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General Insurance Research Update

By Anthony Cappelletti

General Insurance Insights, December 2024

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The General Insurance Research Committee (GIRC) continues to meet monthly to identify relevant research topics and potential partnering organizations with the goal of furthering the SOA’s activities in general insurance. In addition, the committee provides SOA members with results that will help them in their day-to-day activities. The committee welcomes ideas for consideration and is seeking additional members. If you are interested in either submitting ideas or becoming a member, please contact me at acappelletti@soa.org.

Of note from the GIRC for this update:

  • Proposals are being accepted for research on Inflationary Forces on Auto Loss Costs.
  • Nearing completion is the report “Geospatial & High-Resolution Imagery coupled with AI in Loss Estimate Analytics and Underwriting.”
  • The report “Framework for Digital Asset Risks with Insurance Applications” was recently published. It’s an excellent resource for actuaries that want to understand the cyber risks associated with the developing digital asset ecosystem.

All completed general insurance research is published on the SOA’s General Insurance Research page.

The GIRC is currently finalizing details for various submissions for research funding. Once the projects commence, the SOA will be seeking individuals to join volunteer project oversight groups (POG) to help guide and oversee each project. Each POG seeks four to eight volunteers who may be FSAs, ASAs, or non-members with backgrounds in the topic. Volunteers are expected to participate in periodic, hour-long conference calls (a total of five to 10 calls expected over the course of a project) to review material and provide guidance. Research projects provide a way for volunteers to network, build upon their experience in the field, and help support the SOA’s research efforts.

Additionally, the following SOA sponsored research projects applicable to general insurance have been completed and published:

On the SOA risk management research page:

  • “United States Earthquake Insurance Overview: Risk and Coverages by Region with a Comparison to Canada and Puerto Rico”—A guide for actuaries, insurance companies and regulators to understand earthquake risk and insurance in the United States.
  • “Comparison of Regulatory Framework for Non-Discriminatory AI Usage in Insurance”—An overview of the regulatory landscape for AI usage in Insurance in the United States, the European Union, Canada, and China.

On the SOA Research Institute Catastrophe & Climate page:

  • “Tipping Points in Climate-Related Insurance Modeling”—A methodology to identify climate regime shifts in different climate scenarios.
  • “Actuarial Weather Extreme Series, Hurricane Helene”—An analysis of the effect of this Category 4 hurricane.
  • “Implications for Actuaries from the ISSB and Global Climate-related Financial Disclosure Standards”—A discussion of the new International Sustainability Standards Board (ISSB) climate and sustainability disclosure standards, focusing on the climate-related financial disclosure requirements.

If you have questions about GIRC projects, contact me at acappelletti@soa.org. If you would like to volunteer, please review the current open volunteer positions on the Volunteer Opportunities Database.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the editors, or the respective authors’ employers.

Anthony Cappelletti, FSA, FCIA, FCAS, is a staff fellow for the SOA. He can be contacted at acappelletti@soa.org.