Proportionate Risk Assessment – The IAA Risk Tool in Action

Risk-based financial management and supervision approaches require individuals and organisations to identify their key risks before they can be managed or supervised. This session introduces a practical risk assessment process and associated tool, developed by the IAA's Inclusive Insurance (previously Microinsurance) Working Group.  The process gives a framework that can assess risks and aggregate their cumulative or portfolio impact.  Outcomes from the process provide input and insight to support supervisory decision making processes.  The session will highlight how the process has been used by insurance supervisors in two very different applications. The first demonstrates how the framework and its associated tool has been used to transform a supervisor's product approval process.  The second illustrates the breadth of application of the framework through a retrospective assessment of the risks that arose in a country's insurance industry due to privatising third party motor insurance.

Resource Materials: Assessing Risk and Proportionate Actuarial Services in Inclusive Insurance Markets — An Educational Paper and Toolkit / Tool / Health & Life Product / Mobile Hospital Cash Product / Social Health Product

Power Point Presentation:

• English
• French 
• Spanish

Speakers:

Edith Apoo

Edith has over 7 years of work experience in the insurance sector (3 and half years regulatory and supervisory experience with the Insurance Regulatory Authority of Uganda (IRA) and 4 years business analysis experience with AAR Health Insurance). At IRA, she currently holds the position of Actuarial Officer where she works with the project team spearheading the adoption of risk based supervision and risk based capital reforms, developing of technical guidance on prudential regulation and actuarial aspects. She is currently pursuing the Chattered Enterprise Risk Actuary qualification (CERA) from the Institute and Faculty of Actuaries, UK. She is a Certified Actuarial Analyst of CAA Global under the Institute and Faculty of Actuaries UK, and holds a Bachelor’s degree in Actuarial Science from Makerere University Kampala.

Nigel Bowman

Nigel is currently the Product, Actuarial and Analytics Executive for Inclusivity Solutions, a technical services provider specializing in creating inclusive digital markets. Prior to joining Inclusivity Solutions, he ran an independent actuarial consultancy providing strategic advice, business case development, financial modelling, and product developments services to life insurance companies operating in Sub Saharan Africa. He also consulted extensively to the Centre for Financial Regulation and Inclusion (Cenfri) on a number of microinsurance-related projects. Nigel currently chairs the International Actuarial Association’s Microinsurance Working Group and played a key role in writing the paper Assessing Risk and Proportionate Actuarial Services in Inclusive Insurance Markets and developing the associated proportional risk assessment tool published by the IAA in November 2018.

Jules Gribble, FIAA, PhD, FSA, FCIA, CERA

Jules has over 30 years of professional actuarial and consulting experience, covering a wide range of areas in superannuation, operational risk management, and governance. His current focus is on retirement income. Jules has worked in large organisations, established and developed a successful consulting businesses and been a partner in a ’Big Four’ consultancy. He has a long-standing interest in professional and supervisor capacity building, including delivering university courses (including Part II at University of Melbourne for nearly 15 years) and many other capacity programs. Up to the end of 2018 he was with the International Association of Insurance Supervisors and supported the development of international capital standards and then supervisory capacity building (including the IAIS Core Curriculum). Jules was a foundation CERA and is a Graduate of the Australian Institute of Company Directors.

Ivan Kilameri

Ivan has 12 years of regulatory and supervisory experience in the insurance sector with the Insurance Regulatory Authority of Uganda (IRA). At IRA, he currently holds the position of Manager Risk & Actuarial where he is the Team Leader in the adoption of risk based supervision and risk based capital reforms, developing of technical guidance on prudential regulation and actuarial aspects. He holds an MBA from Uganda Martyrs University and is an Associate Actuary of the Society of Actuaries, USA, and a member of The Actuarial Association of Uganda. He also holds a Diploma in Actuarial Techniques form the Institute and Faculty of Actuaries, UK, and an Upper Second Class Bachelor’s degree in Actuarial Science from Makerere University Kampala.