Australian Actuaries Climate Index records mildest winter in five years with warm temperatures and low levels of wind

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The Australian Actuaries Climate Index, which measures the occurrence of extreme weather conditions and sea levels, showed winter was relatively benign across most of Australia, with the Index falling to levels not seen since winter 2015. The Index, which was launched in November 2018, tracks these extremes and how they change over time compared with

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Actuaries Institute Taskforce finds broad changes needed to sustain disability income insurance market

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An Actuaries Institute Taskforce has made sweeping recommendations for broad changes to Australia’s retail disability income insurance market to reset sustainability for a sector under threat. Taskforce Convenor Ian Laughlin said without an overhaul, those who need cover may not be able to afford it in the future and life insurance companies selling individual disability

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Early COVID-19 Deaths May Be Understated

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More Australians likely died from COVID-19 during the first weeks of the virus outbreak in Australia than has been reported, with deaths attributed to other causes because testing was limited. An Actuaries Institute research paper found a spike in deaths from pneumonia, stroke and diabetes, all causes of death related to COVID-19 in some way,

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Actuaries Institute names Jennifer Lang Actuary of the Year 2020

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The Actuaries Institute has named Jennifer Lang 2020 Actuary of the Year. Ms Lang’s role this year, in leading the Actuaries Institute’s COVID-19 response, has been recognised as a major contribution to the profession and the communities in which actuaries work. The Institute’s COVID-19 Working Group brought together more than 80 actuaries, as volunteers, who

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Actuaries Institute research shows equity gap growing between generations

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Falling rates of home ownership, government spending that skews to older Australians and deteriorating environmental factors are some of the factors that have driven a wider gap in equity between Australia’s young and old. The Actuaries Institute’s latest Green Paper, Mind the Gap – The Australian Actuaries Intergenerational Equity Index (AAIEI), launched yesterday, takes a

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Low cost guidance needed as part of retirement income review

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Improved access to affordable financial information, guidance and advice should be one feature of the looming review of Australia’s retirement income system, the Actuaries Institute said. A new regulatory regime governing financial advice should ensure that people can access low cost guidance to help them to make better decisions about how they manage their savings,

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Australian Actuaries Climate Index shows a lull in extreme events but a persistent trend in overall climate

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Key points The weather has largely returned to typical levels in Australia after a period of extremely destructive bushfires and storms. While the record-breaking extreme high temperatures, dryness and rainfall of the summer have subsided, a clear long-term trend towards an increasing frequency of extreme weather remains. The overall index value for Australia breaks no

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Retirement framework must consider longevity risk protection and better, low-cost advice

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Superannuation funds should include a longevity-based product in their retirement income offerings and provide retirees with greater levels of low-cost financial advice to help improve living standards for older Australians. In a Dialogue paper, Developing the Retirement Income Framework, academic actuary Anthony Asher states that having products that more efficiently manage longevity risk will result

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Savers hardest hit by means test rules

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A large portion of Australia’s middle-income earners are encouraged to spend their retirement nest egg or lose access to more disposable income from the Age Pension as the current means test rules are adversely applied to their assets. In a Dialogue paper[1] prepared for the Actuaries Institute, Andrew Boal states that a ‘taper trap’ encourages

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Australian Actuaries Climate Index reflects devastating Summer bushfires and storms

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The Australian Actuaries Climate Index[1] reflects the extreme weather conditions that enabled the destructive bushfire season that resulted in $2.3 billion of insurance losses and claimed 34 lives over the Summer of 2019 and 2020[2]. It also reflects the extreme rainfall that accompanied severe hail in ACT, NSW, and VIC, in late January. Not a

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