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

From

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

continue reading

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

From

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

continue reading

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

From

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

continue reading

Actuaries Institute Green Paper urges retirement reform

From

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

continue reading

Actuaries Institute tackles challenges facing private health insurance

From

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

continue reading

Australian Actuaries Climate Index shows a summer of extremes

From

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

continue reading

Actuaries Institute paper says financial institutions should measure their social condition

From

Highlights The Hayne Royal Commission showed institutions have failed to understand and manage relationships with society and their associated social risks. This has resulted in great reputational damage and loss of social capital for those institutions. ‘Social condition’ is as important as ‘financial condition’ to the success and sustainability of an institution. The authors propose

continue reading

Australian Actuaries Climate Index shows frequency of extreme hot days rising

From

The Australian Actuaries Climate Index, updated for the first time since its launch in late 2018, shows the number of extreme hot days was above historical levels in both Winter and Spring 2018, and portions of Australia remained extraordinarily dry showing distinct signs of drought. The Index provides an objective measure of extreme weather conditions

continue reading

Actuaries welcome super changes that should lead to improved living standards for retirees

From

The Actuaries Institute has welcomed the federal Government’s changes to Australia’s post-retirement superannuation system that it hopes will lead to improved living standards for retirees. The legislation passed through Parliament on February 14. The raft of measures deal with the risks for retirees that they outlive their savings; it will give older Australians more financial

continue reading

Actuaries Institute welcomes final Royal Commission report

From

The Actuaries Institute welcomes the final report from the Royal Commission into Australia’s banking, superannuation and financial services sectors. The Royal Commission, which received more than 10,000 submissions, has revealed significant problems that must be addressed across banking, insurance and superannuation. “The Institute fully supports the cultural change that has been advocated by the Royal

continue reading