The IFoA Review Team has launched the General Insurance Pricing Thematic Review. This will focus on actuarial involvement in pricing for UK home and motor insurance in order to understand actuaries’ roles in this area. The team will seek to identify best practice and highlight areas where education or guidance could be enhanced to better support members.
Participation is sought from a range of firms that underwrite and price home and motor business. The information requested includes recent examples of work material where there has been an element of actuarial involvement, either from a technical, decision-making or oversight point of view. The review is open for submissions until 30 October 2020.
“We are delighted to launch our second thematic review in an important area of public interest where actuaries play a significant role alongside other specialists,” said IFoA review actuary Alan Marshall. “I’d like to thank in advance all participating actuaries and organisations and look forward to working with you to deliver a value-add review.”
The GI Pricing Thematic Review is the Thematic Review Programme’s second launch since it was initiated in September 2019. Submissions to the Pension Review, on actuarial factors used to calculate member benefits, is now closed, and work is under way to review the examples of advice and benchmark the data received.
The Thematic Review Programme is part of the Actuarial Monitoring Scheme, which is designed to improve the effectiveness of actuarial regulation in the public interest, provide meaningful, credible, independent feedback to members and their employers, and promote continuous improvement.