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Policy statements

Statements on topics that have a substantial element beyond existing actuarial standards of practice, guidance, research or public statements to contribute to forward-looking and informed public and private decision-making.

Big Data and Risk Classification: Understanding the Actuarial and Social Issues 

We believe that the use of big data is appropriate in insurance ratemaking. Access to such data improves insight about risk and its contributing factors, while restricting access to this data could adversely affect the availability or price of insurance for individuals. 

Canada’s actuaries stress that big data – like all data used in ratemaking – is subject to the ethical data collection practices, privacy laws and information security requirements necessary to protect consumers. 

With thoughtful innovation and evolution in the use of big data, in collaboration with proper limitations to ensure that the public interest is at the forefront of insurance and policymaking, we can collectively make progress toward reducing risk and refining insurance costs. 

Pharmacare: Is There a Pill for That?

Canadians currently have varying levels of prescription drug coverage under a mix of public and private plans. Yet, some are still unable to afford certain medications. And some have no coverage at all. 

We believe all Canadians should have access to affordable prescription drugs. But the introduction of a prescription drug framework does not need to mean wholly replacing what we have now with something new. 

In Pharmacare: Is There a Pill for That? we present a new possibility – a Canada-wide framework that focuses on filling in the gaps with collaboration between federal, provincial, territorial and private programs that work better together. 

Time to Act: Facing the Risks of a Changing Climate

Climate change creates uncertainty, posing a threat to the sustainability of our global ecosystems, health and economies. 

Quantifying and disclosing the financial impacts of climate change is an important way to help limit the increase in global temperatures in line with the Paris Agreement and to help Canadians adapt to a changing climate. 

Canada’s actuaries are calling on all levels of government, business leaders and investors to account for climate risks in their decision-making and enhance the climate-sensitive financial security of all Canadians both now and in the future.

Retire Later for Greater Benefits

It’s time to start a discussion about updating Canada’s retirement programs to reflect the changing needs of all Canadians. 

Actuaries are tasked with ensuring the financial sustainability of pension plans in Canada, and the CIA includes more than 1,700 members working in this area. With this expertise, actuaries are well-equipped to help legislators and decision makers ensure the financial security of all Canadians. 

Our proposal, Retire Later for Greater Benefits: Updating today’s retirement programs for tomorrow’s retirement realities, is a starting point. We ask every Canadian to consider how Canada’s current retirement programs could better reflect the reality of how long we are choosing to work and how we better prepare ourselves for retirement.