- 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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The Actuaries’ Carbon Collaboration (ACC) is a group of actuaries and other professionals working towards a coherent understanding of the issues around greenhouse gas (GHG) emissions by considering them in an actuarial context.
Emissions into and absorption from the atmosphere can be modelled in the same way that we model variable cash flows, including the impacts of uncertain quantities and timing. The ACC’s work investigates both the insights that this analogy provides and its limitations.
This talk presents the work of the Data and Modelling workstream of the IFoA Mental Health Working Party. We explore data and modelling considerations in the risk assessment and underwriting of mental health conditions. We will also consider how newer risk factors and improved data availability might open up opportunities for additional underwriting and product designs.
As the industry prepares for Pensions Dashboards, we have lined up a specialist panel who is at the heart of the ongoing work in this area. Hear the latest developments, future proposals and have the opportunity to put forward your questions to our speakers.
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Artificial Intelligence is heralded as a game-changer to the ways industries use data, with the insurance industry especially looking to embrace these new technologies. This brings many questions – not least around data privacy, ethics, potential biases and so on – with regulators increasingly interested in developments.
Moreover, whilst the stunning progress of specific technologies such as Watson and Alphazero made headlines some years ago, current commercial applications of AI remain far from mature.
This webinar will cover:
• Some background on the risks of misselling in an ESG context, including the DWS case
• Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities
• This tension can be resolved with a concept called Universal Ownership
• Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities
This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on the expected future changes. Through examining the transformation, we will highlight how the sector is and can use actuarial expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.
The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.
The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar. Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity. This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations. Attendees will be invi
Health contributes to happiness at the personal, family, community and societal level. Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.