Member-led research working parties are volunteer-led groups which conduct research on timely topics of interest to the practice area and the wider profession.
The General Insurance Research and Thought Leadership Committee has oversight of all the working parties listed below and encourages them to undertake research that can be shared with Institute and Faculty of Actuaries (IFoA) members via sessional papers, articles in The Actuary or the British Actuarial Journal (BAJ), and presentations at conferences and workshops.
There are currently 22 active General Insurance research working parties exploring the following topics:
- A Study of Major Hurricanes and Subsequent Market Response - aiming to educate and inform actuaries on the nature and predictability of hurricanes and how they can cause insured loss in different classes of business
- Better Sensing and Responding to Change (GIROC) - examining ways of better detecting (‘sensing’) and responding to change
- 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?'
- Flood - focusing on matters relating to flooding and the Actuarial Profession with a particular focus on the UK
- GI Asia International - providing a forum for GI actuaries to discuss local and international GI issues imapacting members in the region
- The Good Actuarial Report (GIROC) - exploring how ‘story telling’ might provide insights into how to better communicate potential future development and adverse outcomes, better supporting decision-making under uncertainty
- IFRS 17 for General Insurers (GIROC) - (previously the IFRS 4 Phase II for General Insurance Working Party) examines the implications of the accounting changes on general insurers and the work carried out by actuaries
- Insurance as a Force for Social Good - explores an aspect of what it means for actuaries to work in the public interest in the insurance sector
- International Pricing Research - exploring what makes for a good reinsurance underwriting submission
- Managing Uncertainty with Professionalism - seeks to develop general and simple principles to support actuaries in managing and communicating uncertainty in all fields
- Measuring Uncertainty Qualitatively (MUQ) (GIROC) - specifically explores how reserving uncertainty should be developed
- Nat Cat Risk Validation Framework - formed in order to further examine Cat Model Validation
- Periodical Payment Orders - investigating Periodical Payment Orders (PPOs) and their effects on the UK insurance and reinsurance industry
- Pragmatic Stochastic Reserving (GIROC) - researching the stochastic reserving methods available to general insurance reserving actuaries
- Programming for Actuarial Work - exploring and supporting the adoption of best practice computer programming concepts and techniques in daily actuarial work
- Solvency II Practical Review - seeking to evaluate the practical implications of Solvency II 1 year post implementation and develop improvements for the PRA to consider in respect of this regulation
- Risk Considerations for Autonomous Vehicles - seeking to identify the key risks associated with AV and examning in detail how the insurance industry might be affected
- Third Party - investigating emerging claim trends in third party motor insurance
- Towards the Optimal Reserving Process (GIROC) - exploring the governance and design of existing processes within reserving, ensuring that principles-based guidance (small ‘g’) is given
- UK Asbestos - investigating asbestos related claims, collect UK based data, investigate trends and react accordingly
- Uncertainty of 99.5th Percentile - seeking to refine the estimates of uncertainty and consider the practical implications of this work.
All members are encouraged to volunteer for a research working party
Members interested in volunteering for a research working party should check the Volunteer vacancies webpage for current and new working parties.
The IFoA is also actively involved in commissioning strategic and external research relating to General Insurance
Information on research undertaken by universities and other external agencies which receive funding and/or support from the IFoA, as well as the IFoA’s strategy for involvement, the process for calls for research, current research initiatives and funding, can be found in Research and Knowledge.
- 9 November 2017
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Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This event is now full. Please register here for the wait list
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
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
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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 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.
Presenter Jon Spain
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.
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.