Future Pathways - Actuaries
42
Fe Pathways Future Pathways Fresh perspectives from actuaries of the future Auckland, 18 March 2013 Wellington, 19 March 2013
Transcript of Future Pathways - Actuaries
Fe PathwaysFuture PathwaysFresh perspectives from actuaries of the future
Auckland, 18 March 2013Wellington, 19 March 2013
…A Traumatic Future?
What is Trauma Insurance?
Serious Medical Events?
Serious Medical Events?
What is the Insured Benefit?
Birthplace of “Dread Disease Insurance”?
1983
Whose Idea Was It?
“You don’t need insurance because you
are going to die but because you are going
to live.”
“As a medical doctor, I can repair a man
physically, but only insurers can repair a patient's finances.”Marius Barnard
Using the Benefit Payout?
Other Uses of the Benefit Payout …
The “Big 4” ?
NZ Trauma Claims
Source: Gen Re Dread Disease Survey 2004‐2008
What affects Trauma risk rates?
Why Could It All Turn Sour?
NZ market …
NZ market … Breadth of Cover
Conditions covered on a trauma policy:
–Britain has a list of 23–USA has a list of 7–South Africa Comprehensive covers 23‐30
–South Africa Core covers 3‐4
… NZ covers around 43
NZ market … Depth of Cover
NZ market … Depth of Cover
Ratings Houses:What Do They Do?
Ratings Houses:Who Are They?
Company IRESS Strategy QPR
A 1 1 3
B 4 3 4
C 5 6 1
D 6 4 2
E 2 7 5
F 3 6 6
G 9 2 7
H 7 9 8
I 8 8 9
Ratings Houses:Real Life Example
Ratings Houses:Confused?
Scarynomics
# of Definitions Pricing
Definition Strength
Scarynomics
Definition Strength
A Walk Down Memory Lane…
A Walk Down Memory Lane…
The First Telephone…
…The iPhone 5
The First Computer…
…The MacBook Air
Early Open Heart Surgery…
Keyhole Heart Surgery…
Future Nanobot Heart Surgery?
What Can You Do?
The GFC…
…Avoidable?
Trauma Insurance…
…Don’t Follow The Herd
Trauma Insurance…
…Don’t Play The Game
Trauma Insurance…
…Stop The Creep
Be Heard…
Be Respectful…
Be Brave…
