The Institute and Faculty of Actuaries (IFoA) has issued a Risk Alert to its members to bring greater attention to how the current inflation crisis may impact actuarial practices.
The institute stated that the Risk Alert was primarily to inform actuaries working in general and life insurance and pensions, but all members should be aware of the upcoming issues caused by inflation, which could reach 22% next year according to Goldman Sachs. The alert calls on actuaries to take greater care in managing expectations of future inflation and rationale for selections. It also encourages members to consider the different types of inflation where relevant and the impact that the current high inflation environment may have on underlying methodologies. In addition, the...
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