This market briefing will provide a detailed update on analysis undertaken by the Periodical Payment Order (PPO) Working Party and the Third Party Working Party.

Description

PPOs are a significant feature of insurers’ and reinsurers’ balance sheets already and are having an impact on pricing and capital modelling efforts of GI actuaries. The Periodical Payments Orders Working Party has been at the forefront of advising GI actuaries about the impacts on their work.

Speaker, Robert Treen, will present the results of analysis completed by the Motor Third Party Working Party, highlighting trends in claims costs of UK Motor claims separately by frequency / severity and by heads of damage based on data as at the end of 2020. The working party had access to a huge data set representing over £8 billion of earned premiums for the 2020 year, hence the analysis has a very credible base and shows important trends in claims costs including the impact of COVID-19.

Speakers

• Chris Francis, Senior Actuarial Analyst, WTW
• Paige Yallop, Analyst, WTW
• Robert Treen, Director, WTW