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.

Solvency II Pillar 3 – Unravelling the Technology

The EU parliament finally approved the Omnibus II Directive on March 11 2014, which effectively brings Solvency II into force from January 2016. Many insurers slowed down their Solvency II programmes when there was uncertainty over the final implementation date. Pillar 3 reporting now requires focus because it was often put on hold during the uncertainty. Now, insurers need to react and make progress on Pillar 3 reporting.

Most insurers have Q3 2015 targets to hit EIOPA guidelines but larger insurers and the Lloyds of London market (dry-run required for Q3 2014) have accelerated deadlines. It is clear that 2014 is the time to work on Pillar 3 ahead of full implementation next year.

Why should actuaries be interested?

Actuarially estimated numbers in the Pillar 3 reports are some of the most material. These must be reported accurately and actuaries have a leading role in ensuring this. As would be expected, actuaries understand Solvency II liability requirements better than their IT colleagues and need to provide actuarial input into the Pillar 3 project for it to be successful. Actuaries should be involved in the analysis to make sure that the end state Pillar 3 reporting will be:

1. Simple to use so that output numbers can be accessed easily.
2. Traceable s...Read More

Model Validation – how high is the hurdle?

By TIm Edwards, Director, Insurance and Investment Management, PwC

One of the bravest features of Solvency II is its attempt to create regulations that encompass the entire insurance industry, from the very largest global groups to some of the smallest domestic insurers, including life and non-life insurers and reinsurers, captives and monolines. As a result, some of the rules can appear a little bit vague or unclear. One of the most common questions is “what does this mean for me”. Model validation is a good example – there are almost as many approaches and practices as there are models to be validated. I thought...Read More

Are we still using maps in a GPS world?

By Scott Thomson, Vice President, Decision Analytics, UK & Europe, EXLService

All new technology experiences a gap between the time it’s released and when it becomes widely used. When GPS first became popular, most people still left home with a road map or handwritten directions. Now, a few years later most of us trust our smart phones more than we trust ourselves. This leap could have happened faster. In the business world, this lack of trust in new tools can hold companies back. Early adopters who keep their minds open to all potential applications can propel themselves ahead of the competition. Most organisations try to bala...Read More

"Generation Lost" speaks - Global Risks Report 2014

Latest World News

Wed, 23 Apr 2014 Russia says it will respond if Ukraine interests attacked
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Wed, 23 Apr 2014 U.N. should have done more to prevent South Sudan massacre - Uganda
Wed, 23 Apr 2014 Chile president launches long-awaited electoral reform bill
Wed, 23 Apr 2014 First candidate for Syria's presidential election steps forward
Wed, 23 Apr 2014 Israel bombs Gaza target, four wounded - medical officials

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 takes us to Greece's very own Emerald Isle located in the heart of the Ionian Sea, Corfu.

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