A report by Cass Business School commissioned by Carers UK states that ‘a fundamental shift’ in the adult care system would not only help to support struggling families, but would also add significant value to the UK gross domestic product (GDP).
Carers UK commissioned the report to examine the challenges families are facing and to give an independent view on how to improve the lives of family carers.
Leslie Mayhew who wrote the report believes that before the government can reform the current care system, they must understand ‘the economic costs of failures in care’.
More than half of the UK’s 6.4 million family carers attempt to juggle the demands of caring for a disabled or elderly relative whilst maintaining a job. According to the report, if external care was provided, these people would be able to work full-time, contributing approximately £47,800 to the GDP each year.
Chief executive of Carers UK, Helena Herklots said: ‘Too often the debate around reform of care for older and disabled people is framed as a drain on public finances. It is time we recognised that helping families to juggle work and care and stimulating a new generation of care services can act as an engine for economic growth.’
Posted in Insights, news
A report by Tower Watson and price comparison site Confused.com has found that car insurance premiums dropped an average of 5.1% in the UK over the last quarter, meaning that rates have fallen by a total of 10.3% since September 2011.
The drop is the biggest since the index began five years ago. Duncan Anderson of Towers Watson, said: ‘Despite this being the fifth successive quarter of flat or falling rates for comprehensive cover, I think the current scale of the annual and quarterly decreases will – and probably should – cause some pause for thought in the insurance industry.’
The survey also found that the largest decrease in rates was seen by young female drivers, suggesting that insurers are attempting to minimise the impact of the future price increases that will affect many women once the new legislation regarding gender pricing comes into effect on December 21st.
“We hear a lot in the media about high insurance premiums, particularly with the price increases scheduled for women drivers, so it is interesting to see that prices have actually fallen over the past 12 months,” comments Dr Geraldine Kaye of GAAPS Actuarial.
Our MD Dr Geraldine Kaye (in front in an orange jacket) attending a meeting of CPD Co-ordinators’ (of the Actuarial Profession) held in London, in November this year. As you can see there was a great turnout and everyone had an enjoyable day.
When: 17th December 2012, 17:30 to 20:30
Where: Staple Inn Hall, London WC1V 7QJ
A helpful event where delegates gain a range of perspectives on the emerging markets for trading longevity risk.
Panellists will present their views on a number of issues such as: overview of the market and its economic function, key risks involved and challenges, emerging themes, the role of regulation and Solvency II and perspectives from risk sellers and buyers.
- Douglas Anderson, Hymans Robertson LLP
- Pretty Sagoo, Deutsche Bank AG
- David Epstein, Aviva
- Emma McWilliam, Milliman
To book your place email email@example.com
According to a survey carried out by Corporate Benefits at Friends Life, 26% of people would choose to opt out of a workplace pension scheme. The survey also found that 35% of those who did enrol would be unwilling to contribute any more than 5% of their monthly salary. This is despite only 14% of recipients thinking that saving 8% (the total level auto enrolment will reach) would provide for a comfortable retirement.
20% of those questioned said that they would not persuaded as even a 1% deduction could mean that they would struggle to make ends meet. However, 41% said increased tax relief would encourage them to save more for retirement.
“Unfortunately, as people are struggling financially in the tough economic climate, they are understandably focusing on paying the bills today rather than providing for the future,” comments Dr Geraldine Kaye of GAAPS Actuarial.
Posted in Pensions
Research by Cable&Wireless Worldwide has found that 90% of consumers express some dissatisfaction with the methods of communications from UK financial services providers.
Almost half would like more comprehensive websites which include video explanations and calculators, and17% of those asked wanted an instant message service whilst using the site. With younger consumers looking for more interactivity from providers, insurance providers need to respond to accommodate these needs or risk alienating future customers.
Nicola Dicks, director, General Insurance, Life & Pensions at Cable & Wireless Worldwide comments “Running multiple communication channels is simply not good enough if the customer experience is poor and disjointed, that’s why it’s vital for insurance providers to improve existing communication channels before rushing to invest in new ones. To engage with and retain their customers, insurers should be providing the right information and advice at first point of contact, whatever method that is.”
“Whilst at the moment technology leadership is strongest amongst younger customers, communications requirements will continue to shift as generations move through different life stages. Insurers therefore need to make sure they get their communication channels right–or they could find themselves restricted to a diminishing segment. Improving communications infrastructure will have a fundamental role to play in delivering the transformation required.”
Last month Dr Geraldine Kaye and Kerry Lofts ran GAAPS annual CV and Interview skills workshops at LSE Actuarial Society. It is always a pleasure in my line of work to help those just starting out along the long road of Actuarial exams.
This year’s students were thoroughly engaged, asking fantastic questions whilst we dissected their CVs and naturally we were also delighted to receive such positive feedback from the LSE Actuarial Society, with all students giving us 100% on their feedback sheets.
So, thanks again to everyone who attended the workshop. It was a pleasure meeting you all and we look forward to seeing you again next year.
GAAPS Actuarial is one of the most respected specialist Actuarial Recruitment Consultancies worldwide, and has earned a reputation for providing an efficient executive service to both candidates and employers.
Posted in Actuarial Exams, Actuarial Qualifications, Actuarial Societies, Careers Events, Events
Tagged actuarial, actuarial events, actuarial exams, actuarial profession, Careers, Education, GAAPS