Category Archives: General Insurance

Insurance industry: Adjusting to a Post-COVID19 world

In a post-COVID19 world, insurance companies need to carefully consider the changing needs of policyholders. In this article we will be examining how innovation can help drive progress in the insurance industry. We also look at the role of governments, …

Trade Receivables: Calculating ECL under IFRS 9

The IFRS 9 accounting standard on Financial Instruments introduced in 2018 included several changes to the accounting treatment of impaired assets. Due to the COVID-19 impact on the economy, many companies are reviewing their impairment methodologies. In light of this, …

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 …