General Insurance

Behavioural economics and fraud under microscope at IDSS

Fraud poses a critical risk to the sustainability of injury and disability schemes across Australia. Ahead of the 2017 Injury and Disability Schemes Seminar (IDSS), Hugh Miller outlines where fraud risk will be discussed in the Program, as well as opportunities to improve outcomes in the industry through behavioural economics.

AASB 17 Insurance Taskforce Update – September 2017

The previous AASB 17 Insurance Taskforce update on insurance contract accounting implementation looked at the BBA Drafting Group and particularly focused on the issue of coverage units. This time, its focus falls on the Variable Fee Approach (VFA) work-stream, headed by David Rush.

IDSS to tackle mental health and insurance challenges

Mental health is a key theme at this year’s Injury and Disability Schemes Seminar (IDSS). Here, Hugh Miller outlines some of the issues - including exercise benefits, best practice claims management, and secondary harm - that will be explored by speakers in depth.

GI Glimpse 2017 Event Report

The 2017 GI Glimpse Seminar focused on the actuarial career; latest developments and outlook for the general insurance (GI) industry; as well as updates on the long tail classes. Suba Chelva reports.

Simple Products

If it takes nine hours to read the online contract for Kindle e-readers, and this is considered simple compared to current insurance contracts, have we gone wrong somewhere? Robert Kerr explores the benefits and drawbacks of increasingly complicated insurance products.

IFRS 17 Taskforce Update - July 2017

With the finalization of the long awaited IFRS17 global accounting standards in May 2017, the Institute of Actuaries IFRS17 Implementation Taskforce will be updating its members monthly on its activities.

General insurance: The wide-ranging implications of IFRS 17

The new accounting standard for insurance contracts, IFRS 17, will have wide-ranging implications for (re)insurers, and many firms are preparing for significant changes to their business operations.

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The Magic Pudding of Claim Farming

Geoff Atkins explores the escalating costs in CTP and motor insurance driven by the intervention of third parties.

Loss Coverage: Why Insurance Works Better with Some Adverse Selection

Here we speak with Guy Thomas, author of 'Loss Coverage: Why Insurance Works Better with Some Adverse Selection'. Guy explains the context of his recent publication and why loss coverage is important.

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When life gives you lemons, make Lemonade - A Behavioural Science guide to Lemonade Inc.

Lemonade is the new New York based insurtech that is 'redefining everything we understand about insurance'. Leon Yan, Actuarial Manager at Cover-more introduces Lemonade and tells us why it works.

MiCRO: Bringing insurance solutions to Central America’s vulnerable populations

Senior Microinsurance Specialist for the International NGO, Mercy Corps, Josh Ling gives us an overview of microinsurance in Central America.

Drones in GI: Opportunities, challenges and risks

Drones are clever devices that are presenting a range of opportunities and challenges for insurers globally. Suba Chelva shares key takeaways from a Melbourne seminar on the Use of Drone Technology in the General Insurance industry.

Under Water: The U.S. National Flood Insurance Program Reauthorisation

The U.S. National Flood Insurance Program is due to expire this year. As Congress currently carries out the reauthorisation process, Rade Musulin,Vice President of Casualty of the American Academy of Actuaries and CEO of FBAlliance Insurance, tells us about the program and discusses reforms Congress is considering for the future.

An Introduction to iCare, the "social insurer"

Despite the rain the room was full when Dai Liu presented an Introduction to icare Insights Session at the Institute on 16 March, 2017. Jamie Reid reports on an informative session about the largest general insurance service provider in Australia.

Climate Related Financial Disclosures - The Way Forward?

Member of the Climate Change Working Group, Wayne Kenafacke discusses the recent recommendations report from the G20’s Financial Stability Board’s Task Force on Climate-related Financial Disclosures.

Climate Risk Management for Financial Institutions

The authors of 'Climate Risk Management for Financial Institutions' - a paper presented at the General Insurance Seminar in November 2016 - discuss how financial institutions can play a critical role in managing the potential financial risks posed by climate change.

A History of British Actuarial Thought

Craig Turnbull, Investment Director at Standard Life Investments (UK), recently published the book 'A History of British Actuarial Thought'. In this book, Craig illustrates the development of the actuarial profession within each of the three key practice areas of life assurance, pensions and general insurance.

Aftershock: Can ‘model change’ impact the real economy in New Zealand?

Alexander Pui discusses the interaction of catastrophe modelling, under-insurance, credit ratings, and interest rates. He warns of the potential spiraling of under-insurance that could be triggered by a higher evaluation of earthquake risk in New Zealand.

Practice Update videos now available

The Actuaries Institute has just released the first collection of Practice Update videos! See what each committee has been up to and also earn CPD points.

Construction of detailed correlation structures across GI business segments

In this article, Benjamin Avanzi, Greg Taylor, and Bernard Wong from UNSW have teamed up to illustrate the uses of large-scale correlation structures in General Insurance.

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