Time to find out the real price of your pricing

Just a couple of months ago I discussed the shift in conduct regulation towards price intervention and its potential impact on insurance firms. A few weeks later the Citizens Advice Bureau launched its super complaint on a number of markets including motor insurance and the Financial Conduct Authority followed by launching the Motor and Household market study on pricing practices. The FCA is keeping insurers truly busy, but how concerned should insurers be and more importantly what could they do to manage these risks?

How much is in your pension

First up – a quiz question. According to Aviva’s ‘Savers vs Spenders’ report, where in the UK are people most likely to identify as a saver? I’ll reveal the answer at the end of the article. Now, this is going to sound like the introduction to a cliched speech, but the Oxford Dictionary definition of an actuary is a ‘person who compiles and analyses statistics and uses them to calculate insurance risks and premiums’.

The actuarial small print

“Your statutory rights are unaffected”, “subject to approval”, “terms and conditions apply.” There is plenty of small print in our lives; some of it we cheerfully ignore, and some of it we gloss over with no idea of whether it’s important. Do you really know what protection is offered by ATOL? Why is a service charge not the same as a tip? Who ever retains the packaging for future reference? In our actuarial work there is one phrase you will see again and again:

IFoA explain the new PPD regime

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