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 […]

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 […]

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 […]

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,” […]

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 […]

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 […]

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 […]

“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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

Nine months after the publication of the Actuaries Institute’s Cyber Risk and the Role of Insurance Report, Win-Li Toh updated the profession at ICA2023 on key developments in the world of cyber. In September 2022, the Actuaries Institute released a Report authored by actuaries Win-Li Toh and Ross Simmonds and technology expert Michael Neary titled […]

Data breaches, climate change, geopolitical conflicts, global pandemics – businesses have had to navigate a growing number of complex risks over the past few years alone. As the world continues to become more interconnected than ever before, a Chief Risk Officer (CRO) must expand accordingly. Across all industries, this means adapting your skillset to understand […]

To close ICA2023, Medibank Corporate actuary, Anthony Joyce, interviewed his brother, soon-to-retire Qantas CEO, Alan. Along with some brotherly banter, the two talked about the value of actuaries, airline safety, the courage to make the right decisions–and Rain Man. Anthony began by asking his brother about his long history of advocating for diversity […]

This Actuaries’ Digital article summarises the key points from the winning entry of the 2023 Young Actuaries Public Policy Essay competition by Marcus Stavrakis. With thanks to members of the Cyber Working Group for their assistance. Cyber risk Cyber risk refers to any risk of financial loss, disruption to operations and data or reputation relating […]

Managing risk becomes more complex as businesses adopt new technologies and generate more data. That’s why lowering risks starts with reducing complexity. Technology is in constant motion. While the unstoppable pace of innovation grants businesses the benefits of faster and better technology, there is also a high price to be paid in the form of […]

With hindsight, any financial institution’s failure is easy to investigate. However, the challenging task is anticipating risk and taking appropriate mitigating action before the risk crystallises. In the past 15 years, there have been many high-profile failures such as Lehman Brothers, Bear Stearn, Northern Rock during the GFC crisis in 2008, the losses to the […]

In the first article of this series, I’ll examine recent issues and explore what uplifts may be required in risk management and controls going forward. This article will review a list of key underwriting and pricing issues in Australia based on publicly disclosed information that has recently arisen. The objective is to learn from costly […]