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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Actuaries Institute says ATO should have key role in early super release, estimates $25b-plus withdrawals

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The Actuaries Institute recommends the Australian Tax Office play a significant role in payment of limited, early release superannuation to people financially impacted by COVID-19. The Government has said it would allow workers affected by the crisis to pull as much as $20,000 out of their superannuation, in two tranches of $10,000 each. The Convenor

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Actuaries Institute appoints Hoa Bui President for 2020

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The new president of the Actuaries Institute, Hoa Bui, said she would bring a renewed focus to giving young actuaries a voice in the profession during her term as leader of the professional association. In her Presidential Address, Ms Bui said more than half of the Institute’s members are under 35- years of age. “Young

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Actuaries Institute issues warning about superannuation shortfalls

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In a submission to Treasury, the Actuaries Institute finds: More people risk falling outside superannuation guarantee as gig economy expands. There is scant encouragement for Australia’s older workers to keep working. Complexity and uncertainty dominate at the point where superannuation, the Age Pension and Aged Care meet. The Actuaries Institute says more Australians will fall

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Actuaries Institute recommends disability insurance sector reform to ensure community and customer benefits

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The Actuaries Institute said Australia’s $5 billion disability income insurance (DII) sector needs urgent reform, noting that failure to implement significant changes will reduce consumer access to affordable disability cover in the future. The Actuaries Institute has established a taskforce to identify where critical reform is needed. It commissioned KPMG to compile a comparative research

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Australian Actuaries Climate Index shows extreme conditions prevailed in spring 2019 with records set across states

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The Australian Actuaries Climate Index [1]shows a combination of weather conditions in the Spring of 2019 that are likely to have fuelled the bushfires currently devastating the country. Every region recorded below reference period[2] average extreme rainfall, above reference period average extreme high temperatures and several regions broke records. Every region except Tasmania recorded above

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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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