Another week with record new case numbers and fatalities in Australia, continuing to be dominated by Victoria. Six vaccine candidates have now reached Phase Three trials globally, whilst locally a Phase Two trial managed by Flinders University has been approved. CPI records the largest drop on record, dominated by free childcare and low petrol prices. And in terms of understanding the disease, there’s increasing evidence of long-term health implications as a result of COVID-19 with an Italian study showing that after 60 days from onset only 13% of patients reported being symptom free.
In response to COVID-19, the Australian Government introduced an indefinite ban on all overseas travel in late March 2020. With major Australian airlines speculating international flights won’t resume until at least July 2021, the travel industry is likely to endure long-term ramifications. Danielle Casamento considers the impact that changing customer expectations and travel behaviours might have, and what the ‘new normal’ might be for the industry in a post-COVID-19 world.
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.
Earlier this month, the Actuaries Institute released another publication in its Dialogue series - Developing the retirement income framework. Written by Anthony Asher, Convenor of the Retirement Incomes Working Group (RIWG), the Dialogue explores the case to be made for a compulsory longevity risk management element to be added to superannuation products.
Life Insurance and Wealth Management Practice Committee (LIWMPC) Convenor, Anton Kapel, is joined by committee member David Millar to discuss the latest news and developments from the LIWMPC. These include the committee’s structure, its response to the Hayne Royal Commission, and the challenges posed to life insurers by COVID-19.
"As the market slowly recovers to a new ‘normal’, customer demands will change fundamentally. Cautious travellers will likely lead to lower sales volumes (less trips taken) but higher value products (demand for more coverage). Eventually as focus on the pandemic subsides, customer demand for the more ‘basic’ products can be expected to resume."All Work Be a thought leader & contribute today Contribute Today
4-28 AUGUST 2020
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24-26 MAY 2021
2021 ALL-ACTUARIES SUMMIT
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2022 INTERNATIONAL CONGRESS OF ACTUARIES
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