IUA Circular 009/22

UK Motor Claims in the Time of COVID -
A quantitative update from the PPO Working Party and Third Party Working Party as at 2020 year-end

with Chris Francis, Senior Actuarial Analyst, WTW; Paige Yallop, Analyst, WTW and Robert Treen, Director, WTW

Event Date:  Thursday 03 March 2022

Time:  10.00am  (UK/London time) for approx 1 hour
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Subject:  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.

Contact:  Deborah Finch, IUA Events Manager (020 7617 4451)

This is a free event, but names and email addresses of all attendees are required for registration.  Please click here to register.
Click here  for event Dial-in details.

We understand that some attendees are unable to join our webinar's due to company restrictions for some applications on company computers . Please note you can also connect and join with a mobile or tablet device.

Please adhere to on line etiquette during our presentations.  We kindly ask you to mute your microphone and video upon commencing the link and to use the Chat application for any  questions, which will be addressed by the speaker at the end of the presentation. We suggest dialling in at least 5 mins before the start of the webinar.

Please note that any recording of this event will be available post-event in DropBox format, subject to speaker authorisation.

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.

Attendees at this market briefing will hear an update on the results of the quantitative analysis carried out by the Periodical Payment Order (PPO) Working Party. This will cover quantitative trends of PPOs as at 2020 year-end, including PPO propensity, analysis of PPO settlements by age and size of claim, possible behavioural trends as a result of Ogden discount rate changes and other factors. The event will also include an insight into the potential impact of COVID-19 on PPOs.

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.

Our Speakers: 
Chris Francis is a senior analyst at Willis Towers Watson with 4 years of experience in the insurance industry, mainly focusing on Lloyd’s and London Market reserving. Chris has been involved in the qualitative and quantitative streams of the PPO Working Party for 3 years and has been a member for the last 2 years.

Paige Yallop,  Analyst at WTW, has assisted with the production of the qualitative and quantitative surveys for the PPO Working Party since joining the WTW Insurance Consulting and Technology team in 2020.

Robert Treen, Director at Willis Towers Watson, has extensive reserving experience for both UK Motor insurers and reinsurers. He is the co-chair of the Third Party Working Party having joined in 2013 and is responsible for the industry analysis for the working party.

DISCLAIMER: The market briefing presentation materials and speaker comments therein were prepared solely by the presenter(s) in their personal and professional capacity. Any materials or opinions expressed do not necessarily represent the views of the IUA and IUA does not bear any responsibility for, or liability to, any parties in respect of the accuracy, legality or overall content of the presentation or any other comments made by speakers or other attendees during the market briefing.

As a member of the CPD (Continuing Personal or Professional Development) Certification Service the IUA is committed to providing high quality training activities. Our market briefing events are certified as being suitable for CPD purposes. To obtain a self assessment form for any particular event please email Deborah Finch. These forms will be issued after each individual event upon request. 

Anti-Trust Statement: It is the clear and unequivocal policy of IUA to comply in all respects with all applicable competition or antitrust laws. Consequently, IUA Market Briefing Attendees will not participate in any practice that would have the object or effect of restricting competition, nor will IUA provide a forum to promote anti-competitive conduct. In particular, any discussion or agreement on key commercial terms, such as commercial premiums, is likely in all instances to be unlawful and must be avoided. A competition law ‘Do’s and Don’ts’ guide is available and the IUA is happy to answer any questions on competition law that  attendees may have.