This year’s GIRO and Life Conferences are taking place in Liverpool. After an absence due to the pandemic, we’re looking forward to welcoming you in back in person to these premier events.
Here, we outline a few of the sessions you can look forward to GIRO 21–23 November
Economic inflation and impact on reserving
This session will cover the impact of economic and social inflation on reserving, and discuss possible methods for estimating claims inflation. While the focus of the session is on commercial lines reserving, it will briefly touch on personal lines and other practice areas, such as pricing and investment.
Actuarial modernisation – it’s time to accelerate!
Actuarial functions need to rethink how they approach data and modelling to cope with regulation, technology and data challenges. By using modern technologies and updating processes to automate a range of manual processes, actuarial functions can reap rewards in efficiency, controls and insights, enabling actuaries to spend their time on actuarial analysis and providing critical business insight.
How to put actuaries in the front and centre of the decision-making process?
How effective are you at getting your message across to peers, board members, and others – especially when it comes to uncertainty and emerging risks such as climate change, or potential future crises? This session will explore how actuaries can become more involved in discussions when senior management need advice in uncertain situations. It will also identify the key themes observed in the market and their potential causes. Finally, the session will demonstrate how to communicate uncertainty to your audience, helping you to become a trusted adviser of senior management.
Don’t ask what pricing(*) can do for reserving(+), ask what we can achieve together!
Although we are all one profession, the roles of pricing, reserving, capital and others are still very siloed, even though we work from the same data and are often trying to determine similar outcomes. This session will explore how we are similar as well as different, and ask the audience to help us come to a common understanding of where different disciplines (including non-actuarial) can create additional value by working together more closely.
Life 23–25 November
Plenary session, Sir David King
Sir David King will outline the actions humanity needs to take to stabilise our climate and provide a foundation for a prosperous future. The talk will cover the Climate Crisis Advisory Group’s recommendations, which recognise the need to reduce emissions, remove greenhouse gases from the atmosphere and repair Earth’s natural carbon cycles.
Stress event resilience – A case study on the inflation shock of 2022
The non-transient inflation shock of 2021–22, harking back to the economic and political instability of the 1970s, is a major challenge for economies, financial institutions and consumers – particularly life insurance companies that need to deliver on policy promises. The challenges will include meeting policyholders’ benefit expectations, as well as controlling cost inflation and protecting shareholder values. This presentation will evaluate the 2020–24 timeframe of this stress event and what actuaries did, should have or could have done to ensure stakeholders had a plan to be resilient against such events.
With-profits: In terminal decline or ripe for resurgence?
The session will seek to answer questions on the future of with-profits, such as
- What does the future of with-profits business look like in the UK?
- Is with-profits in terminal decline, and is run-off inevitable?
- Do (with-profits) actuaries have a responsibility to revitalise it?
- Is with-profits ripe for resurgence? Can the industry sustain with-profits in the longer term through product innovation?
IFRS 17: It is here, but will we make it?
With 2022 being the IFRS 17 comparative year, this session will see the IFoA’s Financial Reporting Group provide:
- An update on the latest developments and implications from the International Accounting Standards Board’s Interpretation Committee.
- Status on IFRS 17 external reporting and key performance indicators to date, and expectations for FY22 reporting.
- Views on what lies ahead for insurers to first formal IFRS 17 reporting in 2023
- A summary of UK and international support to actuaries working on IFRS 17.