Rapid developments in genetic science have been accompanied by confusion regarding the predictive power of DNA-based tests and in the impact of such tests on the insurance industry. The United Kingdom actuarial profession has begun to engage in the associated social policy issues and to try to throw some light on the issues through quantitative research and objective analysis. At the same time, many insurance industry actuaries have been involved in work on behalf of the insurance industry to develop a sound basis for permission to be sought to make use of the results of certain predictive genetic tests. This paper briefly outlines some of the history of the development of the debate in the U.K. and draws together some of the debates and discussions which have taken place within the Genetics Group of the Social Policy Board of the U.K. actuarial profession, as well as providing some pointers to the directions which the debate might take in the future, with some important potential consequences for the insurance industry and for actuaries.

This note continues a regular series on mortality rates in the United Kingdom. Mortality experienced in each of the years 1999 to 2004 is shown by five-year age groups, and comparisons are made for broad age groups, on a standardised basis, with mortality in earlier years.

The text of this paper, together with the abstract of the discussion by the Institute of Actuaries and the Society of Actuaries in Ireland on 18 September 1998, are printed in British Actuarial Journal, 5, I, 55-113.

Let k ≧ 2 be an integer and each of ν1, ν2, …, νk and δ1, δ2, …, δk be 0 or 1. Then given any positive integer M and non-negative reals a1, a2, …, aM we put

where

and

This note continues a regular series on mortality rates, previously relating to Great Britain, but now to the whole of the United Kingdom. Mortality experienced in the years 1990 to 1992 is shown by five-year age groups, and comparisons are made for broad age groups, on a standardised basis, with mortality in earlier years.

Following a brief outline of the origins of the actuarial profession in the United Kingdom, the paper traces the involvement of actuaries in the supervision of insurance in the U.K., and recalls the origins and early development of actuaries in government. In 1919, the Government Actuary's Department (GAD) was formed, and the paper explores the developing role of GAD in the supervision of insurance and how insurance supervision has evolved into a close partnership between the actuarial profession and the supervisors.

This note continues a regular series on mortality rates in Great Britain, showing the mortality experienced in each age-group in 1990 and comparing this for broad age-groups, on a standardised basis, with mortality in earlier years.

This note continues a regular series on mortality rates in Great Britain , showing the mortality experienced in each age-group in 1989 and comparing this for broad age-groups, on a standardised basis, with mortality in earlier years.

The Institute of Actuaries and the Faculty of Actuaries have embarked on a joint planning exercise with a view to developing a more proactive profession, by focusing the attention and energy of members and ensuring effective use of scarce financial and human resources. ‘Strategy for the 1990s’ sets the overall framework of key objectives, which were agreed by a historic joint meeting of the Councils of the Institute and the Faculty on 4 March 1991.

A cash flow model is proposed as a way of analysing uncertainty in the future development of a general insurance company. The company is modelled alongside the market in aggregate so that the impact of changes in premium rates relative to the market can be assessed. An extensive computer model is developed along these lines, intended for use in practical applications by actuaries advising the management of genera1 insurance companies. Simulation methods are used to explore the consequences of uncertainty, particularly in regard to inflation and investments. Some comments are made on the role of actuaries in general insurance. Alternative approaches to describing the behaviour of an insurance firm in the market are considered.

The current state of knowledge on the epidemiology of HIV infection and AIDS is reviewed, with extensive references to the medical literature. The particular focus is on those aspects of the epidemiology of HIV infection which are of interest in the formulation of models for projecting the future spread of the virus and its impact in terms of numbers of cases of AIDS and deaths from AIDS.

In AIDS Bulletins Nos. 1 to 4 the Institute of Actuaries AIDS Working Party presented projections of HIV infection and AIDS based on a model developed by Wilkie. This paper explores the sensitivity of those projections to the various different assumptions which have to be made and presents results on a number of alternative sets of assumptions.

This note continues a regular series on mortality rates in Great Britain, showing the mortality experienced in each age-group in 1988 and comparing this for broad age-groups, on a standardised basis, with mortality in earlier years.

1.1 The traditional approach to examining the financial status of a company is to look at the balance sheet and the profit and loss account. Such information is usually publicly available, it is certified by the auditors as having been drawn up according to relevant accounting standards and it is generally presumed to communicate reliable information.

1.2 In the case of a manufacturing or trading company the profit and loss account records purchases and sales and the balance sheet will include a valuation of stock in hand, since it is anticipated that this will give rise to future sales income. Working capital is required because products have to be manufactured or purchased before they can be sold. Profit is realized when the product is sold for more than it cost to buy it or to make it.

1.1 In March 1987 the Futures Committee of the Institute considered a preliminary report (Daykin, 1987) on the possible impact of AIDS in the United Kingdom and the consequences for life insurance. The Committee recommended the setting up of a Working Party to study the problem. The Working Party on AIDS was accordingly established, under the auspices of the Research Committee. The authors of this paper formed the membership of the Working Party, under the chairmanship of C. D. Daykin.

This note continues a regular series on mortality rates in Great Britain; the previous note in the series appeared in J.I.A. 114, 135 and dealt with mortality in 1984 and 1985.

Following the 1981 Census, estimates of the resident population have been produced on a new definition. This includes residents temporarily outside the country but excludes foreign visitors. It includes members of both H.M. and foreign forces stationed in the United Kingdom but excludes members of H.M. forces who are stationed abroad. The figures for deaths are not precisely consistent with the new definition of the population, since they do not necessarily include all deaths of residents temporarily absent from the U.K.

In September 1974 Barbara Castle published her proposals for a new earnings-related State pension scheme in her White Paper “Better Pensions”. This followed a succession of attempts by previous Secretaries of State for Social Services to change State pension arrangements radically. Unlike the ill-fated Crossman and Joseph schemes, however, the Castle scheme succeeded both in reaching the statute book and in coming into operation. A Bill was introduced in February 1975 and on 7 August 1975 the Social Security Pensions Act 1975 received the Royal Assent.

The State earnings-related pension scheme (SERPS) came into operation on 6 April 1978. It provided State pensions related to earnings, but also offered to employers with good occupational pension schemes the possibility of ‘contracting-out’ and providing equivalent or better earnings-related benefits through their own scheme.