Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body. We represent and regulate over 32,000 actuaries worldwide, and oversee their education at all stages of qualification and development throughout their careers. We act in the public interest by speaking out on issues where actuaries have the expertise to provide analysis and insight on public and social policy issues. Actuaries working in insurance can be involved at all stages of product development and in the pricing, risk assessment and marketing of the products. Actuaries’ unique insight can facilitate a greater understanding of the causes of the poverty premium within the insurance sector and support the identification of solutions to address it.
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The hidden risks of being poor: The poverty premium in insurance
This report from the Institute and Faculty of Actuaries and Fair By Design details how those who need insurance the most are often priced out or left out, leaving them unable to access the protection insurance provides.