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ENID not Blyton
ENID is a term widely used, just generally not in South Africa. For some reason we didn’t import the term along with most of Solvency II. This has nothing to do with the Famous Five. While it is most...
View ArticleCredit Life regulations and reactions (2)
In part 1 I discussed the implications of basing premiums on initial balance or declining balance for profitability and the threat of substitute policies. In this post I want to discuss substitute...
View ArticleCredit Life regulations and reactions (3)
This is a short addition to parts 1 and 2. The question as to whether the benefit payable under a credit life policy can or should include arrears payments. The purpose of a credit life policy is to...
View ArticleCredit Life Aside: banning sale of credit life alongside lending?
Some markets have banned sale of insurance alongside lending Another way to deal with the problem of competition in credit life is to simply not permit the sale of insurance at the same time as the...
View ArticleCollective nouns for cats
In my ASSA convention presentation on systemic risk last week, I took pains to highlight the difference between real systemic risk and mere catastrophic claim risk or even concentration risk. In this...
View ArticleDownwards counterfactual analysis
Stress and scenario testing are important risk assessment tools. They also provide useful ways to prepare in advance for adverse scenarios so that management doesn’t have to create everything from...
View ArticleWhy isn’t there more micro insurance in South Africa
After a recent Actuarial Society sessional presentation I gave on micro insurance and the regulatory developments, I was asked why there aren’t more micro insurers operating in South Africa. Here is a...
View ArticleSlides from micro insurance sessional meeting in 2018
I had several requests for these slides. At some point they should also be available on ASSA’s website, but that process seems to take a curiously long time. Here are the Micro insurance sessional 2018...
View ArticleJust what are ancillary own funds?
Reading the Financial Soundness Standards for Insurers (FSIs) is an exercise that can only end in madness. I’m sufficiently familiar with them now that I mostly refer back to them for particularly...
View ArticleCapital implications of infrastructure assets for insurers under SAM
Infrastructure as an asset class is hardly a new idea. Retirement funds are attracted to the promise of higher turns, long-dated cash flows, and consistency with increasingly important ESG factors....
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