The actuarial approach to pricing gave us price optimisation – and the loyalty penalty – now banned by regulation. 

But should we also question the traditional actuarial view of fairness in pricing: 

• that the price should reflect the most accurate view of the risk? 
• The insurance industry is the single biggest contributor to the poverty premium, in which low-income households pay more for essential services. Is this fairness in action? 
• And, as the use of AI and machine learning in pricing increases the complexity of algorithms, will notions of fairness become lost in the ‘black box’? 
• How will and should regulators respond? 

With live audience polling and interaction, this session: 

• examines the idea of fairness from technical, ethical, and socio-political perspectives 
• poses some searching questions on what fairness means in insurance pricing, and 
• explores some possible responses