- Advanced Pricing Working Party - exploring new techniques and ideas of pricing in general insurance, including mathematical and statistical techniques, actuarial software and implementation techniques
- Actuarial Function - provided more detail of the work which will need to be undertaken by the Actuarial Function to fulfil the requirements of Article 48 of the Solvency II Directive
- Actuaries and Income Inequality - looked at income inequality caused by (or potentially resolved by) financial services and actuarial responsibility
- A Study of Major Hurricanes and Subsequent Market Response - educate and inform actuaries on the nature and predictability of hurricanes and how they can cause insured loss in different classes of business
- Data Visualisation - examined the benefits that visualisations provide in the communication of technical work
- Directors and Officers Insurance - understanding the pricing and reserving risks around this class of business
- Diversity Analytics - asking the question 'What will the insurance industry workforce look like in 10-20 years? How will it develop and will it be fit for purpose?'
- Fairness in Insurance Pricing - reviewed and summarised various issues (past and present) surrounding the discrimination debate
- Getting Better Judgement - developed a set of best practice guidelines for probability elicitation in general insurance
- International Pricing Research - exploring what makes for a good reinsurance underwriting submission
- Investigating the Herd Mentality Amongst Actuaries - explored the reasons why Actuaries follow the herd
- Liaison with Cat Model Developers - Explored issues of mutual interest between the Institute and Faculty of Actuaries (IFoA) and Catastrophe Model Developers
- Managing Uncertainty with Professionalism - seeks to develop general and simple principles to support actuaries in managing and communicating uncertainty in all fields
- Marine and Energy Pricing - informed and educated the actuarial profession on marine and energy pricing
- Measuring Uncertainty Qualitatively (MUQ) - specifically explores how reserving uncertainty should be developed
- Modelling, Analytics and Insights from Data - a cross practice Working Party established to investigate “Big Data” and primarily focused on the latest and emerging thinking associated with modern mathematical tools and techniques
- Peril Based Reserving - developing a universal framework for capturing the emergence and development of insurance claims
- Practical Use of the Clark Cape Cod Method for Stochastic Reserving Working Party - testing the Clark Cape Cod method in a variety of situations and types of business and compare to other commonly-used methods
- Practising Ruin - introduced practitioners to modern ruin theoretic concepts as part of the toolkit for risk-return assessments
- Pragmatic Stochastic Reserving - researching the stochastic reserving methods available to general insurance reserving actuaries
- Reserving Functions Survey - reviewed current reserving practice in the UK
- Risk Elephants in the Room - Identified, considered and communicated large risk issues that currently don't seem to be part of the existing risk conversation
- Solvency II IMAP - investigated the internal model approval process for Solvency II and the specific challenge this presents for GI actuaries
- Spreadsheet Models: Governance Risk and Control - looked at the issues surrounding end user computing (EUC) tools, especially spreadsheets
- Third Party Consultation and Communication - this working party works in tandem with the Third Party Working Party (Data) and the PPO Working Party.
- UK Deafness Claims - facilitating market data collection and investigating claims experience relating to deafness/noise induced hearing loss in the UK
- Uncertainty of 99.5th Percentile - seeking to refine the estimates of uncertainty and consider the practical implications of this work.
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Research working parties active in the General Insurance field
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Over recent months there has been a sharp rise in M&A activity involving British businesses, with interest from overseas, domestic buyers and Private Equity investors.
Frank Redington is recognised as one of the most influential actuaries of all time. In this talk, Craig will review some of Redington's most important ideas. He will identify the consistent actuarial principles that form a common thread across the contributions Redington made to a broad range of actuarial fields, and will highlight the ongoing relevance of Redington's thinking to 21st century actuarial practice.
The IFoA Mental Health working party look back over their week of blogs and podcasts considering all aspects of the relationship between mental health and life insurance. The expert panel spans adviser, underwriter and actuarial experience and they explore triggers for purchasing insurance relating to mental health, the various routes to insurance and how these may be more suited to different people depending on their conditions and preferences, the products and processes involved in purchasing these as well as what claims and support are available to policyholders and how to access them.
Part of the 'Finance in the Public Interest 2022' webinar series. If it was ever okay to consider your business in isolation from its surroundings, today it most definitely is not. Thinking about business within its surrounding system is now a necessity. The question we seek to discuss is: How should we prescribe the boundaries in which we consider problems to enable us to create better products and more resilient companies and systems?
What will happen to DC pension savers who see life annuities as poor VFM but still want an income for life? Pooled annuity funds could offer them a decent lifetime income while reducing significantly the complex choices and risk inherent in income drawdown. They could be the next generation of CDC pension schemes, slotting into the existing DC framework as a post-retirement option.
Investment risk-sharing is a fundamental part of whole-life collective defined contribution (CDC) pension schemes, such as the Royal Mail CDC. But how does investment risk-sharing benefit members? And does it favour some groups of members over others?