Life insurance

Explore professional insights and technical skills from actuaries working at the forefront of the life insurance industry.

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About life insurance

The actuarial profession is a key player in life insurance. In Australia, over a quarter of actuaries are working in this field. 

Life insurance actuaries play a crucial role in creating sustainable products and managing business operations effectively. Besides advising on premiums and product design, assessing risks, and evaluating profitability and distributing surpluses, life actuaries also hold roles in management, strategy, corporate operations, data science, oversight and financial control.

The life insurance sector constantly evolves due to changes in laws, regulations, financial reporting and mergers. It's a statutory obligation for an Appointed Actuary to provide reports on the financial robustness of a Life Insurance Company.

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Practice Committee

The Life Insurance
Practice Committee

The Life Insurance Practice Committee (LIPC) supports actuaries by promoting best practices and contributing to public policy discussions in life insurance.

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Professional Standards

Life Insurance Professional Standards and Guidance

Explore guidance and publications for actuaries working in life insurance.

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Latest articles

All life insurance articles
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1 CPD Point

Left-Field Risks in 2025 Identified by Australian Actuaries

In the second article on emerging risks in 2025 identified by Australian actuaries, we examine ‘left-field’ risks; that is, risks which might not be widely recognised but have high potential impact.

Iain Bulcraig
Iain Bulcraig

4 June 2025

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1 CPD Point

Emerging Risks in 2025 Identified by Australian Actuaries

From climate volatility to quantum computing threats, the actuarial profession faces an evolving risk landscape. In late 2024, the Institute surveyed members to identify emerging risks across practice areas, with strong responses from those in general insurance, life insurance and risk management. Respondents identified both mainstream and ‘left-field’ concerns. In this article, we identify top […]

Iain Bulcraig
Iain Bulcraig

16 April 2025

1 CPD Point

AI Case Studies: Smart Homes, Smarter Insurance

What if your home could prevent insurance claims before they happen? As smart home technology becomes increasingly accessible, traditional home insurance models are changing–and actuaries can be at the forefront of this revolution. In our new series, AI Case Studies, we share hypothetical examples to illustrate how AI may transform insurance processes in real-world […]

Actuaries Institute
Actuaries Institute

25 March 2025

Advisor helping a senior woman at home (or mother and son)

1 CPD Point

Risk vs. Discrimination in Life Insurance

From time to time, I find myself explaining how insurers allow for risk in insurance pricing, product design and underwriting, particularly as this can be seen as a form of direct or indirect discrimination. Indeed, there are already exemptions in anti-discrimination legislation that allow insurers to discriminate in insurance pricing, product design and underwriting in […]

Kirsten Flynn
Kirsten Flynn

20 January 2025

1 CPD Point

2024 General Insurance Appointed Actuaries Forum

If someone were to summarise what has been happening in the General Insurance industry this year, they might liken it to George Lucas’ attitude on the Star Wars prequel films. When asked about George Lucas’ directing style, many of the actors on the films would say the same thing. “He was great to work with,” […]

James Aclis
James Aclis

12 December 2024

1 CPD Point

Unlocking Cyber Resilience

Are you prepared for the growing impact of cyber risk on the actuarial profession? Digital threats are rapidly evolving, with one cybercrime reported every six minutes and ransomware causing up to $3b in damages to the Australian economy every year.[1] To address this and its impact on the actuarial profession, the Actuaries Institute’s Cyber Risk […]

Cyber Risk Working Group
Cyber Risk Working Group

14 November 2024

Product launch incentives can take turns for business growth. Businesswoman explain the strategic plan to launch the new product via digital table to sale team in the meeting room at office. Brainstorming and share idea to launch new product to customer.

1 CPD Point

Insights on Effective Risk Management: Balancing Partnership and Independence

In the ever-evolving landscape of risk management, striking a balance between partnership and independence is key. Imagine two climbers scaling a steep mountain, bound by a rope, moving in sync to conquer each challenge. One leads with precision, securing anchors, while the other provides steadfast support. This imagery encapsulates the essence of partnerships in risk […]

Jason Yu
Jason Yu

29 October 2024

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1 CPD Point

Enhancing Risk Culture Through Storytelling

Storytelling has been around for thousands of years but can it be used to enhance the risk culture of an organisation? The concept of risk culture has been around for a long time but has been increasingly in the spotlight. APRA defines risk culture as “the behavioural norms and practices of individuals and groups that […]

Iain Bulcraig
Iain Bulcraig

22 August 2024

1 CPD Point

Career Case Study: Kriti Khullar AIAA – Lead Risk Intelligence Insights, IAG

“Actuaries are financially savvy, technology savvy and have a mindset of continuous learning.”Kriti is a Risk Intelligence Insights Lead at IAG with experience in provisioning, stress testing, credit risk portfolio reporting, risk data, risk systems, risk infrastructure, risk applications, divisional and enterprise-wide risk reporting for executive and Board audiences. She is an Associate Actuary […]

Actuaries Institute
Actuaries Institute

20 June 2024

1 CPD Point

The Risk Horizon

Understandably, actuaries are obsessed with risk. Three plenary sessions at the All Actuaries Summit reminded us that there are different ways to look at risk – and that sometimes the widest possible view is the best. Opening Keynote with Ann Sherry AO In a wide-ranging interview with Win-Li Toh, Ann Sherry called out the range […]

Actuaries Institute
Actuaries Institute

20 May 2024

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1 CPD Point

Insuring Against the Unknown: Navigating Uncertainty in the Geopolitical Environment

We live in a world that is increasingly interconnected by global flows of goods, services, capital, people and data, which are, in turn, dependent on political forces within the geographic space. The recent geopolitical context has been heightened with shocks from events such as the COVID-19 pandemic and ongoing conflicts, in addition to continued technological […]

Yiyang (Anita) He
Yiyang (Anita) He

25 April 2024

Attractive aged businesswoman, teacher or mentor coach speaking to young people, senior woman in glasses teaching audience at training seminar, female business leader speaker talking at meeting

1 CPD Point

Bridging the Academic and Industry Gap

A reflection of one actuary’s journey so far…In 2020, I took an opportunity to join a formal research journey even though, for the last 30 years, I have been doing non-academic research. While I await submitting my thesis —marking the end of this journey — I began thinking about the importance of bridging the […]

Sonjai Kumar
Sonjai Kumar

3 April 2024

1 CPD Point

Is Risk Reporting Just a Paper Fly?

Risk reporting helps provide information to key stakeholders to enable the flow of the right information to the right people at the right level at the right time. Such reporting must be delivered regularly to support an ongoing flow of information. The benefits of risk reporting include: Reducing the uncertainties of outcomes within the organisation. […]

Sonjai Kumar
Sonjai Kumar

30 November 2023

Business discussion between two people showing each other some documents

1 CPD Point

ERM Augment Insurance Value Enhancement

Before the start of the 21st century, silo-risk management was a more widespread practice that enabled individual departments to perform risk identification and mitigation.

Sonjai Kumar
Sonjai Kumar

13 October 2023

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1 CPD Point

Recent Failures in General Insurance Underwriting and Pricing in Australia: Considerations to Improve Pricing Risk Management – Part Two

Join us in the second article of this series as we explore the practical considerations for improving risk management and controls in underwriting and pricing.

Sting FanMudit Gupta
Mudit Gupta, Sting Fan

11 October 2023

1 CPD Point

One Profession, a World of Possibilities

On September 2, the actuarial community celebrates the International Day of the Actuary. On this day in 1895, the very first International Congress of Actuaries (ICA) was held in Brussels, an event that laid the foundation for the profession we recognise today. In honour of International Day of the Actuary, we highlight the achievements of […]

Actuaries Institute
Actuaries Institute

31 August 2023

How COVID-19 has Affected Mortality in 2020 to 2023

There were 8,400 more deaths in Australia in 2023 than predicted had the pandemic not occurred – less than half of the almost 20,000 excess deaths estimated for 2022. This new Research Paper from the Mortality Working Group explores how COVID-19 affected mortality in Australia from 2020 to 2023 and how Australia’s experience compares with the rest of the world.

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Upcoming events

Latest publications

All life insurance publications
Submission

1 CPD Point

12 March 2025: Consultation - Ban on the Use of Adverse Genetic Testing Results in Life Insurance

The Institute supports the Government’s decision to ban adverse genetic test results in life insurance underwriting. This will give the Australian community certainty and assurance on the way forward and support medical advances that can benefit society in many potentially profound ways. As genetics research is a rapidly advancing field, we recommend policy that can adapt to the advances in genetics so that life insurance balances accessibility of insurance and equity to the insured population as a whole.

Actuaries Institute

12 March 2025
Publication

2 CPD Points

Disability Insurance in Australia: Findings and Recommended Actions

The Disability Insurance Taskforce has released its final Paper, Updated Findings and Recommended Actions. This Paper offers key recommendations to promote sustainability across disability insurance and align with meeting APRA's sustainability expectations for IDII and beyond.

Disability Insurance Taskforce

27 September 2024
Submission

1 CPD Point

22 May 2024: Submission to Senate Inquiry into Excess Mortality

The Actuaries Institute welcomes the opportunity to provide this submission to the Senate Community Affairs References Committee’s Inquiry into Excess Mortality. The comments draw on the extensive work of the Institute’s Mortality Working Group to analyse pandemic-related data to inform the actuarial profession, the industries they advise, and policy discussions, which focus on the excess mortality experience in Australia during the period 2020 to 2023.

Actuaries Institute

22 May 2024
Papers

2 CPD Points

Work Capability Assessments in Individual Disability Income Insurance: Introductions and Considerations for Actuaries

This Paper, Work Capability Assessments in Individual Disability Income Insurance: Introduction and Considerations for Actuaries, provides insights into good practice principles that insurers might use to improve the effectiveness and clarity of defining disability and work capacity in IDII. Additionally, the Paper offers relevant case studies and principles for consideration when assessing work capacity at time of claim.

Disability Insurance Taskforce

1 April 2024

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