In the latest article in the General Insurance Practice Committee (GIPC)’s GI Reserving Working Group series, we explore ways that actuaries can drive improvement. We summarise recent work across five, mostly large insurers, where teams have updated or overhauled legacy spreadsheet processes to tackle various challenges, such as the complexities of a changing portfolio, tight […]

March 2006 was a month of big releases. David Attenborough’s nature documentary Planet Earth premiered on the BBC. Jack Dorsey sent out the first ever tweet on Twitter. English-language Wikipedia published its one millionth article. And, perhaps most importantly to me at the time, Ice Age: The Meltdown came out in cinemas. And while it […]

Australian actuaries have been relatively advanced in our general insurance reserving approaches for decades – a fact highlighted by the stark contrast between methodologies and international approaches. A recent article on general insurance (GI) reserving authored by Andrew Manton-Hall of the General Insurance Practice Committee (GIPC)’s Reserving Working Group, was an excellent summary of a […]

This session aims to provide a best practice overview and guiding principles for catastrophe model evaluation and validation that is useful for end users.

Watch the recent presentation, for actuaries seeking to gain insight into catastrophe model evaluation.

The General Insurance Practice Committee’s (GIPC) GI Reserving Working Group is undertaking an examination current reserving practices to identify opportunities for further improvement, and summarising our findings to date across a series of articles.

What if your home could prevent insurance claims before they happen? As smart home technology becomes increasingly accessible, traditional home insurance models are changing–and actuaries can be at the forefront of this revolution. In our new series, AI Case Studies, we share hypothetical examples to illustrate how AI may transform insurance processes in real-world […]

Look back at pivotal legal reforms and court decisions in 2024 which have impacted the insurance landscape in Australia. Yet another year has passed and once again it’s time to reflect on the key legal, regulatory and judicial happenings which have impacted the insurance industry. This article provides a recap of some of the key […]

The recent wildfires in California have left a trail of destruction with over 15,000 structures destroyed, multiple deaths and displacing over 100,000 people[1]. Estimated economic losses are in the range of USD $130 billion to USD $150 billion[2]. Industry analysts estimate insured losses to vary between USD $20 billion to USD $45 billion, making this […]

A key focus area for the Actuaries Institute’s General Insurance Practice Committee in 2024-2025 is to gain deeper insights into the claims liability reserving practices used by actuaries across Australia’s general insurance industry. To support this objective, the General Insurance Practice Committee (GIPC)’s GI Reserving Working Group conducted a short survey in June 2024 to: […]

With the conclusion of the first year of reporting on an AASB 17 basis, the focus for insurers has shifted from implementation to refinement and optimisation. The significant volume of information provided by public disclosures of audited financial statements allows for useful comparison and benchmarking, and an ASTIN Sub-Committee of the International Actuarial Association has […]

Meeting minutes from the General Insurance Practice Committee meeting in November 2024.

Meeting minutes from the General Insurance Practice Committee meeting in October 2024.

If someone were to summarise what has been happening in the General Insurance industry this year, they might liken it to George Lucas’ attitude on the Star Wars prequel films. When asked about George Lucas’ directing style, many of the actors on the films would say the same thing. “He was great to work with,” […]

Given the significant financial risk involved in home building, it is critical for societal resilience that Home Building Compensation schemes remain efficient and effective. We set out six key areas we encourage the Review to consider, including: an increased maximum cover to reflect contemporary building costs; reviewing the maximum cover for incomplete work; and protection for ‘no fault’ owners who find themselves uncovered.

Seven teams of university students across Asia Pacific presented a new insurance product for a disadvantaged community for the 2024 Actuaries Institute Innovation Challenge. Hosted for the first time in 2022, this year’s Innovation Challenge was sponsored by Milliman and organised by the Young Actuaries Advisory Board (YAAB). People, families and businesses in vulnerable communities […]

This Insights session is brought to you by the Natural Perils Working Group; a recently formed group sitting under the General Insurance Practice Committee. This introductory session will explore key considerations and approaches for natural perils pricing and catastrophe reserving. Come along if you would like to learn more about pricing and reserving techniques for natural perils and catastrophes, or if you are a current practitioner looking to brush up on your toolkit.

Meeting minutes from the General Insurance Practice Committee meeting in September 2024.

PS 302 Valuations of General Insurance Claims (March 2023 updated October 2024) Explanatory Memorandum