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:
- Update on the Actuarial Research Centre PPO Event, 20 February 2019
- Technical Issues in General Insurance (TIGI) 2019: D1: Pricing Workshop
- Technical Issues in General Insurance (TIGI) 2019: H4: Reserving Workshop
- GIRO 2019: D7 PPO Working Party Qualitative and Quantitative Surveys 2019
- GIRO 2018 PPO Working Party Report (industry survey)
- GIRO 2018: Workshop C: IFoA PPO Working Party Update - Mortality
- GIRO 2018: Workshop F: IFoA PPO Workng Party Quantiative Survey Update: PPOs - Down but not out
- Current Issues In General Insurance (CIGI) 2018 workshop B3: PPOs - What's the Market Doing?
- Reserving Seminar 2018 B1: PPOs - What's the Market Doing?
- GIRO 2017 PPO Working Party Report (industry survey)
- GIRO 2017 PPO workshop A2: PPOs – The end as we know it, or a new beginning?
- CIGI 2017 PPO workshop A2: What’s the Market Doing?
- GIRO 2016 workshop C8: PPO Mortality Recap
- GIRO 2016 workshop C8: PPO Mortality Analysis
- GIRO 2016 workshop D1: An update from the PPO Working Party
- Information for Actuaries Valuing Periodical Payment Orders: A helpful handbook
- Sessional Research Event: information for Actuaries Valuing Periodical Payment Orders
- Reserving seminar, 2016
- CIGI 2016
- GIRO 2016 Update Report (Industry Survey) [A prior version of the GIRO 2016 Update Report (Industry Survey) was previously available. We have updated Appendix Q, Mortality of PPO claimants. For further details please contact the working party. e: email@example.com]
2010 - 2015
- 2015 GIRO Survey Report
- GIRO 2015 Update Report
- GIRO 2015 C9 Workshop
- CIGI 2015
- Risk and Investment 2014
- GIRO 2014 Survey Report
- GIRO 2014 (A8)
- GIRO 2014 (B4)
- PPO Injury Categorisation (summary)
- PPO Injury Categorisation (sample spreadsheet)
- CIGI 2013
- GIRO 2013
- Constructing Impaired Life Mortality Tables and Severe Injury Classification (GIRO, 2013)
- Insurer, Reinsurer Opinions and Capitalisation Clauses (GIRO, 2013)
- CIGI 2012
- Breaking Research in Third Party Motor and PPOs (GIRO, 2012)
- Periodic Payment Order paper GIRO 2012
- Pricing Seminar 2012
- Presentations at the ABI & LMAG
- GIRO 2011
- Periodic Payment Order paper revisited 2011
- Momentum 2011
- Pricing seminar 2010
- GIRO 2010
- Periodic Payment Order paper 2010
- 9 November 2017
You might also like
If you want more information about this research working party please contact the Communities Team.
Filter or search events
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.
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
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.
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.
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.
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
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.
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.