Flood

Key objectives:

• develop the Profession’s position on UK flooding – including but not limited to insurance matters (this would cover affordability, availability, and related matters such as resilience and planning)
• produce reference material for UK actuaries when considering flood in pricing, capital modelling, reserving, or related areas such as:
  • Relevant factors to consider when selecting and using a model
  • Variety in flood events
  • Considering climate change
• build on the body of previous work to improve the understanding of flood risk amongst the industry, government, and public including:
  • producing a GIRO paper (2015) (and digestible summary) to raise awareness amongst the profession of flood-related issues
  • making our findings available to the wider insurance community and informing debate, via participation in third party events
  • press releases in coordination with other relevant working parties and sub-committees
• gather data and opinions from the industry to inform the above
• work with industry bodies to report on market developments (availability and affordability of flood insurance) following the expected launch of Flood Re in mid-2015.

Outputs:

2021

Expanding Horizons podcast series - Episode 2 with Geoff Saville and Nalan Cabi

LMAG Presentation - Flood working party - 'Are we asking the right questions'

2019

Technical Issues in General Insurance (TIGI) 2019: G1: Pricing Workshop - Flood Working Party

2018

GIRO Workshop E: How will we Achieve Affordable Risk-Reflective Pricing?

2017

GIRO 2017 Workshop D1: Flood Re One Year On, Are We Doing Enough?

2016

GIRO 2016 Workshop A7: Flood Re and the Future of Flood Insurance

2015

• GIRO 2015: Flooding - Working Party update
• Update from the Flood Working Party (CIGI, 2015)
• Pricing 2015