Risk pricing is challenging when you do not have historical data as claims are random events with uncertain frequency and severity.
Reliable data is an indispensable resource for actuaries, whether they are novices or seasoned practitioners.
The lack of relevant and credible cyber insurance data remains a challenge for the London Market, making it difficult to make informed decisions around cyber risk.
Learn common ways underwriters might suffer from inaccurate rates, higher loss ratios or unexpected claims costs due to missing or misstated underwriting information.
While the world faces logistical challenges from COVID-19, insurance claims will continue to occur, and weather-related catastrophes will not abate due to the disease.
London insurers write a diverse range of policies across lines of business and geographies that it’s difficult to ensure policy language is up to date and consistent.
UK insurers saw a significant spike in escape of water and weather-related claims during Q1 2018 when Anticyclone Hartmut struck Great Britain and Ireland.
Not understanding the quality of a risk can lead to poor attritional loss ratios, which is why it's paramount that Lloyd’s underwriters not lose out to poor-quality data.
When developing a peril-specific rating plan for subsidence, heave, and other ground movement risk, property insurers can’t afford to rely on just one data source.