Insurance Uncut

As part of the GIRO 2025 mini-series, we speak to Martin Assmann from Insurance ERM about current hot topics across the insurance market. https://www.insuranceerm.com/news-comment/insuranceerm-launches-its-weekly-podcast-episode-one-out-now.html

As part of the GIRO 2025 mini-series, we speak to Geraldine Finucane and Hazel Davis from the working party on Professionalism, Regulation and Ethics for Actuaries in Data Science. We discuss what effective governance can look like in practice and how to assess whether your firm's approach supports meaningful oversight.

As part of the GIRO 2025 mini-series, we speak to George Wright about getting the right tools and support for modern actuarial modelling.

As part of the GIRO 2025 mini-series, we speak to Debashish Dey. We discuss his latest research combining two hot topics, climate change and AI and also touch upon his career journey.

As part of the GIRO 2025 mini-series, we get an update from Cian Creedon and Marcus Schofield on the latest from the Claims Inflation Working Party. We discuss; the results from their inflation survey and how expectations for future inflation will vary by line business going forward.

As part of the GIRO 2025 mini-series, we speak to Richard Stock and Tom Saliba from the Flood Working Party on how best to engage with government and other stakeholders to promote early development of a more robust and appropriately funded solution to UK flood risk.

As part of the GIRO 2025 mini-series, we speak to Isabelle Williams and Richard Holloway from LCP about how pricing and capital teams can work together to stay ahead of the curve on emerging risks.

As part of the GIRO 2025 mini-series, we speak to Paul Sweeting about his career, goals for his presidency and the future of the actuarial profession.

As part of the GIRO 2025 mini-series, we speak to Karol Gawlowski and Patricia Wang, IFoA Actuarial Data Science Working Party. We discuss their latest research on Interpretable Boosted GLM, which won them the Brian Hey Prize for 2025.

As part of the GIRO 2025 mini-series, we speak to Catrin Townsend about Price Writers, Catrin'a book “A Risky Business” and how we need smarter governance for smarter pricing models. https://www.amazon.co.uk/Risky-Business-Actuarys-Quantifying-Managing/dp/3031116720 https://open.spotify.com/show/4TDqKgBZSIwMqzUJM6H2ke?si=85c7c96d792d4e6c&nd=1&dlsi=25d649a0d9c446c2

As part of the GIRO 2025 mini-series, we speak to Chris Jones, Doug Woodley and Yousif Al-Ani about the latest on Autonomous Vehicles (AVs). We cover: when will we see AVs on UK streets, how will insurance work and who are the key players in development of AVs? https://www.abi.org.uk/products-and-issues/topics-and-issues/driverless-cars/ https://www.linkedin.com/in/chris-jones-051875174/ https://www.linkedin.com/in/doug-woodley-480437a3/ https://www.linkedin.com/in/yousifalani/

As part of the GIRO 2025 mini-series, we speak to Amit Parmar about electric vehicles. We discuss the research Amit and Conor Woods have done on whether electric vehicles crash more or less than petrol cars. https://resolve.cambridge.org/core/journals/british-actuarial-journal/article/examination-of-factors-influencing-accident-frequency-and-severity-of-electric-vehicles-evs-vs-internal-combustion-engine-vehicles-icev/D8267B87F78CF300385BA7A139B39AD0

As part of the GIRO 2025 mini-series, we speak to James Orr and Oliver Bettis from the IFoA Climate Sensitivity Working Party to discuss there latest research on climate sensitivity, which looks at why we should we care and what can we do if it's more than we thought?

As part of the GIRO 2025 mini-series, we speak to Gwen Chan on: “more data or more model? - a framework for achieving predictive analytics objectives in specialty insurance”. Gwen's and Priyank's research is looking to measure the predictiveness of different datasets.

As part of the GIRO 2025 mini-series, we speak to Cat Drummond and Tom Durkin about their presentations on Capital modelling and validation market review: Industry trends and best practices.

This week we talk to Lara Palmer and Jade Lagrue from LCP about their new research on modelling reserve risk. We discuss: • Limitations of current reserve risk modelling. • What analysis have you considered as part of the research • What are the possible applications and next steps for the research

This week we talk to Gerry Quirk, Partner at Bryan Cave Leighton Paisner, about Part VII transfers. We discuss: • How do Part VII transfers work and who are the key stakeholders? • What are the different motivations for firms to do a Part VII and how have these changed over time? • What are the latest trends in Part VII transfers? • What process is used in other countries?

This week we talk to LCP principal Cecilia Cheuk about the latest developments in the Irish market. We discuss: • Overview of the Irish market. • What are the latest initiatives from the Irish Government and the CBI? • What has been the impact on the Irish market post Brexit? • How are firms tackling climate change and making the most of AI?

This week we talk to LCP partner Cat Drummond about the latest developments in capital modelling for general insurers. We discuss: • Findings from LCP's latest market research and benchmarking, covering both technical developments, process and resourcing issues • Key challenges for insurers, from soft markets to regulatory expectations • How insurers are reflecting changing geopolitical and climate risks in their capital models

S6 Ep. 4 - The insurance M&A market by Lane Clark & Peacock

This week we talk to Wendy Kriz Evans, a principal at LCP, about the key findings from LCP's annual Solvency II report. We discuss: • Changes in the UK and Irish market solvency coverage ratio. • The changes in geo-political risks firms are facing. • How firms are starting to take action on cyber and climate change risks.

This week we talk to Karl Murphy, non-executive director at Beazley and previously a partner at actuarial consultancy EMB. We discuss: • The evolution of technology in the insurance market and where it might go next. • Key issues currently facing general insurance markets in 2025 • What makes a great consulting actuary?

This week we talk to Chris Sharp, Active Underwriter at Hampden Risk Partners. We discuss: • What are the pros and cons of the different follow models? • How can insurers remain profitable in a soft market? • What role should technology and data play in underwriting?

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.