The long-term policy issues relating to the insurance world are diverse, reflecting the wide reach and range of application of insurance right across the globe. Policy concerns are both national and international, with the impact of changes in demographics, advances in data science, cyber risk, adverse weather events and natural disasters, low interest rates, insurance inclusion and much, much more. Actuaries can provide valuable insights in these areas by applying their expertise and encouraging appropriate adaptations in the insurance sector and beyond.
The COVID-19 crisis, Brexit (and its implications for Solvency II) and the ongoing focus on insurance conduct regulation are making for a busy 2021. As the insurance world, policymakers and wider society emerge from the shadow of the pandemic, the role of insurance and how it needs to adapt to the emerging ‘new normal’ interconnected world will be the focus of much attention and effort. It is important that the insurance world does evolve, as the protections it can offer society has scarcely been needed more. Actuaries are sure to play their part in pushing insurance along its evolutionary journey.
Steven Graham - Technical Policy Manager