This series takes a fresh, sometimes challenging, look at some of the issues facing the actuarial profession and society
The ‘think’ series aims to promote debate on topics across the spectrum of actuarial work and beyond. It looks to provide a platform for members and stakeholders to share views that may differ from the IFoA’s ‘house’ view.
Through this, we hope to challenge the status quo within the profession, question orthodoxy, and shine a light on complex or under-examined issues. At its heart, the series is about stimulating discussion and dialogue to help tackle issues from a different perspective.
The seventeenth edition of our ‘think’ series has been authored by Rebecca Deegan, Director of financial inclusion charity FairByDesign. Rebecca previously worked at the Association of British Insurers, first as the Head of Health and Protection and then as the Chief Sustainability Officer. Prior to that she was Head of Policy and Public Affairs at the IFoA.
The Financial Conduct Authority’s (FCA) Financial Lives Survey 2024 found that around 13 million adults – nearly one in four of us – have low financial resilience. Insurance is a crucial tool for building financial resilience, providing protection against financial shocks such as a car being stolen or being injured in a car accident.
This piece explores why recent initiatives have failed to improve motor insurance affordability, proposes an alternative approach to sharing risk, and finally, takes a step back to reimagine a transport and insurance system designed around social equity, rather than legacy market structures.
Read the full piece to find out more and why Rebecca believes that actuaries are uniquely placed to lead this conversation.
Both members and non-members are invited to join Rebecca Deegan on 30 April, 11:00 (UK, BST, UTC+1) for an engaging Q&A session on IFoA Communities. She will take a deeper look into the piece and answer your questions live.
If you have any questions or would like to contribute to a future ‘think’ piece, please contact the IFoA Policy Team.
