Background to the project
The PPO Working Party was established in 2010 to investigate PPOs and their effects on the UK insurance and reinsurance industry. The group has been at the forefront of advising GI actuaries about the impacts on their work, such as the need to use life insurance techniques in reserving. In 2012, the group addressed impaired life mortality (ILM) specific to UK PPO awards. This is an area identified by the group as worth investigating and is also one of the main concerns of the industry: how different is ILM from general population mortality.
In early 2018 the Periodical Payment Orders Working Party requested funding for commissioned research, in order to commission a feasibility study with the aim of compiling mortality tables of impaired lives who have suffered brain and/or spinal injury following a severe trauma (specific to UK PPO awards). This funding request was approved by the GI Board and subsequently approved by the IFoA's Research and Thought Leadership Board (RTLB) in July 2018. RTLB further agreed that the PPO research should be commissioned through the IFoA’s Actuarial Research Centre (ARC), and that the opportunity to seek external partners to jointly fund and commission the work should be explored. It is intended that the data for the feasibility study will be compiled from the most relevant UK medical research database(s) of patient records as entered by GPs (e.g. THIN, CPRD or such other source as identified via the research) with comparison to overall population statistics from the ONS. If successful, the data will enable more accurate reserving, pricing and capital setting for PPOs.
Given the relevance of this research for industry, we’re also keen to commission and deliver this leading-edge ARC project in partnership with interested parties.
Please read the PPO research project summary for more information on the research project proposal.
Events
ARC event on Periodical Payment Orders (PPOs)
The ARC hosted a mortality research event on 20th February 2019 at Staple Inn Hall London. This event facilitated an open discussion between industry experts, insurers, healthcare providers and academics who specialise in the development of mortality data. The aim of this event, which was achieved, was to refine the challenges that would be faced in developing mortality tables of impaired lives (who have suffered the types of traumatic injury that gives rise to PPO awards), and the potential solutions available.
A summary of the event, including feedback responses from delegates, is available.
Expected outputs
It is expected that these mortality tables will become a reference point for actuaries and others involved in the management of PPO liabilities when considering the future mortality rates likely to be experienced by PPO recipients (for example for the purpose of calculating reserves).
Contact Details
If you want more information about our research programmes please contact the IFoA Actuarial Research Centre:
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Events calendar
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Pensions Conference 2021
Online webinar series16 June 2021 - 22 June 2021
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion. -
Presidential Speaker Series with Sir Adrian Smith
23 June 2021
Mathematical Futures: The Actuary in a World Transformed – Sir Adrian Smith will outline how advances in data science, machine learning and artificial intelligence in the world of big data will transform the nature of many industries, including financial services. The broader environment within which mathematics is applied will change rapidly, often led by innovative yet disruptive forces outside. These changes will undoubtedly have an impact on the work of actuaries - and the profession will need to adapt quickly to thrive. -
This session will explore how the new index has revealed previously uncaptured mortality inequalities by using predictive variables at a high degree of granularity. Globally renowned leader in actuarial science Professor Andrew Cairns and his co-investigator Torsten Kleinow will demonstrate the uses of new LIFE index such as the causes of high or low mortality and regional differences in mortality. -
Annual General Meeting 2021
24 June 2021Given our commitment to the safety of our members and employees, and as the easing of restrictions in respect of COVID-19 cannot be guaranteed at this point in time, we have decided to hold our AGM virtually again this year.
The Business of the AGM
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IFoA Presidential Address 2021
25 June 2021Join newly inaugurated IFoA President Dr. Louise Pryor as she explores what we need to do to keep abreast of the changing world – and how we can seize the resulting opportunities – in her Presidential Address, ‘A Learning Society’
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Dr Patrick Sun Cheong Poon, lead sponsor of the IFoA’s 2021 Thought Leadership Programme, will be discussing his motivation for supporting the new events programme with Immediate Past President Tan Suee Chieh. The IFoA’s Thought Leadership Programme seeks to reposition the IFoA at the centre of key societ -
The world is changing. The fourth industrial revolution, globalisation and the COVID-19 pandemic are up-ending traditional social and business norms around the world; changes that were once predictable and steady are now faster and more profound. -
This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.
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Actuaries in all practice areas have had an “alert” to consider climate risk. A plethora of scenarios and tools are being developed both internally and as part of industry-wide initiatives but is there yet a sense of good practice? -
Behavioural Science Series with Dr Anthony Hodgson: Systems Thinking & Tragedy of Consciousness
5 July 2021We have entered the global age which is invalidating most of the assumptions upon which our success up till now has depended. For example, in the global planetary society there can be no externalities. Although there is increasing clamour for new ways of thinking, sadly, our attempts to invent such new ways remain trapped in the same historical set of assumptions. The result is that we are faced with three tragedies. -
The paper “Asset liability modelling in the quantum era” shall be presented by its authors, Tim Berry and James Sharpe, and chaired by Andrew Smith, Assistant Professor in the School of Mathematics and Statistics at University College Dublin. -
The elements of climate change that influence and impact on health & care, both in terms of the direct and indirect impact on mortality and morbidity, and the sustainability of healthcare globally are many. -
Today’s breakneck pace of technological change has an immense impact on leaders—and as a result, on their organizations’ capacity to transform. All too often, executives remain stuck in outdated mindsets and modes of operating, even when they recognize the need to reinvent themselves. Leadership expert Herminia Ibarra upends traditional, introspective advice and says act first—in order to change your way of thinking. Following her presentation, Herminia Ibarra will be joined by Louise Pryor, incoming IFoA President and Hash Piperdy, Managing Director at Epitome Global, for a panel discussion around the themes of the session. The panel will be chaired by Tan Suee Chieh.
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General Insurance Pricing Report
13 July 2021
The IFoA’s Actuarial Review Team will publish its second thematic review in June 2021. The review is looking at the involvement of actuaries in the pricing of UK home and motor insurance, during a period of significant developments in the sector from both regulation and innovation. -
As part of the Behavioural Science Series, David Rooke will explore the leadership capacities and capabilities that may enable actuaries to successfully navigate the challenges of our times. He will discuss how actuaries can apply these principles to ensure the profession succeeds, flourishes, and plays a positive societal role in our global community.
Following his presentation, David Rooke will be joined by Stephen Mann, CEO at the Institute and Faculty of Actuaries and Anusha Thavarajah, Allianz’s Regional Chief Executive Officer, Life and Health for Asia Pacific for a panel discussion around the themes of the session The panel will be chaired by Tan Suee Chieh.
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Asia Conference 2021 webinar series
Online webinar series26 July 2021 - 30 July 2021
We have made it through 2020 but the COVID-19 crisis continues to have a significant impact on individuals, societies, businesses and the wider economy across the globe. Navigating the world post COVID-19 in an uncertain and highly unstable time brings along many uncertainties, challenges and exciting opportunities. Hence the theme of this year’s IFoA Asia Conference Webinar Series is “Risk. Adapt. Thrive.” -
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.
Mathematical Futures: The Actuary in a World Transformed – Sir Adrian Smith will outline how advances in data science, machine learning and artificial intelligence in the world of big data will transform the nature of many industries, including financial services. The broader environment within which mathematics is applied will change rapidly, often led by innovative yet disruptive forces outside. These changes will undoubtedly have an impact on the work of actuaries - and the profession will need to adapt quickly to thrive.
This session will explore how the new index has revealed previously uncaptured mortality inequalities by using predictive variables at a high degree of granularity. Globally renowned leader in actuarial science Professor Andrew Cairns and his co-investigator Torsten Kleinow will demonstrate the uses of new LIFE index such as the causes of high or low mortality and regional differences in mortality.
Dr Patrick Sun Cheong Poon, lead sponsor of the 
The world is changing. The fourth industrial revolution, globalisation and the COVID-19 pandemic are up-ending traditional social and business norms around the world; changes that were once predictable and steady are now faster and more profound.
This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.
Actuaries in all practice areas have had an “alert” to consider climate risk. A plethora of scenarios and tools are being developed both internally and as part of industry-wide initiatives but is there yet a sense of good practice?
The paper “Asset liability modelling in the quantum era” shall be presented by its authors, Tim Berry and James Sharpe, and chaired by Andrew Smith, Assistant Professor in the School of Mathematics and Statistics at University College Dublin.
The elements of climate change that influence and impact on health & care, both in terms of the direct and indirect impact on mortality and morbidity, and the sustainability of healthcare globally are many.
The IFoA’s Actuarial Review Team will publish its second thematic review in June 2021. The review is looking at the involvement of actuaries in the pricing of UK home and motor insurance, during a period of significant developments in the sector from both regulation and innovation.
We have made it through 2020 but the COVID-19 crisis continues to have a significant impact on individuals, societies, businesses and the wider economy across the globe. Navigating the world post COVID-19 in an uncertain and highly unstable time brings along many uncertainties, challenges and exciting opportunities. Hence the theme of this year’s IFoA Asia Conference Webinar Series is “Risk. Adapt. Thrive.”