This paper defines the ‘Case Deleted’ Deviance - a new objective function for evaluating Generalised Linear Models, and applies this to a number of practical examples in the pricing of general insurance. The paper details practical approximations to enable the efficient calculation of the objective, and derives modifications to the standard Generalised Linear Modelling algorithm to allow the derivation of scaled parameters from this measure to reduce potential over fitting to historical data. These scaled parameters improve the predictiveness of the model when applied to previously unseen data points, the most likely being related to future business written. The potential for over fitting has increased due to number of factors now used, particularly in pricing personal lines business and the advent of price comparison sites which has increased the penalties of mis-estimation. New material in this paper has been included in a UK patent application No. 1020091.3.

This abstract relates to the following paper:

LovickA.C. and LeeP.K.W.Redefining the deviance objective for generalised linear models ‐ Abstract of the London discussionBritish Actuarial Journal, doi:10.1017/S1357321712000190

This abstract relates to the following paper:

LovickA.C. and LeeP.K.W.Redefining the deviance objective for generalised linear models ‐ Abstract of the Norwich discussionBritish Actuarial Journal, doi:10.1017/S1357321712000190

Insurance accounting has for many years proved a challenging topic for standard setters, preparers and users, often described as a “black box”. Will recent developments, in particular the July 2010 Insurance Contracts Exposure Draft, herald a new era?

This paper reviews these developments, setting out key issues and implications. It concentrates on issues relevant to life insurers, although much of the content is also relevant to non-life insurers.

The paper compares certain IFRS and Solvency II developments, recognising that UK insurers face challenges in implementing new financial and regulatory reporting requirements in similar timeframes. The paper considers resulting external disclosure requirements and a possible future role for supplementary information.

This abstract relates to the following paper:

ForoughiK., BarnardC. R., BennettR.W., ClayD. K., ConwayE.L., CorfieldS.R., CoughlanA.J., HarrisonJ.S., HibbettG.J., KendixI.V., Lanari-BoisclairM., O’ BrienC.D. and StrakerJ.S.K.Insurance accounting: a new era? ‐ Abstract of the London discussionBritish Actuarial Journal, doi:10.1017/S1357321712000189

This abstract relates to the following paper:

ForoughiK., BarnardC.R., BennettR.W., ClayD.K., ConwayE.L., CorfieldS.R., CoughlanA.J., HarrisonJ.S., HibbettG.J., KendixI.V., Lanari-BoisclairM., O’BrienC.D. and StrakerJ.S.K.Insurance accounting: a new era? ‐ Abstract of the Edinburgh discussionBritish Actuarial Journal, doi:10.1017/S1357321712000189

This paper contains an update to the first international comparative study of mortality tables carried out in 2006. It examines the mortality assumptions used in the valuation of pension liabilities in a number of different countries. The results are considered in relation to the underlying population mortality rates, in order to isolate the strength of the mortality assumptions being applied. It is found that there is evidence of a lack of consistency between countries, and that this has not changed since the previous study.

This abstract relates to the following paper:

SitholeT.Z., HabermanS. and VerrallR.J.Second international comparative study of mortality tables for pension fund retirees ‐ Abstract of the London discussion. British Actuarial Journal, doi:10.1017/S1357321712000207