Its time for actuaries to step forward and take a lead role in managing the bruncertainty risks, says editor Richard Purcell
As experts in managing uncertainty, the fallout from Brexit and the resulting uncertainties (or should that be 'bruncertainties') present our profession with a golden opportunity to come to the fore. The referendum itself uncovered clear divisions - not only between those living in the capital and the rest of the country (with the exception of Scotland and Northern Ireland) but also across generations. Colin Wilson believes this raises questions of intergenerational fairness (Leaving a sustainable inheritance), something actuaries are very familiar with.
After some short-term market volatility and political upheaval, attention is beginning to turn to the wider impact on the economy.
Nico Aspinall believes lower economic activity risks derailing the UK's plans to increase pension savings (A defining moment for pensions). Meanwhile, lower bond yields are also putting upward pressure on premiums for some insurers, but Steven Mendel believes there could also be benefits for some insurance customers if the UK doesn't transpose all EU regulation, such as gender-neutral pricing (Step into the great unknown). Paul Sweeting considers how businesses should manage all these uncertainties, and reminds us not to forget about the potential upsides to Brexit (Step into the great unknown).
Someone who is no stranger to navigating uncharted territory is Sally Bridgeland, who makes history as the first lady Master of the Worshipful Company of Actuaries. She recalls her experiences of previous financial turmoil and talks to us about the benefits of flexible working for businesses and employees (Shifting sands).
As Britain begins its Brexit journey, there will be numerous issues that arise, many of which actuaries can help to solve. To ensure we are well placed as a profession, the IFoA is seeking your views on what the key issues are (IFoA Brexit survey: your response matters), and here at The Actuary we would also like to hear what other challenges and opportunities you think it will present.