Insurance Uncut

This week, we speak with Maisie Borrows Ahmad and Dr Rebecca Sloan from LCPs Health Analytics team about the research they are doing on health inequalities. We discuss: • What is the health gap and how does it impact everyday life? • Insights from recent research on the barriers to women's health and where the biggest challenges are. • What's needed to close the gap and why progress is still being held back by system-wide issues.

This week, we speak with David Thompson, Chief Investment Officer at Zurich Insurance Company. David has over 35 years of experience in financial markets. We discuss: • The rationale behind recent tariff policies, their effect across economies, and how insurers should adapt. • Why bond market reactions influenced political decisions, and what this reveals about economic policy in practice. • How global market shifts impact both sides of the balance sheet, and why investment strategy matters—even for short-tailed business.

This week, we speak with Samantha Tanner, Chief Actuary at CFC. Samantha has experience across strategy, performance management, underwriting and actuarial. In her current role she is focused on Cyber Systemic Modelling, pricing analytics and management information. We discuss: • Latest trends in the Cyber market • Ways insurers are looking to prevent Cyber crime happening • Challenges with modelling Cyber risk

This week, we speak with Maxine Goddard, an award-winning senior global operations leader with experience across strategic transformations, customer and broker development and a period at the United Nations. We discuss: • What's next for DEI? • Tips on how to make change happen in the insurance industry • Reflections on the current state of the insurance market and hope for the future • What does a career in insurance mean today?

This week, we speak with Dawn Walker, Associate Director at AM Best, about Delegated Underwriting Authority Enterprises (DUAEs). We discuss: • What DUAEs are and their significance to the insurance market. • The history of the DUAE market and how it has evolved. • AM Best's latest research on DUAEs • The new opportunities DUAEs are bring to the insurance market.

This week, we speak with Sandy Trust, Director of Sustainability Risk at Baillie Gifford, about a paper he has co-authored titled ‘Planetary Solvency – finding our balance with nature'. We discuss: • Overview of previous research Sandy has been involved with on climate change risk • Key insights and practical risk management tips from the paper • Examples of the key tipping points and how these may impact the planet • What the implications are for insurers and what we can be doing about it

This week, we speak with Fabrice Brossart, Group CRO at Hiscox, about the evolving risk landscape and key priorities for companies in 2025. Our discussion covers: • Has the industry truly learned from the 2008 financial crash when it comes to managing systemic risk? • The biggest risks the industry should be preparing for in 2025. • How risk management strategies need to adapt as markets soften. • Key insights on running a high-impact risk function that adds real business value.

This week we talk to Fiona Dunsire, the UK Government Actuary and former CEO of Mercer UK. We discuss: • Fiona's career journey and top tips for getting the best out of a team • What is the role of GAD and the focus of the department over the next year • What are the key national challenges that GAD are helping to address.

This week we talk to Karen Dayal, CUO for Commercial Lines at Aviva UK. We discuss: • The role of a CUO and how to bring different disciplines together to deliver best in class underwriting. • The evolving role of AI within the insurance industry, • Key challenges the industry needs to solve to make progress on DEI.

This week we talk to LCP's Katie Garner about the change in the Ogden rate. We discuss: • Summary of the new Ogden rate and how the rate was derived. • Impacts on (in particular) motor insurance customers and insurers. • Market reaction to the change

This week we talk to Lara Palmer and Simon Coomber from LCP about climate change and the protection gap within the insurance market, in particular looking at what actions we can take. We discuss: • Pledges institutional investors are making to encourage the UK Government to take action on climate change. • The rising concern about the protection gap and poverty premium within insurance and how climate change may worsen these issues further. • Latest developments on scenario analysis for climate change.

This week we talk to Rosemary Beaver, a Non Executive Director who has also held senior regulatory, risk, compliance and governance roles. We discuss: • Changes in the insurance industry and what to make sure we don't lose. • Top tips for being a great mentor and ally • Rosemary's role and experience working at the Financial Reporting Council • The importance of actuaries in organisations and how to make sure your voice is heard

Welcome to Insurance Uncut – the podcast about all things insurance. Join show hosts Charl Cronje, Jessica Snowball and guests to explore the key topics shaping the general insurance market. During this conversation, they break down key issues to help you keep up to date and understand the world of insurance better. Whether you're an industry leader or a professional navigating the evolving insurance landscape, this podcast is for you. Who is LCP? We are a leading consultancy advising general insurance firms across the market on reserving, capital, pricing, analytics, regulatory compliance, business transformations and more. Find out more at https://www.lcp.com/en/insurance

Day 3 of our special mini-series recorded live at the GIRO Conference in Birmingham. Today we caught up with: • Adam Smylie and Jade Lagrue from LCP who along with Neil Gedalla won the Brian Hey Prize for their paper on ‘Parameterising Capital Modelling Volatility: Allowing for Changes in Volume'. • Caroline Maguire about her presentation on Decisive mindset: enhancing intuition and emotional intelligence for swift decision-making in the insurance industry. • Nadeen Griffiths from LCP about her presentation on dependency modelling: combining statistical learning with expert judgement. • Hassan Morsy who is a business development manager for the IFoA. • Wendy Kriz-Evans from LCP about her presentation on influencing the future: empowering actuaries to lead with confidence.

Day 2 of our special mini-series recorded live at the GIRO Conference in Birmingham. Today we caught up with: • Josie Durley from Nephila Syndicate Management Limited and Sarah Grimshaw from RiverStone International about their presentation on Reserving for climate change – the emerging risk frontier • Robert Scarth from AXIS Capital about his presentation on Risk aggregation: comparing the covariance method with simulation methods. • Laura Curtis, Chair of the General Insurance Lifelong learning Committee, who are responsible for organising GIRO. • Catherine Drummond and Melissa Tam from LCP about their presentation on the findings from their 2024 global market-wide reserving and transformation research.

Day 1 of our special mini-series recorded live at the GIRO Conference in Birmingham. Today we caught up with: • Chehak Jain and Paul Goodenough from AXA XL about their presentation on cyber: the evolving threat landscape and the reserving challenges. • Kartina Tahir Thomson, President of the IFoA, about her aims for the year and what she is looking forward to at GIRO. • Jake Iveson, who is an Actuary at Oliver Wyman and Chair of the General Insurance Research and thought Leadership Committee. • Raluca Stefan, Hamda Mosoud and Kamran Garcha from Grant Thornton and the IFoA working party ‘measuring sustainability in the absence of metrics and measurements' about modern slavery. • Sheena Suchak, Head of Validation at Lloyd's and Tom Durkin from LCP about their presentation on topical issues for capital modelling and validation.

This week we talk to Sam White, founder and global CEO at Stella Insurance and Founder and Chair of Freedom Services Group. We discuss: • Sam's journey as an entrepreneur and lessons learnt along the way • Designing insurance products for women • Being a regular on the BBC, Radio 4 and more

This week we talk to Annabel Carpenter and Richard York-Weaving from LCP about their recent projections of UK home and motor insurance market performance. We discuss: • Projected market-level combined ratios over the next two years • What is causing the lower frequency, higher severity claims environment? • How inflation may change going forward • Personal injury discount rates in Scotland and Northern Ireland

This week we talk to Robert Chaplin, a Partner and Head of the Financial Institutions Group in Europe at Skadden. Rob works in the insurance and asset management sectors and hosts his own podcast ‘The Standard Formula: A Guide to Solvency II'. We discuss: • Has Solvency II met its original objective? • Is there appetite in the market for legislators to change the regulation? • Are we going to see a greater globalisation of standards? • What else might we expect for Solvency UK?

This week we talk to Yvonne Palm, CRO at Africa Re. Yvonne is an actuary that has worked on three continents and is a Casualty Actuarial Society Board member. We discuss: • Developing the actuarial profession and related skills on the African continent • Transiting from an actuarial to a risk role • How the risks and approach to climate change are different for Africa.

This week we talk to Bronek Masojada, Sheriff of the City of London, Chair of SiriusPoint and NED at Brown & Brown Insurance. Bronek was formerly Chief Executive of Hiscox for 28 years. We discuss: • How the Chief Executive role has evolved over time. • Key challenges for the insurance industry • How the Sheriffs and others promote London as an insurance hub • What's the secret to a successful relationship between management and non-executives?

This week we talk to Dame Susan Langley. Sue is a Sheriff of the City of London, Non-executive Chair of Gallagher UK and previously Lead Non-Executive Director for the UK Home Office. We discuss: • The role of the Sheriff and how Sue came into the role • Sue's experience with the Home Office, including working with 5 different Home Secretaries. • Sue's top tips for developing a successful career in financial services and how can we make sure it is open to everyone.

This week we talk to Cat Drummond, Partner at LCP, about reserving transformation. We discuss: • What does a great reserving process look like in 2024? • Some initial insights from Cat's global deep dive into reserving and transformation. • Top tips for making a reserving transformation project successful.

This week we talk to Simon Kaye, Global Director of Reinsurance at NorthStandard, about what makes P&I clubs unique. We discuss: • An overview of P&I clubs • What could the wider insurance market learn from P&I clubs? • What have been the key factors in making the merger between the North and Standard clubs a success? • The impact of changes to geo-political risk and climate change to the world of shipping.

This week we talk to Charlotte Jones, CFO of Aviva. We discuss: • Being part of the transformational journey that Aviva has been on. • What are the current challenges facing insurance CFOs? • The importance of creating the right organisational culture. • Insights from Charlotte's career journey.

This week we talk to Matt Byrne, Head of Actuarial Function at NFU Mutual, about AI and what practical next steps insurers should be looking to take. We discuss: • What tools and products are available to help you utilise AI and machine learning • How actuaries are well placed to help with the implementation of AI across the business • Key learnings from using AI and some of the current limitations • Tips for being a great mentor and a mentee.

This week we talk to Anton Ossip, Chief Claims Officer at esure, about innovation within personal lines business. We discuss: • Previous role as CEO of Discovery Insure and the mindset needed to drive innovation. • Developing products and solutions to help reduce claims. • What is stopping innovation within the UK personal lines market? • How insurers can make use of AI within the claims process.

This week we talk to Rafaela Fakhre, Associate Director at Eames Consulting, and Wendy Kriz Evans, Principal at LCP, about key learnings from their report on optimising capital model validation resourcing. We discuss: • Actions firms can take now ahead of the 2024 capital model validation season. • Is there still a demand shortage for actuarial roles across the market? • Hot topics for capital and validation in 2024.

This week we talk to Laura Hobern, Partner at LCP, about key learnings from the 2023 year-end and what to look out for in 2024. We discuss: • What is driving the recent casualty reserve deteriorations across the market? • Is the market doing enough on inflation, in particular social inflation? • Insights from LCP's recent market benchmarking • What are some of the issues at the top of the board's agenda at the start of 2024?

This week we talk to Chelsey Sprong, Head of Social Impact at Beazley, and Jinita Shah, Partner at LCP, about diversity, equity and inclusion in the insurance market. We discuss: • Pros and cons of using quotas to help improve female representation at senior levels • The FCA and PRA consultations on diversity and inclusion in the financial sector • What firms can be doing on the ‘S' in ESG and how this links to DEI • Tips on how to make diversity, equity and inclusion “business as usual”

This week we talk to Seema Bradbury, CRO of Asta, and Ed Harrison, Principal at LCP, about what the risk function of the future will look like and how we can get there.

This week on Insurance Uncut Jess catches up with Katie Saunders and Richard York-Weaving, two of LCP's motor insurance experts, about the latest trends and their recent market survey. They discuss: • What is driving the increase in motor premiums? • What are the underlying factors driving higher inflation in the motor space? • Expectations for the forthcoming review of the Ogden rate. • The latest on the whiplash reforms.

This week on Insurance Uncut we talk to Tom Clementi, CEO of Pool Re, about: • How Pool Re works and the critical role it plays in protecting against the impacts of terrorism • How Pool Re is evolving as the risk landscape changes • How public/private risk pooling partnerships could further bolster national resilience in the future

This week Mel Tam, Senior Consultant at LCP, tells us about her time as a Claims Actuary and what we can learn from the actuarial work being done in Australia. We discuss: • What the role of a claims actuary is and how it can add value • What can UK actuaries learn from Australian actuaries? • What is an unconference? • Mel's role as a Board Trustee for Mind in Enfield and Barnet.

Insurance Uncut went on the road to Edinburgh for the actuarial profession's 50th GIRO general insurance conference. The final episode in this mini-series is with Laura Curtis, Chair of the IFoA General Insurance Lifelong Learning Committee, responsible for organising GIRO. We discuss: - Reflections from GIRO. - Tips if you are looking to get more involved in the IFoA and its research activities. - Laura's career journey through insurance.

Insurance Uncut went on the road to Edinburgh for the actuarial profession's 50th GIRO general insurance conference. From the last day of GIRO 2023, we bring you conversations with three great guests. We chat to: - Declan Lavelle, LCP partner and immediate past president of the Society of Actuaries in Ireland, on key developments in the regulatory regime in Ireland. - Helen Cooper, CRO at esure and Ron Richman, Chief Actuary at Old Mutual Insure, about fairer pricing, transformation projects, neural networks and more! NOTE - this episode was recorded live and there is some background noise, which might not be comfortable for all listeners.

Insurance Uncut went on the road to Edinburgh for the actuarial profession's 50th GIRO general insurance conference. From the afternoon of day two of GIRO 2023, we bring you four great conversations. We chat to: - Isabelle Williams, Oli Grossman and Joanna Thornett from LCP about their talk ‘Zero to hero: can we build a capital model in an open-source framework, from scratch, using ChatGPT?' - Rachel Haldane, Exposure Manager at Start Network and Andy Jinks, Head of the Insurance and Investment, Government Actuary's Department, about their talk ‘Insurance for humanitarian crises.' - Amrit Santhirasenan, Co-founder and CEO at hyperexponential, about his talks at GIRO and reflections on running a rapidly growing business. - Mirjam Spies, Interim Chief Actuary at Lloyd's, about the Lloyd's update and her thoughts on leadership. NOTE - this episode was recorded live and there is some background noise, which might not be comfortable for all listeners.

Insurance Uncut went on the road to Edinburgh for the actuarial profession's 50th GIRO general insurance conference. From the morning of day two of GIRO 2023, we bring you three great conversations. We chat to: - Visesh Gosrani, Director Catastrophe Modelling at Cowbell Cyber, about his hot topic talk looking at the risk and opportunities of AI technology. - Erin Bargate, Head of Casualty Pricing at Hiscox London Market, about her talk on managing inflation uncertainty, including tips on how you can allow for inflation in your reserving. - Rachel O'Connell, Head of Reserving at Starr Insurance Companies, about her talk, with the Insurance as a Force for Social Good Working Party, titled ‘Are we the baddies?' NOTE - this episode was recorded live and there is some background noise, which might not be comfortable for all listeners.

Insurance Uncut went on the road to Edinburgh for the actuarial profession's 50th GIRO general insurance conference. From day 1 of GIRO 2023 have three great conversations to bring you: • The IFoA Present, Kalpana Shah, about her aims for her presidency and key themes at the conferences. • Laura Evans, Chief Actuary at Flood Re, who gave us the highlights from the two talks she is giving at the conference (‘To price flood risk-reflective or not?' and ‘Flood events that make us think?') and how Dr Tara Shine's plenary set the scene for climate change to be a key theme for the conference; and • Charlie Stone and Melissa Tam from LCP who gave us the key highlights from their talk on ‘How can actuaries best add value to claims?'

To start season 4 we are excited to be taking Insurance Uncut on the road. We are off to Edinburgh for the actuarial profession's 50th GIRO general insurance conference. We will be bringing you several episodes this week from the conference, catching up with speakers and soaking up the atmosphere. To kick us off we are chatting to Ed Harrison who is on the GIRO organising committee to give us the inside track on the big issues in the market that this year's conference will be covering.

This week we are talking to Andy Bord, CEO of Flood Re, about how the specialist reinsurer is achieving its goals and about being an effective CEO. We discuss: • What problems Flood Re is helping to solve. • How Flood Re is approaching climate change risk. • Managing stakeholders across the spectrum of flood risk. • How to create a positive organisational culture.

This week we are talking to Ronald Richman about current challenges for Chief Actuary's. Ronald is Chief Actuary at Old Mutual Insure as well as being Vice Chair and Member of the Actuarial Studies In Non-life insurance Board at International Actuarial Association and Chair of the Climate change Practicing area committee for the Actuarial Society of South Africa. We discuss: • Discrimination-free pricing – how can we tackle the problem • How to make AI less of a black box • Climate change risk management • Being a Chief Actuary in South Africa

This week we are talking to Kathryn Morgan, a Non-Executive Director (NED) for four insurance firms. With her previous experience as an actuary and a regulator, Kathryn offers a unique and insightful perspective on what's occupying the minds of insurance NEDs today. We discuss: • Kathryn's personal journey towards becoming a NED and the potential paths others can take. • Promoting diversity and inclusion in the insurance industry. • Three key issues currently commanding the attention of NEDs: Environmental, Social, and Governance (ESG) considerations, the impact of Artificial Intelligence (AI), and the implications of higher inflation. • Opportunities to get greater value from internal audit

This week we are delighted to introduce LCP's new podcast, Beyond Curious with LCP. On this episode, hosts Laura Amin and Charl Cronje talk to Tom Porter about how CEOs can embrace AI and ensure that their organisations stay competitive and relevant. Tom is LCP's Strategy Director and is leading our journey to embrace AI effectively across the firm.

This week we are talking to Lisa Balboa, Head of Life & Health Digital Business Accelerator at Hannover Re. Lisa shares her insights on how insurers are using wearables and other technology to encourage healthier lifestyles. We also talk about the work of the actuarial profession's Mental Health Working Party. We discuss: • The potential of wearables to enhance insurance cover. • How generative AI will impact the whole insurance value chain. • Mental health - how insurers can be rethinking the underwriting approach.

This week we are talking to Natasha Anning, CEO of the Medical Indemnity Protection Society Ltd (MIPS) and the insurer MIPSi. Natasha shares some great insights on the unique challenges of running a successful medical defence organisation, on med-mal trends and on leadership. We discuss: • Key developments in the med-mal market including differences between the UK and Australia. • What does a successful insurance organisation look like in 2023 and beyond? • Tips for career development and how to be an effective CEO.

This week we are talking to Stuart McDonald MBE, Partner at LCP, about what we've learned from the COVID-19 pandemic a few years on and how prepared we are for the next health crisis. We discuss: • Stuart's groundbreaking work with the IFoA COVID-19 Actuaries Response Group. • The long term impacts from COVID-19 and how well the UK is prepared for the next pandemic. • Anti-microbial resistance and UK health inequalities.

This week we are talking to Rupesh Bhudia, Head of Pricing for Crisis Management at Hiscox, about geopolitical risks. Rupesh has some great insights into the latest market trends and how actuaries can add value in an area where data isn't abundant. We discuss: • What are the major geopolitical trends impacting the insurance market? • How do you monitor and manage geopolitical risks in practice? • How does your role differ from some traditional actuarial roles?

This week we are talking to the ‘Salary Guy' Michael Stefan about recruitment, retention and diversity. Michael is a partner at Hanover Executive Search and is the leading publisher of salary research data for actuaries and risk professionals in the general insurance market. We discuss: • The latest hybrid working trends. • What the stats say about how well gender diversity is being addressed within the UK general insurance market. • Top tips for employees planning career moves and employers seeing to win the war for talent.

This week Richard York-Weaving, one of LCP's motor experts, tells us about key trends affecting the UK motor market, including insights from our annual motor survey. We discuss: • How is inflation impacting motor claims? • How are insurers trying to stay competitive in the face of uncertainty from the whiplash reforms, Ogden rate changes and the FCA pricing reforms? • How might electric and self-driving cars change the motor market in the future?

This week we are discussing liability exposure management with Ramiz Mohamed who is Head of Casualty Exposure Management at Hiscox and chair of the new IFoA working party on liability exposure management. We discuss: • The differences between liability and property exposure management. • What are the key challenges and techniques used within liability exposure management? • Deep dives into social inflation and climate change litigation