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Insurance Directorate – Update on Current Issues General Insurance Grace von Offenberg Sweeney, Deputy Head for Actuarial TJ Bourke, Senior Actuarial Advisor.

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Presentation on theme: "Insurance Directorate – Update on Current Issues General Insurance Grace von Offenberg Sweeney, Deputy Head for Actuarial TJ Bourke, Senior Actuarial Advisor."— Presentation transcript:

1 Insurance Directorate – Update on Current Issues General Insurance Grace von Offenberg Sweeney, Deputy Head for Actuarial TJ Bourke, Senior Actuarial Advisor

2 General Insurance Sector in Ireland SAI Annual Convention – General Insurance Forum Increasing injury claims Low prices

3 Motor Car Insurance CSO Index & Events SAI Annual Convention – General Insurance Forum

4 Motor Car Insurance Index v’s Consumer Price Index SAI Annual Convention – General Insurance Forum

5 General Insurance Sector in Ireland SAI Annual Convention – General Insurance Forum Increasing injury claims Low prices

6 General Insurance Sector in Ireland SAI Annual Convention – General Insurance Forum Increasing competition Investment income decline

7 General Insurance Sector in Ireland SAI Annual Convention – General Insurance Forum FOE- Subsidiaries Prudentially Regulated by CBI FOS - Branches

8 Motor Profitability Challenges SAI Annual Convention – General Insurance Forum Note: Accident Year: Weighted average COR of the 6 largest companies excluding Irish branches. Financial Year: Statutory returns includes all motor classes of business.

9 Private Motor Claims Cost per unit exposure SAI Annual Convention – General Insurance Forum Exposure: Earned Vehicle Years

10 Private Motor Injury Burning Cost per unit exposure SAI Annual Convention – General Insurance Forum

11 Private Motor Injury Claim Frequency Trends SAI Annual Convention – General Insurance Forum

12 Private Motor Injury Severity Claim Trends SAI Annual Convention – General Insurance Forum

13 Private Motor Damage Burning Cost per unit exposure SAI Annual Convention – General Insurance Forum

14 Claims Trend Summary SAI Annual Convention – General Insurance Forum Time lag between results and price change Growing uncertainty in claims Caution on taking pre-emptive credit for mix

15 Developing the Role of the Actuarial Function SAI Annual Convention – General Insurance Forum Protection of Consumer Opinions to Board

16 Targeted Regulatory Focus Continued vigilance injury settled claims Building an analytical platform Flexing supervision with on-site inspection Collaboration with other regulators SAI Annual Convention – General Insurance Forum

17 Q&A SAI Annual Convention – General Insurance Forum


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