I wish to highlight the professional indemnity (PI) insurance costs for actuaries.
I wish to highlight the professional indemnity (PI) insurance costs for actuaries. For the past decade, I've worked as an actuarial contractor and have witnessed firsthand how PI premiums have increased dramatically for actuaries. Many traditional providers are now reluctant to insure actuaries who sign anything off, with many no longer insuring any actuaries at any level. As PI is a mandatory contractual obligation payable by contractors, this is an unwelcome and increasing burden.
Despite the evolving, increasing requirements of the IFoA to qualify as an actuary, CPD, professional standards and more, the PI market appears to have made its own negative judgment on actuaries. Active IFoA membership, CPD and qualifications have no effect on premiums quoted. The irony of actuaries' role in pricing such insurances adds to this bewilderment.
Can the IFoA comment on what is going on?
27 September 2016