Third party DATA - working party
The remit of this working party is to look into emerging claim trends in third party motor insurance and follows on from the 2009-2010, 2010-2011 & 2011-2012 working parties on Third Party Motor Claims.
Objectives:-
- To update on any further emerging claims trends
- Additional data may be collected from within the market or from other sources as the working party sees fit
- As previously, the working party will be appropriate in its dealing to respect competition law. In particular no individual company actuary will see any data other than aggregate market data and there will be no discussion around pricing related matters
- All data processing will be hosted by Towers Watson
Ouputs:-
- Presented at the Reserving seminar 2010.
- Presented at a workshop GIRO 2010 and plenary.
- Presented at the Pricing seminar June 2011.
- Article September 2011 - the profession welcomes move to ban referral fees for third party injuries
- Presented at GIRO 2011.
- Open forum 7 March 2012.
- Article July 2012 - data from the Institute and Faculty of Actuaries shows material worsening of bodily injury claims experience.
- Presented a workshop at GIRO 2012 and a plenary session.
- September 2012 updated report on Third Party Motor Claims.
- Article October 2012 - data from the Institute and Faculty of Actuaries shows whiplash type claims continue to increase despite Police statistics showing a decrease in road accident injuries.
- Consultation Response: Transport Select Committee. Call for evidence on reducing the number and costs of whiplash claims 15 April 2013.
- Presented at CIGI on 2 May 2013.
- The Institute and Faculty of Actuaries comments on the Transport Select Committee's investigation into whiplash claims 21 May 2013.
- Presented at Pricing and Reserving seminars June 2013.
- IFoA research suggests that third party motor property damage case estimates are too low and a late rise in claims farming for 2010 injuries. News 1 July 2013.
- 2013 research from IFoA shows number of whiplash* motor insurance claims continued to increase in 2012. News 1 July 2013.
- IFoA research shows a reduction in ‘white van man’ third party personal injury claims in 2012, but they still have more than private car drivers. News 1 July 2013.
- IFoA response to Transport Select Committee report released today. News 31 July 2013.
Membership:-
Chair: David Brown
Current number of members: 14
If you would like to join this working party, or for further information on any of our general insurance working parties please email Dawn McIntosh, Communities Manager.