General Insurance Spring Conference - Cost of Living – Crisis or Constant
The last 12 months have seen the media’s constant desire for a crisis alight upon the cost of living in the United Kingdom. Whilst there are undoubtedly global factors driving near-term inflationary pressures, the insurance industry and the actuarial profession, with long-term thinking as a core capability, need to look beyond the hype and examine and understand the impact of this ‘crisis’ on all stakeholders. This talk will examine how actuaries in the insurance industry should consider responding to the reality of the cost of living through four lenses – managing the book; regulatory impacts and headwinds; end customer impact and implications for the design of insurance enterprise. Its core theme will be that, as with all such shocks to systems, the current cost of living episode will reward those that have placed long-term strategic thinking at the heart of their approach to the insurance market.