General Insurance Convention 1989
Brighton, 1989
Actuarial reporting in general insurance. - Larner, Kenneth P W (Chairman) 78 pages.
Actuarial reporting in general insurance is a topic that the Convention has considered on several occasions in the past, although 1988/9 was perceived, quite rightly, to be a period of heightened activity and debate. In a letter dated 20 July 1988, Geoff Hunt invited observations concerning the role of DTI returns from the Institute of Actuaries and the insurance industry in general as part of a review commissioned by the government. Exhibit 1 displays a copy of this letter from Geoff Hunt, who was seconded to the DTI to carry out the review.
A separate working party was established to look at possible changes to the specific content of DTI returns and its relevance.
The application of additive and multiplicative general linear interactive models (GLIM) in health insurance. - Alting von Geusau, Bob J J. 15 pages.
This paper provides a description of an example of a model which originally uses the multiplicative specifications but which is generalised easily to the use of additive factors.
Only the basic technique is given, which means that some major points are still open: for instance when to use the purely multiplicative model and when the mixed one.
The paper is concluded with some examples from real life.
DTI Returns Working Party. - Dean, J W; Moliver, Michael R; Townsend, C; Tripp, Michael H. 18 pages.
At the GISG Conference in 1988, two working parties were established in the light of G. Hunt's initiative - one to consider the possible formats/content of actuarial reports in the context of statutory supervision of general insurance companies in the UK and the other to consider the specific content of DTI returns and its relevance to the supervisory process. This brief note sets out some key thoughts on DTI returns; we regard the points made as a progress report and not definitive; we would welcome comment and discussions at Brighton. There are a number of ways that the work could be progressed - for example it could be expanded in an educational way to add to actuarial reading, or it could be merged with the other working party report to form an agreed actuarial view on the subject. In any case more detailed thought on design of specific formats is still needed.
Guidance Note GN12: General insurance business: actuarial reports. - Abbott, William M. 17 pages.
This Guidance Note was issued in August 1987 with a requirement for it to be reviewed at the end of 12 months in the light of the experience of members using it. Specific submissions on GN12 have been received from the London Market Group, the Faculty of Actuaries and the Institute of Chartered Accountants. There have also been some comments made by individuals including the reportage of the discussion at Harrogate.
New guidance (Advice on Professional Conduct - APC3) to clarify the linkage between the Memorandum on Professional Conduct, Bye-Law 66 and the Guidance Notes (GN Series) has been drafted and, it is believed, may be issued in the not too distant future. In the light of the discussion which preceded GN12 (when the initial concept was one of "Notes of Recognised Practice") and those which took place subsequently, APC3 is an important development which might have influenced some of the submissions made if it had been previously promulgated. Section 2 outlines the contents of this draft advice.
This report has been prepared by the author at the request of the General Insurance Committee and its recommendations will be considered, alongside any comments made at the Brighton Convention, at the next meeting of that Committee.
Report of the Liability Insurance Working Party. - Michaelides, Nicholas (Chairman); Hooker, Nigel D; Laurin, Pierre; Lockyer, John; Maher, George P M; Tomlinson, David I. 95 pages.
This is the first paper to be produced by the General Insurance Study Group on the subject of liability insurance. This is such a potentially broad subject that we need to constrain our ambitions in order to produce a useful paper. The aim of the group is to provide a background to the concept of liability itself and some of the special features of its insurance. We have tried not to restrict our thinking either by class or territory but the examples we provide naturally reflect the background of the group. In making the paper general, while avoiding excessive length, we have had to cover the subject without dealing with any one aspect in depth.
Report of the Working Party on Claims Run-off Patterns. - Hinton, Peter H (Chairman) 130 pages.
Following the GISG Convention in Torquay in October 1987 this working party (the CWP) was set up to examine claim run-off patterns. This followed a suggestion in a paper on the discounting of general business claims reserves. It suggested that standard payment patterns might be appropriate for discounting claims reserves in certain circumstances. Alternatively standard patterns might be used as a starting point against which a company's experience could be assessed. It was suggested that these possibilities be investigated further.
The CWP made an interim report to the General Insurance Convention in Harrogate in October 1988. A number of suggestions were made by the Convention. These included: the examination of a property risk group in addition to Private Motor and Employers Liability; the search for time trends; and the presentation of some results graphically.
Risk exposure in the London Market. - Czapiewski, Colin J W; English, Andrew B; Green, Peter A G; Sanders, David E A; Smith, Peter D; Tomlinson, David I; White, Martin G. 20 pages.
This paper examines exposure to insurance claims within the London Market & Lloyd's environment. A comparison is first made with direct non-life insurance then the more specific problems of the London Market are emphasized and possible solutions discussed.
Other types of exposure such as asset failure, reinsurance failure, expense escalation, etc... are not covered.