General Insurance news and articles written by acturies for actuaries - read the latest research pieces, today's news and latest articles in the non-life market.

Driverless Cars: How will insurers be affected?

By Cherry Chan, Partner, Barnett Waddingham

On 30th July the UK Government announced that driverless cars will be permitted on public roads from the beginning of next year. Following US, Japan and Germany, who have already trialled driverless cars, three UK cities will be chosen to trial the autonomous vehicles for a minimum of 18 months. The technology is ready but what effect will the uptake of these autonomous vehicles have on insurers?

Reduction of accidents vs increase in claim size
There are over 1,700 fatalities and 180,000 other injuries resulting from motor accidents in the UK a year and an estimated 90% of these arise from human error1. Driverless cars have the potential to remove the human error element of risk and hence could have a dramatic effect on our road safety. Google’s redesigned Prius has driven more than 700,000 autonomous miles2  without a single accident. This reduction in risk could cause third-party damage insurance to largely disappear and Forbes has estimated that premiums could be reduced by as much as 75% as a result3.

However, at an estimated whopping price of £170,000 per car4, the cost to replace and repair parts aft...Read More

A Bite Sized guide to Solvency II

By Christopher Critchlow, Consultant Actuary, OAC Actuaries and Consultants

Welcome to the first of three articles summarising the key themes under Solvency II. Given the breadth and depth of Solvency II, this is just a taster of the detail underpinning these areas: you’ll have to get into the detail to have a sound knowledge of the new requirements. The final rules also have yet to be finalised – whilst this shouldn't affect the principles, they may affect specific aspects of the new rules.

The main topics you need to consider are –<...Read More

Insurers are warned to innovate or perish

According to Aon,“many of the risks that businesses list as their most pressing are uninsurable within current policy structures, which is both disappointing and cause for real concern. To remain sustainable and support clients, the risk industry must find ways of staying relevant as traditional risks get bigger and non-traditional risks pose new threats.”

Lambros Lambrou, CEO for Aon Risk Solutions in Australia, made these comments in the wake of this year’s Aon Advanced Risk Finance Conference, while warning that the future of risk financing will look very different from that of the past.

“Our industry is...Read More

"Generation Lost" speaks - Global Risks Report 2014

Latest World News

Thu, 27 Nov 2014 Streets of Ferguson quiet after two nights of racial unrest
Thu, 27 Nov 2014 Pakistan under pressure to save trade agenda at South Asia summit
Thu, 27 Nov 2014 Young sister of North Korean leader takes senior party post: KCNA
Thu, 27 Nov 2014 Exclusive - Japan eyes military aid to spur defence exports, build security ties: sources
Thu, 27 Nov 2014 Special Report - How China's shadowy agency is working to absorb Taiwan
Thu, 27 Nov 2014 India-Pakistan friction threatens South Asia trade at Himalayan summit

Lifestyle Actuary

The trappings of fast paced city lifestyles rarely take into account the charm and elegance that a room, a dinner or a cup of tea can afford; characteristics lost to a by-gone era of debutante balls and black tie for dinner.

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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