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What is aggregation and how does it work

Continuing our popular series of ‘De-mystifying Insurance’, today we focus on aggregation. So what is aggregation? What impact can it have on claims, and does it have wider implications for Insureds when seeking to aggregate matters in order to maximise recovery under a claims made policy? Put in simple terms, aggregation is a contractual mechanism under an insurance policy that allows for consolidation of multiple claims where a unifying factor can be identified, such that they are treated as one claim.
Posted on Wednesday Nov 5

Strengthening financial capability and inclusion for all

Financial inclusion and capability must go hand in hand. People need knowledge, confidence and support to make informed decisions. There is a gap between access to financial services and the public’s ability to use them effectively. The FCA cannot solve these issues by itself – coordinated action and collaboration is essential to ensure support reaches those who need it most. This is a pivotal moment for financial inclusion and capability. When they are mismatched, it creates points of vulnerability when small decisions carry big consequences.
Posted on Tuesday Nov 4

Workplace pensions and a new chapter for DC schemes

What changes are underway, and what do they mean for employers and pension scheme members? The UK government has described 2030 as the “watershed date” for its future vision of the defined contribution (DC) pension market to be in place. In the “Roadmap for workplace pensions” issued in June 2025; the government outlined a timeline for implementing a wide range of reforms designed to achieve this vision.
Posted on Monday Nov 3

Resilience in a world of interconnected risk

Disruption is now the norm, not the exception. Emerging risks are known but underprioritized; resilience needs embedding into strategy through interconnected risk frameworks, scenarios, and learning. Across industries, leaders face a landscape that is more volatile and interconnected than ever. From cyber-physical convergence to climate extremes, geopolitical fragmentation, and technology-enabled threats, disruption is no longer occasional, it is the baseline.
Posted on Friday Oct 31

DB schemes must double down on liquidity management

DB pension schemes must have a robust approach to creating liquidity if they are to stay on course to meet their long-term objectives. Managing liquidity has always been a challenge for DB schemes, but the 2022 gilts crisis brought the need to maintain appropriate liquidity for LDI portfolios and wider scheme objectives into sharp focus, driving seismic changes in the way schemes invest and view liquidity in their portfolios.
Posted on Thursday Oct 30

2025 DB priorities as corporate flexibility tops the agenda

Our 2025 survey of 500 corporate finance and pensions decision makers in the UK shows businesses are prioritising corporate flexibility over endgames, but emerging alternative risk transfer options and surplus sharing are reforming choices. The past year has brought a wave of change to the UK Defined Benefit (DB) landscape. New guidance on endgame strategies, the government’s response on DB options, and the draft Pension Schemes Bill have all reinforced the growing regulatory and policy focus on the UK growth agenda, surplus sharing and endgame strategies.
Posted on Wednesday Oct 29

Cancellation rights don’t apply to tax-free cash withdrawals

The long-standing uncertainty over whether cancellation rights apply to pension commencement lump sums (PCLS) and uncrystallised funds pension lump sums (UFPLS) has finally been answered. In a coordinated announcement, HM Revenue & Customs (HMRC) and the Financial Conduct Authority (FCA) have confirmed that once these lump sums are taken, the related tax implications are permanent and cannot be undone.
Posted on Tuesday Oct 28

Improving cyber risk and insurance decisions using analytics

While more organizations are increasingly concerned about their cyber risks, some are also struggling to understand their true vulnerabilities. Your business may also be uncertain whether its cyber insurance provides the right protection and optimal return on investment. All these concerns are hitting organizations at the board-level. Cyber incidents, particularly in the retail and hospitality sectors, are driving the severity and impact of sophisticated cyberattacks up C-suite agendas.
Posted on Monday Oct 27

Final Day for Voting for Stars of the Future 2025

It's the your last chance to vote for our nominees in this years Stars of the Future as we close voting tonight. It’s vital to remember that we all started somewhere and becoming an actuary is no easy feat. We relish in acknowledging the emerging talent within the actuarial market and celebrate the ones to watch with our Stars of the Future Awards. Sponsored by Star Actuarial Futures. Stars of the Future highlights the rising talent in the actuarial industry. We know how hard you all work to qualify as actuaries and this is the perfect way to acknowledge your hard work.
Posted on Friday Oct 24

The Future Role of the Actuary

Beyond the spreadsheet: How actuaries can stay indispensable in the age of AI pricing. The actuarial role in specialty insurance has changed more in the past five years than in the previous two decades. The profession once defined by model-building and technical mastery now finds itself at the heart of strategic decision-making. We’re seeing a fundamental rethink of what it means to add value, with the rapid spread of generative AI (Gen AI) at the forefront of a boom in data-led distribution leading to faster underwriting cycles.
Posted on Thursday Oct 23

Leadership, culture and the right innovation portfolio

Boards and senior leadership teams are increasingly focused on what makes innovation possible at their organizations. Yet despite the opportunities created in today’s dynamic business environment, many organizations fall short of their innovation goals. Effective leaders find that success in innovation requires three components: leadership commitment, a supportive culture and the right innovation portfolio.
Posted on Wednesday Oct 22

That’s not the shape of my curve

Some of my articles cover broad interest topics, like student loans or equity returns. Spoiler alert- this is not one of those. This is about one of those awkward technical things which can have real world consequences, like how pooled LDI fund collateral rules exacerbated the gilts crisis. This is about the nuances of breakeven inflation curve smoothing on LDI benchmarks. The film deal is in the works.
Posted on Tuesday Oct 21

Transforming compliance into competitive advantage

For decades, life insurers in the UK operated on a “silent partner” model: engage the consumer when they buy a policy, send the occasional annual statement, and then only resurface when the policy lapses, or worse, when the policyholder passes away. This minimal interaction may have been convenient for insurers, but it has left customers disconnected from a product designed to protect their most important possession - their life and their families.
Posted on Monday Oct 20

Sustainability in bulk annuities

The UK’s pension landscape is undergoing a profound transformation. As most defined benefit (DB) pension schemes mature and close, trustees and sponsors are increasingly turning to bulk annuity transactions – buy-ins and buyouts – to secure members’ benefits. But as these high-value deals reshape the future of retirement benefits security, a crucial question has emerged: how can we ensure that the assets underpinning these promises are managed sustainably – for both people and planet – so pensions are paid not only today but also tomorrow?
Posted on Friday Oct 17

Harnessing data to drive positive impact

Examining how elevated inflation and the run of catastrophic events could help fuel transformation in the way the Non-life sector interacts with customers. Understanding risk is at the heart of what insurance professionals do. It means they can help consumers protect the things they own and the people they love, while providing the framework for communities to recover from disaster. Consumers across the UK got a very real sense of the value of insurance protection earlier this year, following storm Éowyn .
Posted on Thursday Oct 16

Vote now for Stars of the Future 2025

The nominations are now in and the shortlist has been finalised. The nominees are waiting for your votes. You can now vote for someone for Stars of the Future 2025, sponsored by Star Actuarial Futures. It’s vital to remember that we all started somewhere and becoming an actuary is no easy feat. We relish acknowledging the emerging talent within the actuarial market and celebrate the ones to watch with our Stars of the Future Awards. All of the finalists are celebrated and highlighted with three lucky winners taking home an award.
Posted on Wednesday Oct 15

Pension scheme cyber attacks are you prepared

In the ever-evolving world of cyber risks, governing bodies, trustees and pension boards must understand their responsibilities and know how to effectively respond in the event of an attack. The cyber threat to pension schemes specifically is increasing. Capita has reported cumulative net losses of £29.3m to date since its 2023 data breach, which in that year contributed to share prices plummeting 54% and reputational damage that impacted both Capita and the affected schemes. That’s without even mentioning the impact on individual scheme members and those dealing with the incident.
Posted on Tuesday Oct 14

Final Day for nominations for the 2025 Actuarial Post Awards

We would like to announce, that after yet another record number of nominations for the Actuarial Post Awards that today is the final day for nominations. This will be the 13th year of running the awards and each year they become more popular with ever increasing numbers nominated and voted upon. This year we welcome back our sponsor, Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, for sponsoring Actuary of the Year 2025, alongside our long- term sponsor partners Bolton Associates, sponsoring GI Actuary of the Year 2025 and Star Actuarial Futures for sponsoring Sustainability Actuary of the Year 2025.
Posted on Monday Oct 13

The global mining insurance market is softening, fast

Excavating value in a soft market. Rates are down, coverage is broadening, and capacity is strong. But risk leaders must stay sharp. The property damage and business interruption (PDBI) insurance market for mining has softened in the past 12 months. Capacity for any one mining risk is around $1.5 billion. Due to the volatile nature of losses in the industry, mining risks have historically come with healthy premiums for insurers, making the sector an attractive for insurers chasing top-line growth.
Posted on Friday Oct 10

Pension Gains: How to ‘work out’ pensions

This year’s pension attention campaign is focused on how people can strengthen their pension, and gain pounds. A light-hearted message, fronted by Ross Kemp, that provided some simple pointers to help individuals improve their pension. The campaign highlighted the difference that relatively simple actions can make to our financial fitness in retirement, and the importance of paying our pensions some attention. The campaign also highlighted what individuals can do, ahead of the raft of big reforms that will come with the Pension Schemes Bill, and how the industry can help them.
Posted on Thursday Oct 9

Everything MGAs need to know about Cyber Risk

This training session will outline why hackers target the insurance sector, how their tactics, techniques and procedures have evolved, and the steps businesses need to take to achieve operational resilience and regulatory compliance. Learning Objectives: At the end of this session, delegates will be able to: - 1. Understand how (and why) hackers compromise targets. 2. Why operational resilience is now a legal imperative. 3. How businesses can achieve effective levels of operational cyber resilience.
Posted on Wednesday Oct 8

How demographic change is rewriting the rules of retirement

Demographics isn’t just dry tables and charts or esoteric academic debate. It’s about forces that are actively reshaping the world we live in, from rising life expectancy and shifting fertility rates to the growing pressures of an ageing population. How are these forces going to impact the future of our economy, healthcare, and pensions systems? In season four of Beyond Curious with LCP, I have explored the challenges and opportunities these forces bring, with experts across pensions, health, economics, longevity and politics.
Posted on Wednesday Oct 8

Salary sacrifice and pensions

With rumours circulating about the future of salary sacrifice, what could be the impact on pensions if the government decide to target this tax provision? As speculation grows around the future of salary sacrifice, many reward and benefits professionals are asking what potential changes could mean for pension arrangements as we approach the Autumn Budget. Salary sacrifice has long been valued as a tax-efficient mechanism, benefiting both employers and employees.
Posted on Tuesday Oct 7

As global risks grow are insurers capital models up to it

Our fast-changing world has become increasingly interconnected. Risks such as geopolitical instability and climate change continue to escalate on the world stage. With both risk dependencies and risk drivers surfacing and evolving more and more rapidly, so much is changing so quickly that by the time this article is published it may well be (slightly) outdated. Yet capital modelling techniques have barely changed, despite increasing pressure to better understand this more complex and fast-moving world.
Posted on Monday Oct 6

October 2025 Edition of the Actuarial Post Magazine

Congratulations to the Red Roses in winning the Women’s Rugby World Cup final by defeating Canada 33-13 and whilst we are dishing out the plaudits a huge well done to The European team in winning the Ryder Cup at Bethpage Black, despite the partisan ‘heckling’. Rachel Reeves has given her Labour conference speech ahead of the Autumn Budget where she spent most of the day fending off question on tax rises, with a projected £30 billion shortfall the need for extra funding seems clear, however, where the tax rises will appear will remain open to conjecture until the Budget is announced.
Posted on Friday Oct 3