Category Archives: General Insurance

Corporate Governance Principles

  The subject of effective corporate governance and, more specifically, effective corporate risk management is by no means new. Examples of failed leadership at a Board level are however still as common if not more common than what should be …

Machine Learning Application to Insurance Pricing

Lux Actuaries & Consultants is proud to be a lead sponsor for the 2nd Annual Motor Conference on Digital Transformation in Insurance Pricing and Claims Management. Organised by the Emirates Insurance Association, this virtual event will take place on 12 …

IFRS 17: The Road so Far

Premium Magazine: May 2020 By Noman Zafar and Raghav Ohri The recent deferral by another year pushes the IFRS 17 implementation date to 1 January 2023 and is a relief to overburdened insurers, many of whom are firefighting to align …

Machine Learning: “Pricing” the Way Forward

This presentation, given at the Technical Issues in General Insurance (TIGI) Conference in April 2019, explores Machine Learning in Insurance Pricing. While stochastic models such as GLM’s have shown promise, there are shortcomings to such models. For instance, these models …

Fraud Detection: How can Machine Learning Help?

An insurance company processes millions of claims, knowing that some of these might be fraudulent. Fraudulent claims that get paid out can cause insurance companies unnecessary and sometimes massive losses. One question that is often posed, and one that is …

IFRS 17 project

Overview of the Region With the launch of International Financial Reporting Standard no 17 (“IFRS 17”) by the IASB in 2017, there has been a sense of urgency from regulatory bodies globally towards feasible adoption approaches. One of the main …

Solvency II, ERM

Experience is Key Lux is a key partner to more than 20 companies in various EU jurisdictions in assisting in the implementation of Solvency II  and ERM in an efficient and value adding manner. Our involvement spans all three pillars …

Financial Condition Reporting project

Change for the better Lux started working with this UAE based insurer early 2017, when major changes to the Company began. At the time Lux became the Appointed Actuary, the client was effectively insolvent, the business was performing poorly, and …

Quota Share optimisation project

Quota Share optimisation for Solvency purposes A company, under capital strain due to fast premium growth, asked us to consider what proportion of their motor portfolio should be ceded to minimise risk of falling below capital requirements, while still retaining …