‘think’ thought leadership series

The ‘think’ series aims to promote debate on topics across the spectrum of actuarial work and beyond. It looks to provide a platform for members and stakeholders to share views that may differ from the IFoA’s ‘house’ view.

Through this, we hope to challenge the status quo within the profession, question orthodoxy, and shine a light on complex or under-examined issues. At its heart, the series is about stimulating discussion and dialogue to help tackle issues from a different perspective.

Edition 20: A non-state-led solution to paying for later life social care

The twentieth edition of our ‘think’ series has been authored by Lord Syed Kamall, a Conservative member of the House of Lords and Shadow Minister for Health and Social Care.  

'A non-state-led solution to paying for later life social care' explores how the growing challenge of funding adult social care could be addressed through a greater role for insurance and individual financial planning, rather than relying primarily on taxpayer-funded solutions.

Drawing on cross-party collaboration with the late Lord Lipsey and analysis from the IFoA Social Care Working Party, the paper explores how greater awareness of social care costs and increased uptake of insurance products could help reduce pressure on public finances.

Timely amid renewed attention on social care reform, the paper contributes to the debate on future funding solutions ahead of the Independent Commission on Adult Social Care’s final report in summer 2027.

Read the full piece to discover why Lord Kamall argues that a balanced approach between government support, personal responsibility and market-based solutions could offer a more sustainable way of funding social care.