Public Policy at the Institute in 2024

Over the past year, the Actuaries Institute has traversed a wide range of public policy topics with great social purpose impact.

From advocating for responsible AI standards to addressing home insurance affordability and Indigenous Data Sovereignty, the Institute's public policy initiatives reflect our dedication to serving the public interest, including through thought leadership. 

Key activity 

Major topics spanned in 2024 were:  

• a review on the use of genetic test information in life insurance underwriting with the Government announcing a ban on the use of predictive genetic tests to adversely influence access to life insurance 
• consultations on Australia's approach to safe and responsible standards for AI and the introduction of mandatory guardrails for AI in high-risk settings
• rising home insurance affordability pressure, including the impact of climate risk and the role for sustainable finance 
• increasing focus on the retirement phase of superannuation, including how it fits within the broader retirement income system and the role of the home 
• getting a better grip on Indigenous data by highlighting successful applications of Indigenous Data Governance and Sovereignty principles.  

On each of these topics, the Institute put forward important insights consistent with our public principles that any policy measures or changes should promote public wellbeing, consider potential impacts on equity, be evidence-based and support effectively regulated systems.  

By the end of 2024, through the work of volunteers on committees, sub-committees and working groups, and Institute staff, we will have: 

• Made nearly 30 submissions to consultations  
• Published 10 thought leadership papers, including 3 major Reports  
• Held over 80 discussions with public policy external stakeholders, including:  
  • holding a roundtable with advocates for better Indigenous data practices 
  • hosting a celebratory function for the Australian Government Actuary's centenary  
  • presenting to the Board of the Council of Australian Life Insurers 
  • becoming a member of the Superannuation Industry Stewardship Group  
  • representing the International Actuarial Association at the UN Conference of the Parties (COP), for the third time 
  • participating in a Department of Industry Science & Resources roundtable on guardrails for high-risk AI 
  • presenting at an Independent MP's major roundtable on climate risk 
  • chairing a Parliamentary Friends panel on clean energy.  
• Appeared as witnesses at a Senate Inquiry into climate risk and insurance 
• Presented at several large external events, including the Insurance Council of Australia's annual conference, the Committee for Economic Development of Australia's annual AI Leadership Summit, Chief Data and Analytics Officer conferences and the annual Australian Disaster Resilience conference. 

As one member of the Public Policy Council Committee (PPCC), which provides governance over this activity, remarked: "What we see as a committee is like the tip of an iceberg - there is so much that happens underneath!"  

The PPCC had great conversations with experts in public policy and regulatory affairs, including Lead Insurance Ombudsman at the Australian Financial Complaints Authority, Emma Curtis; Past President, former APRA Deputy Chair and non-executive director Helen Rowell; and Productivity Commission Chair Danielle Wood. These discussions help the profession, through the Institute and PPCC, continually challenge and stretch our thinking and be alive to new opportunities. We are very thankful for these speakers' insights.  

Influence 

This wide span of public policy engagement helped drive a strong Institute presence in media, including over 400 major media mentions (excluding syndications).   

We are especially pleased with the impact of the Institute's sustained research and engagement on home insurance affordability and potential solutions for flood insurance affordability. The recent reports by each of the House of Representatives Standing Committee on Economics Inquiry and the Senate Select Committee Inquiry extensively cite the suite of Institute research, and earlier in the year the Institute presented to the Hazards Insurance Partnership on this research. 

This engagement is highly valued by key external stakeholders. In an independently conducted survey this year, these stakeholders indicated an overall satisfaction of 89% with the Institute's public policy work. We know our members highly value it too, with an overall satisfaction of 78% in this year's survey.  

Innovations and opportunities in 2025 

In 2024, we launched two innovations for content development that are designed to further leverage the Institute's greatest strength - our membership. We strongly encourage all members to engage and help make 2025 another impactful year.  

• In September, we launched a portal for unsolicited Thought Leadership publication ideas. We are especially interested in any publication ideas around AI. If you have ideas, are interested in writing with us or know of someone who may be, please get in touch. No idea is too small, nor too big and together we can turn the right ideas into publications.  
• In November, we launched a membership survey on emerging risks. This is a topic on which all members should be experts, and we are working to share it with the broader business and public policy community in early 2025.  
• Mental health - the financial safety net and the need to ensure the system evolves to meet contemporary societal needs; and 
• An upgrade to the Australian Actuaries Climate Index, which will include new components and consider recent improvements in underlying data which can provide further insights.  

The Institute team takes this opportunity to thank Dr Anthony Lowe for his service as Chair of the PPCC for the past six years, who has helped guide the continued strides made during that time. We also congratulate Andrew Boal on taking up the role of Chair. We look forward to another highly engaging year in 2025.