Current Issues in General Insurance (CIGI) 2018

Potential Impact of Autonomous Vehicles on the Insurance Sector

The development of autonomous vehicles (AVs) in the United Kingdom is likely to have profound effects. In our first research dedicated to AV we consider the potential impact on the motor insurance market, which generates a total annual premium of £15.6 billion. This presentation is based on a survey of industry experts and their views on the rate of adoption of this new technology looking out to 2040.  (Re-run of the 2017 GIRO workshop)

Speakers Stefan Claus, Chris Wiltshire and Nick Silk, Bank of England and Veekash Badal IFoA Autonomous Vehicles WP

Workshop Session A

A1: Professionalism (1Hr session over the morning refreshments)

Using a variety of media, this session will provide the opportunity to think about, and discuss, some of the pressures faced by actuaries in today’s world, and how we can maintain the professional standards required. 

Speaker: Nylesh Shah 

A2: Risk Function For The Future

The change of the insurance environment is inevitable. Driven by geopolitical developments, new business models and digitisation, these changes significantly impact risk management practices. At the same time, Risk Functions are becoming increasingly pivotal to strategic decision-making across the firms. The session will cover emerging themes of where Risk Functions are developing and changing to meet the challenges of a more connected, digital-enabled environment.

Speaker: Thomas Rauschen, KPMG

A3: IFRS17: Managing the Risk Adjustment in practice

The method for setting the Risk Adjustment is left to each firm’s judgement, but firms will be required to disclose percentiles.  What happens if the market gravitates to a percentiles approach but that doesn’t suit your firm?  We will explain how you can establish a framework approach for the IFRS 17 Risk Adjustment to ensure it appropriately represents your firm’s view of risk and helps you guard against potential future pressure to “follow the herd”.  We will draw on experience from a number of different markets and give you practical ideas that you can implement as part of your preparations for IFRS17.

Speaker: Laura McMaster, Asta and Charl Cronje, LCP

Plenary 2: Lloyd's Update
Speaker TBC 

Global insured losses in 2017 were the highest ever for the insurance industry. The session aims at exploring root causes for such an exceptional year. It will try to underpin how these catastrophe events shed light on current issues engaging the insurance industry, such as insurance protection gap, climate trend, wildfire or hurricane clustering. 

Speaker Fabrice Felden, Swiss re 

Workshop Session B 

B1: Business Skills Masterclass 

Structuring presentations for maximum understanding and impact.

Speaker: Gill Hicks

B2: Lessons Learned from Past USP Applications

You don’t have the budget and resources to build an internal model? You think that the Standard Formula approach is mis-estimating your SCR for insurance risk? Undertaking Specific Parameters might be a solution to your problems.  The standard methods to calculate USPs are prescribed, so how difficult could this be?  We will present and discuss examples of the challenges experienced during the calculation and application processes

Speakers Peter Moore and Vincent Robert, Milliman 

B3: PPO Working Party Qualitative Survey Update

Speakers Patrick Tingay, Willis Towers Watson and Peter Saunders, Chubb

Plenary 5:The Impact of Brexit on Part VII Transfers

Brexit is driving an increase in the number of Part VII transfers as businesses try to ensure that they can continue to operate following the UK’s departure from the EU. This session will focus on some of the key challenges that firms and Independent Experts are facing as they go through the Part VII process

Speakers Simon Sheaf and Kirit Plaha, Grant Thornton