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Exposures and Experiences In the London Market

This seminar explores the roles for actuaries in the London Market, including pricing, underwriting, reserving, and financial reporting. It also examines the various exposures and experiences in the market, such as insurance and reinsurance risks, specialty risks, and the impact of market proximity and communication.

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Exposures and Experiences In the London Market

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  1. Casualty Actuaries in Reinsurance Seminar on Reinsurance Robin N. Murray, FCAS, MAAA June 7-8, 2004 Exposures and Experiences In the London Market • 2004 Towers Perrin

  2. Agenda • Employers in the London Market • Roles for Actuaries • Exposures • Experiences • Repatriation • 2004 Towers Perrin

  3. Employers in the London Market • Underwriting Organizations • Lloyd’s • Company Markets • Intermediaries • Reinsurance Brokers • Managing General Underwriters • Consultants • Actuarial • Catastrophe Modeling

  4. Roles for Actuaries • Pricing and Underwriting • Reserving and Financial Reporting • Financial Planning and Modeling • Systems Development • Strategic and Operational Leadership

  5. Exposures by Distribution Source • Insurance Exposures • Open Market Risks • U.S. Binders/Lineslips/Programs • UK Programs • UK Direct Exposures • International Programs • Reinsurance Exposures • Traditional Insurers • U.S. and Canada • Europe • Middle East • Japan • Captive Insurers • Specialty Insurers

  6. Exposures by Class of Business • Capacity Risks • Directors & Officers/Errors & Omissions • Catastrophe Risks • Marine • Energy • Aviation • Property • Surplus Lines • Casualty risks • Property risks • Specialized Underwriting • Terrorism • Political Risk • Fine Art

  7. Experiences • Proximity of market participants in the City • Face-to-face communications more common between market participants • Exposures rarely seen/underwritten by insurance professionals in the U.S. • Distance between underwriter and original risk in U.S. or elsewhere • Subscription market characteristics and impact on risk selection • Actuarial staff selection and competencies • Supply and demand for actuarial talent • Implementation of pricing controls • Introduction of internal underwriting/pricing audits • Analysis of market cycle by class of business and benchmarking • Use of management information from pricing as input to planning/forecasting

  8. Coming home . . . • Perspective on • People • Risk • Insurance Cycle • Next time around?

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