Pandemic Briefings

The Institute, through various practice committees and working groups, is producing a series of Pandemic Notes that are primarily technical in nature and aim to provide professional support and guidance for practicing actuaries.

Addressing COVID-19 Impacts on Non-Financial Risks in FCRs

This note is intended to support Appointed Actuaries in their preparation of Financial Condition Reports, as they consider the impacts that the COVID-19 pandemic and shutdowns have had on Non-Financial Risks.

Motor injury schemes high level summary

As many actuaries engage in financial year end reporting, the latest Pandemic Briefing provides a summary of what insurers should consider in their reports, such as claim size and risk margins. It also provides a high level overview of premium setting considerations. 

Business Interruption

This note has been produced by the Business Interruption (BI) working group based on their understanding at the time of writing of the issues for BI policy coverage of COVID-19. It is intended to provide ideas around issues for consideration by Actuaries as well as potential sources of information. 

Asset Impacts

The purpose of this note is to identify various considerations relating to the impact of COVID-19 on the assets and investment side of the balance sheet, for life insurers. 

Best Estimate Assumptions, Capital Margins, Target Surplus and ICAAP

The purpose of this document is to provide a list of considerations on the issues related to:
  • Setting best estimate assumptions.
  • Considerations around capital margins and other PCA considerations.
  • Target Surplus policy and ICAAP.

Death and Disability Benefits in Superannuation

The latest Pandemic Briefing has been prepared by the Insurance in Super Working Group and covers advice provided by actuaries to the trustees of superannuation funds. 


ICAAP Considerations

This note aims to assist actuaries advising entities on the capital implications of the COVID-19 pandemic and is applicable to life insurance, general insurance, banking and health actuaries. 

Morbidity and Macro-Economic Considerations

This briefing aims to provide a list of considerations on the issues related to morbidity claims in life insurance products in light of the emerging COVID-19 pandemic. Because of the major impact of economic conditions on the level of morbidity claims, this document includes discussion of macro-economic matters.

Updated: Scenario and Stress Testing

The previous Scenario and Stress Testing Pandemic Briefing was issued as a draft in May. Since then, the Working Group has gathered feedback from Members and has updated the document. 

Impact of COVID-19 on PHI

The purpose of this draft note is to assist actuaries with advice input to 30 June financial statements amidst the context of uncertainty brought by COVID-19. 

Risk Management Implications of Coronavirus (COVID-19) - for Non-Executive Directors

The health and economic implications of COVID-19 will affect a wide range of businesses and their customers. This briefing is aimed at assisting Non-Executive Directors, particularly in financial services, on the risk management implications of the pandemic. 

Life Insurance implications of Coronavirus (COVID-19)

Developed by the Life Insurance Working Group formed as part of the Institute’s COVID-19 Working Group, the briefing considers a range of implications relating to pricing, policy liabilities, capital management, valuations, underwriting, and product design.

Risk Management Implications of Coronavirus (COVID-19) - for Management

Aimed at assisting members advising their employers and clients on the risk management implications of the pandemic. The health and economic implications of COVID-19 will affect a wide range of businesses and their customers.

Check list and considerations - Defined Benefit Funds

This document details a number of considerations surrounding defined benefit funds including funding, early release and change in employment status and aims to assist actuaries advising superannuation trustees in their roles.

Scenario and Stress Testing 

Aims to provide assistance to actuaries on the use of scenario and stress testing to advise financial organisations on the potential impacts of COVID-19. It is a draft discussion note and will be updated as future developments occur.

General Insurance and Workers Compensation

This briefing contains insights into the potential operational  impacts of COVID -19 across various GI business lines. It also raises actuarial considerations to help the profession manage the crisis.