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Dear Member
Welcome to the General Insurance newsletter - November 2015
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In this edition, you'll find the latest news from the General Insurance world, a wrap up of the hugely successful GIRO Conference held in Liverpool as well as details of all the lastest volunteer opportunities in the IFoA.
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Strictly a success!
GIRO 2015 welcomed over 800 delegates for four days of workshops, plenary sessions, round table discussions and networking opportunities.
Lead by speakers such as Professor John Kay, CBE; James Orr, GI Chief Actuary for Prudential Regulation Authority or Steven Mendel, CEO & Co-Founder of Bought By Many, to name but a few, delegates delved into industry content and and got involved in the research focus that took place in the Knowledge Café.
The entertainment was a real showstopper with the fantastic ‘GIRO does Strictly’ competition, which saw nine delegates dance their socks off on the dancefloor in pursuit of the elusive crown. To relive the highlights of the conference, check out the GIRO Conference video.
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Congratulations to this year's Brian Hey Prize Winners
At GIRO this year, the Brian Hey was awarded to two winners who each produced outstanding pieces of research. Congratulations go to:
The Getting Better Judgement Working Party will be presenting their paper at the Sessional on 18 January. Their paper will be available on the IFoA website soon.
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Sessional Research Event: Getting Better Judgement Working Party: ‘Bias Guess and Expert Judgement in Actuarial Work’
In October 2015, at the IFoA’s GIRO Conference, the Getting Better Judgement working party was awarded the Brian Hey prize for their research paper entitled: ‘Bias Guess and Expert Judgement in Actuarial Work’.
Focussing on the process of judgement formation, this seminal paper applies insights gained from behavioural theory to the actuarial setting and explores the extent to which the judgements of actuaries and other insurance practitioners may be subject to bias. Further the paper examines the variable nature of expert judgements, provides tools for the practitioners to distinguish between judgements of high and low quality and explores methods to best elicit judgements from others in a way that reduces the potential for cognitive biases.
Aimed at all stakeholders in working in GI, with the underlying principles applicable to other fields, this event is suitable for those at the most junior levels right up to board members. Providing excellent insight and discussion, it will help practitioners and management to improve the robustness of their judgements.
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General Insurance News in Brief
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FCA says general insurance add-on industry must make changes
According to the Financial Conduct Authority (FCA) competition in the general insurance add-on markets is not functioning well or providing customers value for money. Read more about their proposed shake-up of the £1bn general insurance add-on markets here.
Climate change transition risks are real
The President of the IFoA wrote to the Financial Times recently to support Mark Carney's call for a climate disclosure taskforce under the auspices of the G20.
Nearly five million at risk of flooding
In a recent article published in The Actuary, the Environment Agency warns that almost five million people in England are at risk of flooding, but many have not yet taken steps to improve their flood awareness to mitigate the damaging impacts.
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Cross Practice: ‘Modelling, Analytics and Insights from Data’ Working Party
A new cross practice working party has been established to utlise modern thinking about machines and mathematics in order to assess the implications of the new techniques and vast data sources for the actuarial profession.
This exciting research topic will primarily focus on the latest and emerging thinking associated with modern mathematical tools or techniques, and, explore how actuaries may employ such techniques to remain practical while adding value to the businesses it serves.
While cross practice, the strategic outputs of this working party will be supervised by the GI Board, who would also welcome regular input from other practice area boards and members.
If you, or anyone you know, might be interested in getting involved please visit the Volunteer Vacancies webpage or contact Debbie Atkins.
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Have you heard of CERA?
The CERA Global Association (CGA) is keen to gage the level of awareness of the CERA designation (Chartered Enterprise Risk Actuary) and so is asking each of their 18 Member Associations to reach out to their members with a short survey. As the IFoA is a Member Association eligible to accredit the CERA qualification, we would like to encourage our members to please spare a few minutes to answer the questions in the survey. You can access the survey here.
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General Insurance Pricing Seminar 2015
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Building on the current focus on capital modelling this seminar will challenge delegates to consider other external perspectives on capital modelling, and its uses, as well as the next steps in improving capital models.
The seminar will cover a variety of topics from the value of Internal Model output to senior management, boards and investors to future technical developments in ESGs, cat models and capital modelling software. Offering plenty of scope for discussion with the speakers and other capital modellers, we are confident that you will find the seminar both interesting and thought-provoking.
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End of Session Report
In this third edition of the report you can read about the contribution the Practice Area Boards have made to some key themes over the 2014/15 session.
This year the report is constructed to reflect the more cross-practice nature of the work of the Boards, their sub-committees and working parties and identifies some key projects and achievements in CPD provision, research and consultation responses.
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Diversity Advisory Group
The IFoA’s Diversity Advisory Group has released a report outlining the current state of play for women in the actuarial profession.
The report entitled, Bringing the Benefits of Gender Diversity to All: First Steps, recommends that the IFoA takes a strategic role in promoting gender diversity within the organisation and across the membership. A number of solutions to achieving this were suggested including a role model and mentoring scheme, and the creation of an online discussion forum to discuss common issues.
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Momentum Conference 2015
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The programme is made up of presentations that will make you think about the opportunities available to actuaries, while building on your skill set that you need to perform at your optimum level in your current and future positions.
The IFoA are pleased to annouce the following Plenary speakers have been confirmed for the Momentum Conference 2015:
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Nico Aspinall, Senior Investment Consultant, Towers Watson
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Jayne Atkinson, Nestle
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Iain Clacher, Associate Professor, Leeds University Business School
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Alasdair Macdonald, Head of Advisory Portfolio Management in the UK, Towers Watson
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Stephen Makin, Partner, Hymans Robertson
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Ian Mckinlay
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Louise Pryor
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Independent Examiners required
We are seeking to hear from Fellows, Associates and Honorary Fellows who would like to be part of the team responsible for monitoring the quality and standards of university programmes with IFoA exemption agreements and have:
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Experience in actuarial practice and/or are involved in teaching actuarial science programmes
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Relevant experience in setting and marking the IFoA’s exams, or equivalent university programme or professional qualification exams.
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A good working knowledge of the IFoA’s current exam syllabus and structure and awareness of the latest developments
Find out more about this role on our Volunteer Vacancies webpage or contact Debbie Atkins.
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Do you have the skills and experience to help us?
Please take a look at the following volunteer opportunities to see if you have the relevant skills and experience to help support the general insurance community and the Institute and Faculty of Actuaries (IFoA). Full details can be found on our volunteer vacancies webpage including details of how to express an interest or find out more. We are currently seeking support for the following roles:
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GIROC - Better Sensing and Responding to Change Working Party
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GIROC - IFRS 4 Phase II for General Insurers Working Party
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GIROC - Pragmatic Stochastic Reserving Working Party - Chair and Deputy Chair
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GIROC - The Good Actuarial Report Working Party - seeking additional members
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Measuring Uncertainty Qualitatively
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Nat Cat Risk Validation Framework Working Party - seeking additional members
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UK Asbestos Working Party - seeking additional members
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UK Asbestos Working Party - data request
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GI Board Member - London and Company Markets
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GIRO Conference Committee 2016
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Investigating the Herd Mentality amongst Actuaries Working Party
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Risk Management Board - seeking GI expertise
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Disciplinary Board
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Assistant Examiners - SA3: General Insurance (Specialist Application) [PDR]
For full details of these and all other volunteer opportunities, please visit the Volunteer Vacancies webpage or contact Debbie Atkins.
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