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.
Posted on: October 6, 2017
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.
Posted on: September 27, 2017
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.
Posted on: September 22, 2017
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.
Posted on: August 10, 2017
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.
Posted on: July 21, 2017
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.
Posted on: July 11, 2017
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.
Posted on: July 7, 2017
The Magic Pudding of Claim Farming
Geoff Atkins explores the escalating costs in CTP and motor insurance driven by the intervention of third parties.
Posted on: July 5, 2017
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.
Posted on: June 20, 2017
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.
Posted on: June 14, 2017
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.
Posted on: May 16, 2017
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.
Posted on: May 4, 2017
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.
Posted on: April 6, 2017
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.
Posted on: April 3, 2017
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.
Posted on: March 31, 2017
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.
Posted on: January 31, 2017
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.
Posted on: January 19, 2017
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.
Posted on: January 12, 2017
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.
Posted on: December 22, 2016
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.
Posted on: December 14, 2016
