Australian Actuaries Climate Index shows extreme weather continued through winter; acute dry affects three states

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The Australian Actuaries Climate Index shows winter 2019 was among the driest on record, with six out of the seven states and territories experiencing below average rainfall relative to the reference period of 1981-2010. Parts of Western Australia, South Australia and New South Wales experienced the driest or second driest season since the beginning of […]

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Actuaries Institute says longevity tables need review

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Crucial tables used in software to estimate retirees’ longevity and calculate how best to ensure their savings last, need a critical update, the Actuaries Institute said. The tables have a material impact on the way retirement income strategies and products are evaluated, and currently underestimate longevity. “To have more than a coin-toss chance that a […]

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Actuaries Institute’s simple rule for a happy retirement: spend your age and a little more

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A group of Australian actuaries have devised a simple ‘rule of thumb’ to help retirees work out how much money they should draw out of their savings in retirement. The five actuaries ran a range of complicated equations and dynamic programming calculations to help single retirees who have reached Age Pension eligibility age, and who […]

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Sponsorship announcement International Congress of Actuaries 2022

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The Actuaries Institute Australia is delighted to confirm Reinsurance Group of America, Incorporated (RGA) as the first Platinum Sponsor of the International Congress of Actuaries being held in Sydney, Australia from 3 – 7 April 2022. RGA, one of the largest global life and health reinsurance companies, has been a longstanding supporter of the International […]

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Actuary recognised for leading work in climate; says challenges ahead around insurance affordability

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The Actuaries Institute has named Tim Andrews 2019 Actuary of the Year. Mr Andrews is a Director and Chair of Finity Consulting, where he leads the Natural Peril Pricing and Climate Risk practice. Together with the Actuaries Institute, Mr Andrews developed and launched the first Australian Actuaries Climate Index, which measures the occurrence of extremes […]

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More Australians to die from climate change; lower investment returns, and lower retirement savings likely

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Within the lifetime of Australia’s millennials, the occurrence of heatwaves will triple and they will be longer leading to increased deaths among the nation’s elderly, an Actuaries Institute Dialogue paper on the widespread impacts of climate change has found. The paper states that heatwaves, which have killed more Australians than any other natural hazard, will […]

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Australian Actuaries Climate Index shows Autumn 2019 second hottest Autumn since index started

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The Australian Actuaries Climate Index shows Autumn 2019 continued the pattern of extreme weather: last Autumn ranked as the second most extreme in the number of hot days ever recorded in the three months from March, and the third when ranked against all seasons. Only the Autumn of 2016 and the Summer of 2018/2019 showed […]

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Actuaries Institute Green Paper urges retirement reform

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Three of Australia’s leading superannuation and retirement experts have urged the Federal Government to give broad scope to its pending review of Australia’s retirement system, to better integrate the Age Pension, superannuation and aged care. Dr David Knox, Dr Anthony Asher and Michael Rice, authors of the Actuaries Institute’s Green Paper, Options for an Improved […]

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Actuaries Institute tackles challenges facing private health insurance

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Australia has one of the world’s best health care systems but high out-of-pocket costs, decreasing health insurance affordability, and a lack of transparency around specialists’ fees and patient outcomes are undermining the current system. Yesterday, the Actuaries Institute launched a Green Paper, How to Make Private Health Insurance Healthier. The Institute identifies several major opportunities […]

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Australian Actuaries Climate Index shows a summer of extremes

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The Australian Actuaries Climate Index shows Summer of 2018-19 was a season of record extremes; the number of hot days reached record levels, there were all time high levels of extreme rainfall in tropical regions and parts of central NSW were caught in ongoing drought. The index was released yesterday, and is the second quarterly […]

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