IUA Circular 025/21
 

Institute and Faculty of Actuaries (IFoA) GIRO/PPO Statistical Update 2021 with

Simon Black, Head of GI Economic Capital, Aviva
Robert Treen, Director, Insurance Consulting and Technology, Willis Towers Watson
Patrick Tingay, Senior Consultant, Willis Towers Watson
Chris Francis, Senior Actuarial Analyst, Willis Towers Watson


Event Date:
  Friday 26 March 2021

Time: 10am for 90 minutes  (UK/London time)

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Subject:  This market briefing will consider analysis undertaken by IFoA working parties in respect of UK motor claims and Periodical Payment Orders (PPOs).
 
Contact:  Deborah Finch, IUA Events Manager (020 7617 4451)


This is a free event, but names and email addresses of all attendees are required for registration.  Please click here to register.

Click here for event Dial-in details
 
Please adhere to on line etiquette during our presentations.  We kindly ask you to mute your microphone and video upon commencing the link and to use the Chat application for any  questions, which will be addressed by the speaker at the end of the presentation. We suggest dialling in at least 5 mins before the start of the webinar.

Please note that any recording of this event will be available post-event in DropBox format, subject to speaker authorisation.

At this IUA market briefing, our speakers will present on two pieces of important research undertaken by working parties of the Institute and Faculty of Actuaries (IFoA).

Attendees will be provided with fundamental information and hear debate on important factors influencing the UK Motor and Liability insurance markets. Understanding these issues is of critical importance to insurance/reinsurance managers, underwriters, pricing, reserving, capital actuaries and claims teams.

This includes considerations from the eleventh iteration of the Institute and Faculty of Actuaries Third Party Working Party for Private Car Comprehensive experience, in addition to the Working Party’s traditional analysis of trends in frequency, severity and burning cost for:
 
•             third party bodily injury claims;
•             total third party property damage; and
•             total own damage claims
compared and contrasted with environmental and legislative changes, they have also considered the significant impact the current COVID-19 pandemic.

Simon Black and Robert Treen will present the results of analysis carried out by the Motor Third Party Working Party. This analysis will show trends in claims costs of UK Motor claims separately by frequency / severity and by heads of damage. The working party had access to a huge data set representing over £8 billion of earned premiums for the 2019 year. Hence, the analysis has a very credible base and shows important trends in claims costs. 

Patrick Tingay and Chris Francis will present the results of analysis carried out by the Periodical Payment Order (PPO) Working Party. They will show trends in PPO propensity by year, analysis of PPO settlements by injury type, age and size of claim. They will discuss the affects of PPO propensity caused by the changing Ogden personal injury discount rate. They will also give opinion on the liking of PPOs to care worker’s wages index and how changes in this index may have influenced the PPO cost and propensity of PPOs.

Patrick Tingay and Chris Francis will present the results of analysis carried out by the Periodical Payment Order (PPO) Working Party. They will show trends in PPO propensity by year, analysis of PPO settlements by injury type, age and size of claim. They will discuss the affects of PPO propensity caused by the changing Ogden personal injury discount rate. They will also give opinion on the liking of PPOs to care worker’s wages index and how changes in this index may have influenced the PPO cost and propensity of PPOs.

Our Speakers:

Simon Black
is Head of Economic Capital at Aviva. He has spent over 30 years in the industry initially starting out in pensions before switching to Life and then finding his “true home” in general insurance where he has held a number of senior roles in reserving, pricing and more recently economic capital. He is a founder member of Third Party Working Party and has been its Chair since 2017.

Robert Treen is a Director at Willis Towers Watson. He has extensive reserving experience for both UK Motor insurers and reinsurers. He joined the Third Party Working Party in 2013 and is responsible for the industry analysis for the working party.

Patrick Tingay is a Senior Consultant at Willis Towers Watson, having worked there since 2014. He now specialises in risk modelling and pricing techniques for personal lines and commercial lines clients, but has a background in reserving. Patrick has run the production of the qualitative and quantitative surveys for 4 years, having been a member of the PPO Working Party for 6 years.

Chris Francis is a senior analyst at Willis Towers Watson, with 4 years of experience in the insurance industry, mainly focusing on Lloyd’s and London Market reserving. Chris has been involved in the qualitative and quantitative streams of the PPO Working Party for 3 years and has been a member for the last 2 years.

DISCLAIMER: The market briefing presentation materials and speaker comments therein were prepared solely by the presenter(s) in their personal and professional capacity. Any materials or opinions expressed do not necessarily represent the views of the IUA and IUA does not bear any responsibility for, or liability to, any parties in respect of the accuracy, legality or overall content of the presentation or any other comments made by speakers or other attendees during the market briefing.

As a member of the CPD (Continuing Personal or Professional Development) Certification Service the IUA is committed to providing high quality training activities. Our market briefing events are certified as being suitable for CPD purposes. To obtain a self assessment form for any particular event please email Deborah Finch. These forms will be issued after each individual event upon request.