UK Periodical Payment Orders - A Reinsurer's Perspective
The President of the High Court established a Working Group earlier this year to consider whether certain categories of damages for catastrophic injuries can or should be awarded by way of Periodical Payment Orders and to make such recommendations in this regard as the Working Group saw fit.
The Working Party is due to report shortly. If introduced, PPO’s will have a significant impact on how certain classes of catastrophic injury claims are settled.
This presentation will be particularly useful to actuaries and others who need an understanding of the potential pricing, reserving and reinsurance issues these instruments would bring. The presentation will examine UK experience to date and will cover:
1. Background to introduction of Periodical Payment Orders in the UK
2. Significant legal developments
3. Claims experience to date
4. Possible reserving/valuation basis
5. Reinsurance issues
Biographical Details:
Paul Brennan - Director – Property and Casualty
Paul graduated from the University of Edinburgh with a BSc in Mathematics and Statistics followed by an MSc in Statistics from Southampton University. Paul qualified as a Fellow of the Institute of Actuaries in 2004. Paul has been with Swiss Re for nearly 6 years and currently heads the actuarial pricing function for UK and Irish P&C business. Prior to Swiss Re Paul worked as a reserving actuary at St Paul Re for 4 years.
Richard Ticehurst, Vice President - Claims & Liabilities
Richard is a Fellow of the Chartered Insurance Institute , Chartered Insurer and Member of the Chartered Management Institute .
Over 30 years claims experience in the insurance and reinsurance markets, specialising in UK bodily injury claims.
Was Claims Manager for a Lloyd's motor syndicate.
As Claims Manager , was part of the ''start up'' team for Hastings Direct.
Examiner for the Chartered Insurance Institute.
Member of the Motor Insurers Bureau Technical Committee, representing Lloyd’s.
Whilst at Hastings Direct worked with the CII’s National Training Organisation division and wrote the syllabus for the first Claims Negotiator training programme to be approved by the Insurance and Related Financial Services National Training Organisation.
In 2003 - was a contributing author to IUA/ABI 3rd bodily injury study.
In 2007 - sat on the legal committee as part of the IUA/ABI 4th bodily injury study.
Mark Dummer - Vice President - Casualty
Mark graduated from university with an Economics Degree in 1991 when he then joined Swiss Re. He currently works in the Products unit (London Hub) underwriting Casualty treaty business for the UK and Irish markets. He is an Associate member of the Chartered Insurance Institute.
David Chambers, Director Client Markets
David has worked in the insurance industry for 31 years and is a Fellow of the Chartered Insurance Institute. He joined Swiss Re 11 years ago in the Client Management function in London and is the Key Account Manager for the Global Clients Division. Prior to joining Swiss Re he worked at GRE.
To access podcast please contact the Society: info@actuaries.ie