The rating outlook for the UK life assurance sector remains stable, according to a new report by statistical rating organisation Fitch.
Fitch’s latest outlook assumes a weak economic recovery, with modest GDP growth. It is yet to account for shocks to the economy, but can be updated if unexpected events were to occur.
Fitch’s insurance team senior director David Prowse said: “In contrast to several European insurers, most UK life insurers have negligible direct exposure to the sovereign debt of Greece, Italy, Ireland, Portugal and Spain – typically less than 5% of shareholders’ equity.”
Dr Geraldine Kaye, Managing Director of GAAPS has been re-elected to the Life Section Commitee of the International Actuarial Association.
As a member of the International Actuarial Association Life Committee I had an hour long international phone conversation this afternoon and I am pleased to report that excellent progress is being made with the ideas for the new IAA website.
We will be having another teleconference in February before we all meet up, face-to-face at the Cape Town conference in March.
As a committee member and someone who thoroughly enjoyed and learnt a lot from the last IAA AFIR / Life colloquium I would like to encourage more people to join the IAA.
To become a member all you need to do is click the relevant box when you fill your membership subs form for whichever act governing body you belong to.
The formal sessions allow you to learn what is going on in other countries in your own area so that you obtain a wider rather than a parochial view.
The networking sessions, as well as being enjoyable, allow you to discuss the details of the formal sessions in a more informal setting, again enabling you to gain a far greater insight
There is a saying a problem shared is a problem halved, sharing a problem internationally reduces well below the 50% level!
For more information about IAA Life Section
To search for international actuarial jobs
Dr Geraldine Kaye sits on the LIFE committee of the IAA (International Actuarial Association).
A committee meeting was held yesterday afternoon at the AFIR / LIFE colloquium in Munich. Those who were unable to attend in person, took part via a phone conference.
There was a long debate about the necessity of raising subscription costs for membership of the LIFE section but, after much debate and soul searching, it was decided to propose that annual subscriptions should be increased by $10. This will be recommended to the members for a vote next Wednesday.
The mission of the LIFE section of the IAA is to promote actuarial research and the exchange of knowledge in the field of life insurance around the world.
The additional revenue generated will be used to add value to the membership by:
- Providing additional developments on Section websites;
- Increasing usage of webcast technology to provide members with additional Continuing Professional Development (CPD) opportunities;
- Offering electronic access to the historical library of the ASTIN Bulletin, now The Journal of the IAA, including the most recent issues;
- Sponsoring high-calibre guest speakers at Congresses and Colloquia;
- Providing access to past papers presented at Section events
- And many more.
As well as promoting research and CPD, the LIFE section organsises events and networking opportunities. Upcoming LIFE section events include;
- Joint Life / Health Seminar 2009 in China
- Colloquium 2010 in Cape Town
- Colloquium 2011 in Barcelona
- Joint AFIR / ASTIN / LIFE Colloquium 2012 in Mexico
Read more about the IAA LIFE section
Join the LIFE section
Register for Actuarial Jobs
Next week Dr Geraldine Kaye will be attending the IAA AFIR / LIFE Colloquium conference in Munich.
This event will bring together actuaries from varied disciplines, providing excellent networking opportunities and the chance to keep up-to-date with the rapid changes occurring in the fields of life insurance and the management of financial risks.
Register for Actuarial Jobs in Life and Risk