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Current Issues in General Insurance (CIGI) 2019

Wednesday 19 June 2019 09:00 - 18:00

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CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

The event will be a mix of plenary sessions for all attendees and workshop sessions where you can choose to attend a session that is specific to your area of work or interest. 

 

Although primarily aimed at actuaries, the seminar may also be of value to others who have an interest in General Insurance

Event organiser

Contact Events Team for more information.

eventmanagement@actuaries.org.uk

0207 632 1498

Timings Programme
09:00 - 09:30 Registration and refreshments 
09:30 - 09:35

Chair's Introduction

Cat Drummond (LCP)

09:35 - 10:00

Better managing uncertainty in decision making

Melinda Strudwick (PwC)

Effective management of uncertainty can lead to better, more informed decisions. However, many decision makers and their advisors do not always face up to uncertainty, in part because there is little constructive guidance or tools available to help. Six Uncertainty Principles to manage uncertainty are proposed. These follow extensive work by the GIRO Working Party over a five-year period. The human aspects of decision making under uncertainty are relevant to Boards especially, and their advisors.

This session will give an update on the launch of the working party's paper this year - including recent debates at Staple Inn and at the Worshipful Company of Insurers' iNED forum.   It will also bring to life the key principles in the paper, with a few examples from insurance and non-insurance, and also point you to where you can find out more about the paper and supporting case studies.

10:00 - 10:25

Brexit

Sima Ruparelia (AIG)

  • Considerations for multinationals during entity relocations
  • What is Freedom of Services business?
  • How to approach a Part VII transfer
10:25 - 10:50

Latest developments in Part VII transfers

 Tom Durkin (LCP)

During the session we will be covering the latest developments in Part VII transfers from the perspective of the Independent Expert, in particular given the surge in the number of transfers in response to Brexit.

We will consider how Independent Experts are satisfying themselves that policyholders and other key stakeholders are not being materially disadvantaged by the proposed transfers - covering all key areas from reserving, capital, wider policyholder security, through to servicing standards and member communications.

The session will include a retrospective of some of the key transfers completed over the previous 12 months, identifying key trends, challenges and common pitfalls to be aware of.

10:50 - 11:10 Networking refreshments
11:10 - 11:35

An update from the PRA 

James Orr (PRA)

  • This talk will re-cap briefly the current understanding of climate change, how this might affect the financial system and insurance in particular
  • A summary will be given of the PRA's supervisory statement on "Enhancing banks' and insurers approaches to managing the financial risks from climate change" published in April 2019
  • Finally, the talk will introduce and describe "A framework for assessing financial impacts of physical climate change: A practitioner's aide for the general insurance sector" published in May 2019
11:35 - 12:00

Climate change: a practical guide for GI actuaries

Mark Rothwell (DLG)

Climate change will be a major source of risk and uncertainty for general insurers over the coming years. The aim of this session is to provide practical advice into how the risks arising from climate change may impact on the work of GI actuaries. It will highlight potential implications both in terms of the short-term impacts to the business or clients, and potential long-term impacts on business strategy.

12:10 - 12:55

Workshop session A:
A1: PPO working party: Results of the 2018 YE qualitative survey, Peter Saunders (Chubb) and Natasha Regan (RPC)

This session will be a re-run of the content presented at TIGI, covering the results of the 2018 year-end qualitative survey.

A2: 2018 Reserving Issues – Lessons from the past for 2019 and beyond, Joe Monk and Alex Lee (EY)

  • Discuss 2018 year end reserving issues for the UK and London Market
  • Similarities with the past and what we can learn
  • What might be coming for the 2019 year end
  • Actuarial opinions and Professional Standards in a challenging environment

A3: Professional skills, Richard Winter (PRA) Andrew Newman (Charles Taylor) (nb this session will run for one hour)

This interactive session will use a range of media to help attendees consider some of the ethical and professional dilemmas they face in their day-to-day work

12:55 - 13:45 Networking lunch
13:45 - 14:30

Workshop session B:
B1: Pricing - Insurance pricing and the implementation of new technologies, Freddy Moises Brofman (Actuarial Panda)

  • Mobile technologies change insurance and re-insurance companies designs.
  • They do this by changing how the resources of companies work together.
  • Trend is here to stay, but re-insurance companies may not observe the same benefit as they are less exposed to asymmetric information. 

B2: Capital - Lloyd’s capital working groups 2019, Angela Redding, Alan Westrip and Cameron Beveridge (Lloyd's)

Following the 2019 SCR capital setting season at the end of 2018, Lloyd’s set up three working groups with a cross-section of market participants to discuss thematic areas identified by Lloyd’s.

The working groups cover the following topics:

  • Dependencies: Reviewing tests on diversification to establish a minimum level of dependency required by Lloyd's (mainly between risk types) and establishing the (dis) advantages of different tests
  • Market Risk: The aim has been to assess and agree the appropriateness, or otherwise, of a negative market risk contribution to capital and clarify the treatment and requirements related to this in the 2020 SCR guidance, including discussions on the causes and their plausibility
  • Model Changes: Lloyd’s intend to issue updated guidance in mid-2019 following the working group discussions, that clarify the requirements for agents and aim to alleviate pressures on the market and/or Lloyd’s review (enabling faster turnaround of applications)

B3: Soft skills session - Managing stress

Stress accounts for more absence from work than any other illness.  It is of epidemic proportions affecting 1 in 4 people each year in the UK.  Left unmanaged, it can lead to serious long term health implications.  In this session we will look at differentiating between good stress and harmful stress, a little neuroscience, danger signals to watch out for and finally ways to combat stress.  It should never be ignored.

 Gill Hicks (Tracy Sinclair Ltd)

14:40 - 15:00

GI research opportunities

Chris Bird (Validus)

IFOA working parties have been very successful in undertaking research that has been useful to many GI practitioners. The GI Research and Thought Leadership committee are looking to build on this success to undertake more ambitious research projects. This session will discuss some of the ideas that are being developed and how you can influence the direction of GI research.

15:00  -15:25

The cyber insurance protection gap

Dani Katz (Optalitix), Ryan Rubin (Cyberian Defence) 

Cyber risk continues to grow as the number of connected business, devices and systems grow. Cyber insurance premiums are also growing, but not nearly as quickly, and this results in a growing cyber insurance protection gap. In our talk we look at this gap, we investigate why this gap exists despite the widespread availability of cyber insurance cover and suggest some solutions.

15:25 - 15:50

Fairness in Pricing

GI Standards and Consultations Committee (GISCC) - Chloe Paillot (Deloitte) and Kevin Wenzel (LV=)

This session will focus on the current FCA Fair Pricing review, looking at the recent history leading up to the FCA Discussion Paper and the wider context in which this review is taking place.  The question of what does “fair” mean is central to this latest review and there are a number of different ways this could be defined, with corresponding consequences.  Whilst we await the outcome from the FCA work there have already been some market responses from individual insurers and other interested parties such as the IFoA.

15:50 - 16:10 Networking refreshments
16:10 - 16:35

Bringing businesses together and harnessing diversity for the better 

Amelie Breitburd (Axa)

Bringing businesses together inevitably involves lots of changes.  This session will discuss that, for the best chance of success, the most important focus should be how to bring two different cultures together with people feeling that

  • both the acquirer and the acquiree are inclusive and create space for the other/new teams
  • the diversity resulting from bringing the businesses together is preserved and not lost, provides a better mix and leads to more value creation.
16:35 - 17:00

Data ethics and diversity

Chika Aghadiuno (Aviva)

A reflective and interactive session on some of the data related issues that we are facing in our working and daily lives.  Why should we care, what governance is emerging and what more could we be doing?

17:00  - 17:05 Chair's closing remarks
17:05 - 18:00 Networking drinks reception

 

Location

Address

Inmarsat, 99 City Road, London, EC1Y 1BJ

Nearest Public Transport

Old Street Station