General Insurance Pricing Thematic Review launched

Thematic Review Programme – Involvement of actuaries in pricing for UK Home and Motor Insurance

The IFoA Review Team has launched the General Insurance Pricing Thematic Review. This will focus on actuarial involvement in pricing for UK Home and Motor insurance in order to understand the role of actuaries in this key area of work.  The Review Team will seek to identify best practice and to highlight areas where education or guidance could be enhanced to better support IFoA members.

In order to gain appropriate coverage of the UK insurance market, participation is sought from a range of firms who underwrite and price Home and Motor business. The information requested includes recent examples of work material where there has been an element of actuarial involvement, either from a technical, decision-making, or oversight point of view. The review is open to submissions until 30 October 2020.

Alan Marshall, IFoA Review Actuary, welcomed the launch:

“We are delighted to launch our second thematic review in an important area of public interest where actuaries play a significant role alongside other specialists. I’d like to thank in advance all participating actuaries and organisations and look forward to working with you to deliver a value-add review.”

The GI Pricing Thematic Review is the second launch since the Thematic Review Programme was initiated in September 2019.  Submissions to the Pension Review on actuarial factors used to calculate member benefits is now closed and work is well underway to review the examples of advice and benchmarking data received. 

The Thematic Review Programme is part of the Actuarial Monitoring Scheme (AMS), designed to improve the effectiveness of actuarial regulation in the public interest, provide meaningful, credible, independent feedback to members and their employers and promote ongoing reinforcement and continuous improvement.

To find out more please get in touch with the Review Team by emailing reviews@actuaries.org.uk.