Good morning everyone,
As some of you may or may not be aware, the FCA has ruled that for all BI cover claims they have been exposure to during COVID-19, they must pay out for any claims. This will have a serious impact on each insurers portfolio and depending on each insurers portfolio diversification, will determine their strength. Our reserving is just “one” element of impact with QBE estimated to hit a £70m Loss together with other insurers I.e. RSA £104m etc.
https://lnkd.in/gUWmw45
What becomes interesting from a reserving perspective is reserving actuaries we will be modelling our TP at peril level (am not saying all insurers don’t consider this but going forward we might need to rethink our approach). My point is really around utilising data more effectively. We need to equally rethink about data and how we calibrate our models.
The ARGenesis Ecosystem was designed specifically to help insurers make better use of their data, which can help them both now and in the future. For more information about our product, please do get in touch. We are happy to provide a demo..
Best regards
Asif J., Chris Daniels, Ali Bayramov