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.

Actuaries will be central to insurers’ preparations for SII

By Christopher Critchlow, Consultant Actuary, OAC Actuaries and Consultants

January 2016 marks the introduction of Solvency II, the new European wide methodology which will be used to maintain a safe and robust insurance industry capable of meeting its obligations to policyholders. With this new regime being introduced in just 17 months’ time, insurers haven’t got long to finalise their preparations.

The scope of change is significant and will result in a much greater demand for actuarial skills. For a start, actuaries will need to provide the core actuarial function that all insurers require. Actuaries will also need to fulfil additional roles, including understanding and building appropriate models to help firms assess what their business might look like under different scenarios.

Risk is likely to be another key area where actuaries can add value by helping firms to assess and quantify the risks to which their business is exposed. Even more importantly, actuaries will need to explain the results of all this work in a manner that Boards of Management can understand and use in their decision-making process.

Taken together, these changes are likely to create opportunities for actuarial services in four key ar...Read More

Pillar 3 - Reporting and Disclosure

By Vivek Syal, Senior Manager at PwC
 
One of the boldest elements of the forthcoming SII regime is surely the goal of targeting consistent, efficient and transparent public and private reporting across the sector - both annually and quarterly. Pillar 3 is now at the forefront of most insurers’ minds given its wide reaching implications and dependencies on the wider SII framework. The good news is that there is still some time remaining until the first annual interim reports are due (for threshold firms) which should give organis...Read More

Telematics: Driving accuracy in the insurance industry

By Cherry Chan, Partner, Barnett Waddingham

Telematics insurance is swiftly revolutionising the motor insurance industry. The car insurance sector has rarely changed since Direct Line began selling insurance directly to customers in 1985 to eliminate broker fees. This is why so much attention has been drawn to this new product that is driving the evolution of the market. Currently only 4% of UK drivers have a telematics insurance policy but this is predicted to rise extensively.

The popularity of telematics has certainly increased, with the number of live poli...Read More

"Generation Lost" speaks - Global Risks Report 2014

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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 travelling Actuary Eve Hartridge gives us the lowdown on what is unmissable in Melbourne. Follow Eve on Twitter @allaboutevie

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