Actuaries from the Government Actuary’s Department (GAD) have shared their expertise at a key actuarial conference. Among the topics discussed as speakers and panellists were disaster risk financing and emerging areas of actuarial practice.
The 2-day event, held by the Institute and Faculty of Actuaries (IFoA) was its first fully hybrid conference. Members of the profession attended in person and were joined by a big online contingent.
Disaster risk finance
Joanne Meusz and Chris Paterson from GAD presented alongside Nazira Lacayo of the International Federation of Red Cross and Red Crescent Societies speaking from Geneva.
The presentation illustrated how GAD works closely with other professions on disaster risk finance. It was an important forum as we had the opportunity to talk about how this collaboration helps to make the biggest impact to help the most vulnerable.
Chris said: “This was the first actuarial conference in a long time covering all areas of practice. It illustrated how we now need to address multiple areas. This can include climate change, inclusion, a changing regulatory environment, and global markets impacted by the war in Ukraine.
“We now also get to come together in a different way, overcoming the challenges of collaborating while in different locations. I was delighted GAD could make a valuable contribution to the event and join the many other excellent speakers.”
GAD actuary Sara Joslin joined a panel including GAD alumnus and client Daniel Clarke, Director of the Centre for Disaster Protection.
The panel discussed the concept of ‘Tomorrow’s Actuary’. This looked at how actuaries are adapting to roles in new areas of practice, moving away from the traditional realms of pensions, insurance, and investment.
Climate change risks
Sara leads GAD’s climate change work and sits on the IFoA’s Sustainability Board. Commenting on the changing role of actuaries, not least when it comes to climate risks, Sara said:
“Alongside our analytical skills, actuaries are well versed in making sense of long-term financial risk and uncertainty. These skills are highly transferable and allow us to add value to a range of challenges outside traditional spheres of actuarial work.
“Advising on climate change risks is an emerging area of actuarial practice, and one where GAD, and the wider actuarial profession, is increasingly getting involved.
“It was great to be part of this discussion alongside other panel members. I enjoyed sharing my experiences of GAD’s climate work and hope to have encouraged others to follow a similar path.”