General Insurance

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ACT CTP Scheme Reform: An Experiment in Democracy

The ACT government decided to pilot a Citizens’ jury to consider how the ACT CTP scheme can be improved. Geoff Atkins was invited to be part of the jury as an expert adviser and here, he shares his experience with the profession.

What you missed at the 2017 Injury and Disability Schemes Seminar

The 2017 Injury and Disability Schemes Seminar welcomed over 300 delegates to Sofitel Brisbane Central this week. With over 50% of delegates being non-actuaries, there was a great diversity of thought and experience presented in four plenary and 48 concurrent sessions.

Workplace rehabilitation services need shake-up - Opinion

icare’s Group Executive Workers Insurance, John Nagle, says the transformation within injury and disability schemes discussed at this week's IDSS, aligns closely with icare’s focus on the needs of the injured worker and improving workplace safety.

Mental Health and Insurance - finding a better way

Co-author of the Institute's latest Green Paper 'Mental Health and Insurance' lets us in on the work behind the scenes, and tells a story to get us thinking - how can we find a better way to insure mental illness?

Actuaries report takes the lead in national mental health and insurance conversation

Lucy Brogden, Co-chair of the National Mental Health Commission thanked and congratulated the Actuaries Institute on a "timely" report at the 'Mental Health and Insurance' Green Paper media launch.

An update from the Premium Allocation Approach work stream

Here, Brendan Counsell of the Institute of Actuaries’ AASB 17 Implementation Taskforce provides an update on the ‘premium allocation approach’, or PAA to assist Australian actuaries involved in implementing the new accounting standard. 

The role of the Appointed Actuary and actuarial advice within insurers - APRA Insights Session

Amit Jeena covers the Institute's latest Insights session on APRA's paper the “Review of the role of the Appointed Actuary and actuarial advice within insurers”, presented by Peter Kohlhagen, senior manager in APRA’s policy development area.

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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.

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