Insurance has historically responded to the changing needs of society. With the growing interconnected digital world, cyber threats are fast becoming a significant concern for all industries: healthcare, IT and telecommunications, military, legal, manufacturing, financial services and others.
As cyber risks are an evolving territory, our session intends to cover cybercrime, cyber insurance and reserving challenges, with a key focus on:
- History of cyber risks and insurance over the last 20 years
- Challenges for insurers due to the ever-evolving nature of losses and lack of historical data
- Risk assessment and regulatory requirements
- Modelling techniques for effective reserving, tail risk assessment including allowance for cyber catastrophes
- Risk mitigation strategies and impact on reserving
- In summary, to navigate the complexities of cyber risk, insurers need to be adequately prepared. Reserving actuaries need innovative approaches to estimating the potential liabilities, as traditional static models may not capture the entire risk spectrum.
This will be a technical session and will aim to answer the pressing questions that actuaries at all levels have around this emerging class of business.
Target audience and assumed knowledge level: Basic reserving knowledge would be assumed but is not essential.
Speakers and company: Chehak Jain and Paul Goodenough, AXA XL
2024 has been a globally significant election year. Moody’s senior economist David Muir will discuss the outlook for the global economy and the potential implications of President Trump’s policies. For the UK, he will focus on the challenges and risks connected to the new government’s ambition to raise the economy’s rate of growth.
Speaker: David Muir, Moody’s Analytics
Insurance has historically responded to the changing needs of society. With the growing interconnected digital world, cyber threats are fast becoming a significant concern for all industries: healthcare, IT and telecommunications, military, legal, manufacturing, financial services and others.
As cyber risks are an evolving territory, our session intends to cover cybercrime, cyber insurance and reserving challenges, with a key focus on:
- History of cyber risks and insurance over the last 20 years
- Challenges for insurers due to the ever-evolving nature of losses and lack of historical data
- Risk assessment and regulatory requirements
- Modelling techniques for effective reserving, tail risk assessment including allowance for cyber catastrophes
- Risk mitigation strategies and impact on reserving
- In summary, to navigate the complexities of cyber risk, insurers need to be adequately prepared. Reserving actuaries need innovative approaches to estimating the potential liabilities, as traditional static models may not capture the entire risk spectrum.
This will be a technical session and will aim to answer the pressing questions that actuaries at all levels have around this emerging class of business.
Target audience and assumed knowledge level: Basic reserving knowledge would be assumed but is not essential.
Speakers and company: Chehak Jain and Paul Goodenough, AXA XL
Presented by the IFoA GI Pricing Research Group (PRG), we will cover a macro-level view of the current issues influencing pricing in three main sections:
Part 1: Profitability, drivers and trends
To open the session, we will provide an overview of levels of profitability from the recent past, the present, and projected into the future, with discussion on the main drivers and trends. This will cover both:
- The UK domestic market (motor and home in particular)
- The Lloyd's/London market and global P&C (re)insurance
Part 2: The issues register
In this part, we will cover highlights from the issues register maintained by the PRG, which captures the main influences currently affecting pricing, pricing functions and the role of actuaries in pricing. This will include:
- PESTLE analysis of external factors influencing pricing
- Developments in best practice and research
- Horizon scanning: emerging risks and trends
- Brief overview of the activities of the PRG and IFoA in addressing these issues
- We are also considering a survey of pricing actuaries and/or conducting a chief pricing actuary roundtable; findings from these may also be included.
Part 3: The pricing function in 2024
Finally, we look at how pricing and portfolio management functions should be acting to address the challenges of the current environment, and evolving to address those of the future.
Target audience and assumed knowledge level: No specialist knowledge required.
Speaker and company:
Edward Plowman, Guy Carpenter, Mohammed Khan, PwC
James Anderson, EY
James Rakow, Deloitte
Zvi Ebert, KPMG
The Capital Research Group is an IFoA forum for the leading capital modelling experts in the industry. This session is a follow-up to the previous session the group ran at 2023 GIRO. Here the group will cover some of the recent discussion points and conclusions, covering topics such as:
- Modelling of systemic drivers and dependencies
- The use of generative AI and machine learning in capital modelling
- Target audience and assumed knowledge level: Prior knowledge required
Speakers:
Chris Bird, WTW
Ajay Chabra, Darag
Howard Dale, Dale Consulting
Mirijam Spies, Lloyd’s of London
Neil Gedalla, LCP
Members of the Towards the Optimal Reserving Process (TORP) Working Party explore how advances in data analytics will change how reserving actuaries source insights from claims, underwriting and finance teams.
The working party will bring these concepts to life using case studies and research covering:
- reserving processes in run off
- M&A
- climate change impact on reserving processes
- motor claims analytics
- IFRS 17 assessment
- Given historically poor linkage between finance, claims and underwriting, it is important to talk to the data/MI, to be able to self-serve and to avoid being overwhelmed by anecdote and volume.
The session will then look at how reserving processes are being embedded into operational and underwriting systems. It will draw on the latest trends in reserving risk and data analytics and consider the trend towards implied actuarial sign-off of business plans.
Target audience and assumed knowledge level: No specialist knowledge required.
Speakers:
William Diffey, QBE Europe
Param Dharamshi, KPMG
Arun Vijay, BDO
The quality of your life depends on how well you make decisions. Whether you’re an executive, corporate parent or team lead, making better, faster decisions can help you excel in your career and life, enhancing relationships and achieving personal goals.
In this presentation, we'll delve into a critical skill set that transcends technical expertise: mastering intuition and emotional intelligence for swift decision-making in our rapidly evolving digital age.
Drawing on insights from executive coaching, red team thinking and positive psychology, we’ll explore overcoming decision paralysis, managing uncertainty and trusting yourself to ask curious questions in high-pressure situations.
Target audience and assumed knowledge level: No specialist knowledge required.
Speaker and company: Caroline Maguire, Caroline Maguire Coaching