Research Working Parties

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  99.5^th Percentile - seeking to refine the estimates of uncertainty and consider the practical implications of this work.

If you have your own ideas for member-led research you would like to pursue, please refer to our Guidance for Research Working Parties or contact Sharon Cumberbatch.

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.