2013 Federal Budget: Actuaries welcome progressive reforms

From

The Actuaries Institute has applauded changes announced in this year’s Federal Budget which respond to the Institute’s calls for reforms on two key areas on its policy agenda, most notably longevity risk. This Federal Budget confirmed the pre-announced changes to remove the inequitable tax treatment of deferred lifetime annuities and give them the same tax treatment as […]

continue reading

Australian ERM ranks well by global standards

From

Australian organisations benchmark well against global peers for Enterprise Risk Management (ERM) practices and management of risk culture, but, despite that, only half have embedded a risk culture into their organisation, a survey has revealed. The Institute of Actuaries of Australia ERM survey was released at the Institute’s 2011 ERM Seminar. “Continuing global financial market […]

continue reading

Institute of Actuaries calls for temporary national flood insurance pool

From

The Institute of Actuaries of Australia (the Institute) today called for the creation of a temporary national insurance pool to subsidise premiums for high flood risk properties and to fund financial incentives for mitigation actions until mitigation strategies can reduce flood risks in the system to an acceptable level. Commenting on its submission to the […]

continue reading

Actuaries disappointed longevity risk ignored again in 2011 Federal Budget

From

The Institute of Actuaries of Australia (the Institute) has today said it was disappointed the pressing issue of longevity risk was largely ignored in the 2011 Federal Budget. The Institute has been urging the government to develop longevity risk policies, including removing barriers to the development of a new generation annuities market, to meet the […]

continue reading

Survey supports risk-based model for property insurance for natural disasters – and some government involvement

From

A survey of 420 actuaries shows that an overwhelming majority (73%) support retention of a risk-rated model for property insurance with opinion divided on whether there should be premium subsidies for high risk properties. There was some support for government involvement in providing a minimum level of insurance coverage for households and businesses for natural […]

continue reading

Productivity Commission report on disability care and support: Actuaries say sustainability is the key to success

From

The Institute of Actuaries of Australia has today welcomed the Productivity Commission draft report Disability Care and Support as an important and comprehensive contribution to policy development on the provision of care and support for people with significant disability. “Reform of the system for disability care and support is essential from a social policy and […]

continue reading

Actuaries call for longevity risk focus – including new generation annuities – in Federal Budget

From

The Institute of Actuaries of Australia (the Institute) has today urged the Government to prioritise longevity risk policies, including development of a new generation variable annuities market, to meet the challenges of Australia’s ageing population. In its Federal Budget submission, the Institute’s approach recognises that superannuation will likely provide an inadequate retirement income, due to […]

continue reading

Actuaries call for wider debate on solutions for coping with future floods

From

The devastating damage to property caused by the Queensland floods, has prompted the Institute of Actuaries of Australia to call for a national solution to manage future floods and natural disasters, which may include public (government) and private (insurance industry) options or a combination of both. The Institute, whose member actuaries work for insurers rating […]

continue reading

Actuaries support Government response to Cooper Review on super fund capital requirements and longevity risk

From

The Institute of Actuaries of Australia (the Institute) has today welcomed the Government response to the Cooper Review, in particular for giving the Australian Prudential Regulation Authority (APRA) prudential standards making power in relation to super funds and support of a risk-based system that will apply to all APRA regulated super funds for holding financial […]

continue reading

New research comparing capital requirements of banks and insurers in Australia

From

New research into regulatory standards for banks and insurers has found that improved transparency would bring benefits and that some differences exist in the treatment of products that are economically equivalent. Such differences may create regulatory arbitrage opportunities and market distortions. The research, conducted by Ernst & Young, is intended to inform debate about the […]

continue reading