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World Insurance Sigma 2025 Outlook

Discover the key findings from Swiss Re’s World Insurance Sigma 2025 Outlook. In this short video, Swiss Re Group Chief Economist Jerome Haegeli explores how slowing global growth, shifting trade dynamics, and evolving risks are shaping the insurance industry.
Posted on Wednesday Jul 9

Design Thinking in practice starting with Empathy

You may ask “But why bring empathy into pensions?”. Checking your projected pension or receiving a correct payment each month - surely this is all just about operational efficiency? Whilst that’s often true, the reality is that most people only engage with their pension funds or employers about their pensions during life events. These might be work-related such as a change in role or employer, or personal circumstances such as going through a divorce or having a baby.
Posted on Wednesday Jul 9

Stewardship a time for real action not tick box reporting

Stewardship has become central to responsible investment, but real stewardship goes beyond box-ticking exercises and annual reports. Stewardship is at risk of becoming a buzz word that conjures images of extra reports and paperwork rather than being seen for the opportunity it represents – to create long-term value for asset owners. Stewardship is used to address key concerns, for example around strategy and performance but is also key to addressing systemic risks such as climate change, social inequality and resource scarcity.
Posted on Tuesday Jul 8

Cyber Insurance Update for H1 2025

Turbulent risk environment with multiple incidents, but favourable buying conditions. This is a half-year update looking back at the GB cyber insurance market in H1 2025, providing analysis and insights, covering market trends of pricing, capacity, coverage, and notable cyber incidents. The cyber risk environment in H1 has been incredibly turbulent, with multiple incidents reported in mainstream media; however, this is countered by very favourable buying conditions for cyber insurance
Posted on Monday Jul 7

Rebuilding reserving with lessons from the front line

Several years ago, we started a project to think about what the next generation of reserving tools would look like. This ‘blue sky thinking’ kicked off a series of different experiments – from automated reserving to use of open-source software and even decentralised reserving. As with all experiments, some were successful and some were not, but all provided lessons for us to learn. Fast forward to today - what started out as a series of experiments has resulted in us building our own end-to-end reserving system based on the lessons that we learnt along the way.
Posted on Friday Jul 4

Using AI and technology to deliver FCA strategic priorities

Speech by Jessica Rusu, FCA chief data, information and intelligence officer, delivered at the AI and Digital Innovation Summit as part of City Week 2025. Innovation is central to our new strategy and will help us deliver on all 4 of the pillars including growth. We’re already seeing firms that want to come and test through the Supercharged Sandbox. We’ve received broad support for AI Live Testing and remain of the view that firms can be developing AI services, without new rules from us.
Posted on Thursday Jul 3

Climate change pushing insurability to tipping point

With the costs of protection predicted to keep rising with climate risks and become increasingly unsustainable, Scott St. George examines the measures that insurers, governments and individuals need to undertake. In January 2025, fires in Los Angeles killed at least 29 people and destroyed over 18,000 homes and buildings, marking one of California's worst disasters.
Posted on Wednesday Jul 2

July 2025 Edition of the Actuarial Post Magazine

With events in the Middle East taking centre stage from the initial air strike on Iran to the eventual US strike and now onto the uneasy ceasefire we have seen markets fluctuate before regaining some semblance of stability. The fears that the strait of Hormuz may be compromised, given that a quarter of global oil supplies flow through the narrow strait of Hormuz off the Iranian coast, did not materialize and therefore, did not lead lead to a significant disruption of supplies, enabled markets to retain that stability. This month’s cover story is from Daniel Sacks from LCP on...
Posted on Tuesday Jul 1

Equity. When you've got FX and you want it hedged its equity

FX hedging is a perennial question, in part because it’s often difficult to answer and the evidence is ambiguous. For lower risk assets, it makes sense to hedge FX. But what about equities? Equities introduce complications. Firstly, the revenues of companies in one index are rarely all in a single currency. The FTSE 100 is an obvious example of this, with a lot of mining firms whose earnings are effectively in USD. But even for US firms this can be the case.
Posted on Monday Jun 30

Embracing the next chapter in iliquids in DC

The role for private markets in DC is finally clear – but poor execution can be catastrophic. Read on to learn how you can drive up value for your members by getting the right mix of private assets, identifying key capabilities for your managers, and making sure your operating model is fit for the future. Since the Mansion House Compact two years ago, private markets have moved from the fringes to play a more central role in delivering value for members of DC workplace pension schemes; a shift we welcome.
Posted on Friday Jun 27

The Benefits of Buyout

Deepash Amin FIA, Head of New Business Strategy from Pension Insurance Corporation: “Pensions have a single purpose, which is to provide savers with a measure of financial security in later life. So, it’s of the highest importance that the interests of the people putting aside their own money for decades are prioritised above those of anyone else. In the world of defined benefit pensions, that means prioritising the security of those savings over everything else, not least because very many of the members of DB schemes are potentially vulnerable. This document, which we are delighted to publish, looks at these issues and seeks to give a voice to pension scheme members themselves.
Posted on Wednesday Jun 25

From reform to action redefining your DB endgame strategy

The Pension Schemes Bill, introduced to Parliament on 5 June 2025, represents one of the most significant shifts in defined benefit (DB) pensions in recent years. Join our expert panel for a considered and strategic briefing on:

What surplus repayment powers really mean for DB schemes and their sponsors.
How these reforms could affect investment, funding and endgame planning.
What actions trustees and sponsors should be considering today.
Posted on Wednesday Jun 25

Housing costs halve the chance for minimum retirement income

People who pay rent in retirement have a substantially lower likelihood of achieving the Minimum standard of living in retirement, as measured by the latest Pensions and Lifetime Savings Association’s (PLSA’s) Retirement Living Standards (RLS), according to analysis by Hymans Robertson. The firm used its Guided Outcomes (GO)TM Modelling technology to calculate the chance of various members achieving different levels of retirement income under the PLSA’s recently revised RLS.
Posted on Tuesday Jun 24

Is your validation still fit for purpose

We recently gathered CROs and senior risk and capital actuaries from the London market and beyond for a roundtable discussion on capital model validation. We covered key validation themes, such as the purpose of validation, the current validation cycle, and the implications of the new Solvency UK regime. Our panel recognised that while validation is essential for regulatory compliance, good validation should seek to create value for the business.
Posted on Tuesday Jun 24

Insurers must scale for tomorrow today

By 2050, the world will face an unprecedented demographic inversion – for the first time in human history, seniors will outnumber youth globally, excluding a relatively young Africa. This seismic shift will fundamentally reshape the property and casualty insurance industry, transforming risk profiles, product demands, and market opportunities for decades to come. The global population will reach 9.66 billion by 2050 – effectively adding a new China to the world – with the dependency ratio surging to 26% from 16% today.
Posted on Monday Jun 23

When celebrations turn violent: riots after sporting wins

In a world where victory on the field can lead to turmoil in the streets, planning for the festivities is just as important as planning for the game itself. From triumph to tragedy. Winning on the field can spark just as much energy off it. Sports celebrations – once symbols of civic pride, have become flashpoints for violence — not because of provocation or tragedy, but due to the spontaneous overflow of collective emotion amplified by team rivalries and social media. Vandalism, confrontations, and dangerous disruptions pose growing risks for businesses.
Posted on Friday Jun 20

The evolving regulatory landscape

The Pension Schemes Bill will fundamentally reshape the defined contribution market. If implemented well it could deliver two critical outcomes for the automatic enrolment system: putting value for money at the heart of everything and turning a savings system into a pensions system. There are three to five years’ worth of reforms ahead and there are a number of steps that schemes can take now to get ready. We’d urge schemes and trustees to look now at how they are outcome-focused, building scale, are data-led and supporting savers into retirement.
Posted on Thursday Jun 19

Key investment implications from the Pensions Schemes Bill

The government have made sure we have plenty of reading to keep us occupied this summer, as the Pensions Schemes Bill (the Bill) is unpacked and its implications worked through. I thought I’d start by sharing my initial thoughts on three key investment areas influenced by the Bill, which follow on from the ‘Fit for the Future’ consultation. Of course, we’ll need to see the final version of the Bill and following legislation before we can draw firm conclusions.
Posted on Wednesday Jun 18

Is the US still a compelling place to invest

Mercer brought together their regional Chief Investment Officers in the latest episode of Critical thinking recorded live from the Global Investment Forum in Austin to discuss just that. Host Olaolu Aganga joined Garvan McCarthy, Kylie Willment, and Christine Tessier, to share their insights from across globe on how to position portfolios for long-term success amidst shifting dynamics.
Posted on Tuesday Jun 17

Is the answer inertia

With exam season upon us there will be physics students around the country learning the definition of inertia, “a property of matter by which it continues in its existing state of rest or uniform motion in a straight line, unless that state is changed by an external force”. While those in the pensions industry might not be completely up to speed with the full definition, they will all be aware that inertia has played a big part in the success of automatic enrolment.
Posted on Tuesday Jun 17

Subsidence Risk on the Increase

April 2025 broke records as the sunniest in UK history, part of a growing trend that is quietly increasing the threat of subsidence for millions of homeowners. While it is not possible to predict whether this will be a heatwave year, it does add to an already turbulent period of extreme weather. Between January and April 2025, insurers paid over £200 million for weather-related household insurance claims, the highest quarterly figure ever recorded, according to the Association of British Insurers (ABI) .
Posted on Monday Jun 16

Reintegrating Terrorism as a Standard Peril in SME insurance

Estimated that only 4% of SMEs have terrorism insurance cover, although a much larger proportion will likely believe they are covered. This gap in expectations and protection is one we should address in the interest of economic resilience. This market-wide consultation represents Pool Re’s most meaningful attempt to date to increase SME take-up of terrorism cover. The proposals on which we are now consulting are designed to facilitate the industry in reincorporating terrorism cover into commercial property policies as a matter of standard practice. Achieving this would be a return to the pre-IRA mainland bombing era when terrorism was part of a standard all-risks policy.

Posted on Friday Jun 13

The contribution of claims handling to reserving risk

In last month’s article, we introduced the “4 dimensions” framework for better managing reserving risks. We covered the best-estimate range and the ultimate and one-year views of reserving risk. This month we focus on the fourth dimension: the contribution of claims handling, which is often the least understood driver of reserving variability. We also introduce two powerful claims analytics tools to help manage this uncertainty: a claims reserving strength index and a claims event timeline.
Posted on Friday Jun 13

Fit for the Future response comes down to governance

The ‘Fit for the Future’ government response, published on 29 May 2025, contains many governance and legislative implications that extend beyond those in the chapter on governance. One of the sections, titled ‘Governance of funds and pools’ includes a range of proposals covering topics such as committee members’ knowledge and understanding and the role of independent advisors and senior LGPS officers. You might therefore think that those tasked with ensuring good governance of LGPS funds - administering authorities - can simply read that section to see what is coming their way.
Posted on Thursday Jun 12

Supercharging the digital sandbox

We've set out a bold 5-year strategy to deepen trust, rebalance risk, support growth and improve lives. In January, we launched the FCA's AI Lab to deepen our understanding of the risks and opportunities AI presents to consumers and markets. The AI Lab features 4 zones: the AI Sprint, the AI Input Zone, an AI Spotlight, and the Supercharged Sandbox. We will be bringing Nvidia tooling and resources to users of the Supercharged Sandbox – accelerating AI innovation and development.
Posted on Wednesday Jun 11