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.

How does now compare to the 2008 global financial crisis

By Kerrin Rosenberg, CEO of Cardano UK

So the PPF published an index called the PPF 7800. It’s an index that was originally made up of 7800 UK pension funds and it tracked their funding ratio and deficit as far as the PPF measure was concerned. Today because many of those pension funds have either wound down or moved into the PPF itself, the index contains almost 5500 funds. It’s still a fairly accurate barometer of the health of the UK financial system and it is useful to take a look at what it is telling us.

So back in August of 2008, just before the GFC hit, the PPF index showed an overall deficit of about £30 billion and UK pension funds had a funding ratio on that measure of 95%. Six months later, well into the depths of the GFC, that deficit had risen to £200 billion and funding ratios had plummeted to 78%. Now as we all recall in 2009, there were extraordinary measures; quantitative easing was introduced for the first time and central banks slashed interest rates and injected a huge amount of liquidity into the system which caused a massive rally in financial assets and at the end of 2009 the PPF 7800 index had eliminated its deficit and pension funds were back to 100% funded on that basis.

If we just fast forward to 2020, at the beginning of this year, on the first of January the index showed that the aggregate deficit was about £10 billion and the funding ratio on that basis ...Read More

Latest Insurance Articles

Third of SMEs may now buy cyber insurance since COVID19
24 September 2020
Willis Re survey finds COVID19 fuels cyber losses
23 September 2020
Willis Towers Watson comments on the FCA GI pricing report
23 September 2020
Survey numbers reveal difficulties facing insurance buyers
23 September 2020
Industry comment on FCA GI Pricing Market study
22 September 2020
Swiss Re CEO talks with Aon on the impact of Covid19
22 September 2020
Cyber insurance uptake remains low from SMEs
22 September 2020
FCA sets out proposals to tackle concerns about GI pricing
22 September 2020
Mitigo joins PIMFA to help combat cyber attacks
21 September 2020
Insurance lines must adapt as remote working is here to stay
18 September 2020
Middle market cyber attacks rise during the pandemic
16 September 2020
Energy transition will have transformative effect on Mining
16 September 2020
PwC comment on Business Interruption test case from the FCA
15 September 2020
FCA publishes Annual Report and Accounts 2019 to 2020
11 September 2020
10 things that may trash your mobile phone insurance claim
11 September 2020
Amazon gears up to enter motor insurance market
10 September 2020
Every five minutes a fraudulent claim is discovered
10 September 2020
Climate change could go beyond the capacity of insurance
10 September 2020
Willis Re publish their Reinsurance Market Report
09 September 2020
Willis Towers Watson partners with the University of Oxford
08 September 2020
View More News View More Articles

The car is becoming the star

By Martyn Mathews, Sr. Director, Personal Lines, LexisNexis Risk Solutions
This has been due to a variety of factors, not least the operational costs involved which means that aside from a few exceptions, telematics has only really been viable for customers paying the highest premiums.

However, today we are witnessing a rapid increase in vehicle connectivity, as well as advancements in vehicle safety technology and autonomous driving.

The car’s becoming the star
This is opening the potential for dynamic data from the car and static data about the car’s build to be used for insurance risk assessment. In short, the car is becoming the star in helping the insurance sector deliver cover more precisely correlated with risk.Read More

IFRS 17 delayed by another year

“The IASB’s decision to further defer the effective date to 1 January 2023 is a welcome one.

"It recognises the practical difficulties for many insurers in implementing the significant changes brought about by IFRS 17. The extra year gives some insurers a chance to consider how to derive more business value from their extensive IFRS17 projects.

"For others, it will de-risk the delivery timetable. The additional time will also be welcome as insurers consider how they can use IFRS 17 to tell a clearer and more understandable story about their company.”

The IASB is expected to issue the amendments to IFRS 17 around the middle of the year.

"Generation Lost" speaks - Global Risks Report 2014

Lifestyle Actuary

Amy Sutherland and Raluca Stanescu interview Louise Pryor, who is a sustainability actuary and incoming President Elect of the Institute and Faculty of Actuaries (IFoA). We’ve asked Louise a few questions about her work, and were also keen to find ou...Read More

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.

Site Search

Exact   Any  

Latest Actuarial Jobs

Digital Magazine

LATEST EDITION - OUT NOW

Actuarial Post's Digital Magazine Issue 107

ICOVID-19 AND LIFE INSURERS

Click the image above to view. Click here to receive your future copies of our monthly magazine

Author Companies

Actuarial Jobs & News Feeds

Jobs RSS News RSS