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Tuesday 22nd September 2015
Kelvin Chamunorwa highlights topics of debate among actuaries and introduces the incoming editor of The Actuary
In March, Ashok Gupta's article summarised the findings of a Bank of England study of which he was vice-chair of the working group. The research found that pension funds and life insurers are adopting short-term approaches to investment, amplifying market volatility. The IFoA recently hosted a fascinating panel event with prominent speakers in finance, investment and economics to proffer solutions for these long-term investors to play their rightful role to stabilise markets. At the event, I felt proud that actuaries led this research, and that actuaries are now leading the debate on the way forward.
It is clear that long-term investors like pension funds and life insurers have a crucial role in the economy. By mobilising long-term savings, they provide long-term finance - for infrastructure projects, for example - when it is becoming too capital intensive for banks to do so. There needs to be a more conducive framework, and actuaries can contribute here, given our understanding of risk and focus on the long term.
Our cover feature is an example of just this competence. Mark Paulson looks at future mortality improvements, and the impact that the reduced prevalence of smoking could have. With e-cigarettes picking up steam, he also points to the additional uncertainty presented by this technology.
Elsewhere in this issue, actuaries discuss diversity. Deborah Cooper believes there is still gender bias in the workplace and makes an impassioned case for the need for a significant shift in mindset.
Meanwhile, Sameer Keshani argues that our aspirations for equality need to extend beyond just gender. I would be interested in your own view on this complex topic.
Finally, changes at The Actuary are afoot. This month we congratulate the incoming editor, Richard Purcell, who will take over from me as of January 2016. We also bid farewell to two members of our editorial team, Helen Lau and Richard Schneider, who have been admirable volunteers over the years. If you would relish interacting with thought leaders to drive the debate in pertinent issues as a volunteer on our editorial team, we would love to hear from you.
It is clear that long-term investors like pension funds and life insurers have a crucial role in the economy. By mobilising long-term savings, they provide long-term finance - for infrastructure projects, for example - when it is becoming too capital intensive for banks to do so. There needs to be a more conducive framework, and actuaries can contribute here, given our understanding of risk and focus on the long term.
Our cover feature is an example of just this competence. Mark Paulson looks at future mortality improvements, and the impact that the reduced prevalence of smoking could have. With e-cigarettes picking up steam, he also points to the additional uncertainty presented by this technology.
Elsewhere in this issue, actuaries discuss diversity. Deborah Cooper believes there is still gender bias in the workplace and makes an impassioned case for the need for a significant shift in mindset.
Meanwhile, Sameer Keshani argues that our aspirations for equality need to extend beyond just gender. I would be interested in your own view on this complex topic.
Finally, changes at The Actuary are afoot. This month we congratulate the incoming editor, Richard Purcell, who will take over from me as of January 2016. We also bid farewell to two members of our editorial team, Helen Lau and Richard Schneider, who have been admirable volunteers over the years. If you would relish interacting with thought leaders to drive the debate in pertinent issues as a volunteer on our editorial team, we would love to hear from you.
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