd 39 s already writes 25 of its business outside of Europe and North America with the growth of insurance premiums outpacing that of developed markets http://www.actuarialpost.co.uk/article/lloyd--039-s-of-london-em-expansion-positive--but-brings-risk-2686.htm Thu, 17 May 2012 10:05:00 GMT More than two fifths of employees have been made redundant or suffered long term ill health during their working life new research from MetLife shows The nationwide study shows 20 have been made redundant at some point in their working life while 21 have been off work for more than four weeks highlighting the value of insurance to protect income However only 15 of workers have any form of insurance against ill health preventing them from working with just 7 re http://www.actuarialpost.co.uk/article/two-fifths-have-suffered-redundancy-or-long-term-illness-2687.htm Thu, 17 May 2012 10:05:00 GMT As the analysis of the financial crisis continues to unfold and corporate disaster stories regularly make the news Enterprise Risk Management ERM has come to the forefront as a new approach to managing risk and exploiting opportunities in business Had ERM been more firmly rooted within industry the economic problems of the past five years may have led to fewer high profile business failures but it will undoubtedly be used to help reverse the catastrophic consequences While CFOs have http://www.actuarialpost.co.uk/article/erm--actuaries-can-bodly-go-where-few-have-gone-before-2688.htm Thu, 17 May 2012 10:05:00 GMT Deloitte the business advisory firm has been appointed to conduct a strategic review of the British Insurance Brokers rsquo Association BIBA BIBA is the UK rsquo s leading general insurance organisation and represents the interests of brokers intermediaries and their customers The review follows the association rsquo s merger with the Institute of Insurance Brokers and a full membership survey and will enable BIBA to take a strategic view of what a modern trade body sho http://www.actuarialpost.co.uk/article/deloitte-to-conduct-strategic-review-of-biba-2689.htm Thu, 17 May 2012 10:05:00 GMT The collective pension deficits of Britain rsquo s biggest companies have increased by pound 30 billion since the beginning of May according to Towers Watson Total deficits in FTSE350 companies rsquo pension funds are estimated to have increased from pound 62 billion at the end of April to pound 92 billion by 16 May John Ball head of UK Pensions at Towers Watson said ldquo Although the stock market has taken a dive almost three quarters of the growth in def http://www.actuarialpost.co.uk/article/ftse350-pension-deficits-up-by--30bn-this-month-2690.htm Thu, 17 May 2012 10:05:00 GMT 28 of Britain 39 s over 50 have no retirement savings in place 1 2 million pensioners currently rely on just the state pension for their retirement receiving up to pound 5 890 a year less than the UK minimum wage pound 8 31 billion quot lost quot in retirement savings in the last year as over 50s cut back on contributions The LV State of Retirement Report1 now in its fifth year reveals 6 25 million Britons aged over 50 28 http://www.actuarialpost.co.uk/article/six-million-brits-set-to-retire-on-less-than-minimum-wage-2678.htm Wed, 16 May 2012 10:05:00 GMT Prudential 39 s Class of 2012 research highlights lack of long term planning Despite the on going debate about the need to fund long term care for the elderly only one in five people planning to retire this year have made financial provision for ill health in retirement new research from Prudential shows Its lsquo Class of 2012 39 study into the finances and expectations of those planning to retire this year shows that just 20 per cent have set money aside for http://www.actuarialpost.co.uk/article/pensioners-fail-to-count-cost-of-ill-health-in-retirement-2679.htm Wed, 16 May 2012 10:05:00 GMT Over 100 researchers actuaries technologists and NGOs are coming together this afternoon to explore the potential of new technology to improve health and care reduce costs and tackle isolation amongst older people Early findings from the Whole System Demonstrator WSD programme set up by the Department of Health published in December 2011 found that ldquo If delivered properly telehealth can substantially reduce mortality reduce the need for admissions to hospital low http://www.actuarialpost.co.uk/article/can-technology-improve-care-and-reduce-costs--2680.htm Wed, 16 May 2012 10:05:00 GMT New research from AXA Wealth suggests that almost one third 31 of consumers are waiting until just six months from retirement or even later before seeking professional advice In a new survey of 200 advisers three in four 75 recommended that consumers should seek advice about their retirement at least seven years in advance However advisers are finding that as many as one in four 24 are waiting until just six months before they hope to retire Worryingly a fu http://www.actuarialpost.co.uk/article/consumers-leave-retirement-planning-to-11th-hour-2681.htm Wed, 16 May 2012 10:05:00 GMT Mike Morrison head of pensions development AXA Wealth comments on PricewaterhouseCoopers rsquo report ldquo Yesterday rsquo s report from PricewaterhouseCoopers makes for interesting reading adding as it does to the chorus of concerned voices on the issue of pensions and retirement The report found that a baby born today can expect a future where they have to work and save into a pension from as young as 17 without being able to retire until at least 77 b http://www.actuarialpost.co.uk/article/mike-morrison-says--let--039-s-get-real--2682.htm Wed, 16 May 2012 10:05:00 GMT The Principles for Responsible Investment PRI Initiative today announced the appointment of Diane Bratcher as its new network manager for the United States In this newly created role Ms Bratcher will oversee the PRI rsquo s signatory recruitment activities in the US particularly among pension funds and endowments in addition to supporting existing signatories with their implementation of the Principles ldquo We are delighted to welcome Diane Bratcher to the P http://www.actuarialpost.co.uk/article/principles-for-responsible-investment-new-appointment-2667.htm Tue, 15 May 2012 10:05:00 GMT Transaction brings together Towers Watson rsquo s benefits expertise and experience with Extend Health rsquo s largest private Medicare exchange allowing employers to provide a cost effective benefit and retirees to increase plan choice and buying power Towers Watson announced today that it has signed an agreement to acquire Extend Health Inc which operates the largest private Medicare exchange in the United States We believe that this combination of two market leaders will http://www.actuarialpost.co.uk/article/towers-watson-to-expand-retiree-benefit-services-2668.htm Tue, 15 May 2012 10:05:00 GMT Seven out of ten European life insurers 68 polled in a Towers Watson survey have a positive outlook for their businesses in spite of ongoing market turbulence Responses to Towers Watson rsquo s European Actuarial Directors rsquo survey also clearly recognise the scale of the challenges ahead which include the rising cost of capital and the advent of Solvency II with six out of ten life insurers 58 viewing the next two to three years as extremely difficult Michael Mur http://www.actuarialpost.co.uk/article/seven-of-ten-life-insurers-optimistic-despite-euro-crisis-2669.htm Tue, 15 May 2012 10:05:00 GMT Market Commentary by John Ventre Portfolio Manager Spectrum and multi asset funds Skandia Investment Group The ancient Greek philosopher Plato once asked which is worse a bad democracy or a country reigned by a tyrant He concluded that tyranny was preferable better for one person to commit many bad deeds than for the people themselves to be responsible for the destruction of their own society This gives us an interesting lens through which to view current political event http://www.actuarialpost.co.uk/article/the-tyranny-of-bad-democracy-2670.htm Tue, 15 May 2012 10:05:00 GMT With the 29 June deadline for the certification of Full Block transfers approaching the PPF have put together a user guide to help schemes understand when a Full Block Transfer has taken place and what they need to do to certify it This handy step by step leaflet illustrates the steps schemes need to take for entering the information on the Exchange system The leaflets also explains transfers involving either two PPF eligible schemes or for transfers that are made to an inel http://www.actuarialpost.co.uk/article/certification-of-block-transfers-2672.htm Tue, 15 May 2012 10:05:00 GMT Speech by Julian Adams at the Insurance Day Summit I know that today is about the changing regulatory environment more generally both internationally and here in the UK and I rsquo m sure that the panel session which I rsquo m due to join immediately after the break won rsquo t be short of material to cover Right now though http://www.actuarialpost.co.uk/article/solvency-ii-and-the-london-market-2673.htm Tue, 15 May 2012 10:05:00 GMT IMA Chief Executive Richard Saunders has announced that he plans to step down from his role at the end of 2012 He said quot After 11 years in this role I feel it is time for me to move on It has been a great privilege to work with a first rate team at the IMA and I am very proud of what we have achieved together since the Association was set up in 2002 I know that my successor will be taking charge of an organisation in very good shape to meet the challenges of t http://www.actuarialpost.co.uk/article/ima-chief-executive-to-step-down-at-the-end-of-2012-2674.htm Tue, 15 May 2012 10:05:00 GMT The Strategic Plan 2012 sets out the PPF 39 s key activities targets and budget for the 2012 13 and the strategic priorities for the years ahead It includes the PPF Vision for 2015 which describes how the PPF will operate as a customer focussed financial institution in three years 39 time when the PPF expects to have almost 500 000 PPF and FAS members and an investment portfolio of pound 17 billion The PPF 39 s strategic objectives are Manage sche http://www.actuarialpost.co.uk/article/ppf-publishes-strategic-plan-2012-2675.htm Tue, 15 May 2012 10:05:00 GMT By Mark Burgess Chief Investment Officer at Threadneedle Investments After we cut exposure to European and Asian equities during the strength of the first quarter we saw equity markets soften in April with continental European bourses experiencing sharp declines Risk premia are extremely high across most markets High yield bonds are discounting a lot of bad news while low forward and historic P E ratios and dividend yields that in many markets exceed governmen http://www.actuarialpost.co.uk/article/threadneedle-investment-strategy-2676.htm Tue, 15 May 2012 10:05:00 GMT One in twelve over 50s is a victim of garden theft Average garden claim worth pound 620 At a time when there are suggestions about older homeowners downsizing it appears that while our homes may be more than just bricks and mortar it 39 s actually the garden that makes a house a home for today 39 s over 50s with 44 citing the garden as one of its most important features However our horticultural havens can easily turn into a source of stre http://www.actuarialpost.co.uk/article/a-growing-crime-in-the-garden-2677.htm Tue, 15 May 2012 10:05:00 GMT Towers Watson announced today that it has signed an agreement to acquire Extend Health Inc which operates the largest private Medicare exchange in the United States We believe that this combination of two market leaders will provide innovative best in class health care solutions that combine specialized retiree medical transition consulting with the choice and cost advantages of individual Medicare plans purchased on a private exchange The two organizations announced a strategic alli http://www.actuarialpost.co.uk/article/towers-watson-to-acquire-extend-health-2659.htm Mon, 14 May 2012 10:05:00 GMT Casualty General Insurance Company Europe the Gibraltar based specialist in liability cover has opened a representative office in London as part of its plan to grow its business in the UK particularly its casualty account The new office in Leadenhall Street Casualty General rsquo s first outside Gibraltar is to be led by director Andy Moulsdale who will focus on developing relationships with UK insurance brokers Moulsdale said ldquo Casualty General http://www.actuarialpost.co.uk/article/casualty---general-opens-first-office-in-london-2660.htm Mon, 14 May 2012 10:05:00 GMT Extraterritorial regulation has multiplied in the wake of the financial crisis to such an extent that over half 53 of financial institutions that took part in a recent survey have decided not to enter an overseas jurisdiction ndash or have exited one ndash as a direct result of the cost of compliance with another country rsquo s laws and regulations In a survey http bit ly JudX1f by global consulting firm Protiviti1 60 of respondents http://www.actuarialpost.co.uk/article/extraterritorial-compliance-becomes--new-normal--2661.htm Mon, 14 May 2012 10:05:00 GMT OIM Underwriting Limited part of the UK and international operations of Arthur J Gallagher today announces the launch of its e Underwriting division a significant step forward for UK brokers in the provision of insurance for home and commercial risks e Underwriting has developed an auto rating model that provides point of sale quotations over a wide risk footprint for both standard and non standard risks This allows brokers to benefit from lower operational costs because i http://www.actuarialpost.co.uk/article/oim-underwriting-limited-launches-e-underwriting--2662.htm Mon, 14 May 2012 10:05:00 GMT With EU endorsement of the new International Accounting Standard covering defined benefit DB pension plans IAS 19 rev 2011 due in the next couple of months many plan sponsors are yet to prepare for the new footnote disclosures explaining their DB plan risks and how they are being managed according to Mercer The consultancy has outlined five areas of impact for DB pension risk management for plan sponsors to consider as they prepare for adoption of IAS 19 rev 2011 over the next year http://www.actuarialpost.co.uk/article/ias-19--the-five-areas-of-impact-for-db-risk-management-2663.htm Mon, 14 May 2012 10:05:00 GMT Chartis Research published a report that highlights the Solvency II capabilities of SunGard rsquo s iWorks and its leading position within the insurance landscape as well as the business and technology requirements and implementation challenges of insurers Chartis named SunGard the top provider in the Insurance vertical category in its most recent RiskTech100 reg rankings dated November 2011 According to the Chartis report preparation for Solvency II due to be implem http://www.actuarialpost.co.uk/article/chartis-highlights-iworks-as-leading-insurance-solution-2664.htm Mon, 14 May 2012 10:05:00 GMT Paul Avis Sales and Marketing Director at Canada Life Group Insurance comments on the Government rsquo s plans aimed at cutting the number of people in the UK eligible for disability benefit ldquo Today rsquo s announcement from the Government provides further confirmation of a continuous campaign for the reduction ndash or in some case removal ndash of State support and benefits Disability living allowance is only one component of support that is available from t http://www.actuarialpost.co.uk/article/canada-life-comments-on-review-of-disability-benefits-claims-2665.htm Mon, 14 May 2012 10:05:00 GMT http://www.actuarialpost.co.uk/article/otto-thoresen-interview---a-tough-balancing-act-2666.htm Mon, 14 May 2012 10:05:00 GMT By Dr Ros Altmann Buying gilts is not the same thing as stimulating the economy It is a welcome relief that the Bank of England has ignored calls for a further round of QE gilt buying Indeed it is important for the Bank to reconsider its academic assumptions that pushing down long term interest rates http://www.actuarialpost.co.uk/article/pension-funds-and-annuity-buyers-have-a-reprieve--2650.htm Fri, 11 May 2012 10:05:00 GMT Standard Life 39 s first RDR propositions will be introduced from early Q4 giving advisers time to plan a smooth transition to adviser charging We 39 ll give financial advisers extensive flexibility with a wide range of adviser charging options across our post RDR product range We 39 re also planning to introduce explicit charging structures on our key retail products Active Money SIPP Retail Portfolio Bond and FundZone later this year As part of these chan http://www.actuarialpost.co.uk/article/standard-life-confirms-rdr-readiness-with--go-live--date-2651.htm Fri, 11 May 2012 10:05:00 GMT Whittington UK has today completed the final stage in its management led acquisition by the Paraline Skuld and Tawa consortium by announcing the re branding of the company Whittington UK will now be known as ldquo Asta rdquo Stephen Cane the Asta CEO said in announcing the new name ldquo The ownership change at Whittington UK was an important and crucial strategic step for our business and the metamorphosis is now complete with our re launch as Asta br http://www.actuarialpost.co.uk/article/whittington-uk-announces-re-brand-2652.htm Fri, 11 May 2012 10:05:00 GMT Even in a watered down form the potential application of Solvency II to European occupational pensions could have a significant negative impact on corporate cash flows This initiative 39 s insurance style funding requirements could negate the progress made by European companies in managing pension liabilities in recent years EIOPA 39 s first Quantitative Impact Study QIS should provide more clarity but not until later this year While it is hard to see the change not havi http://www.actuarialpost.co.uk/article/fitch--solvency-ii-may-erode-corporate-pensions-progress-2653.htm Fri, 11 May 2012 10:05:00 GMT With regulatory deadlines fast approaching an increased focus on compliance is driving the top three trends in IT solutions for the insurance sector according to Northdoor a leading IT consultancy specialised in the insurance and financial services sectors The top trend identified was the growing popularity of lsquo business intelligence rsquo solutions that enable firms to make informed decisions with accessible accurate and high quality data Many firms were also http://www.actuarialpost.co.uk/article/regulation-is-driving-top-three-it-trends-in-insurance-2654.htm Fri, 11 May 2012 10:05:00 GMT Seven out of ten European life insurers 68 polled in a Towers Watson survey have a positive outlook for their businesses in spite of ongoing market turbulence Responses to Towers Watson rsquo s European Actuarial Directors rsquo survey also clearly recognise the scale of the challenges ahead which include the rising cost of capital and the advent of Solvency II with six out of ten life insurers 58 viewing the next two to three years as extremely difficult Michael Mur http://www.actuarialpost.co.uk/article/7-out-of-10-life-insurers-optimistic-in-spite-of-euro-crisis-2656.htm Fri, 11 May 2012 10:05:00 GMT Investors in the UK are adopting a short term approach to their savings compared to those in the Middle and Far East according to a new investor sentiment survey from Friends Life The research conducted in the UK revealed more than a quarter 26 of investors are preferring to opt for a short investment horizon of 39 no longer than three years 39 This contrasts with a longer term investment approach among investors polled as part of the Friends Provident International FP http://www.actuarialpost.co.uk/article/uk-investors-shun-long-term-saving-2657.htm Fri, 11 May 2012 10:05:00 GMT By John Ventre Portfolio Manager Spectrum and multi asset funds Skandia Investment Group Gold has now fallen below 1600 an ounce coinciding with a general sell off in risk assets So far this year the metal strengthened for the first two months of the year alongside risk assets and has weakened for the last two months of the year also alongside risk assets With this higher unwanted correlation investors may begin to question whether the metal can provide the portfolio http://www.actuarialpost.co.uk/article/is-gold-now-a-crowded-trade--2658.htm Fri, 11 May 2012 10:05:00 GMT Legal General Group Plc is pleased to announce that Dr Nigel Wilson will be appointed as Group Chief Executive as successor to Tim Breedon Nigel joined Legal General as Group Chief Financial Officer and a member of the Board in September 2009 His appointment follows a thorough and exhaustive process conducted by the Board under the Chairman rsquo s leadership and with the assistance of a leading executive search firm With immediate effect Nigel will be Group Chief Executive Design http://www.actuarialpost.co.uk/article/l-g-appoint-nigel-wilson-as-group-chief-executive-2637.htm Thu, 10 May 2012 10:05:00 GMT A quarter of small firms have never heard of Group Income Protection GIP products according to research conducted on behalf of Legal General The survey found that a further two fifths of small firms had only heard of the term but could not explain what GIP products offer The findings suggest that continued lack of awareness of GIP products and the services they provide is holding back absence management in small firms GIP products can help to reduce the absence r http://www.actuarialpost.co.uk/article/small-firms-unaware-of-group-income-protection-products-2638.htm Thu, 10 May 2012 10:05:00 GMT EDHEC Risk Institute has released the results of its inaugural Asian Index Survey a comprehensive survey of 127 Asian investment professionals asset managers institutional investors investment consultants and private wealth managers on the subject of indices and passive investment and the first comprehensive account of investor attitudes to equity and bond indices in the Asia Pacific region Respondents are principally from the three asset management hubs in the Asia Pacif http://www.actuarialpost.co.uk/article/asian-index-survey-2639.htm Thu, 10 May 2012 10:05:00 GMT Hymans Robertson the UK rsquo s leading independent experts in pensions and benefits today announced the appointment of Andy Green as a partner Andy joins from Deloitte where he was a partner in the pension advisory business In his new role at Hymans Robertson Andy will lead a range of client teams focussing on the highest quality advice to his clients He will also be a key driver in developing the firm rsquo s advice across all clients with a particular f http://www.actuarialpost.co.uk/article/hymans-robertson-announces-hire-of-new-partner-2640.htm Thu, 10 May 2012 10:05:00 GMT With regulatory deadlines fast approaching an increased focus on compliance is driving the top three trends in IT solutions for the insurance sector according to Northdoor a leading IT consultancy specialised in the insurance and financial services sectors The top trend identified was the growing popularity of lsquo business intelligence rsquo solutions that enable firms to make informed decisions with accessible accurate and high quality data Many firms were also lookin http://www.actuarialpost.co.uk/article/regulatory-compliance-driving-it-trends-in-insurance-sector-2641.htm Thu, 10 May 2012 10:05:00 GMT International strategy consulting firm PTOLEMUS Consulting Group has published the most comprehensive report ever written on Insurance Telematics The 400 page strategic report is set to become the industry rsquo s reference document covering the global car insurance landscape new telematic technologies how they are turning the economics of the market upside down and much more The study includes the evaluation of 60 telematic suppliers http://www.actuarialpost.co.uk/article/first-global-ranking-of-telematics-suppliers-released-2642.htm Thu, 10 May 2012 10:05:00 GMT Agencyport Software a leading provider of software and services to the global insurance and reinsurance industries today announced the immediate availability of its upgraded bordereaux and binder management system Alchemy Already a leading binder management product Alchemy 2 1 has been enhanced to give carriers and wholesale brokers more control than ever over their delegated underwriting authority business Several exclusive features also enable easier audit complian http://www.actuarialpost.co.uk/article/agencyport-improves-binder-management---audit-processes-2643.htm Thu, 10 May 2012 10:05:00 GMT The European Court of Justice ECJ has ruled that foreign investment funds that invest in French companies should not be liable to pay a discriminatory withholding tax on dividends Prior to today rsquo s judgment under French corporate tax law France levied a withholding tax of 15 or in some cases 25 on foreign investment funds investing in French companies while French investment funds were exempt After today UK pension funds and other investment funds that invest in http://www.actuarialpost.co.uk/article/uk-investment-funds-in-line-for--20bn-tax-rebate-2644.htm Thu, 10 May 2012 10:05:00 GMT Over three quarters of insurance companies believe that the Solvency II implementation date will be delayed beyond its intended start date of 1 January 2014 according to research conducted by Barnett Waddingham UK rsquo s leading independent firm of actuaries pension administrators and consultants The survey which was designed to find out how prepared firms are in all the main areas of Solvency II showed that of the 39 Insurance companies surveyed only 24 of respondents a http://www.actuarialpost.co.uk/article/survey-reveals-low-confidence-in-solvency-ii-implementation-2645.htm Thu, 10 May 2012 10:05:00 GMT The European Insurance and Occupational Pensions Authority EIOPA today published an Opinion on External Models Data used for the calculation of Solvency II capital requirements The Opinion states that the national supervisory authorities NSAs may request any additional information from insurance companies using external models data in order to assess whether these companies comply with Solvency II requirements for capital Some insurance companies intend to u http://www.actuarialpost.co.uk/article/eipoa-on-external-models-data-for-solvency-ii-caluculations-2646.htm Thu, 10 May 2012 10:05:00 GMT Swiss Re Ltd secures USD 400 million in natural catastrophe coverage through a newly formed issuer Mythen Ltd a flexible programme that allows Swiss Re to cede wind risks in both the United States and Europe to the capital markets The new programme is the latest in a series of catastrophe bonds that Swiss Re has issued since 1997 and a demonstration of Swiss Re 39 s commitment to transferring natural catastrophe risk to capital markets Mythen Ltd is an addition to Swiss R http://www.actuarialpost.co.uk/article/swiss-re-obtains--400m-in-natural-catastrophe-protection-2647.htm Thu, 10 May 2012 10:05:00 GMT Almost three quarters 72 of advisers dealing with group risk believe that auto enrolment will present them with new business opportunities as employers seek financial advice to ensure they are compliant with its regulations according to research from Canada Life Group Insurance Auto enrolment opportunities Research of almost 100 group risk intermediaries released today at Canada Life rsquo s first Group Risk Speed Debate revealed that most advisers think auto enr http://www.actuarialpost.co.uk/article/advisers-look-to-auto-enrolment-to-grow-group-risk-market-2648.htm Thu, 10 May 2012 10:05:00 GMT Commenting on the Government rsquo s proposed pound 140 per week pension as outlined in the latest Pensions Bill Fraser Smart Managing Director of Buck Consultants Ltd Buck says ldquo For the pound 140 a week flat rate pension to work the Government needs to tackle contracting out There are a number of ways of doing this but taking contracted out benefits back into the state system has a great number of advantages and very few disadvantages ldquo In my opi http://www.actuarialpost.co.uk/article/fraser-smart-comments-on-proposed--140-per-week-pension--2649.htm Thu, 10 May 2012 10:05:00 GMT Dr Ros Altmann Director General of Saga the largest provider of homecare in the UK responds to the Centre for Social Justice Report on social care reform quot The care system is so clearly unfair and with the numbers of people requiring care growing rapidly this issue will only get worse The view from the Centre of Social Justice that funding needs to be prioritised for only the poorest elderly people is not the solution to this problem By targeting only the poorest we http://www.actuarialpost.co.uk/article/care-reform-cannot-only-focus-on-the-poorest-elderly-people-2623.htm Wed, 9 May 2012 10:05:00 GMT Weekly Investment Commentary Stocks Give Back Their Previous Week 39 s Gains Stocks struggled last week in the face of some weaker economic data most notably a disappointing April payrolls report For the week the Dow Jones Industrial Average dropped 1 4 to 13 038 the S P 500 Index fell 2 4 to 1 369 and the Nasdaq Composite declined 3 7 to 2 956 These losses roughly corresponded to the gains that stocks had made in the previ http://www.actuarialpost.co.uk/article/despite-uncertainty--the-bull-market-should-persevere-2624.htm Wed, 9 May 2012 10:05:00 GMT Buck Consultants Buck today announced that it has appointed Colin Richardson as Senior Corporate Consulting Actuary to assist leading its corporate consulting practice in the UK including de risking Colin is a qualified actuary with over 20 years rsquo experience in the pensions market Colin joins from JLT where he developed corporate advisory business and solutions specialising in strategic de risking strategies liability management and insurance transactio http://www.actuarialpost.co.uk/article/colin-richardson-joins-buck-to-bolster-consulting-practice-2625.htm Wed, 9 May 2012 10:05:00 GMT New business sales in 1Q 2012 on an APE basis rose 8 to pound 292m ahead of the pound 287m consensus which was good Less exciting was the value of new business of pound 35m 2011 pound 19m following lower new business strain pound 67m versus pound 105m which highlights the challenge of trying to boost margins in current markets There was no news on the special dividend and it looks as if this will have to wait until the 15th August interim results We view the payment of http://www.actuarialpost.co.uk/article/investec---resolution--modest-progress-in-1q-2626.htm Wed, 9 May 2012 10:05:00 GMT International strategy consulting firm PTOLEMUS Consulting Group has published the most comprehensive report ever written on Insurance Telematics With over 2 million customers the Pay As You Drive PAYD market has reached its tipping point We expect it to be multiplied by 50 by the end of the decade Telematic enabled policies will then generate euro 50 billion in premiums to insurers who have seized the opportunity This is good news for consumers wo http://www.actuarialpost.co.uk/article/global-telematic-insurance-market-to-exceed--50b-by-2020-2627.htm Wed, 9 May 2012 10:05:00 GMT Risk targeted funds can help financial advisers avoid portfolio drift one of the significant concerns highlighted in the FSA 39 s recent paper on assessing investment suitability says Skandia Investment Group Section 4 12 of the FSA paper on Centralised Investment Propositions states that lsquo Where a firm uses an asset allocation approach in constructing portfolios it should ensure that it has a robust process to review each portfolio to mitigate the risk of portfolio d http://www.actuarialpost.co.uk/article/risk-targeted-funds-avoid-fsa-concerns-on--portfolio-drift--039--2628.htm Wed, 9 May 2012 10:05:00 GMT FE the investment analysis and data provider has acquired InvestorEase the UK 39 s most comprehensive user friendly research resource for UK equities InvestorEase allows users to research UK shares including those listed on AIM and Plus Markets It provides information on directors 39 deals M A activity the largest risers and fallers in main indices and dates for forthcoming results and annual general meetings Users can establish portfolios build lsquo StockWatch http://www.actuarialpost.co.uk/article/fe-announces-acquisition-of-investorease-2629.htm Wed, 9 May 2012 10:05:00 GMT Price increases in the July reinsurance renewal period are likely to be restricted to loss affected sectors unless there is a further significant insured loss for the industry Fitch Ratings says We believe an insured loss of more than USD50bn would reduce capital levels throughout Fitch 39 s monitored universe of reinsurers to such an extent that they would attempt to increase premium rates across their entire portfolios A loss of this size would also be like http://www.actuarialpost.co.uk/article/july-reinsurance-price-rises-will-be-limited-2631.htm Wed, 9 May 2012 10:05:00 GMT The private car market faces one of its greatest challenges when the EU gender directive comes into force on 21 December 2012 both in terms of underwriting risks and marketing products to a unisex audience Premiums will rise for many female drivers while male drivers will see their premiums drop Providers who have a large female book of business will need to address the risks involved in retaining this business as well as providing cover for the riskier male driver http://www.actuarialpost.co.uk/article/re-evaluation-needed-ahead-of-eu-gender-directive-2632.htm Wed, 9 May 2012 10:05:00 GMT Allianz Insurance has promoted Stuart Daws to manager risk control within its Commercial division In his new role Stuart will focus on ensuring the risk control function is in the optimum position to support the business needs and objectives He succeeds Andrew Miller who recently retired after 35 years with the Company Stuart who has worked for Allianz for 11 years in both risk control and operational roles will now be responsible for the strategy planning and http://www.actuarialpost.co.uk/article/allianz-promotion-boosts-commercial-property---risk-team-2633.htm Wed, 9 May 2012 10:05:00 GMT Mercer has welcomed the government consultation into executive pay but has cautioned that a binding vote will not necessarily have the outcome that is intended The Executive Pay Consultation on Enhanced Shareholder Voting Rights by the Department for Business Innovation and Skills BIS solicited amongst other things views on the cost and benefits of shareholders holding an annual binding vote on a company rsquo s executive remuneration proposals The consultation also http://www.actuarialpost.co.uk/article/mercer-view--executive-pay-and-a-binding-shareholder-vote-2634.htm Wed, 9 May 2012 10:05:00 GMT In response to the Queen rsquo s Speech today which addressed plans to split banks into their retail and investment banking functions as part of the Banking Reform Bill Kevin Burrowes UK financial services leader at PwC said quot Formally signalling intent to pursue ring fencing helps eliminate uncertainty but in reality the banks are already well aware this would be pursued by the government All banks are already undertaking enormous changes to their business models in http://www.actuarialpost.co.uk/article/queen-s-speech-2012---pwc-comments-on-banking-reform-bill-2635.htm Wed, 9 May 2012 10:05:00 GMT Today 39 s Queen 39 s Speech promised a bill for adult social care and I sincerely hope that the needs of our ageing population take a higher priority for this government This is one subject that can unite us all and gain cross party support The crisis in our care system isn 39 t a new problem After procrastination by successive governments in the form of various commissions and reports a white paper on the issue of social care reform was expected last Christmas and has http://www.actuarialpost.co.uk/article/will-social-care-be-a-priority--2636.htm Wed, 9 May 2012 10:05:00 GMT RSA has published a management update for the first quarter Highlights are Continued good organic growth and strong financial position Net written premiums of pound 2 2bn up by 5 with all regions delivering good growth Rating action and increased volumes drive the top line forward IGD surplus remains strong at pound 1 3bn coverage unchanged at 2 0 times Net asset value per share including IAS 19 of 107p c http://www.actuarialpost.co.uk/article/emerging-markets-lead-growth-at-rsa-2614.htm Tue, 8 May 2012 10:05:00 GMT The risk to insurance companies of consumers demanding their money early on guaranteed savings products is increasing as early surrender penalties reduce and households 39 disposable income is squeezed by the tough macroeconomic environment Fitch Ratings says quot quot If European households stretched by cuts to public expenditure increased tax rates and low growth demand their money back on life insurance products insurers may have to sell assets to fund that repayment In many c http://www.actuarialpost.co.uk/article/life-surrenders-could-result-in-sale-of-insurer-assets-2615.htm Tue, 8 May 2012 10:05:00 GMT Towers Watson is releasing additions to its established capital modelling solutions to help life non life and composite insurers perform the Standard Formula calculation that is required by all companies under the Solvency II regime The company 39 s Igloo Standard Formula and RiskAgility Standard Formula software products will implement the Solvency II Standard Formula with full data and parameterisation control to support the governance requirements of the Directive These http://www.actuarialpost.co.uk/article/towers-watson-releasing-additions-to-solvency-ii-model-2616.htm Tue, 8 May 2012 10:05:00 GMT Willis Re has released a report discussing the challenges and opportunities offered to mutual insurers through diversification The report subtitled ldquo Navigating the Pitfalls in Pursuit of Successful Diversification rdquo examines through discussion and the use of case studies how the unique characteristics of mutual insurers mean that some are being encouraged towards diversification by regulators and rating agencies and considers some of the issues that need to be a http://www.actuarialpost.co.uk/article/willis-re-report-discusses-mutuals-and-diversification-2617.htm Tue, 8 May 2012 10:05:00 GMT By Mark Hixon Navigant Consulting Over the years firms operating within the life and pensions sector have learnt to perform a balancing act between providing a high quality service and managing their costs However faced with ever decreasing margins tighter regulation and increased competition modern financial services firms n http://www.actuarialpost.co.uk/article/how-life---pensions-firms-can-improve-cost-management-2618.htm Tue, 8 May 2012 10:05:00 GMT Pension scheme accounting deficits were pound 69bn at 30 April 2012 broadly unchanged for the second consecutive month This corresponds to a funding ratio of assets over liabilities of 88 Low interest rate environment prompting changes such as reviewing and lowering the level at which interest rates are being hedged Mercer rsquo s Pensions Risk Survey data shows that the accounting deficit of FTSE350 defined benefit pension schem http://www.actuarialpost.co.uk/article/ftse-350-pension-deficits-stable-2619.htm Tue, 8 May 2012 10:05:00 GMT Third party administrator Pension Benefit Services Limited PBSL has selected Xafinity Claybrook rsquo s award winning Compendia software platform for its pension administration and management supporting in excess of 21 000 members across 24 schemes PBSL are in the process of migrating their existing clients and will place all future clients onto the Compendia system The fully tailored platform supports PBSL rsquo s business values of right first time personal se http://www.actuarialpost.co.uk/article/pension---benefit-services-limited-selects-xafinity-software-2620.htm Tue, 8 May 2012 10:05:00 GMT We are pleased to announce that Legal General Investment Management LGIM now manages in excess of euro 1billion in assets on behalf of its German clients LGIM 39 s German clients include public sector corporates and insurance companies who have been attracted by LGIM 39 s euro denominated active credit capability and strong track record Fredrik Werneman Head of European Sales Legal General Investment Management said quot I am extremely pleased and excited http://www.actuarialpost.co.uk/article/german-assets-top--1billion-at-legal---general-investments-2621.htm Tue, 8 May 2012 10:05:00 GMT Research carried out by retirement specialist LV reveals 80 of advisers new to the equity release market believe equity release will be considered a mainstream financial product in the next few years The majority of advisers 86 consider equity release to be a significant future growth area for their business with over half 52 of advisers already reporting a recent increase in client interest in equity release products Advisers believe that the main reason 67 http://www.actuarialpost.co.uk/article/equity-release-set-to-become-mainstream-product-2622.htm Tue, 8 May 2012 10:05:00 GMT Aon Benfield the global reinsurance intermediary and capital advisor of Aon plc today releases the latest edition of its Global Catastrophe Recap report which reviews the natural disaster perils that occurred worldwide during April Published by Impact Forecasting the firm rsquo s catastrophe model development center of excellence the report reveals that a series of severe weather events across central and southern sections of the United States caused upwards of USD1 http://www.actuarialpost.co.uk/article/u-s--severe-weather-insurance-losses-approach-usd1-billion-2612.htm Fri, 4 May 2012 10:05:00 GMT Morningstar survey reveals large investor appetite for the closed end fund Morningstar has released the results of its first online survey of UK investors into the interest understanding and use of investment trusts with the overwhelming majority of participating investors interested in closed end funds and undeterred by the added considerations of discounts and gearing 533 investors participated Key findings from a report issued today include ul http://www.actuarialpost.co.uk/article/investment-discounts-and-gearing-not-deterring-investors-2613.htm Fri, 4 May 2012 10:05:00 GMT MetLife Assurance research shows increasing focus on partnership approach from employers and trustees But two out of five employers are not aware of de risking options Employers are becoming more engaged with the management of their pension schemes and increasingly taking primary responsibility for de risking according to research1 from MetLife Assurance Limited ldquo MetLife Assurance rdquo The study shows 61 of companies surveyed with turnover of http://www.actuarialpost.co.uk/article/employers---039-becoming-more-engaged--039--with-pension-management-2602.htm Thu, 3 May 2012 10:05:00 GMT Scottish Life the pensions specialist arm of the Royal London Group has launched knowledge builder designed to help advisers improve their knowledge of automatic enrolment and the employer duties Automatic enrolment will be a big challenge for employers and they are likely to look to their adviser for help The automatic enrolment knowledge builder will help advisers make the most of this opportunity by providing them with the information they will need to talk about automatic http://www.actuarialpost.co.uk/article/scottish-life-launches-automatic-enrolment-knowledge-builder-2603.htm Thu, 3 May 2012 10:05:00 GMT http://www.actuarialpost.co.uk/article/implementing-telematics-insurance-2604.htm Thu, 3 May 2012 10:05:00 GMT David Kneeshaw Chief Executive of Royal London 360 deg has been appointed Chairman of the Manx Insurance Association At the same time Gill Marples of HPB Assurance Limited has been appointed Deputy Chairman The MIA exists to promote the benefits of Isle of Man based insurers works closely with the Isle of Man Government on policy and industry matters and acts as a discussion forum for all those involved on the island Commenting on the appointment David Kneesh http://www.actuarialpost.co.uk/article/david-kneeshaw-appointed-chairman-of-the-mia-2605.htm Thu, 3 May 2012 10:05:00 GMT The introduction of pensions auto enrolment will lead to huge growth in the corporate platform market says Deloitte the business advisory firm Employers must start automatically enrolling all eligible employees into pension schemes over five years from October 2012 The largest employers will be first to introduce auto enrolment and up to 8m new people will start saving into a workplace pension depending on employee opt out rates In its insurance market update D http://www.actuarialpost.co.uk/article/auto-enrolment-to-boost-corporate-platform-market-2606.htm Thu, 3 May 2012 10:05:00 GMT Pension Corporation a leading provider of risk management solutions to defined benefit pension funds today announces that the Trustee of the Gartmore Pension Scheme ldquo the Scheme rdquo has entered into a pension insurance buy in agreement with Pension Insurance Corporation ldquo PIC rdquo The transaction covers around pound 160 million of liabilities and all 600 members of the Scheme The Trustee was advised by Lane Clark Peacock LLP ldquo LCP rdquo and Sacker Partne http://www.actuarialpost.co.uk/article/pension-corporation-insures-gartmore-pension-scheme-2607.htm Thu, 3 May 2012 10:05:00 GMT By Henry Tapper The first ballot boxes are being collected the first votes counted It rsquo s too early to call the winners but the exit polls tell us a fair bit about how auto enrolment will impact the pension landscape in years to come The ldquo big five rdquo the schemes w http://www.actuarialpost.co.uk/article/auto-enrolment---winners-and-losers-2608.htm Thu, 3 May 2012 10:05:00 GMT By Tom Murray Head of Product Strategy Exaxe Open any newspaper and it rsquo s hard to avoid an article decrying the on going bureaucratic interference in the workplace by health and safety officials Every day bizarre situations are trotted out to underline the stupidity of the situation such as police off http://www.actuarialpost.co.uk/article/how-protection-can-make-a-comeback-via-the-workplace-2609.htm Thu, 3 May 2012 10:05:00 GMT Measuring the multidimensional adequacy of pension systems in European countries By Filip Chybalski Pensions Institute The paper presents a multidimensional approach to the adequacy of the pension system recognising it as the most relevant in comparative analyses of pension systems as well as more authorita http://www.actuarialpost.co.uk/article/measuring-multidimensional-adequacy-of-pension-systems-2611.htm Thu, 3 May 2012 10:05:00 GMT After a period of relative calm and optimism the Eurozone debt crisis has become centre stage once more with Spain being the focus of attention In his note Ted provides an analysis of the abrupt rise in Spanish bond yields and assesses whether they pose a threat to the structure of the currency zone itself He highlights the banking sector in Spain as vulnerable to the weakening economy and the property sector in particular and argues that new regulation regarding more realist http://www.actuarialpost.co.uk/article/can-spain-save-itself-from-financial-collapse--2594.htm Wed, 2 May 2012 10:05:00 GMT LCP has advised the Trustee of the Gartmore Pension Scheme on a pound 160 million insurance buy in agreement with Pension Insurance Corporation PIC The transaction covers the benefits for all 600 members of the Scheme Since 2008 this is the third largest buy in or buy out with a solvent employer where all members are insured Gartmore Group Limited was acquired by Henderson Group plc a leading independent asset management firm in April 2011 br http://www.actuarialpost.co.uk/article/lcp-advises-gartmore-on--160-million-full-buy-in-2595.htm Wed, 2 May 2012 10:05:00 GMT Global professional services company Towers Watson is releasing additions to its established capital modelling solutions to help life non life and composite insurers perform the Standard Formula calculation that is required by all companies under the Solvency II regime The company 39 s Igloo Standard Formula and RiskAgility Standard Formula software products will implement the Solvency II Standard Formula with full data and parameterisation control to support the governanc http://www.actuarialpost.co.uk/article/towers-watson-releases-standard-formula-modelling-solutions-2596.htm Wed, 2 May 2012 10:05:00 GMT Towers Watson has released a smartphone application app providing real time pension data for defined contribution DC scheme members Track My Pension which is now available to UK occupational pension schemes administered by Towers Watson enables members to view their current fund value projected benefits latest transactions and the performance of their funds using a smartphone Steve Kortens Senior Consultant at Towers Watson said ldquo As pension decision making is http://www.actuarialpost.co.uk/article/pensions-app-for-members-on-the-move-2597.htm Wed, 2 May 2012 10:05:00 GMT Assicurazioni Generali UK Branch part of the Generali Group a leading player in the global insurance and financial markets and one of Europe rsquo s largest insurance providers has gone live with its new non life policy administration system Open Co from Agencyport Software a leading provider of software and services to the global insurance and reinsurance industries As part of the implementation Agencyport replaced the unit rsquo s core administration system which entai http://www.actuarialpost.co.uk/article/generali-uk-branch-upgrades-its-policy-administration-2598.htm Wed, 2 May 2012 10:05:00 GMT Fitch Ratings says in a newly published report that the proposed new Solvency II regulation for European insurance companies in respect of their exposure to securitisations could disincentivise insurance companies from investing in highly rated and historically strongly performing securitisations Fitch says that the new measures set to come into force at the beginning of 2014 could lead to disproportionately high capital charges and in the process restrict funding opportun http://www.actuarialpost.co.uk/article/fitch-warns-on-solvency-ii-securitisation-constraints-2599.htm Wed, 2 May 2012 10:05:00 GMT The London Evening Standard has reported that Edmund Truell founder of private equity company Duke Street has made a multi billion bid for Lloyds Bank owned Scottish Widows He is bringing a new bid vehicle Tungsten to the stock market and could also be interested in Direct Line according to the Financial Times The sale of Scottish Widows was ruled out last year in a strategic review by Lloyds chief executive Antonio Horta Osorio but Lloyd 39 s has received a number of other http://www.actuarialpost.co.uk/article/scottish-widows-on-the-market-again--2600.htm Wed, 2 May 2012 10:05:00 GMT Richard Plackett manager of the BlackRock Special Situations fund comments on performance over the last quarter quot BlackRock Special Situations fund returned 9 4 over the first quarter of 2012 outperforming its benchmark the Morningstar UT UK All Companies Sector which returned 9 0 The FTSE All Share returned 5 7 over the same period quot The largest contributors to returns came from our positions in cyclical growth stocks Spectris announced continued s http://www.actuarialpost.co.uk/article/blackrock--039-s-richard-plackett-comments-on-uk-equities-2601.htm Wed, 2 May 2012 10:05:00 GMT Operational changes to UK personal lines at Zurich will result in 342 job losses in the UK and 51 in Pune India The company branded motor product will be administered through partner Broker Direct and existing personal lines business for direct and partnerships channels will be looked after by subsidiary Endsleigh and existing supplier Wessex Group quot Job losses will be minimised through relocation natural turnover and voluntary measures wherever possible quot http://www.actuarialpost.co.uk/article/zurich-uk-operational-changes-mean-job-losses-2577.htm Tue, 1 May 2012 10:05:00 GMT Jardine Lloyd Thompson Group said at its Annual General Meeting this week that quot the Group has made a positive start to the year and the overall trading performance is in line with expectations Insurance markets continue to be competitive across most sectors although there has been some stabilisation of rates as well as evidence of hardening in respect of certain catastrophe related risks In Risk Insurance encouraging levels of organic growth are being achieved buildi http://www.actuarialpost.co.uk/article/jlt-provides-an-update-2578.htm Tue, 1 May 2012 10:05:00 GMT Canopius Group has confirmed that it has made a formal offer to acquire Omega Insurance Holdings at a price of 67 pence per share which values Omega at approximately pound 164m The acquisition which is subject to necessary regulatory consents and acceptance of the offer by Omega shareholders will be funded by a combination of new shares in Canopius representing a 30 increase in shareholders rsquo equity existing cash resources of Canopius and an increase in the group rsquo s LOC fa http://www.actuarialpost.co.uk/article/canopius-reveals-tower-group-investment-in-bid-for-omega-2579.htm Tue, 1 May 2012 10:05:00 GMT Aon Risk Solutions urges companies to ensure threats to business continuity are considered as 37 countries were downgraded in the Aon 2012 Terrorism Political Violence Map largely due to civil unrest The continued effects of the global economic crisis were very much in evidence in 2011 As austerity measures and spending cuts took hold civil unrest riots strikes and student protests were witnessed across large parts of Europe This led to 43 of the downgrades in Aon 39 http://www.actuarialpost.co.uk/article/aon-warns-on-business-continuity-risks-2580.htm Tue, 1 May 2012 10:05:00 GMT The Chartered Insurance Institute CII has launched a new insurance competency framework that is available free from the CII website The new framework has been developed following extensive consultation with employers and employees It enables businesses and individuals across the sector to determine the competencies required by individuals to fulfil roles within their organisation effectively The framework has been designed to help meet regulatory compliance requi http://www.actuarialpost.co.uk/article/cii-launches-new-insurance-competency-framework-2581.htm Tue, 1 May 2012 10:05:00 GMT Fitch Ratings says that some reinsurers are more exposed to further major catastrophe losses during 2012 according to a new report published this week While the overall level of capitalisation for Fitch 39 s monitored universe of reinsurers grew by 3 4 at year end 2011 15 of the 24 reinsurers reported lower shareholders 39 equity having been financially weakened by a near record level of insured catastrophe losses that occurred in 2011 The rating outlook for http://www.actuarialpost.co.uk/article/fitch-expects-reinsurers-combined-ratio-to-improve-this-year-2582.htm Tue, 1 May 2012 10:05:00 GMT The EU is proposing to put back to June 2013 the deadline for member states to incorporate Solvency II into their legal systems The deadline of insurer implementation remains 1st January 2014 which could result in insurers having less time to receive regulatory approval for their internal models Fitch Ratings comments on internal models quot The future ability of insurance firms to invest in infrastructure projects is likely to depend heavily on whether they use internal mode http://www.actuarialpost.co.uk/article/pressure-on-insurers-over-solvency-ii-internal-model-2583.htm Tue, 1 May 2012 10:05:00 GMT With events in Europe casting a shadow over the global economic outlook investors should be looking for assets which have a valuation cushion and which are liquid My view is that risk is best added through developed market equities In terms of other assets corporate bonds offer relatively good value in the yield spread over lower risk but expensive government bonds ndash but absolute levels of yield are not so attractive Everyone remembers the amazing buying opportunit http://www.actuarialpost.co.uk/article/what-is-the-best-way-to-add-risk-back-to-portfolios--2584.htm Tue, 1 May 2012 10:05:00 GMT By Sam Richardson Sony has posted record losses of pound 4bn in its last fiscal year It also reported that it would eradicate around 6 percent of its workforce worldwide which represents a figure of around 10 000 jobs New CEO Kazuo Hirai announced on the same day that the company rsquo s strategic and financial t http://www.actuarialpost.co.uk/article/focusing-on-sony-2585.htm Tue, 1 May 2012 10:05:00 GMT By David Gregson OAC Actuaries and Consultants Solvency II offers a launch pad for innovation in financial modelling systems Can existing enterprise wide models keep up with regulatory requirements anddrive competitive advantage It is not difficult to imagine when lsquo real time rsquo Economic Capital calculations could http://www.actuarialpost.co.uk/article/unleash-your-model--2587.htm Tue, 1 May 2012 10:05:00 GMT eValue FE responds the FSA 39 s policy statements on pension transfer value analysis assumptions As a result of the FSA rsquo s latest guidance advice relating to enhanced transfers now needs to contain information about the uncertainty of proposed DC benefits and the extent to which these may fall short of existing DB benefits Product Director Mark Grimes said ldquo Continued use of deterministic projections inadequately communicates the uncertainty and risks as http://www.actuarialpost.co.uk/article/stochastic-projections-address-the-fsa-s-advice-2588.htm Tue, 1 May 2012 10:05:00 GMT The risk to insurance companies of consumers demanding their money early on guaranteed savings products is increasing as early surrender penalties reduce and households 39 disposable income is squeezed by the tough macroeconomic environment Fitch Ratings says If European households stretched by cuts to public expenditure increased tax rates and low growth demand their money back on life insurance products insurers may have to sell assets to fund that repayment In many c http://www.actuarialpost.co.uk/article/fitch--european-insurers-face-increased-lapse-rate-risk-2589.htm Tue, 1 May 2012 10:05:00 GMT The Financial Services Authority FSA has fined Christchurch Investment Management Limited Christchurch a small firm specialising in financial planning and portfolio management pound 26 600 and its compliance officer David Thornberry pound 11 550 for failings in relation to the protection of client money Thornberry is also prohibited from acting as a compliance officer or having responsibility for client assets Christchurch and David Thornberry had insufficient knowledg http://www.actuarialpost.co.uk/article/fsa-fines-christchurch-investment-management-limited--2590.htm Tue, 1 May 2012 10:05:00 GMT Weekly commentary from Bob Doll Chief Equity Strategist of Fundamental Equities at BlackRock Economic Growth Continues to Muddle Through Our expectation is that the United States will continue to grow at a slow but positive pace for 2012 Early in the year the labour market appeared to be recovering nicely but the pace of jobs growth appears to have slackened more recently Last week 39 s unemployment claims data was disappointing representing the thi http://www.actuarialpost.co.uk/article/euro-risks-continue--support-for-risk-assets-is-good-enough-2591.htm Tue, 1 May 2012 10:05:00 GMT Aquarium Software the leading insurance claims management software today announces the launch of a new product aimed specifically at the pet insurance sector Aquarium has been working in partnership with major players in the pet insurance sector for the past couple of years devising specific claims management technology solutions for pet insurance providers Aquarium rsquo s product is now fully tested and ready for launch as Aquarium rsquo s Sales Marketing Director Mark Colonnese http://www.actuarialpost.co.uk/article/aquarium-launches-its-new-pet-software-project-2592.htm Tue, 1 May 2012 10:05:00 GMT Baring Asset Management Barings the international investment management firm has appointed Sean Chang to the role of Head of Asian Debt starting tomorrow 2nd May Sean will be based in Hong Kong and report to Alan Wilde Head of Fixed Income and Currency and Wilfred Sit Chief Investment Officer Asia Sean will be lead manager on the Baring Asian Debt Fund subject to regulatory approval as well as managing all other Asian Debt investments across the firm http://www.actuarialpost.co.uk/article/barings-appoints-head-of-asian-debt-2593.htm Tue, 1 May 2012 10:05:00 GMT MyCSP Ltd the first lsquo John Lewis style rsquo business created from a central government service was launched today by Francis Maude Minister for the Cabinet Office MyCSP Ltd rsquo s innovative Mutual Joint Venture model gives employees a 25 ownership stake representation at board level and a share in profits The new enterprise will be contracted by the Government to administrate pensions for the 1 5million members of the Civil Service scheme It will cut costs for taxpayers re http://www.actuarialpost.co.uk/article/first-central-government-mutual-launched--2566.htm Mon, 30 Apr 2012 10:05:00 GMT Liberty Mutual Insurance LMI the commercial lines division of Liberty Mutual Insurance Europe Limited LMIE and part of Liberty Mutual Insurance Group announces its new office in Leeds will open on 30th April The office opening will be backed by four new appointments Andrew Griggs has been appointed as casualty underwriter Stephen Bate as property underwriter James Seal as commercial combined underwriter and Eleanor Slater as underwriting assistant This move http://www.actuarialpost.co.uk/article/liberty-mutual-insurance-hires-four---opens-new-leeds-office-2567.htm Mon, 30 Apr 2012 10:05:00 GMT The Lloyd rsquo s Market Association rsquo s claims team has been named as Claims Team of the Year by the International Association of Claims Professionals IACP This is the first time that the IACP has presented awards and they were made at its 15th annual London conference held at Lloyd rsquo s last week According to IACP the award recognised the LMA claims team rsquo s role in successfully supporting the Lloyd rsquo s claims community through a period of inten http://www.actuarialpost.co.uk/article/lma-wins-claims-team-of-the-year-award-2568.htm Mon, 30 Apr 2012 10:05:00 GMT In the last full year seven out of ten people who were unable to work due to stress returned to work before the end of the deferred period analysis of Legal General internal claims data has revealed This means that typically staff are returning in under six months This figure represents a huge increase as fewer than four out of ten were able to return to work within the same period five years ago Stress is Britain rsquo s leading cause of long term absence accordi http://www.actuarialpost.co.uk/article/7-out-of-10-people-with-stress-problems-are-able-to-work-2569.htm Mon, 30 Apr 2012 10:05:00 GMT Half of people who have an investment product are only vaguely aware of the level of risk they are taking within that product according to new research by Skandia Investment Group A further 8 say they have no understanding of the level of risk they are taking at all with only two in five saying they understand the level of risk they are taking in detail The survey of over 2 000 people shows a clear lack of understanding by investors of how much risk they are expos http://www.actuarialpost.co.uk/article/low-investor-risk-awareness-shows-need-for-targeted-funds-2570.htm Mon, 30 Apr 2012 10:05:00 GMT Fitch Ratings says in a newly published report that the proposed new Solvency II regulation for European insurance companies in respect of their exposure to securitisations could disincentivise insurance companies from investing in highly rated and historically strongly performing securitisations Fitch says that the new measures set to come into force at the beginning of 2014 could lead to disproportionately high capital charges and in the process restrict f http://www.actuarialpost.co.uk/article/solv-ii-negative-impact-on-securitisation---credit-supply--2571.htm Mon, 30 Apr 2012 10:05:00 GMT US growth Should we be more optimistic The improvement in US activity has raised the prospect of a self sustaining recovery as better payroll figures boost income and consumption With yields at record lows the Treasury market would be vulnerable to such a scenario However there are signs that the US economy is losing momentum and the data has begun to disappoint see chart More fundamentally we doubt whether the recent falls in unemployment will be sus http://www.actuarialpost.co.uk/article/schroders-economic---strategy-viewpoint-2572.htm Mon, 30 Apr 2012 10:05:00 GMT In its response to the interim report of the Kay Review IMA welcomes the report 39 s emphasis on the role of the asset management industry and on the importance of stewardship The response also notes that the capital markets perform an important service for investors by allowing them transparent access to long term investments IMA argues that the performance of companies is the responsibility of managements and Boards The role of shareholders in exercising their http://www.actuarialpost.co.uk/article/ima-responds-to-kay-review-interim-report-2573.htm Mon, 30 Apr 2012 10:05:00 GMT The Pension Protection Fund PPF announced today Monday that it plans to run its own customer services operation to make compensation payments to its members These services are currently run by business services specialists Capita Hartshead whose contract with the PPF runs until summer 2014 The PPF wants to bring member services in house because it believes that with a projected membership of more than 300 000 by 2014 the PPF is now large enough to make this m http://www.actuarialpost.co.uk/article/ppf-plans-to-move-compensation-administration-in-house-2574.htm Mon, 30 Apr 2012 10:05:00 GMT SunGard 39 s Valdi Options Risk Manager which helps firms effectively manage their overall position risk and identify options trading opportunities now supports options traded on international exchanges Listed option trading volume has consistently risen over the past decade and firms are looking to take advantage of this by extending their trading strategies globally They need to manage risk for listed options on exchanges worldwide use real time market data to mon http://www.actuarialpost.co.uk/article/valdi-options-risk-manager-supports-listed-options-trading-2575.htm Mon, 30 Apr 2012 10:05:00 GMT Deloitte the business advisory firm has launched the Deloitte UK Centre for Health Solutions ndash a new research hub for the healthcare and life sciences industry led by Karen Taylor OBE the former Director of Health Value for Money at the National Audit Office The Centre will provide insights for the firm rsquo s healthcare and life sciences clients helping Deloitte rsquo s aim to become the market leading adviser It will actively promote an environment that encourage http://www.actuarialpost.co.uk/article/deloitte-launches-uk-centre-for-health-solutions-2576.htm Mon, 30 Apr 2012 10:05:00 GMT Commenting on the Pensions Regulator 39 s Annual Funding Statement Dr Ros Altmann Director General of Saga said quot The Pensions Regulator 39 s statement is very interesting and clearly carefully crafted QE has put UK defined benefit pensions in an even more difficult position than they were before as it has led to a sharp rise in liabilities and many firms are struggling to manage their deficits This means that the Regulator has had to tread a fine line between on the http://www.actuarialpost.co.uk/article/pensions-regulator--039-s-annual-funding-statement-2554.htm Fri, 27 Apr 2012 10:05:00 GMT Overview We believe that the Kingdom of Spain 39 s budget trajectory will likely deteriorate against a background of economic contraction in contrast with our previous projections At the same time we see an increasing likelihood that Spain 39 s government will need to provide further fiscal support to the banki http://www.actuarialpost.co.uk/article/s-p-downgrades-spain--the-full-document-2555.htm Fri, 27 Apr 2012 10:05:00 GMT By Michael Wainwright Partner at Eversheds LLP As part of its lsquo Regulation in the City rsquo report international law firm Eversheds canvassed the opinions of 200 senior City executives including those working in the insurance sector on the ongoing reform of the City rsquo s regulatory framework While the City is broadly http://www.actuarialpost.co.uk/article/collaboration-must-form-basis-of-regulatory-reform-2556.htm Fri, 27 Apr 2012 10:05:00 GMT By Eve Hartridge Follow Eve on Twitter Here Last year the disastrous Greek economy made consistent headline news and is still an on going concern This month Traveling Actuary Eve Hartridge reviews the Greek Island of Kefalonia http://www.actuarialpost.co.uk/article/going-green-in-kefalonia-2557.htm Fri, 27 Apr 2012 10:05:00 GMT By Eve Hartridge Follow Eve on Twitter Here It rsquo s that time of year when Spring is just around the corner the mornings and evenings are noticeably lighter the weather a little milder As the trees begin to turn green again t http://www.actuarialpost.co.uk/article/the-glorious-garden-route-2558.htm Fri, 27 Apr 2012 10:05:00 GMT Fitch Ratings says that some reinsurers are more exposed to further major catastrophe losses during 2012 according to a new report published today While the overall level of capitalisation for Fitch 39 s monitored universe of reinsurers grew by 3 4 at year end 2011 15 of the 24 reinsurers reported lower shareholders 39 equity having been financially weakened by a near record level of insured catastrophe losses that occurred in 2 http://www.actuarialpost.co.uk/article/weakened-reinsurers-exposed-to-more-catastrophes-2559.htm Fri, 27 Apr 2012 10:05:00 GMT The Pensions Regulator has published a Statement to provide guidance on how pension scheme funding valuations should be approached in today 39 s challenging economic environment It is aimed at trustees and employers of defined benefit pension schemes who are undertaking their scheme valuations with effective dates in the period September 2011 to September 2012 However it is relevant to all trustees and employers with a defined benefit pension scheme Trustees and emp http://www.actuarialpost.co.uk/article/the-pensions-regulator-on-pension-scheme-funding-2560.htm Fri, 27 Apr 2012 10:05:00 GMT The Investment Management Association IMA today submitted its response to the proposed US Treasury regulations for the implementation of the Foreign Account Tax Compliance Act FATCA The Investment Management Association IMA today submitted its response to the proposed US Treasury regulations for the implementation of the Foreign Account Tax Compliance Act FATCA urging the US to consider deferring implementation to allow governments and Foreign Financial Institutions F http://www.actuarialpost.co.uk/article/fatca-regulations-an-improvement-but-clarity-needed-2561.htm Fri, 27 Apr 2012 10:05:00 GMT Today 39 s announcement by the UK Pensions Regulator brings some disappointment but also some breathing space for trustees and sponsors says Jonathan Smith UK Strategic Solutions Schroders The Pensions Regulator tPR has released guidance on how trustees and sponsors of UK Defined Benefit Pension Schemes should approach funding in the current difficult economic climate Those hoping for leeway on the discount rate given current low bond yields will be disappointed However http://www.actuarialpost.co.uk/article/guidance-on-funding-db-pension-schemes-2562.htm Fri, 27 Apr 2012 10:05:00 GMT The Financial Services Authority FSA has published new rules and guidance following consultation to strengthen the protection for members of defined benefit pension schemes who are considering moving their money into personal pensions The changes are designed to deal with the FSA 39 s concern that in most cases a pension transfer is not in the best interest of pension scheme members The FSA is raising the standards on the assumptions used when a pension transfe http://www.actuarialpost.co.uk/article/fsa-publishes-rules-to-ensure-pension-transfers-are-suitable-2563.htm Fri, 27 Apr 2012 10:05:00 GMT Financial markets have played havoc with the state of funding for corporate pension schemes The Pensions Regulator has now bowed to pressure and published his views on what should be done Hugh Creasy Director at Xafinity Corporate Solutions said ldquo the Pensions Regulator has gone on record to agree that gilt yields are currently depressed as a result of Quantitative Easing Such a statement may be surprising as this has now become something of a political issue wi http://www.actuarialpost.co.uk/article/not-so-new-funding-guidance-from-the-pensions-regulator-2564.htm Fri, 27 Apr 2012 10:05:00 GMT The Chartered Insurance Institute CII has launched a new insurance competency framework that is available to employers and employees free from the CII website The new framework has been developed following extensive consultation with employers and employees It enables businesses and individuals across the sector to determine the competencies required by individuals to fulfil roles within their organisation effectively http://www.actuarialpost.co.uk/article/cii-launches-new-free-insurance-competency-framework-2565.htm Fri, 27 Apr 2012 10:05:00 GMT Pension Corporation a leading provider of risk management solutions to defined benefit pension funds today announces that the Trustees of the Mercers rsquo Company Staff Pension Scheme have entered into a pension insurance buyout agreement with Pension Insurance Corporation ldquo PIC rdquo The transaction covers around pound 35 million of liabilities and almost 150 members Barnett Waddingham advised the trustees The Mercers rsquo Company is the Premier Livery Company http://www.actuarialpost.co.uk/article/pension-corporation-insures-mercers--039--staff-pension-scheme-2547.htm Thu, 26 Apr 2012 10:05:00 GMT ldquo Last week we learned that Prudential is considering a bid for the insurance operations of Thailand rsquo s Thanachart Bank Prudential joins Axa of France and QBE of Australia who last month agreed to buy HSBC rsquo s general insurance businesses in Asia and Latin America in what is becoming a growing trend More efficient and cost effective integration IT systems make acquisitions a viable and attractive option for insurers looking to increase their business in em http://www.actuarialpost.co.uk/article/insurers-are-bulking-up-asian-operations-through-aquisitions-2548.htm Thu, 26 Apr 2012 10:05:00 GMT By James Wallace RSA Group Head of Corporate Responsibility Insurance is based on the fundamental principle of protecting risk and for many years the industry has been helping customers to manage against it Insurers are always looking for ways to manage new and emerging risks and in recent times the issue of changing envir http://www.actuarialpost.co.uk/article/making-insurance-sustainable--2549.htm Thu, 26 Apr 2012 10:05:00 GMT By David Bresch Head Sustainability Swiss Re When we talk of climate change we tend to think of the frightening scenarios of melting ice caps rising sea levels growing carbon emissions and the like However the last decades of climate research have been a great source of innovation for insurers the renewable energy industry N http://www.actuarialpost.co.uk/article/re-thinking-climate-change-is-a-rich-source-of-innovation-2550.htm Thu, 26 Apr 2012 10:05:00 GMT Following its successful launch in November 2009 The Emerald Group rsquo s Hong Kong branch has gone from strength to strength in the insurance and investment recruitment markets across Greater China and Southeast Asia With many successful placements so far across Asia including Hong Kong Singapore Mainlan http://www.actuarialpost.co.uk/article/emerald-group-launches-singapore-office-2551.htm Thu, 26 Apr 2012 10:05:00 GMT In its annual Keynote Briefing for investment intermediaries and institutional clients Royal London Asset Management RLAM yesterday outlined ways in which investors can exploit investment opportunities in a world of low returns RLAM 39 s economist Ian Kernohan set the tone for the event describing an environment of persistent low growth and extreme volatility Against this backdrop investors should base asset allocation on a sound analysis of potential outcomes and chal http://www.actuarialpost.co.uk/article/rlam-briefing-highlights-benefits-of-active-investment-2552.htm Thu, 26 Apr 2012 10:05:00 GMT The future ability of insurance firms to invest in infrastructure projects is likely to depend heavily on whether they use internal models to determine their Solvency II capital requirements and can persuade regulators that infrastructure investment merits lower capital reserves Fitch Ratings says Insurers operating under Solvency II will be able to use either a standard formula or if they have more sophisticated risk modelling an advanced approach that would http://www.actuarialpost.co.uk/article/internal-model-key-to-insurers--039--infrastructure-investment-2553.htm Thu, 26 Apr 2012 10:05:00 GMT By John Ventre Portfolio Manager Skandia Investment Group During Q3 Q4 of last year we built up an overweight position in both European equities and European High Yield debt My view in October was that European equities in particular were trading at post Lehman type valuations and that while there were certainly risks the market was priced for a worst case outcome If bad outcomes are in the price then you have the potential to make a lot of money if it turns out http://www.actuarialpost.co.uk/article/sarko-s-woes-offers-investors-another-bite-of-the-eu-cherry-2532.htm Wed, 25 Apr 2012 10:05:00 GMT Small premium rise for buildings small fall for contents Insurance industry concerned about flood cover The latest benchmark AA British Insurance Premium Index shows that over the first quarter of 2012 the average cost of annual home and contents insurance policies fell slightly after a long period of sustained increases particularly for buildings cover The Shoparound summary an average of the five cheapest quotes from a range of http://www.actuarialpost.co.uk/article/home-insurance-premiums-flat--says-aa-index-2533.htm Wed, 25 Apr 2012 10:05:00 GMT Clive Bolton lsquo at retirement 39 director at Aviva comments on the Pension Policy Institute findings quot We have been delighted to work with the Pension Policy Institute on this research Retirees now face both an increase in longevity and a challenging economic environment with many remaining economically active past the state pension age This report provides a much needed assessment of the actual impact working later in life could have on retirement incomes http://www.actuarialpost.co.uk/article/ppi-response-from-aviva-2534.htm Wed, 25 Apr 2012 10:05:00 GMT Retirement income and assets the implications for retirement income of Government policies to extend working lives Today the Pensions Policy Institute PPI publishes new research which considers the implications for retirement income of Government policies to extend working lives The research examines how much longer today 39 s over 50s in England in 2011 might need to work and save to meet target levels of retirement income The report is the sixth in a series of http://www.actuarialpost.co.uk/article/ppi-report--retirement-income-and-assets-2535.htm Wed, 25 Apr 2012 10:05:00 GMT Azad Zangana Schroder 39 s European Economist comments quot The ONS rsquo preliminary estimate of Q1 GDP showed the economy had contracted by 0 2 As this follows a 0 3 contraction in the economy in the final 3 months of last year it means that the UK economy has slipped back into a technical recession Year on year growth fell to zero Within the details the Construction sector made the biggest negative contribution by shrinking by 3 while o http://www.actuarialpost.co.uk/article/uk-q1-gdp--uk-slips-back-into-recession-2536.htm Wed, 25 Apr 2012 10:05:00 GMT The Indian life market saw new business drop by 9 2 to 22bn for the year ended 31st March mainly due to the change of rules relating to unit linked products and the lack of pensions products Private insurers were hit hardest dropping 16 9 whilst nationalised LIC dipped 5 7 reports Asia Insurance Review http://www.actuarialpost.co.uk/article/life-premiums-down-in-india-2537.htm Wed, 25 Apr 2012 10:05:00 GMT David Robinson evp Financial Lines for ACE Overseas General has been promoted to the position of regional president UK and Ireland with responsibility for ACE rsquo s retail insurance operations in those two countries Based in London he will report to Andrew Kendrick chairman ACE European Group and will become a director of ACE European Group Limited He replaces Richard Pryce who is leaving after a total of 30 years of service at ACE and a predecessor company Robinson http://www.actuarialpost.co.uk/article/uk-and-ireland-appointments-at-ace-2538.htm Wed, 25 Apr 2012 10:05:00 GMT Standard LIfe has reported first quarter results Highlights are Group assets under administration AUA of pound 206 8bn 31st December 2011 pound 198 4bn 31st March 2011 pound 194 5bn Standard Life Investments third party assets under management AUM of pound 76 1bn 31st December 2011 pound 71 8bn 31st March 2011 pound 68 4bn Long term savings new business sales of pound 5 0bn pound 5 8bn with the UK performing well l http://www.actuarialpost.co.uk/article/standard-life-make-resilient-start-to-2012-2539.htm Wed, 25 Apr 2012 10:05:00 GMT FICO has announced the availability of a new solution aimed at helping insurers curb the growing problem of insurance claims fraud The FICO Claims Fraud Solution uses three integrated technologies to identify more fraudulent insurance claims faster in order to help insurers cut general insurance fraud losses that last year reached an estimated 52bn worldwide according to research and advisory firm Celent Challenging economic conditions have pushed many kinds of insurance fr http://www.actuarialpost.co.uk/article/fico-announces-claims-fraud-solution-2540.htm Wed, 25 Apr 2012 10:05:00 GMT 57 of UK drivers believe they will switch to a telematics or quot black box quot insurance policy in the next five years according to a new study from Gocompare com The study into the relationship between driving habits and insurance found that a wide cross section of motorists are open to the idea of telematics based car insurance In fact 59 of over 55s said they may switch to one of these policies in the next five years and 19 of all drivers were happy to consider it http://www.actuarialpost.co.uk/article/study-predicts-telematics-take-off-in-uk-2541.htm Wed, 25 Apr 2012 10:05:00 GMT Business Secretary Vince Cable today announced a landmark investment in green infrastructure by the Government A total of pound 80 million has been committed to two specialist fund managers who will make and manage investments in the small scale waste infrastructure sector by a specialist team within the Department for Business Innovation and Skills BIS All BIS investments made by the fund managers will be match funded leveraging in at least pound 80 milli http://www.actuarialpost.co.uk/article/government-makes-landmark-green-investment--2542.htm Wed, 25 Apr 2012 10:05:00 GMT The Pension Policy Institute 39 s report launched today which considers the implications of Government policies to extend working lives highlights Many people are compelled to leave work before the State Pension Age SPA due to circumstances beyond their control such as health problems Men and Women 39 s state pension ages are rising to 67 by 2028 and 68 by 2046 Health problems are one of the main non voluntary reasons for people to leave work before SPA http://www.actuarialpost.co.uk/article/ppi-highlights-critical-role-of-enhanced-annuities-2543.htm Wed, 25 Apr 2012 10:05:00 GMT Mike Morrison head of pensions development AXA Wealth comments on the latest Pensions Policy Institute report The Pensions Policy Institute PPI report has found that nearly half of people aged over 50 will have to work and save for 11 years beyond state pension age to maintain their lifestyle This means that those who are not able to continue working will be at a huge disadvantage Mike Morrison says quot For those already aged over 50 for whom retirement is no http://www.actuarialpost.co.uk/article/mike-morrison-on-pensions-policy-institute-report-2544.htm Wed, 25 Apr 2012 10:05:00 GMT By Dr Ros Altmann How much more proof do we need before we recognise that QE is not working QE is damaging growth not helping it but impact on older generations is being ignored Government must organise direct support for industry and savers to get economy going Today 39 s announcement that the UK http://www.actuarialpost.co.uk/article/double-dip-recession-is-further-proof-that-qe-has-failed-2545.htm Wed, 25 Apr 2012 10:05:00 GMT In a series of three articles Ivan Clarke is joined by Catherine Barton Partner with Ernst Young rsquo s European Actuarial Service Sherdin Omar manager with Ernst Young rsquo s European Actuarial Service practice and Chloe Paillot Senior Manager with Ernst Young rsquo s European Actuarial Service practic http://www.actuarialpost.co.uk/article/telematics--data-2525.htm Tue, 24 Apr 2012 10:05:00 GMT Hector Sants chief executive of the Financial Services Authority FSA delivered a speech today in which he reviewed the progress of regulatory reforms since the financial crisis and in particular focused on how more action is needed to deliver effective corporate governance He stressed that this was crucial to delivering financial markets and institutions that we can trust and that act in the interests of everyone He explained that the principal regulatory deficiency pre crisis was http://www.actuarialpost.co.uk/article/delivering-effective-corporate-governance--the-fsa--039-s-role-2527.htm Tue, 24 Apr 2012 10:05:00 GMT Leading insurers and Looking Glass Analytics recognised at SAS user event Chartis Insurance and Allianz SE are being honoured for their use of SAS Analytics to address company goals with confidence and knowledge SAS the leader in business analytics software and services conferred the 2012 Enterprise Excellence Award on the two organisations which have set global standards for analytics Recognising two insurers this year emphasises the growth the industry has experienced in u http://www.actuarialpost.co.uk/article/chartis-insurance--allianz-se-honoured-for-sas-analytics-2528.htm Tue, 24 Apr 2012 10:05:00 GMT Gauging corporate sentiment in Asia With continued uncertainty over economic management in Europe still causing nervousness across the world the aim of this survey was to gauge how worried are companies in the Asia Pacific region about the potential impact of a crisis in the Eurozone and a global recession Deloitte commissioned the Economist Intelligence Unit to conduct a survey in February 2012 of 806 senior executives in the Asia Pacific region We aske http://www.actuarialpost.co.uk/article/justified-optimism--2529.htm Tue, 24 Apr 2012 10:05:00 GMT Bulk annuity and longevity swap providers believe the Eurozone crisis has the potential to close off opportunities for pension schemes looking to transfer risk to third parties but also to create new ones according to a report from Towers Watson Providers interviewed by Towers Watson noted that Schemes with bigger deficits will usually have to retain some risks for longer However strong demand for liquid assets allows trustees holding gilts to sell them and buy http://www.actuarialpost.co.uk/article/what-the-eurozone-crisis-means-for-pension-risk-transfer-2530.htm Tue, 24 Apr 2012 10:05:00 GMT http://www.actuarialpost.co.uk/article/auto-enrolment-2012-2531.htm Tue, 24 Apr 2012 10:05:00 GMT In the last 12 months MMA Insurance has seen a 40 increase in total regional growth for bespoke commercial business traded through its seven regional offices The bespoke commercial products that MMA Insurance trades throughout its regional offices include Commercial Combined Commercial Property Owners and Motor Trade Combined which was launched in August 2011 Paul Hodgson Underwriting Director Commercial at MMA said ldquo I am delighted with thes http://www.actuarialpost.co.uk/article/mma-insurance-sees-40--growth-2517.htm Mon, 23 Apr 2012 10:05:00 GMT Nine companies listed on AIM in Q1 2012 raising pound 46 9m an increase of one company in comparison to Q1 2011 in what is traditionally a quiet quarter according to analysis by Deloitte the business advisory firm The money raised in these transactions declined by 30 pound 20 1m in comparison to Q1 2011 when pound 67m was raised by the eight companies The rate of attrition from AIM increased in Q1 2012 with net delistings of 25 companies in Q1 2012 compared to 21 in Q1 2011 http://www.actuarialpost.co.uk/article/a-quiet-q1-2012-on-aim-is-dominated-by-mining-2518.htm Mon, 23 Apr 2012 10:05:00 GMT Software house Transactor Global Solutions Limited TGSL has been appointed by Cirencester friendly the income protection provider to replace its legacy IT systems The new Transactor system will provide Automation of workflows and processes reducing the cost in administering business Fully functional Financial Adviser website allowing advisers to conduct business online Fully functional Members website to handle Member enquiries and simple change http://www.actuarialpost.co.uk/article/transactor-moves-into-life-sector-2519.htm Mon, 23 Apr 2012 10:05:00 GMT In amongst the technical papers issued by HMRC on the back of the budget changes Skandia has discovered a hidden gem An alteration in the formula for calculating tax free cash for pre 6 April 2006 A Day members of occupational pension schemes could lead to people receiving more tax free cash when they retire Prior to A Day occupational pension scheme legislation determined the level of tax free cash available to members of such schemes Since A Day the level of tax free c http://www.actuarialpost.co.uk/article/tax-free-cash-allowance-increase-for-occupational-pensions-2520.htm Mon, 23 Apr 2012 10:05:00 GMT Deloitte the business advisory firm says asset managers could offer institutional share classes to retail investors to comply with Retail Distribution Review RDR rules FSA confirmation that commission on legacy investments will be banned from January 2013 means fund managers will need to introduce RDR compliant share classes that do not include the cost of adviser commission Adapting existing institutional share classes for retail investors could be cheaper and simpler tha http://www.actuarialpost.co.uk/article/institutional-share-classes-could-provide-rdr-answers-2521.htm Mon, 23 Apr 2012 10:05:00 GMT As advisers prepare for a Brave New World from January 2013 it is perhaps not just the adviser community undergoing something of a lsquo baptism of fire 39 as we prepare for a post RDR landscape In the last six months I have written and presented twelve hour long adviser training modules free to download from our website or complete lsquo live 39 depending on your preference to help advisers get to grips with the ins and outs of the sometimes complicated though worth it worl http://www.actuarialpost.co.uk/article/baptism-of-fire-2522.htm Mon, 23 Apr 2012 10:05:00 GMT The Dutch pension system needs to be revised and it is important this is done as quickly as possible the Dutch pension federation has said in a response to the failed government negotiations this weekend After seven weeks of negotiations to decide on a further pound 18bn cut on government spending the coalition government this weekend announced no agreement was reached Today Prime Minister Mark Rutte is expected to hand in the government rsquo s resignation and i http://www.actuarialpost.co.uk/article/dutch-government-needs-to-continue-work-on-pension-agreement-2523.htm Mon, 23 Apr 2012 10:05:00 GMT Since publishing its European Pensions Briefing report in September 2011 today 39 s research reveals that the deficit has continued to grow due to falling bond yields and ongoing economic and financial challenges And whilst assets have grown by around 10 during the six month period to the end of March 2012 falls in bond yields have caused liabilities to grow correspondingly Alex Waite partner and head of LCP Corporate Consulting said quot The volatile market http://www.actuarialpost.co.uk/article/euro-pension-deficit-soars-as-economic-challenges-continue--2524.htm Mon, 23 Apr 2012 10:05:00 GMT By Neville White Senior SRI Analyst Ecclesiastical If you buy a car you would naturally ask about its fuel efficiency ndash if you bought a washing machine you may be interested in finding out how energy and water efficient it is as a way of reducing the cost of using it Why then would you not be similarly inter http://www.actuarialpost.co.uk/article/ethical---responsible-investment--from-niche-to-mainstream-2510.htm Fri, 20 Apr 2012 10:05:00 GMT By Michael Wainwright Partner at Eversheds LLP As part of its lsquo Regulation in the City rsquo report international law firm Eversheds canvassed the opinions of 200 senior City executives including those working in the insurance sector on the ongoing reform of the City rsquo s regulatory framework While the City is broadly http://www.actuarialpost.co.uk/article/collaboration-must-form-basis-of-regulatory-reform-2511.htm Fri, 20 Apr 2012 10:05:00 GMT Update from The Pensions Regulator An employer rsquo s automatic enrolment staging date is determined by the size of the employer rsquo s largest PAYE scheme on 1st April this year For some employers this staging date may not suit their business needs for a variety of reasons However now it is possible for employers to choose an earlier staging date that suits them better The Pension Regulator has published details of the alternative staging dates http://www.actuarialpost.co.uk/article/employers-can-now-choose-early-automatic-enrolment-2512.htm Fri, 20 Apr 2012 10:05:00 GMT LCP has appointed Emma Watkins in pension buy outs practice She joins LCP on Monday 23 April 2012 Emma is a well known pensions industry expert with over 14 years 39 experience She joins from MetLife one of the main pension buy out and buy in providers At MetLife Emma was Director of Business Development overseeing the development of the buy in buy out offering She is a member of the Board of Pensions Network and an Associate of the Pensions Management Institute PMI http://www.actuarialpost.co.uk/article/lcp-has-appointed-emma-watkins-in-pension-buy-outs-2513.htm Fri, 20 Apr 2012 10:05:00 GMT Amidst ongoing Eurozone concerns and uncertainty surrounding Spain Schroders 39 Head of Global Macro Bob Jolly discusses his tactical approach in light of his outlook for the global fixed income markets quot The risks to growth expectations could go either way so we expect markets to remain nervous and levels of volatility to remain elevated We believe the best approach in this environment is to trade tactically instead of taking any significant strategic positions http://www.actuarialpost.co.uk/article/global-macro-outlook-and-tactical-approach-2514.htm Fri, 20 Apr 2012 10:05:00 GMT bull pound 272 million buy in of pensioner liabilities insured by Prudential bull Deal marks start of local authority involvement in UK rsquo s buy in market West Midlands Integrated Transport Authority WMITA has completed the buy in of its pensioners with Prudential and the assistance of Mercer and Squire Saunders This is the first such transaction for any local government pension fund With a premium in the region of pound 272 million this is the larges http://www.actuarialpost.co.uk/article/transport-authority-completes-first-local-pension-buy-in-2515.htm Fri, 20 Apr 2012 10:05:00 GMT TomTom and Towergate have joined forces to reduce road risk and lower fleet insurance premiums for businesses as part of Towergate rsquo s Fleetcare product Towergate Fleetcare provides expert support and consultancy to help businesses use telematics data to reduce risk Larry Smith Managing Director of Towergate Insurance Motor said ldquo TomTom rsquo s solutions provide easy tools for our customers to manage risk through advanced technology This complements http://www.actuarialpost.co.uk/article/tomtom-solutions-helps-towergate-reduce-insurance-premiums-2516.htm Fri, 20 Apr 2012 10:05:00 GMT Former Setanta Insurance CEO Mike Matthews has unveiled a newly enlarged insurance consultancy aimed at helping insurance and non insurance clients meet the challenges of a rapidly changing market Sevitt Group now comprises three separate companies ndash Sevitt Consulting Sevitt Management and Sevitt Technologies ndash and will target potential clients in the UK Ireland and United States Clients can choose to work with one of the companies or if the proje http://www.actuarialpost.co.uk/article/mike-matthews-unveils-sevitt-group-2500.htm Thu, 19 Apr 2012 10:05:00 GMT Scott Barnes has been reappointed as Chief Executive of Grant Thornton UK LLP and will drive the firm 39 s strategic focus on dynamic businesses during his second term Scott has laid out a business plan and growth path for the firm through to 2015 with an ambitious revenue target of pound 500 million to be achieved organically and through acquisition of specialist businesses which strengthen Grant Thornton 39 s service offering to its core target market Earlier http://www.actuarialpost.co.uk/article/scott-barnes-appointed-for-second-term-as-grant-thornton-ceo-2501.htm Thu, 19 Apr 2012 10:05:00 GMT As we head into the second quarter of 2012 we continue to target companies which we believe are well positioned to benefit from rising domestic demand and infrastructure development across the region In the current environment we particularly favour markets and sectors which exhibit strong domestic dynamics thus providing a degree of shelter to any external shocks The rise of the Asian consumer is one of the key long term themes arising from the ongoing economic development of http://www.actuarialpost.co.uk/article/investment-update-on-asia-ex-japan-equities-2502.htm Thu, 19 Apr 2012 10:05:00 GMT Global investment manager Standard Life Investments today announced that as part of a strategic commitment to extend the investment capability it offers clients in emerging markets it is creating an emerging markets bond team This team will be lead by Richard House as Head of Emerging Market Debt together with Mark Baker and Nicolas Jaquier who will join as Investment Directors Global Emerging Market Bonds Commenting on this strategic development Rod Paris Hea http://www.actuarialpost.co.uk/article/standard-life-extends-expertise-in-global-emerging-markets-2503.htm Thu, 19 Apr 2012 10:05:00 GMT The Council of the Institute and Faculty of Actuaries has elected David Hare to be its President elect Dr Hare will take this position on 25 June 2012 when Philip Scott becomes President and current President Jane Curtis becomes Immediate Past President A specialist in life insurance Dr Hare is shortly to become a partner with Deloitte following a career with Scottish Mutual Abbey National and latterly Standard Life Dr Hare has a c http://www.actuarialpost.co.uk/article/david-hare-institute---faculty-of-actuaries-president-elect-2504.htm Thu, 19 Apr 2012 10:05:00 GMT http://www.actuarialpost.co.uk/article/the-energy-buzz-from-rims--2505.htm Thu, 19 Apr 2012 10:05:00 GMT http://www.actuarialpost.co.uk/article/help-for-student-actuaries--2506.htm Thu, 19 Apr 2012 10:05:00 GMT We do not believe that the recent weakness in Spanish bonds is the start of a new phase of the eurozone debt crisis nor likely to lead to a new leg down in equities and other risk assets A few weeks ago Italian Prime Minister Mario Monti said that the eurozone crisis was lsquo almost over rsquo Shortly afterwards Spanish government bonds and to a lesser extent Italian government bonds sold off sharply However while Monti rsquo s comments were overly optimistic with the deb http://www.actuarialpost.co.uk/article/spanish-problems-not-the-start-of-leg-down-for-risk-assets-2507.htm Thu, 19 Apr 2012 10:05:00 GMT Founding member of the Actuaries livery company Deputy Kenneth Edwin Ayers MBE the newly elected Chief Commoner of the City of London Corporation steps into office this week 19 April As Chief Commoner and a former Sheriff of the City of London 1995 1996 Deputy Ayers occupies one of the most senior elected posts at the City of London Corporation which acts as the local authority for the Square Mile global business district around St Paul rsquo s A Fellow of http://www.actuarialpost.co.uk/article/new-chief-commoner-steps-into-office-at-the-city-of-london-2508.htm Thu, 19 Apr 2012 10:05:00 GMT Speech by Julian Adams Director of Insurance Supervision Prudential Business Unit the FSA at the City Financial Conference London quot The title lsquo The new approach to insurance regulation and the implementation of Solvency II rsquo seems to imply that these are two separate issues It is my belief however that the two are in fact one and the same and I would like to spend my time with you this morning exploring what I mean by that and what both http://www.actuarialpost.co.uk/article/the-new-approach-to-insurance-regulation--2509.htm Thu, 19 Apr 2012 10:05:00 GMT Skandia UK has launched a financial adviser 39 s risk discussion app for iPhone and Android phones The app has been developed to help advisers assess a client 39 s attitude to risk and then discuss that level of risk with their clients in a single meeting The app was designed for financial advisers following a Skandia survey conducted earlier in the year that revealed 56 of advisers currently use a smart phone for business purposes with over half of these owning an iPhone http://www.actuarialpost.co.uk/article/skandia-uk-launches-risk-discussion-app-2479.htm Wed, 18 Apr 2012 10:05:00 GMT Over half of defined benefit scheme members stated pension provision is the most important benefit when applying for a new job compared with 39 for defined contribution scheme members For those aged 35 and older pension provision is ranked most important while holiday entitlement is more important for younger workers When asked what benefits individuals considered most important when applying for a new job pension provision and holiday entitlement each ranked to http://www.actuarialpost.co.uk/article/pension-provision-top-priority-for-1-3-of-jobseekers-2480.htm Wed, 18 Apr 2012 10:05:00 GMT As pensions fail to fulfil expectations retirement ages are rising and more older people keep working The CIPD analysis showing more over 50s in work does not tell the full story of what is happening to older generations in today 39 s Britain Firstly the numbers of people aged over 50 are increasing sharply as the baby boomers reach age 65 That swells the actual numbers of people in the age ran http://www.actuarialpost.co.uk/article/pensions-fail-to-fulfil-expectations-retirement-ages-rise-2481.htm Wed, 18 Apr 2012 10:05:00 GMT Schroders announces the launch today of Schroder ISF Global Multi Asset Income which aims to provide sustainable quality income by dynamically investing in attractive income opportunities across a range of asset classes regions and sectors Aymeric Forest Senior Multi Asset fund manager will manage the fund with the objective to pay a distribution of 5 per annum in equal quarterly or monthly instalments with an expected 7 total return per annum over a full market cyc http://www.actuarialpost.co.uk/article/schroders-launches-global-multi-asset-income-fund-2482.htm Wed, 18 Apr 2012 10:05:00 GMT J P Morgan Asset Management has announced it has gone live with Key Investor Information Documents lsquo KIID 39 for its Luxembourg domiciled UCITS funds Available from 16th April the Company is believed to be one of the first global asset managers to fully implement KIID ahead of the 1 July 2012 deadline The KIID has been introduced as part of the EU Directive 2009 65 EC referred to as lsquo UCITS IV 39 and will replace existing simplified prospectuses from 1 July 201 http://www.actuarialpost.co.uk/article/j-p--morgan-asset-management-delivers-kiid--2483.htm Wed, 18 Apr 2012 10:05:00 GMT At present mathematically modelled performance plays a more secondary role within the financial and capital markets Other factors are being pushed to the fore by political decision making and this is having an impact ldquo Psychological factors can only be assessed subjectively The human factor in the form of an active portfolio manager is thus gaining ever greater importance for the asset management industry rdquo says Furio Pietribiasi Chairman of the Board of Directors of Gamax http://www.actuarialpost.co.uk/article/continental-companies-at-historically-low-valuations-2484.htm Wed, 18 Apr 2012 10:05:00 GMT MetLife has appointed Wojciech Dochan as Employee Benefits Head of Proposition to assist in the growth of its rapidly developing UK employee benefits business He joins from Unum where he was Head of Commercial Marketing and held a previous role as Head of Product Development at Bupa The announcement continues the expansion of MetLife rsquo s employee benefits business which has included the recent appointments of Stephanie Baillie as Director who joined http://www.actuarialpost.co.uk/article/metlife-appoints-uk-employee-benefits-head-of-proposition-2485.htm Wed, 18 Apr 2012 10:05:00 GMT Willis Re has announced the appointment of James Beedle to ceo of its Asian operations Beedle has been a member of the Willis Re team since 1998 and has worked with numerous global insurance company clients focusing on the strategic use of reinsurance to assist with capital management and earnings volatility In 2008 Beedle was appointed coo of Willis Re Australia and has been ceo of Willis Re Japan since 2010 Beedle will re locate from Tokyo to Singapore next month http://www.actuarialpost.co.uk/article/willis-re-appoints-new-asia-head-2486.htm Wed, 18 Apr 2012 10:05:00 GMT Canopius Group has announced that it has acquired the business and client portfolio of Golfplan International Insurance Golfplan is a leading provider of specialist golf insurance and an official supplier to the Professional Golfers rsquo Association PGA Golfplan which is based in Bristol UK will operate as a new division of K Drewe Insurance Brokers with immediate effect K Drewe specialises in insurance for the UK leisure sector and is owned by Canopius Doug http://www.actuarialpost.co.uk/article/canopius-moves-for-golfplan-2487.htm Wed, 18 Apr 2012 10:05:00 GMT Swiss Re reiterated the focus on its 2011 2015 financial targets at its London Investors 39 Day yesterday saying it is well positioned to benefit from unique business opportunities The new structure enables Swiss Re to achieve better accountability and transparency and to improve decisively its capital management by redeploying capital to opportunities that offer higher returns Michel M Li egrave s Swiss Re 39 s g ceo said quot We continue to manage the Swiss Re Group al http://www.actuarialpost.co.uk/article/swiss-re-bullish-2489.htm Wed, 18 Apr 2012 10:05:00 GMT The insurance segment of XL Group has announced that it has restructured its International Primary Casualty business In the new structure four teams built around underwriting tasks and account type underscore a true client focus allowing the unit to better respond to the needs of clients and brokers International Primary Casualty serves large corporations in Europe including the UK Asia Australia and Latin America Thomas Stamm chief Underwriting officer International Pr http://www.actuarialpost.co.uk/article/xl-group-restructure-international-primary-casualty-business-2490.htm Wed, 18 Apr 2012 10:05:00 GMT Insurance Australia Group Limited IAG has announced it had entered into a conditional agreement to acquire 30 of Vietnam based AAA Assurance Corporation AAA The strategic stake will deliver an exposure to the rapidly growing Vietnamese insurance market via an established participant IAG managing director and ceo Mike Wilkins said the investment valued at less than 20m marked another step in IAG 39 s strategy to boost its Asian footprint quot Our goal is http://www.actuarialpost.co.uk/article/iag-enters-vietnamese-market-2491.htm Wed, 18 Apr 2012 10:05:00 GMT Despite facing the European crisis insurance companies cannot afford to ignore the other industry and consumer trends that are out there and should make the digital agenda a priority in 2012 according to a new Forrester report The rapid adoption of new technologies like smartphones and tablets is changing customer behaviour and forcing insurance companies to transform their distribution channels into multi touchpoint customer experiences supported by agile commerce platforms http://www.actuarialpost.co.uk/article/forrester-warns-insurance-industry-of-rapid-digital-advances-2492.htm Wed, 18 Apr 2012 10:05:00 GMT Willis Group Holdings has announced the launch of a new e trading comparison platform Willis eQuote for the exclusive use of Willis Networks members in the UK The online trading portal is the first of its kind in the market Willis Networks is the Group rsquo s alliance with over 130 independent brokers in the UK The exclusive relationship with Simply Business provides Willis Networks members access to small business insurance products for over 800 trades across the construc http://www.actuarialpost.co.uk/article/willis-launches-e-trading-comparison-platform-2493.htm Wed, 18 Apr 2012 10:05:00 GMT As Indian politicians continue to defer the decision to raise the cap on foreign insurer investment in domestic insurers Thailand has raised its cap from 25 to 49 according to the industry regulator the Office of Insurance Commission OIC The change will be carried out in three phases Insurance Newslink comments This is a positive move to strengthen the domestic market following the catastrophic floods in the country http://www.actuarialpost.co.uk/article/thailand-to-increase-foreign-insurer-investment-cap-2494.htm Wed, 18 Apr 2012 10:05:00 GMT Following the exceptionally severe and prolific catastrophes experienced globally in 2011 organisations now have an opportunity to learn lessons from these events and reduce the adverse impact of future incidents on their balance sheets According to a new paper published by Marsh the scale of the catastrophes experienced in 2011 exceeded previous loss modelling predictions and has challenged established thinking on the nature of risk The paper says that post 2011 companies http://www.actuarialpost.co.uk/article/marsh-outlines-lessons-learnt-from-catastrophic-year-2495.htm Wed, 18 Apr 2012 10:05:00 GMT Aon Benfield Securities have issued a report indicating that the total issuance value of catastrophe bonds increased by 47 to 1 49bn through nine transactions in the first quarter compared with the same period last year Annual issuance is predicted to be between 5 and 6bn compared to 4 6bn http://www.actuarialpost.co.uk/article/increase-in-catastrophe-bonds-2496.htm Wed, 18 Apr 2012 10:05:00 GMT UK variable annuity sales rose to pound 1 09 billion in 2011 an increase of 15 per cent over 2010 according to research by Towers Watson Quarterly sales exceeded pound 300 million in the last quarter of 2011 for the first time in over two and a half years Policy numbers also increased in comparison to 2010 by 11 to close to 13 700 Andy Sanders senior consultant at Towers Watson said ldquo Despite the continuing difficult economic backdrop variable annuity sales grew http://www.actuarialpost.co.uk/article/variable-annuity-sales-reach--1-billion-in-2011-2497.htm Wed, 18 Apr 2012 10:05:00 GMT FICO Model Central Solution for Insurance cuts model deployment time in half and provides ldquo early warning system rdquo of poor performance FICO the leading provider of analytics and decision management technology today launched a new solution aimed at improving the ROI for predictive models used in insurance FICO reg Model Central for Insurance enables insurers to reduce model deployment times by as much as 50 percent while also providing the first indications that a http://www.actuarialpost.co.uk/article/new-fico-solution-accelerates-roi-for-insurance-analytics-2498.htm Wed, 18 Apr 2012 10:05:00 GMT By Mark Kirpalani Managing Director Capital Capture To enable significant growth and reduce claim lifecycles insurance companies need to optimise workflows through the use of automated business processes says Capital Capture managing director Mark Kirpalani Optimising business processes by moving to a pap http://www.actuarialpost.co.uk/article/how-outsourcing-document-capture-can-support-business-growth-2499.htm Wed, 18 Apr 2012 10:05:00 GMT By Allan Hainey Renewable Energy Underwriter NFU Mutual Using the power of the sun to grow crops is the basis of agriculture so it rsquo s not surprising that farmers are proving keen to invest in renewable energy schemes like photovoltaic solar panel arrays and wind turbines Renewable energy bears other similarit http://www.actuarialpost.co.uk/article/renewables---the-new-farming-crop-2468.htm Tue, 17 Apr 2012 10:05:00 GMT By Bryan Joseph Partner Global Actuarial Leader PwC Shami Nissan Assistant Director Sustainability Climate Change PwC The insurance industry and pension funds are significant investors into private equity PE and along with other investors insurers face increasing pressure from their own policyholders regul http://www.actuarialpost.co.uk/article/private-equity-and-responsible-investing-2469.htm Tue, 17 Apr 2012 10:05:00 GMT By Will Oulton Mercer rsquo s Head of Responsible Investment in EMEA The financial crisis and global recession have left champions of free market capitalism facing an increasingly sceptical global audience The current debate regarding ldquo fair rdquo or ldquo responsible rdquo capitalism often highlights the finan http://www.actuarialpost.co.uk/article/stewardship---a-solution-to--quarterly-capitalism---2470.htm Tue, 17 Apr 2012 10:05:00 GMT By David Bresch Head Sustainability Swiss Re When we talk of climate change we tend to think of the frightening scenarios of melting ice caps rising sea levels growing carbon emissions and the like However the last decades of climate research have been a great source of innovation for insurers the renewable energy indus http://www.actuarialpost.co.uk/article/re-thinking-climate-change-is-a-rich-source-of-innovation-2471.htm Tue, 17 Apr 2012 10:05:00 GMT By James Wallace RSA Group Head of Corporate Responsibility Insurance is based on the fundamental principle of protecting risk and for many years the industry has been helping customers to manage against it Insurers are always looking for ways to manage new and emerging risks and in recent times the issue of changing envir http://www.actuarialpost.co.uk/article/making-insurance-sustainable--2472.htm Tue, 17 Apr 2012 10:05:00 GMT Research reveals one in three parents 30 in the UK are currently making financial sacrifices for the sake of supporting their adult children Parents are forfeiting up to pound 38 500 per adult child from their potential pension pot High unemployment among younger people means this trend is likely to continue The average parent is forgoing a pension pot of pound 38 500 in order to financially support each child who is 18 and ove http://www.actuarialpost.co.uk/article/parents-are-forgoing-their-own-pension-for-grown-up-children-2473.htm Tue, 17 Apr 2012 10:05:00 GMT By Neville White Senior SRI Analyst Ecclesiastical If you buy a car you would naturally ask about its fuel efficiency ndash if you bought a washing machine you may be interested in finding out how energy and water efficient it is as a way of reducing the cost of using it Why then would you not be similarly inter http://www.actuarialpost.co.uk/article/ethical---responsible-investment--from-niche-to-mainstream-2474.htm Tue, 17 Apr 2012 10:05:00 GMT A new EDHEC Risk survey reveals that ldquo transparency information and governance rdquo tops the list of concerns for European fund management industry professionals in the area of non financial risk management More than 160 high level European fund management industry professionals were surveyed by EDHEC Risk as part of the ldquo Risk and Regulation in the European Fund Management Industry rdquo research chair sponsored by CACEIS For the respondents to this s http://www.actuarialpost.co.uk/article/edhec-risk-survey--transparency--information-and-governance--2475.htm Tue, 17 Apr 2012 10:05:00 GMT bull Risk sharing schemes are already possible under current legislation but the risk of Government tinkering deters companies from implementing them bull UK needs to lsquo loosen the bonds rsquo of defined benefit pension provision and keep them loose for example by ending regulatory prescription on benefit design bull Politicians need to accept that risk sharing involves risk so there may be losers as well as winners Mercer has greeted commen http://www.actuarialpost.co.uk/article/uk-s-pensions-system-need-less-political-involvement-2476.htm Tue, 17 Apr 2012 10:05:00 GMT The Government has today launched a new Enterprise Capital Fund that will invest at least pound 40m in high growth potential small and medium sized enterprises SMEs in the UK The new fund Notion Capital is the eleventh and largest Enterprise Capital Fund and pound 62 9m has already been committed to it from the first funding round This includes substantial commitments from private investors the Government and the European Investment Fund EIF The Notion Capital fu http://www.actuarialpost.co.uk/article/new-fund-to-invest-at-least--40m-in-uk-companies-2477.htm Tue, 17 Apr 2012 10:05:00 GMT Change means those opting out won 39 t lose out A salary sacrifice guidance change lobbied for by Friends Life means workers opting out of auto enrolment cannot be left out of pocket The change confirmed by HMRC also provides much needed clarity to employers about the validity of salary sacrifice arrangements being used to meet auto enrolment obligations Prior to the change those auto enrolled via a salary sacrifice arrangement might have lost out financial http://www.actuarialpost.co.uk/article/friends-life-secures-change-to-salary-sacrifice-guidance-2478.htm Tue, 17 Apr 2012 10:05:00 GMT After recently saying that the US was a core territory chief executive of Aviva Andrew Moss has now commented at an investors meeting that the insurer might look at offers for its US life business which it bought for around pound 2bn including debt six years ago Aviva USA majors in selling fixed indexed annuities which require sigificant capital Insurance Newslink comments Could it be that the recent Solvency II discussions regarding US equivalence and Prudentia http://www.actuarialpost.co.uk/article/aviva-to-consider-sale-of-us-life-book--2452.htm Mon, 16 Apr 2012 10:05:00 GMT Recent studies by research and advisory firm Novarica show that 25 of US large P C insurers and 40 of midsize P C insurers are either in the middle of a policy administration system replacement project or are planning to begin one in 2012 Novarica has unveiled a new study of 37 recent cases that shows why ndash more than half of P C insurers that have implemented new policy administration systems report improvements of more than 25 in speed to market and data accessibility as well as http://www.actuarialpost.co.uk/article/us-p-c-insurers-benefit-from-new-policy-admin-systems-2453.htm Mon, 16 Apr 2012 10:05:00 GMT Aon Benfield hass launched the latest edition of its Aon Benfield Aggregate ABA report which analyses the year end 2011 financial position of the world rsquo s leading reinsurers and examines how 2011 catastrophe losses affected their capital and earnings positions Aon Benfield Analytics estimates that total global reinsurer capital was down 3 over the year to 455bn at 31st December The firm rsquo s latest study found that capital reported by the ABA group of 2 http://www.actuarialpost.co.uk/article/aon-benfield-reviews-financials-of-reinsurers-for-2011-2454.htm Mon, 16 Apr 2012 10:05:00 GMT PwC has recruited Guy Shepherd to lead its actuarial systems and modelling services In his new role Guy will advise insurers on how to meet the increasing demands from management and other stakeholders for more frequent and extensive actuarial and risk information Guy joins PwC after 17 years at Prudential where he was most recently head of actuarial and business intelligence systems responsible for the implementation of their IT programme underpinning Solvency II http://www.actuarialpost.co.uk/article/solvency-ii-expert-joins-pwc-from-prudential-2455.htm Mon, 16 Apr 2012 10:05:00 GMT FICO has launched a new solution aimed at improving the ROI for predictive models used in insurance FICO Model Central Solution for Insurance enables insurers to reduce model deployment times by as much as 50 while also providing the first indications that a model 39 s performance may be damaging profitability Insurers increasingly use predictive analytics models in mission critical decisions but today 39 s model management processes hinder performance Most insurers have in http://www.actuarialpost.co.uk/article/fico-introduces-solution-for-speedier-deployment-2456.htm Mon, 16 Apr 2012 10:05:00 GMT Insurers are coming under ever increasing pressure to find the time and resources needed to comply with the complex demands of risk and capital management The sheer computational intensity for instance of running an Internal Model for Solvency II and the requirement to be able to justify model assumptions to regulators has caused many insurers to look for new more efficient ways of working Barrie Hibbert has announced the launch of its Next Generation Solutions designed http://www.actuarialpost.co.uk/article/barrie---hibbert-launches-next-generation-solutions-2457.htm Mon, 16 Apr 2012 10:05:00 GMT The Chinese insurance regulator CIRC plans to establish a Solvency II regime within three to five years It is urging insurers to improve their risk management and capital management standards It is asking life companies to establish a comprehensive risk management framework reports Asia Insurance Review http://www.actuarialpost.co.uk/article/chinese-regulator-plans-for-solvency-ii-regime-in-3-5-years-2458.htm Mon, 16 Apr 2012 10:05:00 GMT SAS has been serving the industry for over 30 years and its solutions are used by more than 1 100 insurers worldwide its offerings include data management fraud detection risk management regulatory compliance and customer intelligence In 2010 the insurance industry represented 12 of software revenue at 2 43bn and insurer 39 s use of business analytics grew by 25 in 2011 Clients include AEGON Allianz AXA and Zurich With such a large user base one area where SAS is par http://www.actuarialpost.co.uk/article/sas-helping-insurers-to-understand-their-business-2459.htm Mon, 16 Apr 2012 10:05:00 GMT NEST Corporation has appointed Royal London Asset Management RLAM to provide an actively managed sterling corporate bond fund mandate it was announced today Monday This mandate will be one of the underlying building blocks for the NEST Retirement Date Funds and NEST Pre retirement Fund It is not a standalone fund choice NEST research suggests that currently an appropriate portfolio to track annuity products is a combination of gilts and corporate bonds Initia http://www.actuarialpost.co.uk/article/royal-london-to-manage-nest--039-s-corporate-bond-mandate-2460.htm Mon, 16 Apr 2012 10:05:00 GMT Equity markets in the Middle East and North Africa MENA region have moved higher in recent months led by Saudi Arabia Here the combination of strength in the oil price and speculation about the potential opening up of the market to foreign institutions have led to increased participation in the market from local investors pushing the Saudi Tadawul All Share Index 23 8 higher in the first three months of this year in US dollar terms Although the Saudi Arabian http://www.actuarialpost.co.uk/article/investment-update-on-mena-2461.htm Mon, 16 Apr 2012 10:05:00 GMT With Catastrophe Cat Bonds set for significant growth in 2012 the latest report on Insurance Linked Securities ILS by Clear Path Analysis the independent publisher highlights that institutional investors are increasingly considering allocating to the asset class as they seek to diversify their portfolios away from other more mainstream financial market instruments such as equities and fixed income Several significant global disasters happened in 2011 US tornad http://www.actuarialpost.co.uk/article/insurance-linked-securities-key-to-portfolio-diversification-2462.htm Mon, 16 Apr 2012 10:05:00 GMT Amid growing concern a vast majority of corporate risk managers at U S companies are taking steps to prepare for a hardening property casualty P C insurance market according to an annual survey by global professional services company Towers Watson NYSE NASDAQ TW The survey also found that while enterprise risk management ERM programs are in place for a majority of respondents progress in maturing them beyond qualitative efforts have stalled Additionally the survey found a http://www.actuarialpost.co.uk/article/corporate-risk-managers-concerned-2463.htm Mon, 16 Apr 2012 10:05:00 GMT Aon Risk Solutions the global risk management business of Aon plc today announced at the Risk and Insurance Management Society 39 s annual conference and exhibition new findings from its Aon Risk Maturity Index the award winning proprietary online tool created to empower risk and finance leaders to assess the development level of their organization 39 s risk management structure and implementation Participants most frequently identified cultural factors as a key challenge to insti http://www.actuarialpost.co.uk/article/aon-risk-maturity-index-2464.htm Mon, 16 Apr 2012 10:05:00 GMT http://www.actuarialpost.co.uk/article/rethinking-risk-insurance---wind-energy--2465.htm Mon, 16 Apr 2012 10:05:00 GMT The latest signal that indicates the plate tectonics of global investment are shifting came just recently and it has created the conditions for new structural flows into emerging market debt The recent shift may not have pushed the needle off the Richter scale but Norway 39 s decision to refocus its hugely influential 600bn sovereign wealth fund into emerging market debt was of epic proportions for those of us who invest in the fixed interest markets The loser in http://www.actuarialpost.co.uk/article/pressure-builds-for-investment-in-emerging-market-debt-2466.htm Mon, 16 Apr 2012 10:05:00 GMT The new guidance from the Financial Services Authority on assessing investment suitability should be extended to consider volatility and investment risk according to Skandia Investment Group The investment manager believes more advisers and investors are focusing on volatility and risk when assessing investment suitability but this is not specifically mentioned in the FSA paper Skandia Investment Group supports the guidance provided by the FSA paper but believes the f http://www.actuarialpost.co.uk/article/fsa-suitability-guidance-should-consider-volatility-and-risk-2447.htm Fri, 13 Apr 2012 10:05:00 GMT Standard Life Investments the global investment manager believes that there are signs of improvement in the debt deleveraging cycle especially in the US while warning that the process remains a long and complex one after such a major financial crisis In the latest edition of Global Outlook Standard Life Investments highlights that one of the key features differentiating this business cycle from most of its predecessors has been the extent of the build up and then slow pay bac http://www.actuarialpost.co.uk/article/signs-of-improvement-2448.htm Fri, 13 Apr 2012 10:05:00 GMT Equities to go higher in 2012 after the current round of profit taking finishes Current weakness in equities and in peripheral Europe unlikely to be sustained UK picks up and appears to have avoided recession Skandia Investment Group believes equities will go higher in 2012 despite their already record performance in the first quarter Global equities had their strongest quarter in over 10 years on the back of strong econ http://www.actuarialpost.co.uk/article/equities-set-to-rally-once-profit-taking-comes-to-an-end-2449.htm Fri, 13 Apr 2012 10:05:00 GMT Pensions industry bodies unite in opposition to Government 39 s proposals carrying pound 13 billion price tag for UK businesses Comprising The Association of British Insurers The Association of Pension Lawyers The Association of Consulting Actuaries The Institute of Chartered Accountants in England and Wales The Investment Management Association The National Association of Pension Fun http://www.actuarialpost.co.uk/article/pension-bodies-unite-to-oppose-government-proposal-2450.htm Fri, 13 Apr 2012 10:05:00 GMT Retirement specialist LV has today announced that it has added seven new funds three from Fidelity and four from Threadneedle to those available through its Flexible Transitions Account in response to adviser demand The seven new fund links join the 133 existing insured funds available from LV The new funds are Fidelity Multi Asset Allocator Balanced Fidelity Multi Asset Allocator Defensive Fidelity Multi Asset Al http://www.actuarialpost.co.uk/article/lv--boosts-personal-pension-with-fund-additions--2451.htm Fri, 13 Apr 2012 10:05:00 GMT Schroders recently asked a group of pension funds their thoughts on defined benefit strategies governance and de risking Defined Benefits Governance A little over half 56 of the respondents revealed that the average time for a pensions scheme to make an investment decision i e change of asset allocation was over a month 17 revealed that they were able to make immediate investment decisions and 27 would usually be able to make an investment http://www.actuarialpost.co.uk/article/schroders--039--survey-reveals-de-risking-is-high-on-agenda-2437.htm Thu, 12 Apr 2012 10:05:00 GMT Confused com Towers Watson Car Insurance Price Index Results of first quarter 2012 released Car insurance prices have fallen for the first time since late 2008 for comprehensive cover The cost of comprehensive cover fell by 3 3 in the last quarter with third party fire and theft TPFT premiums seeing a smaller decrease of 0 4 in the same period The Confused com Towers Watson Car Insurance Price Index is based on more than 4 million quotes Today http://www.actuarialpost.co.uk/article/car-insurance-prices-fall-for-first-time-in-more-than-3-year-2438.htm Thu, 12 Apr 2012 10:05:00 GMT Telematics based pay as you drive insurer Coverbox has added a significant senior player to its management team as it prepares for the launch of its new behavioural insurance product Martin Williams 44 joins as Chief Operating Officer from Capita Insurance Distribution where he was Business Development Director He previously held senior management positions in a number of leading insurance industry businesses Martin joins shortly after www coverbox co http://www.actuarialpost.co.uk/article/new-c-o-o--for-coverbox-as-product-launch-looms-2439.htm Thu, 12 Apr 2012 10:05:00 GMT By Tony Collins CEO OPAL Outsourcing product development and administration to a third party is bringing significant benefits to financial services providers says Tony Collins managing director at OPAL Is this a formula for successful recovery as we emerge from the recession During the past years of ec http://www.actuarialpost.co.uk/article/outsourcing-to-make-the-most-of-technology-2440.htm Thu, 12 Apr 2012 10:05:00 GMT PwC has recruited Guy Shepherd to lead its actuarial systems and modelling services In his new role Guy will advise insurers on how to meet the increasing demands from management and other stakeholders for more frequent and extensive actuarial and risk information Guy joins PwC after 17 years at Prudential where he was most recently head of actuarial and business intelligence systems responsible for the implementation of their IT programme underpinning Solvency II http://www.actuarialpost.co.uk/article/guy-shepherd-joins-pwc-s-actuarial-team-from-prudential--2441.htm Thu, 12 Apr 2012 10:05:00 GMT Towers Watson has appointed Nico Aspinall to lead its UK Defined Contribution DC Investment business He joined in February and is based in the company rsquo s London office Nico a Fellow of the Institute of Actuaries joins Towers Watson after four years at the Barclays Bank UK Retirement Fund where he was an Associate Director for DC and Communications His responsibilities there covered all elements of the Trust rsquo s DC strategy including investment strategy and manag http://www.actuarialpost.co.uk/article/nico-aspinall-to-lead-towers-watson-s-dc-investment-team-2442.htm Thu, 12 Apr 2012 10:05:00 GMT Nick Salter has been appointed Senior Partner at Barnett Waddingham the UK rsquo s largest independent firm of actuaries administrators and consultants Adrian Waddingham who has held the position for the last six years will step down on 31 May 2012 but will remain a partner in the firm continue to advise his existing clients and retain a seat on the firm rsquo s Management Board Nick Salter is a senior figure in the industry and one of the founding partners of http://www.actuarialpost.co.uk/article/nick-salter-appointed-senior-partner-at-barnett-waddingham-2443.htm Thu, 12 Apr 2012 10:05:00 GMT The UK Government is set to change the long term pensions arrangements of half a million Scots without consulting the Scottish Government The Chief Secretary to the Treasury has confirmed that the UK Government intends to legislate for an automatic link between normal pension age and state pension age and also set the normal pension age for police officers and firefighters at 60 The moves cut across negotiations already happening in Scotland between Scottish Minist http://www.actuarialpost.co.uk/article/pensions-reforms-imposed-without-consultation-2444.htm Thu, 12 Apr 2012 10:05:00 GMT Wolters Kluwer Financial Services announced today it has enhanced the company rsquo s ARC Logics for Financial Services enterprise risk management ERM solution suite to help U K risk management professionals more effectively mitigate the risks tied to financial crimes such as fraud and money laundering Wolters Kluwer Financial Services has integrated its financial crime content within the company rsquo s proven ARC Logics rsquo ERM technology The end result is a governance http://www.actuarialpost.co.uk/article/wolters-kluwer-introduce-financial-crime-governance-solution-2445.htm Thu, 12 Apr 2012 10:05:00 GMT Like many Traveling Actuary Eve Hartridge took advantage of the recent spell of warm spring weather and discovered a gorgeous hotel in Dorset called Summer Lodge despite the name this is a real find regardless of the season Summer Lodge is hidden away in the countryside somewhere between Yeovil and Weymouth in a vill http://www.actuarialpost.co.uk/article/discovering-a-hidden-country-retreat---summer-lodge-hotel-2446.htm Thu, 12 Apr 2012 10:05:00 GMT