You are here

Periodical Payment Orders (PPOs)

This Working Party investigates Periodical Payment Orders (PPOs) and their effects on the UK insurance and reinsurance industry

PPOs are a significant feature of insurers' and reinsurers' balance sheets already and are having an impact on pricing and capital modelling efforts of GI actuaries. The Periodical Payments Orders Working Party has been at the forefront of advising GI actuaries about the impacts on their work, such as the need to use life insurance techniques in reserving.

The Periodical Payment Orders Working Party also conducts an annual survey of the UK motor insurance industry about their experience of PPOs.  This has enabled:

  • creation and publication of statistics about number, quantum and nature of PPOs as awarded by the courts
  • qualitative feedback from the industry about their concerns and practices as regards to PPOs.

The Working Party will compile a mortality table of impaired lives due to brain and spinal injury following a severe trauma

The data is compiled from the UK medical research database of patient records as entered by GPs. Whilst cause of injury is not recorded we hope that the data will be sufficiently close to motor-related accidents that the mortality is a good match. To the best of our knowledge, this is the first time that such an investigation has been attempted. There is considerable call in the insurance industry for such analysis to help pricing, reserving and capital modelling.

The PPO working party operates within a terms of reference.

Periodical Payment Orders Working Party Outputs:

2020:

2019:

2018:

2017

2016

2010 - 2015

Chair: Peter Towers
Membership: 23
Established: 2010

Related documents

Contact Details

If you want more information about this research working party please contact the Communities Team.

professional.communities@actuaries.org.uk

Filter or search events

Start date
E.g., 26/10/2020
End date
E.g., 26/10/2020

Events calendar

  • GIRO 2020 Virtual Conference

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

     

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report. 

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.