Big Data in Insurance Underwriting: Boon or Bane?

Size: px
Start display at page:

Download "Big Data in Insurance Underwriting: Boon or Bane?"

Transcription

1 Big Data in Insurance Underwriting: Boon or Bane? Benno Keller 17 th Meeting of The Geneva Association s Annual Circle of Chief Economists Insurance Prospects in a Changing Risk Environment March 2015, Paris

2 Big data in insurance underwriting: boon or bane? Annual Circle of Chief Economists Paris, March 25 Benno Keller GAIA

3 High expectations of big data in insurance Insurers are investing in predictive analytics 2

4 Concerns about big data are equally high Regulation has restricted the use of information in recent years 3

5 Insurance in the Garden of Eden The value of premium risk insurance 4

6 The benefit of knowing risk levels The value of risk mitigation and prevention Investments in risk mitigation and prevention are welfare enhancing as long as the reduction in expected loss exceeds costs for mitigation Big data is likely to reduce the cost of risk mitigation, e.g.: Targeted investments Tailored incentives Risk-based premiums provide mitigation incentives Net welfare effect of premium differentiation = welfare loss of premium risk insurance + welfare gain of improved risk mitigation 5

7 There is no way back to Eden The cost of adverse selection Banning the use of risk information leads to adverse selection Cost of adverse selection: Average Expected Loss low high Risk aversion high low medium low medium high 6

8 Bringing it all together Likelihood of cost of adverse selection outweighing benefit of premium risk insurance low high Gender in motor insurance Genetic information in life insurance Genetic information in life insurance Telematics Geo-location in property insurance low Likelihood of risk indicator affecting risk mitigation high 7

9 Banning the use of gender in car insurance Not an issue after all? Value of premium risk insurance Low given even distribution of risk types (men and women) across population Cost of adverse selection Low given that car insurance mandatory in many countries Relatively large maximum expected loss (3 rd party liability) Benefit of risk mitigation and prevention Not gender-related Banning the use of gender as a risk indicator for motor insurance is unlikely to significantly reduce welfare 8

10 Banning the use of genetic information in life insurance (protection products) Value of premium risk insurance High value of premium risk insurance as genetic predisposition may signal high probability Cost of adverse selection Currently low as most individuals do not possess genetic information As genetic testing becomes affordable and convenient, this may change and the cost of adverse selection may increase Benefit of risk mitigation and prevention For some illnesses prevention may play an important role Banning the use of genetic information in life insurance is likely to involve an increasing social cost 9

11 Banning the use of geo-location in property insurance Value of premium risk insurance Value of premium risk insurance may be considerable in highly exposed areas Cost of adverse selection Cost of adverse selection high for non-mandatory insurance Benefit of risk mitigation and prevention Large potential from mitigation and prevention Banning the use of geo-location is very likely to be welfare-reducing 10

12 Banning the use of telematics / activity trackers Value of premium risk insurance Limited value of premium risk insurance as risk is largely driven by behavior Cost of adverse selection Low cost of adverse selection Benefit of risk mitigation and prevention Potential to promote prudent behavior by policyholders Telematics / activity trackers are likely to be welfare-enhancing 11

The impact of a ban on the use of gender in insurance on consumers. Launch of report 7 December 2011 Reinder van Dijk, Managing Consultant

The impact of a ban on the use of gender in insurance on consumers. Launch of report 7 December 2011 Reinder van Dijk, Managing Consultant The impact of a ban on the use of gender in insurance on consumers Launch of report 7 December 2011 Reinder van Dijk, Managing Consultant I. European study conducted by Oxera 2 1. Objectives of the study

More information

REPORT EXTRACTS RELATING TO THE RECOMMENDATION FOR INSURANCE PREMIUM TAX RELIEF ON TELEMATICS MOTOR INSURANCE FOR YOUNG DRIVERS

REPORT EXTRACTS RELATING TO THE RECOMMENDATION FOR INSURANCE PREMIUM TAX RELIEF ON TELEMATICS MOTOR INSURANCE FOR YOUNG DRIVERS REPORT EXTRACTS RELATING TO THE RECOMMENDATION FOR INSURANCE PREMIUM TAX RELIEF ON TELEMATICS MOTOR INSURANCE FOR YOUNG DRIVERS In order to meet Treasury s consultation timetable for budget proposals,

More information

Agenda. Equality in insurance pricing: the effect of the gender ban. Advancing economics in business. Why risk-based pricing?

Agenda. Equality in insurance pricing: the effect of the gender ban. Advancing economics in business. Why risk-based pricing? Agenda Advancing economics in business Equality in insurance pricing Equality in insurance pricing: the effect of the gender ban Due to a European Court of Justice ruling in 211, all insurance products

More information

INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK. January 2008

INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK. January 2008 INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK January 2008 1 INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK How insurance deals with risk Insurance protects people and businesses against the risks

More information

The Society of Actuaries in Ireland

The Society of Actuaries in Ireland The Society of Actuaries in Ireland Briefing Statement on Insurance provisions in the Disability Bill 2004 Introduction The Disability Bill published in September 2004 provides for certain restrictions

More information

many activities to be undertaken that would not otherwise take place, and is an effective mechanism for pooling and transferring risk.

many activities to be undertaken that would not otherwise take place, and is an effective mechanism for pooling and transferring risk. 9 March 2015 Royal Commission into Institutional Responses to Child Sexual Abuse Submitted by email: redress@childabuseroyalcommission.gov.au Dear Sir/Madam CONSULTATION PAPER: REDRESS AND CIVIL LITIGATION

More information

About Insurance Europe Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies the national insurance

About Insurance Europe Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies the national insurance How insurance works About Insurance Europe Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies the national insurance associations Insurance Europe represents

More information

WOMEN AND RISK MADE SIMPLE

WOMEN AND RISK MADE SIMPLE WOMEN AND RISK MADE SIMPLE Working with the profession to simplify the language of insurance UNDERSTANDING WOMEN AND RISK Risk is part of life. At home, at work, on the road, on holiday, you re at risk

More information

CONSOLIDATION OF COMMONWEALTH ANTI-DISCRIMINATION LAWS: DISCUSSION PAPER

CONSOLIDATION OF COMMONWEALTH ANTI-DISCRIMINATION LAWS: DISCUSSION PAPER Assistant Secretary International Human Rights and Anti-Discrimination Branch Attorney-General s Department Robert Garran Offices 3-5 National Circuit BARTON ACT 2600 Email: antidiscrimination@ag.gov.au

More information

Chapter 11 SUPPLEMENTARY FINANCING OPTION (4) VOLUNTARY PRIVATE HEALTH INSURANCE. Voluntary Private Health Insurance as Supplementary Financing

Chapter 11 SUPPLEMENTARY FINANCING OPTION (4) VOLUNTARY PRIVATE HEALTH INSURANCE. Voluntary Private Health Insurance as Supplementary Financing Chapter 11 SUPPLEMENTARY FINANCING OPTION (4) VOLUNTARY PRIVATE HEALTH INSURANCE Voluntary Private Health Insurance as Supplementary Financing 11.1 Voluntary private health insurance includes both employer

More information

A guide to top-up or excess layer insurance:

A guide to top-up or excess layer insurance: A guide to top-up or excess layer insurance: March 2013 2013 The Law Society. All rights reserved. Contents Introduction... 3 Status of this guide... 3 Factors to consider in choosing an appropriate level

More information

INCOME WHEN YOU ARE ILL

INCOME WHEN YOU ARE ILL INCOME WHEN YOU ARE ILL Income protection insurance (IPI) or permanent health insurance (PHI) is an insurance that virtually everyone who works needs, but very few people have. One of the reasons for this

More information

Guide to targeting the right clients for Income Protection. For financial advisers only.

Guide to targeting the right clients for Income Protection. For financial advisers only. Guide to targeting the right clients for Income Protection. 2015 For financial advisers only. Target Clients for Income Protection Introduction Income Protection is a considered product and therefore encompasses

More information

Life Insurance Corporation (Singapore)Pte Ltd UEN 201210695E MANAGEMENT REPORT 31/12/2014

Life Insurance Corporation (Singapore)Pte Ltd UEN 201210695E MANAGEMENT REPORT 31/12/2014 Life Insurance Corporation (Singapore)Pte Ltd UEN 201210695E MANAGEMENT REPORT 31/12/2014 LIFE INSURANCE CORPORATION (SINGAPORE) PTE. LTD. For the financial year from 1 January 2014 to 31 December 2014

More information

The Allstate Corporation

The Allstate Corporation The Allstate Corporation Barclays Global Financial Services Conference Thomas J. Wilson: Chairman, President, and Chief Executive Officer September 10, 2014 Safe Harbor This presentation contains forward-looking

More information

Multiple Critical Illness Benefits from market needs to product solutions

Multiple Critical Illness Benefits from market needs to product solutions June 2013 Newsletter Multiple Critical Illness Benefits from market needs to product solutions Asia-Pacific experience Author Karsten de Braaf Head of Product Development Asia-Pacific R&D Centre - Disability

More information

INTRODUCTION TO RISK November 2015

INTRODUCTION TO RISK November 2015 INTRODUCTION TO RISK November 2015 Wendy Fletcher National Property & Casualty Leader, Small Medium Enterprises Teresa Lahey Underwriting Consultant, Small Medium Enterprises AGENDA Importance of a SME

More information

Liberty Africa Insurance

Liberty Africa Insurance Highlights Opened a life insurance business in Zambia Liberty Online was implemented in three countries and enhanced business integration in East A new short-term administration system was implemented

More information

Extract from. Études et Dossiers No. 377. 13 th Meeting of The Geneva Association s Amsterdam Circle of Chief Economists

Extract from. Études et Dossiers No. 377. 13 th Meeting of The Geneva Association s Amsterdam Circle of Chief Economists International Association for the Study of Insurance Economics Études et Dossiers Extract from Études et Dossiers No. 377 13 th Meeting of The Geneva Association s Amsterdam Circle of Chief Economists

More information

1. Summary of Regulatory Impact Analysis (RIA)

1. Summary of Regulatory Impact Analysis (RIA) 1. Summary of Regulatory Impact Analysis (RIA) Department/Office: Title of Legislation: Justice & Equality Amendment of Equal Status Act 2000 to prohibit gender differentiation in insurance with effect

More information

Are caravan dealers riskier than insurance brokers? Insuring the insurers: are caravan dealers riskier than insurance brokers?

Are caravan dealers riskier than insurance brokers? Insuring the insurers: are caravan dealers riskier than insurance brokers? Agenda Advancing economics in business Are caravan dealers riskier than insurance brokers? Insuring the insurers: are caravan dealers riskier than insurance brokers? A recent consultation by the UK Financial

More information

BIG DATA: THE INTERNET OF THINGS OPPORTUNITIES IN INSURANCE

BIG DATA: THE INTERNET OF THINGS OPPORTUNITIES IN INSURANCE BIG DATA: THE INTERNET OF THINGS OPPORTUNITIES IN INSURANCE JUNE 2015 JOSHUA SIEGEL DIRECTOR, EMC PROFESSIONAL SERVICES 1 The World Is Changing All Around Us No longer dumb, our things are rapidly becoming

More information

Age and Insurance HELPING CUSTOMERS UNDERSTAND INSURERS USE OF AGE IN MOTOR AND TRAVEL INSURANCE

Age and Insurance HELPING CUSTOMERS UNDERSTAND INSURERS USE OF AGE IN MOTOR AND TRAVEL INSURANCE Age and Insurance HELPING CUSTOMERS UNDERSTAND INSURERS USE OF AGE IN MOTOR AND TRAVEL INSURANCE JUNE 2014 INTRODUCTION The UK has one of the most highly developed insurance markets in the world. A large

More information

Regulatory Solvency Assessment of Property/Casualty Insurance Companies in the United States

Regulatory Solvency Assessment of Property/Casualty Insurance Companies in the United States Regulatory Solvency Assessment of Property/Casualty Insurance Companies in the United States A presentation by Robert F. Conger Past-President, Casualty Actuarial Society September 2013 Regulatory Solvency

More information

UPDATED FREQUENTLY ASKED QUESTIONS SECOND DRAFT REGULATIONS ON THE DEMARCATION BETWEEN HEALTH INSURANCE POLICIES AND MEDICAL SCHEMES 17 JULY 2014

UPDATED FREQUENTLY ASKED QUESTIONS SECOND DRAFT REGULATIONS ON THE DEMARCATION BETWEEN HEALTH INSURANCE POLICIES AND MEDICAL SCHEMES 17 JULY 2014 UPDATED FREQUENTLY ASKED QUESTIONS SECOND DRAFT REGULATIONS ON THE DEMARCATION BETWEEN HEALTH INSURANCE POLICIES AND MEDICAL SCHEMES 17 JULY 2014 Given the public interest in the second draft Demarcation

More information

PS15/22: Our expectations and case studies

PS15/22: Our expectations and case studies PS15/22: Our expectations and case studies In PS15/22 1 we confirmed new rules and guidance to ban opt-out selling and improve the information provided to add-on buyers. This note will help readers understand

More information

SB 1567 End of Named Driver Policies? R. Brent Cooper Wes Johnson Cooper & Scully, P.C. August 21, 2013

SB 1567 End of Named Driver Policies? R. Brent Cooper Wes Johnson Cooper & Scully, P.C. August 21, 2013 SB 1567 End of Named Driver Policies? R. Brent Cooper Wes Johnson Cooper & Scully, P.C. August 21, 2013 The Growing Substandard Market For a number of years, the market for substandard auto policies has

More information

Finances. Table 1: Insured Policies. 2005, Center on Federal Financial Institutions 3

Finances. Table 1: Insured Policies. 2005, Center on Federal Financial Institutions 3 The Center on Federal Financial Institutions (COFFI) is a nonprofit, nonpartisan, nonideological policy institute focused on federal insurance and lending activities. original issue date: August 10, 2005,

More information

Long-Term Care Option

Long-Term Care Option Welcome The Hybrid Life & Long-Term Care Option Protecting Your Wealth and Dignity Webinar Objectives Introduce Educate Illustrate Our Commitment Provide sound financial information Help you identify goals

More information

IASB Insurance Contracts Exposure Draft ED/2010/8

IASB Insurance Contracts Exposure Draft ED/2010/8 ED201 sub 9 Project Director Insurance Contracts Exposure Draft ED/2010/8 International Accounting Standards Board London Submitted via www.ifrs.org Australian Accounting Standards Board Melbourne Submitted

More information

Insurance What does it mean for an EVA Member? G.B. Smyth

Insurance What does it mean for an EVA Member? G.B. Smyth Insurance What does it mean for an EVA Member? G.B. Smyth The following summary is intended as a general guide for members only. Members should obtain professional advice from an insurance broker or other

More information

Liability Claims Trends: Emerging Risks and Rebounding Economic Drivers

Liability Claims Trends: Emerging Risks and Rebounding Economic Drivers Liability Claims Trends: Emerging Risks and Rebounding Economic Drivers Roman Lechner 17 th Meeting of The Geneva Association s Annual Circle of Chief Economists Insurance Prospects in a Changing Risk

More information

Credit insurance: Time to end discrimination

Credit insurance: Time to end discrimination Policy position June 2012 Credit insurance: Time to end discrimination Access to credit, especially mortgage loans, is the only way for families to afford a home, a car or other major capital outlay that

More information

HFANZ Guidance Note : The Human Rights Act 1993 and Health Insurance Premiums

HFANZ Guidance Note : The Human Rights Act 1993 and Health Insurance Premiums HFANZ Guidance Note : The Human Rights Act 1993 and Health Insurance Premiums 1. Introduction 1.1 The Health Funds Association of New Zealand Inc (HFANZ) is the professional body representing the health

More information

Rating Methodology for Domestic Life Insurance Companies

Rating Methodology for Domestic Life Insurance Companies Rating Methodology for Domestic Life Insurance Companies Introduction ICRA Lanka s Claim Paying Ability Ratings (CPRs) are opinions on the ability of life insurance companies to pay claims and policyholder

More information

Session 2 Generating Value from 'Big Data' Mark T. Bain

Session 2 Generating Value from 'Big Data' Mark T. Bain Session 2 Generating Value from 'Big Data' Mark T. Bain Presented by Mark Bain Head of Insurance Consulting KPMG GENERATING VALUE FROM BIG DATA 1 BIG DATA IS EVERYWHERE WHAT IS BIG DATA ALL ABOUT? WHAT

More information

2. The European insurance sector

2. The European insurance sector 2. The European insurance sector Insurance companies are still exposed to the low interest rate environment. Long-term interest rates are especially of importance to life insurers, since these institutions

More information

GIRO40 8 11 October, Edinburgh

GIRO40 8 11 October, Edinburgh GIRO40 8 11 October, Edinburgh Treatment of Bodily Injury Claims in Society Ian Burningham and Fiona Annandale, KPMG 14 October 2013 1 Agenda 1. Where is the liability? 2. Current treatment of Bodily Injury

More information

March 14, 2005. From: The Honorable Joe Barton

March 14, 2005. From: The Honorable Joe Barton March 14, 2005 The Honorable Nathan Deal Chairman, Subcommittee on Health U.S. House Energy and Commerce Committee Washington, DC 20515 Dear Chairman Deal: This letter serves as a response to your request

More information

Auto Insurance Telematics: Where the Data Meets the Road

Auto Insurance Telematics: Where the Data Meets the Road Casualty Actuarial Society Annual Meeting: Auto Insurance Telematics: Where the Data Meets the Road John Lucker, Principal, Global Advanced Analytics & Modeling Market Leader, Deloitte Consulting LLP Sam

More information

Statement Submitted for the Record by Shari Westerfield, FSA, MAAA Chairperson, State Health Committee American Academy of Actuaries

Statement Submitted for the Record by Shari Westerfield, FSA, MAAA Chairperson, State Health Committee American Academy of Actuaries Statement Submitted for the Record by Shari Westerfield, FSA, MAAA Chairperson, State Health Committee American Academy of Actuaries House Bill 3447 An Act Providing for Equitable Coverage in Disability

More information

Focus on insurance: risk indemnity or age discrimination? Dec 2011. Introduction

Focus on insurance: risk indemnity or age discrimination? Dec 2011. Introduction Dec 2011 Focus on insurance: risk indemnity or age discrimination? Introduction Older people face significant difficulties when it comes to the cost and availability of insurance, whether it is health,

More information

I am Takaoki Endo, General Manager of the Corporate Planning Department of MS&AD Insurance Group Holdings, Inc.

I am Takaoki Endo, General Manager of the Corporate Planning Department of MS&AD Insurance Group Holdings, Inc. I am Takaoki Endo, General Manager of the Corporate Planning Department of MS&AD Insurance Group Holdings, Inc. Thank you very much for participating in this briefing on the acquisition of shares of the

More information

Submission on Northern Australia Insurance Premiums Taskforce INTERIM REPORT 2015

Submission on Northern Australia Insurance Premiums Taskforce INTERIM REPORT 2015 16 September 2015 Northern Australia Insurance Premiums Taskforce The Treasury Langton Crescent PARKES ACT 2600 Email: NorthernAustraliaInsurancePremiumsTaskforce@treasury.gov.au Submission on Northern

More information

March 2013. Lifting the bonnet on car insurance - what are the real costs?

March 2013. Lifting the bonnet on car insurance - what are the real costs? March 2013 Lifting the bonnet on car insurance - what are the real costs? Lifting the bonnet on car insurance what are the real costs? Most UK motorists have an opinion on the cost of car insurance. Many

More information

PNB Life Insurance Inc. Risk Management Framework

PNB Life Insurance Inc. Risk Management Framework 1. Capital Management and Management of Insurance and Financial Risks Although life insurance companies are in the business of taking risks, the Company limits its risk exposure only to measurable and

More information

Life Insurance Corporation (Singapore)Pte Ltd UEN 201210695E MANAGEMENT REPORT 31/12/2013

Life Insurance Corporation (Singapore)Pte Ltd UEN 201210695E MANAGEMENT REPORT 31/12/2013 Life Insurance Corporation (Singapore)Pte Ltd UEN 201210695E MANAGEMENT REPORT 31/12/2013 LIFE INSURANCE CORPORATION (SINGAPORE) PTE. LTD. For the financial period from 1 January 2013 to 31 December 2013

More information

Claims Paying Ability Ratings for General Insurance Companies

Claims Paying Ability Ratings for General Insurance Companies Claims Paying Ability Ratings for General Insurance Companies ICRA's Claims Paying Ability Ratings (CPRs) for general insurance companies are opinions on their ability to honour policy-holder claims and

More information

Actuarial Services Preferred Mortality Tables for Use In Determining Minimum Reserve Liabilities

Actuarial Services Preferred Mortality Tables for Use In Determining Minimum Reserve Liabilities INSURANCE DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE Actuarial Services Preferred Mortality Tables for Use In Determining Minimum Reserve Liabilities Proposed New Rules: N.J.A.C. 11:4-27A

More information

Best Practices for Merchant Cash Advance Providers: Assessment of Risk

Best Practices for Merchant Cash Advance Providers: Assessment of Risk INDUSTRY WHITE PAPER APRIL 2008 Best Practices for Merchant Cash Advance Providers: Assessment of Risk Presented by AdvanceMe, Inc. Executive Summary As the industry matures, more merchants and potential

More information

Impact of Genetic Testing on Life Insurance

Impact of Genetic Testing on Life Insurance Agenda, Volume 10, Number 1, 2003, pages 61-72 Impact of Genetic Testing on Life Insurance he Human Genome project generates immense interest in the scientific community though there are also important

More information

what every insurance agent needs to know about credit-based insurance scores

what every insurance agent needs to know about credit-based insurance scores what every insurance agent needs to know about credit-based insurance scores What every insurance agent needs to know about credit-based insurance scores... Insurance agents have the complex job of being

More information

The Complete Advisory Solution. Suite Details. building advisory gaining new clients displaying proactivity

The Complete Advisory Solution. Suite Details. building advisory gaining new clients displaying proactivity The Complete Advisory Solution Suite Details building advisory gaining new clients displaying proactivity was developed by accountants for accountants and has been successfully used with literally thousands

More information

Commercial Auto & Fleet Safety 2011

Commercial Auto & Fleet Safety 2011 Commercial Auto & Fleet Safety 2011 Whether you have just a few company vehicles or a full fleet, your commercial auto insurance premium can be controlled through a variety of factors. Establishing a fleet

More information

Financial Risk in a DC World: The Chilean Experience

Financial Risk in a DC World: The Chilean Experience Financial Risk in a DC World: The Chilean Experience Solange Berstein Superintendent of Pension Fund Administrators Seminar on Ageing, Pension Risk Management and Financial Stability February 15, 2007

More information

THE ANATOMY OF BETTER INTELLIGENCE

THE ANATOMY OF BETTER INTELLIGENCE HARNESS DATA Utilize comparative and actionable claims benchmarking data to capture the deeply rooted drivers of risk, errors and expense. LEVERAGE ANALYTICS Learn critical signals to discern the most

More information

OECD PROJECT ON CYBER RISK INSURANCE

OECD PROJECT ON CYBER RISK INSURANCE OECD PROJECT ON CYBER RISK INSURANCE Introduction 1. Cyber risks pose a real threat to society and the economy, the recognition of which has been given increasingly wide media coverage in recent years.

More information

Other silver products to insure the health of an ageing population

Other silver products to insure the health of an ageing population Other silver products to insure the health of an ageing population Dr John Schoonbee, Chief Medical Officer, Swiss Re Europe Geneva Association 2013, Insuring the health of an ageing population For age

More information

Age and Insurance: Helping older customers find the cover they need. February 2009

Age and Insurance: Helping older customers find the cover they need. February 2009 Age and Insurance: Helping older customers find the cover they need February 2009 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 1 Executive Summary The insurance industry is committed

More information

Analytics & Big Data What, Why and How. Colin Murphy FSAI Dr. Richard Southern Sinead Kiernan FSAI

Analytics & Big Data What, Why and How. Colin Murphy FSAI Dr. Richard Southern Sinead Kiernan FSAI Analytics & Big Data What, Why and How Colin Murphy FSAI Dr. Richard Southern Sinead Kiernan FSAI 07.04.2014 Agenda Introduction What is Analytics and Big Data? Growth of Analytics and Big Data What does

More information

SUMMARY OF SCHEME AND INDEPENDENT EXPERT'S REPORT. Proposed transfer of the insurance business of Cardrow Insurance Limited to Tenecom Limited

SUMMARY OF SCHEME AND INDEPENDENT EXPERT'S REPORT. Proposed transfer of the insurance business of Cardrow Insurance Limited to Tenecom Limited SUMMARY OF SCHEME AND INDEPENDENT EXPERT'S REPORT Proposed transfer of the insurance business of Cardrow Insurance Limited to Tenecom Limited PART I: SUMMARY OF THE TERMS OF THE SCHEME 1. OVERVIEW 1.1.

More information

Initial Equality Impact Assessment. Driving restrictions on Fleet Motor Insurance Policy

Initial Equality Impact Assessment. Driving restrictions on Fleet Motor Insurance Policy Directorate Service Person responsible for the assessment: Date assessment completed: Resources Risk Management Stephen Bull July 2008 Title of the policy being assessed The status of the policy Driving

More information

Article from: Health Watch. January 2015 Issue 77

Article from: Health Watch. January 2015 Issue 77 Article from: Health Watch January 2015 Issue 77 A Comparison Between the ACA Exchange and Medicare Risk Adjustment Programs By Kurt Wrobel With the increasing movement to individual health insurance products

More information

INSPRU overview. Paul Edmondson T: +44 20 7367 2877 E: paul.edmondson@cms-cmck.com. November 2013

INSPRU overview. Paul Edmondson T: +44 20 7367 2877 E: paul.edmondson@cms-cmck.com. November 2013 INSPRU overview Paul Edmondson T: +44 20 7367 2877 E: paul.edmondson@cms-cmck.com November 2013 Three rules Insurers must maintain assets to meet liabilities maintain capital only carry on insurance business

More information

Gender and insurance: impact on EU consumers of a ban on the use of gender

Gender and insurance: impact on EU consumers of a ban on the use of gender Agenda Advancing economics in business Gender and insurance Gender and insurance: impact on EU consumers of a ban on the use of gender According to a recent European Court of Justice ruling, by the end

More information

NATIONAL INSURANCE BROKERS ASSOCIATION OF AUSTRALIA (NIBA) SUBMISSION TO THE NEW SOUTH WALES GOVERNMENT NSW FAIR TRADING DISCUSSION PAPER:

NATIONAL INSURANCE BROKERS ASSOCIATION OF AUSTRALIA (NIBA) SUBMISSION TO THE NEW SOUTH WALES GOVERNMENT NSW FAIR TRADING DISCUSSION PAPER: NATIONAL INSURANCE BROKERS ASSOCIATION OF AUSTRALIA (NIBA) SUBMISSION TO THE NEW SOUTH WALES GOVERNMENT NSW FAIR TRADING DISCUSSION PAPER: REFORM OF THE HOME BUILDING COMPENSATION FUND February 2016 The

More information

DEVELOPMENTS IN THE MEDICAL AND HEALTH INSURANCE SECTOR

DEVELOPMENTS IN THE MEDICAL AND HEALTH INSURANCE SECTOR DEVELOPMENTS IN THE MEDICAL AND HEALTH INSURANCE SECTOR Medical inflation, an increase in the utilisation of medical services and the changing demographics have spawned significant developments in the

More information

Long Term Care Partnership Frequently Asked Questions

Long Term Care Partnership Frequently Asked Questions About the Partnership and Partnership Policies 1. What is the Georgia Long-term Care Partnership Program? The Georgia Long-Term Care (LTC) Partnership Program, administered by the Department of Community

More information

Next generation insurance - insights into the behaviour and beliefs of the European consumer

Next generation insurance - insights into the behaviour and beliefs of the European consumer Next generation insurance - insights into the behaviour and beliefs of the European consumer Dr John Schoonbee, Chief Medical Officer, EMEA, Swiss Re IAA Colloquium 2015, Oslo, Norway, 7-10th June 2015

More information

Zurich s approach to Enterprise Risk Management. John Scott Chief Risk Officer Zurich Global Corporate

Zurich s approach to Enterprise Risk Management. John Scott Chief Risk Officer Zurich Global Corporate Zurich s approach to Enterprise Risk Management John Scott Chief Risk Officer Zurich Global Corporate Agenda 1. The risks we face 2. Strategy risk and risk tolerance 3. Zurich s ERM framework 4. Capital

More information

Insurer solvency standards reducing risk in a risk business

Insurer solvency standards reducing risk in a risk business Insurer solvency standards reducing risk in a risk business Richard Dean Significant earthquakes in Christchurch have brought the need for stability in the New Zealand insurance market into sharp focus.

More information

The advice challenge: Understanding what clients value

The advice challenge: Understanding what clients value The advice challenge: Understanding what clients value Life s better with the right partner 2 The advice challenge: Understanding what clients value The advice challenge: Understanding what clients value

More information

GUIDELINES ON RISK MANAGEMENT AND INTERNAL CONTROLS FOR INSURANCE AND REINSURANCE COMPANIES

GUIDELINES ON RISK MANAGEMENT AND INTERNAL CONTROLS FOR INSURANCE AND REINSURANCE COMPANIES 20 th February, 2013 To Insurance Companies Reinsurance Companies GUIDELINES ON RISK MANAGEMENT AND INTERNAL CONTROLS FOR INSURANCE AND REINSURANCE COMPANIES These guidelines on Risk Management and Internal

More information

THE CONNECTED VEHICLE SOLUTION TRACKER. Insight

THE CONNECTED VEHICLE SOLUTION TRACKER. Insight THE CONNECTED VEHICLE SOLUTION TRACKER Insight 2 Why Choose TRACKER Insight? TRACKER Insight is a connected car solution providing insurers and brokers with: Valuable insights into their customers actual

More information

RISK ADJUSTMENT ARRIVES FOR COMMERCIAL HEALTH INSURANCE

RISK ADJUSTMENT ARRIVES FOR COMMERCIAL HEALTH INSURANCE POINT OF VIEW RISK ADJUSTMENT ARRIVES FOR COMMERCIAL HEALTH INSURANCE HHS s risk adjustment program for the small group and individual markets will reduce some of the effects of adverse selection but it

More information

Central Bank of Ireland Guidelines on Preparing for Solvency II System of Governance

Central Bank of Ireland Guidelines on Preparing for Solvency II System of Governance 2013 Central Bank of Ireland Guidelines on Preparing for Solvency II System of Governance Contents 1 Context... 1 2 General... 2 3 Guidelines on the System of Governance... 3 3.1 Section I General Provisions...

More information

A Prudent Fiduciary Process for Stable Value Investment Options

A Prudent Fiduciary Process for Stable Value Investment Options A Prudent Fiduciary Process for Stable Value Investment Options Kent Peterson, CFA, FSA, AIF Director, Investment Services and Sr. Associate Actuary Securian Retirement Updated, June 2011 (Originally publlished

More information

Insurance Risk Classification

Insurance Risk Classification Insurance Risk Classification How much is socially optimal? Pradip Tapadar University of Kent, Canterbury, UK P.Tapadar@kent.ac.uk Indian Statistical Institute, August 2015 P Tapadar (University of Kent)

More information

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES SD 0880/10 INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES Laid before Tynwald 16 November 2010 Coming into operation 1 October 2010 The Supervisor, after consulting

More information

PRESS RELEASE 9M results Ageas UK, 6 November 2013

PRESS RELEASE 9M results Ageas UK, 6 November 2013 PRESS RELEASE 9M results Ageas UK, 6 November 2013 Ageas UK delivers good result in tough conditions Executive Summary Continued growth in net profit Net profit up 5.6% to GBP 73.7 million (9M 2012: GBP

More information

North American LifeVue SM

North American LifeVue SM North American LifeVue SM Whole Life Insurance Financial protection for your loved ones simplified. Client Brochure Financial protection for your loved ones simplified. Planning for the future is more

More information

Business Planning, Risk Management and Quality. Mike Harris Immediate Past Chairman, AOQ-QLD Manager Business Systems, AECOM

Business Planning, Risk Management and Quality. Mike Harris Immediate Past Chairman, AOQ-QLD Manager Business Systems, AECOM Business Planning, Risk Management and Quality Mike Harris Immediate Past Chairman, AOQ-QLD Manager Business Systems, AECOM Australian Organisation for Quality A Professional Member based Incorporated

More information

The Allstate Corporation

The Allstate Corporation The Allstate Corporation Bank of America Merrill Lynch 2015 Insurance Conference Thomas J. Wilson: Chairman and Chief Executive Officer February 12, 2015 Forward-Looking Statements and Non-GAAP Financial

More information

Importance of Credit Rating

Importance of Credit Rating Importance of Credit Rating A credit rating estimates ability to repay debt. A credit rating is a formal assessment of a corporation, autonomous governments, individuals, conglomerates or even a country.

More information

APS2 The Prudential Supervision of Long-Term Insurance Business. Definitions. Legislation or Authority. Application. General

APS2 The Prudential Supervision of Long-Term Insurance Business. Definitions. Legislation or Authority. Application. General APS2 The Prudential Supervision of Long-Term Insurance Business Classification Mandatory Definitions Insurer Liabilities to policyholders Long-term insurance business The insurance company or other organisation

More information

Life on your terms. Term Life Insurance IM4118CG 07/07

Life on your terms. Term Life Insurance IM4118CG 07/07 Life on your terms Consumer Guide Term Life Insurance Term Life Insurance IM4118CG 07/07 INSURANCE PRODUCTS: Not FDIC Insured Not Bank Guaranteed May Lose Value Not a Deposit Not Insured by Any Federal

More information

Driver Performance Solutions from CNA RISK CONTROL

Driver Performance Solutions from CNA RISK CONTROL Driver Performance Solutions from CNA RISK CONTROL Manage your commercial auto risk by driving the desired behaviors Driver behavior affects your commercial auto fleet s performance and your bottom line

More information

POLICY : CORPORATE RISK MANAGEMENT

POLICY : CORPORATE RISK MANAGEMENT APPENDIX 5 POLICY : CORPORATE RISK MANAGEMENT 1 Scope This is a Service wide policy. 2 Aims and Objectives Lancashire Combined Fire Authority provides services to a diverse range of people and organisations,

More information

Agenda. 1. Understanding Insurance. 2. Life Insurance. 3. Risk Assessment/Classification. 4. Level of Insurability

Agenda. 1. Understanding Insurance. 2. Life Insurance. 3. Risk Assessment/Classification. 4. Level of Insurability Agenda 1. Understanding Insurance 2. Life Insurance 3. Risk Assessment/Classification 4. Level of Insurability 5. Industry Position on Genetic Testing 6. Options for Individuals 7. Other Jurisdictions

More information

INSURANCE REGULATORY AUTHORITY ANALYSIS OF FACTORS AFFECTING GROWTH OF AGENCY FORCE IN KENYA TERESA OINO AND ROBERT KULOBA

INSURANCE REGULATORY AUTHORITY ANALYSIS OF FACTORS AFFECTING GROWTH OF AGENCY FORCE IN KENYA TERESA OINO AND ROBERT KULOBA INSURANCE REGULATORY AUTHORITY ANALYSIS OF FACTORS AFFECTING GROWTH OF AGENCY FORCE IN KENYA TERESA OINO AND ROBERT KULOBA POLICY, RESEARCH & DEVELOPMENT DIVISION MAY 2011 TABLE OF CONTENTS LIST OF TABLES...

More information

Introduction. Table of Contents

Introduction. Table of Contents Introduction Whether you have just a few company vehicles or a full fleet, your commercial auto insurance premium can be controlled through a variety of factors. Establishing a fleet program, good control

More information

Transparency, disclosure and conflicts of interest in the commercial insurance market

Transparency, disclosure and conflicts of interest in the commercial insurance market Transparency, disclosure and conflicts of interest in the commercial insurance market SECTION 1 INTRODUCTION 1.1 The Financial Services Authority s (FSA) increased emphasis on disclosure, transparency

More information

EIOPA Risk Dashboard September 2015 Q2 2015 data PUBLIC. EIOPA-FS-15/651 Frankfurt, 16th September 2015

EIOPA Risk Dashboard September 2015 Q2 2015 data PUBLIC. EIOPA-FS-15/651 Frankfurt, 16th September 2015 EIOPA Risk Dashboard September 2015 Q2 2015 data PUBLIC EIOPA-FS-15/651 Frankfurt, 16th September 2015 Summary The release of this EIOPA Risk Dashboard is based on 2015- Q2 indicators submitted on a best

More information

SYLLABUS FOR IMF EXAMINATION [As per IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015] SECTION I

SYLLABUS FOR IMF EXAMINATION [As per IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015] SECTION I NATIONAL INSURANCE ACADEMY, PUNE SYLLABUS FOR IMF EXAMINATION [As per IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015] SECTION I 1. INSURANCE MARKETING FIRM S REGULATIONS 2. PRINCIPLES

More information

NWL ACCUMULATOR. A Word to Our Customer. Product Highlights: Payroll Deduction Universal Life Insurance For At Work Employees and their Families

NWL ACCUMULATOR. A Word to Our Customer. Product Highlights: Payroll Deduction Universal Life Insurance For At Work Employees and their Families Payroll Deduction Universal Life Insurance For At Work Employees and their Families NWL ACCUMULATOR Policy Form 01-1120-00 and State Variations A Word to Our Customer Product Highlights: Affordable Protection

More information

Guide to Transparency in Public Finances. Looking Beyond the Core Budget. Tax Expenditures. www.openbudgetindex.org

Guide to Transparency in Public Finances. Looking Beyond the Core Budget. Tax Expenditures. www.openbudgetindex.org Guide to Transparency in Public Finances Looking Beyond the Core Budget 2. Tax Expenditures www.openbudgetindex.org Introduction For more than a decade, civil society organizations around the world, as

More information

qeb=^ppl`f^qflk=lc=_ofqfpe=fkprobop= ^ka= qeb=p`lqqfpe=dlsbokjbkq= ^=glfkq=pq^qbjbkq= lk= qeb=molsfpflk=lc=cilla=fkpro^k`b= = = ab`bj_bo=ommu

qeb=^ppl`f^qflk=lc=_ofqfpe=fkprobop= ^ka= qeb=p`lqqfpe=dlsbokjbkq= ^=glfkq=pq^qbjbkq= lk= qeb=molsfpflk=lc=cilla=fkpro^k`b= = = ab`bj_bo=ommu qeb=^ppl`f^qflk=lc=_ofqfpe=fkprobop= ^ka= qeb=p`lqqfpe=dlsbokjbkq= ^=glfkq=pq^qbjbkq= lk= qeb=molsfpflk=lc=cilla=fkpro^k`b= = = ab`bj_bo=ommu ^_fl=dlsbokjbkq=pq^qbjbkq= = lk=cillafkd=^ka=fkpro^k`b=clo=p`lqi^ka=

More information

Pay-Drive (Usage-Based Auto Insurance)

Pay-Drive (Usage-Based Auto Insurance) Pay-Drive (Usage-Based Auto Insurance) Southern California Casualty Actuarial Club June 23, 2010 Shawna Ackerman, FCAS, MAAA Pinnacle Actuarial Resources, Inc. 1 What do the regulations allow? What was

More information

AUTONOMOUS VEHICLE TECHNOLOGY: CONSIDERATIONS FOR THE AUTO INSURANCE INDUSTRY

AUTONOMOUS VEHICLE TECHNOLOGY: CONSIDERATIONS FOR THE AUTO INSURANCE INDUSTRY AUTONOMOUS VEHICLE TECHNOLOGY: CONSIDERATIONS FOR THE AUTO INSURANCE INDUSTRY 2013 Intelligent Transportation Systems (ITS) Technical Meeting Monmouth College John P. Friedman Vice President State Government

More information

CAS Seminar on Ratemaking

CAS Seminar on Ratemaking CAS Seminar on Ratemaking Is There A Need for State or National Catastrophe Funds for Homeowners Insurance? Presented by: David R. Chernick Consulting Actuary Milliman, Inc. March 17, 2008 Boston, Massachusetts

More information