What if the traditional life insurance application process could be completed in minutes? The traditional life insurance underwriting process has remained largely unchanged for decades. But as consumers expectations shift towards instant digital experiences, how can actuaries leverage AI to create a streamlined, data-driven experience that delivers faster decisions without compromising risk assessment quality? The […]

In one of his final acts before he retires from parliament, the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, is pressing ahead with the Government’s commitment to legislate a full ban on the use of genetic tests in life insurance underwriting in Australia. This follows a year-long review conducted by […]

In their latest article, the Mortality Working Group shares excess mortality analysis for the first 11 months of 2024. In summary For the first 11 months of 2024, against a baseline that includes anticipated COVID-19 deaths, total mortality was 1% higher than predicted, which is just within the 95% confidence interval. The statistically significant outcomes […]

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.

The Australian Bureau of Statistics (ABS) made headlines in November 2024 with its media release, “Australian life expectancy decreases for second year in a row”. Shortly thereafter, in December 2024, the Australian Government Actuary (AGA) released the 2020–2022 Australian Life Tables (ALTs), with less sensational messaging. While much of the discourse surrounding mortality data has […]

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 […]

In their latest article, the Mortality Working Group shares excess mortality analysis for the first eight months of 2024. In summary For the first eight months of 2024, against a baseline that includes anticipated COVID-19 deaths: total mortality was 2% higher than predicted; COVID-19 mortality was 70% higher than predicted; Non-COVID respiratory mortality was 8% […]

Council Approved Update to Standard Introductory Wording to Professional Standards

PS 102 Financial Condition Report (March 2021 updated October 2024) Explanatory Memorandum

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.

In their latest article, the Mortality Working Group shares excess mortality analysis for the first five months of 2024.

In their latest article, the Mortality Working Group shares excess mortality analysis for the first four months of 2024. In summary Total mortality was in line with the new baseline for the first four months of 2024. The early mortality experience of 2024 includes higher COVID-19 mortality than predicted, particularly for March and April. Pneumonia […]

With the first series of annual statements published under the new IFRS 17 standard, is the new standard achieving the desired transparency and comparability, or is variability undermining these objectives? The new IFRS 17 standard for accounting insurance contracts became mandatory for IFRS accounts starting January 1, 2023. This year insurance companies have presented their […]

The 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.

The 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.

Good isn’t good enough – best estimate is ‘best’ for a reason. This is a key area that our profession needs to focus on maintaining to uphold our responsibility to the industry. To achieve that, we need to stay on top of the changing environment in which we operate and make sure key issues are […]

In their latest article, the Mortality Working Group shares excess mortality analysis for the first quarter of 2024. In summary Total excess mortality relative to the new baseline for the first three months of 2024 is 1%. The early mortality experience of 2024 includes higher COVID-19 mortality than predicted, particularly for March. All other causes […]

The Actuaries Institute is delighted to announce the launch of the Long COVID Knowledge Hub. This initiative, spearheaded by the Long COVID Working Group, addresses the significant uncertainties surrounding the long-term impacts of Long COVID by providing a centralised resource for research findings and information. The development of the hub was a collaborative effort from […]