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Inclusive Insurance MIG

The purpose of the Inclusive Insurance (previously Microinsurance) MIG is to facilitate a better understanding of the challenges and successes of this area of work and to promote how actuaries can apply their skills to help in the development of micro-insurance

Microinsurance can loosely be defined as insurance for the low-income population of developing economies.  Micro-insurance has the potential to play a crucial role in reducing poverty and in improving living standards for low income communities around the world. 

Actuaries can make a difference to micro-insurance through ratemaking, exercising actuarial judgement and the application of pricing techniques

Ratemaking may be particularly relevant, since products have to offer value for money in order to be sustainable. The quality of data varies and often the data is poor quality or missing: situations which require actuarial judgement. Actuaries can potentially apply various pricing techniques to improve current methods, in addition to applying their skills in designing products which are simple and more acceptable (for example by reducing or removing exclusions). 

Actuaries can also help in the risk financing, reserving and monitoring of micro-insurance business

In collaboration with other professionals, actuaries can help with the assembly of an actuarial toolkit, consisting of simple models and guidance documents, which could be freely accessible to groups of policyholders and other parties involved in micro-insurance, to improve the available knowledge in this field.

The MIG's current objectives are to:

  • provide suitable and relevant educational material for members of the actuarial profession and others who are interested in microinsurance.  This will include writing papers for academic journals, articles for publications such as ’The Actuary’ and speaking at conferences and seminars  
  • provide training on microinsurance topics in person and on-line as appropriate
  • with the support of the IFoA's Executive teams, to organise seminars and conferences alone, or with other organisations, on the topics of microinsurance
  • with the support of the IFoA's Executive teams, to engage with academics, supranational bodies (such as the International Labour Organisation and the World Bank) and practitioners in order to spread knowledge and best practice about microinsurance  
  • develop actuarial tools which can be made available to practitioners in developing countries as models of how microinsurance produces can be priced and reserved for 
  • keep abreast of developments with microinsurance in low-income populations of developing economies, fostering a sense of international cooperation in this area
  • maintain close links with the International Actuarial Association’s subcommittee on microinsurance 
  • share regular news and updates on microinsurance with others in the MIG via a quarterly newsletter.

For more information about the actuarial toolkit project, funded by the Institute and Faculty of Actuaries (IFoA), visit the toolkit website.

Related documents

Contact Details

If you want more information about Member Interest Groups, or would like to start one, please contact the Professional Communities Team:

memberInterestGroups@actuaries.org.uk

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Events calendar

  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Fully booked.

    The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.

  • Insurance Investment Roundtable with the IFoA & PRA - 25 July 2019

    EY Offices 1 More London Place London, SE1 2AF
    25 July 2019

    Fully booked.

    The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.

  • SIAS Event: Climate Zero to Climate Hero

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    3 September 2019

    Spaces available

    An introductory session to help you get ahead with climate change.

    • Science, terminology and initiatives: handy facts to keep in your back pocket 
    • Getting your point across: how to influence people and avoid common traps and pitfalls
    • Taking action: what are actuaries expected to do...and what are we actually doing?
  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
    • The future of regulation
    • FCA Engagement in Scotland
  • Sessional Research Event - Risk Margin Working Party

    Staple Inn Hall, High Holborn London, WC1V 7QJ
    9 September 2019

    Spaces available

    For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 

     

  • The Future of the Actuarial Profession

    Staple Inn Hall, High Holborn London WC1V 7QJ
    3 October 2019

    Fully booked.

     

    Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.

  • Spaces available

    Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better? 

    It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.

  • Sessional Meeting - Autonomous Vehicles and impacts on the wider insurance industry

    Staple Inn, High Holborn, London WC1V 7QJ         
    28 October 2019

    Spaces available

    The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October.  The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters. 

  • Life Conference 2019

    The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
    20-22 November 2019
    Spaces available

    The Life Conference is the premier event for professionals interested in life insurance.  Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.

  • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    2 December 2019

    Fully booked.

    The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.

  • Autumn Lecture 2019: Live Streaming

    Webinar 
    2 December 2019

    Spaces available

    Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.