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.
The following are active General Insurance research working parties exploring various 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 - examining ways of better detecting (‘sensing’) and responding to change
- Data Science - integrate data science application within IFoA into our educational system and techniques
- Developing your reserving Team - Identifies the extent of the common challenges within reserving teams across the industry and summarise key issues and concerns
- 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
- General Insurance Pricing Actuaries Considerations - This working party has come out of the group’s ICAT (COVID-19 Action Taskforce) workstream work which was looking at the longer term impacts on (re)insurers and the wider market from the changing risk profile of policyholders.
- IFRS 17 for General Insurers - (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
- Insurtech Opportunities in General Insurance - To identify the practical use cases for new technology in general insurance, and the opportunities for actuarial involvement in developing and implementing them.
- Machine Learning in Reserving - is to help move this forward, by identifying what the barriers are, communicating any benefits, and helping develop the research techniques in pragmatic ways.
- Nat Cat Risk Validation Framework - formed in order to further examine Cat Model Validation
- Ogden Discount Rate - to consider issues and resolve uncertainties regarding the implementation of the Ogden Discount Rate.
- Periodical Payment Orders - investigating Periodical Payment Orders (PPOs) and their effects on the UK insurance and reinsurance industry
- Programming for Actuarial Work - exploring and supporting the adoption of best practice computer programming concepts and techniques in daily actuarial work
- Public Data for General Insurance - addressing the use of public data by General Insurance companies and research actuaries
- 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
- 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
- The Good Actuarial Report - exploring how ‘story telling’ might provide insights into how to better communicate potential future development and adverse outcomes, better supporting decision-making under uncertainty
- Third Party - investigating emerging claim trends in third party motor insurance
- Towards the Optimal Reserving Process - 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
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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Cancer incidence and mortality vary by region and socioeconomic status. Modelling the structure development and trends of cancer risk is important for insurance purposes and can impact pricing and reserving in related health insurance fields such as critical illness insurance and care provision.
A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.
This event is part of The Road to Glasgow: IFoA’s Sustainability Thought Leadership Series which will provide a platform for prominent contributors so that our members and others can understand the perspectives of a wide range of parties interested in the climate debate.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.
How governments and societies collectively respond to the climate crisis is increasingly being analysed through the lens of intergenerational fairness. Our expert panel will assess and explore the extent to which inter-generous fairness is being considered in climate policies, the lessons from those countries who are leading the way on fairness and justice in climate interventions, and more.
This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.
The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.
Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.