Objectives:
- analyse trends in average cost, frequency, burning cost and heads of damage for:
- third party property damage (TPD) claims;
- capped (<£100,000 in 2010 money terms) third party bodily injury (TPI) claims; and
- excess (>£100,000 claims in 2010 money terms) TPI claims; and
- geographical analysis by major postal towns/cities for the key TPI/TPD metric
- trends in average cost, frequency, and burning cost associated with motor own damage claims
- work in conjunction with the Third Party Consultation and Communication and PPO Working Party to ensure that key messages of interest to the industry, consumers, the press or government bodies are appropriately aired
- collect additional data from within the market or from other sources as the working party sees fit
- maintain appropriate standards with respect to competition law – in particular no individual company actuary will see any data other than aggregate market data and there will be no discussion around pricing related matter
- all data processing will be hosted by Willis Towers Watson
Outputs:
2020:
- GIRO 2020: Third Party Working Party
2019:
- GIRO 2019: A1 Third Party Working Party
- Technical Issues in General Insurance (TIGI) 2019: C2: Reserving Workshop
- Technical Issues in General Insurance (TIGI) 2019: F3: Pricing Workshop
2018
- GIRO 2018 workshop A4: Third Party Working Party - Expanded to include own damage experience
2017
- GIRO 2017 workshop F3: An update from the Third Party
2016
- GIRO 2016 Workshop A5: An update from the Third Party Working Party on the Latest Trends in Personal Motor Bodily Injury and Property Damage Claims
2015
- Press Release - September 2015: Liverpool remains the personal injury claims capital of the UK for road accidents
- Interim findings of the upcoming 2015 report on third party motor claims - short report
- Press Release - January 2015: Data from Institute and Faculty of Actuaries shows legal fees reduce by 65% for whiplash-type third party injury claims
- Update from the Third Party Working Party - full report
- Update from Third Party Working Party - short report
- Reserving Seminar
- Pricing Seminar
2014
- CIGI 2014
- GIRO 2014
- Press Release - October 2014: Legal changes reduce motor insurance claims - Interim Report
- Update from the Third Party Working Party - short report
- Update from the Third Party Working Party - full report
2013
- Third Party Working Report 2013
- 2013 research from IFoA shows legal costs for whiplash claims are increasing
- Update from the Third Party Working Party (GIRO, 2013)
- IFoA response to Transport Select Committee report released today
- The Institute and Faculty of Actuaries comments on the Transport Select Committee's investigation into whiplash claims 21 May 2013
- IFoA research suggests that third party motor property damage case estimates are too low and a late rise in claims farming for 2010 injuries
- 2013 research from IFoA shows number of whiplash* motor insurance claims continued to increase in 2012
- IFoA research shows a reduction in ‘white van man’ third party personal injury claims in 2012, but they still have more than private car drivers
- Transport Select Committee: Call for evidence on reducing the number and costs of whiplash claims (15 April 2013)
- Third Party Data Working Party Update (CIGI, 2013)
- Latest Developments Relating to Pricing (Pricing and Reserving Seminar, 2013)
- Results of the Fourth Working Party (GIRO, 2013)
- Report of the Third Working Party (2013)
- Appendix A - Transactional trends
- Appendix B - Legal fees
- Appendix C - Damages
- Appendix D - Other injury
2012
- Pricing Seminar 2012
- Article October 2012
- Open forum -UK Motor Insurance: What Every Actuary Should Know (2012)
- Article July 2012
- Third Party Data Working Party Update (GIRO, 2012)
- Breaking Research in Third Party Motor and PPOs (GIRO, 2012)
- Updated report on Third Party Motor Claims
2011
- Article September 2011
- Third Party Motor: The Journey Continues (Pricing seminar, 2011)
- Third Party Data Update (GIRO, 2011)
2010
- Third Party Data Update (Reserving seminar, 2010)
- Third Party Motor Claims (GIRO, 2010)
- Third Party Motor Claims (GIRO plenary, 2010).
| Chair: | Simon Black |
|---|---|
| Membership: | 12 |
| Established: | 2009 |
Related documents
-
Guidance for Member-Led Research Working Parties
9 November 2017 -
Consultation Response: Transport Select Committee. Call for Evidence evidence on reducing the number and costs of whiplash claims
14 April 2013 -
B3: Update from the Third Party claims working party
1 May 2013 -
D3: GIRO Third Party Claims Working Party – Latest developments and findings relevant to pricing
1 July 2013 -
Report of Third Party Working Party 2013
4 November 2013 -
Open Forum: UK Motor Insurance - What Every Actuary Should Know (if they Work in Pricing, Reserving, Reinsurance or Capital Modelling): The Full Results of the Third Party Working Party
7 March 2012 -
A06: Third Party Working Party
16 September 2012 -
Plenary 6: Breaking research in third party motor and PPOs: the results of the 2012 working parties
16 September 2012 -
September 2012 updated report on Third Party Motor Claims from the Institute and Faculty of Actuaries
2 September 2012 -
F01: Third party motor - the journey continues. An update from the third party motor working party
20 June 2011 -
C04: Third party motor claims
11 October 2010 -
PL4: Third party motor claims
11 October 2010
You might also like
Contact Details
If you want more information about this research working party please contact the Communities Team.
Filter or search events
Events calendar
-
Behavioural Science Series with Keith Grint - Wicked Problems, Clumsy Solutions and Leading Change
19 April 2021
Wicked Problems, Clumsy Solutions and Leading Change -
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'. -
Professional Skills Training Webinar - 21 April 2021
21 April 2021
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators -
Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.
-
Actuarial Innovation in the COVID-19 era
This event is online.26 April 2021 - 7 May 2021
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning. -
This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place.
Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.
-
Western Europe Town Hall
28 April 2021
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Western Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.
-
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work -
Finance & Investment Virtual Conference 2021
Available to watch globally in May.10-12 May 2021
This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern -
Central and Eastern Europe Town Hall
14 May 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Central and Eastern Europe Town Hall, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.
-
Wearables in insurance: a win-win opportunity
14 May 2021
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity. -
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list. -
CILA 2021
Available to watch globally in May.19-21 May 2021
We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.
Wicked Problems, Clumsy Solutions and Leading Change
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called '
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the 
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a 
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.