The International Actuarial Assocation's (IAA) Microinsurance Working Group has released a paper on assessing risk and proportionate actuarial services in inclusive insurance.
The paper is an educational toolkit and addresses three key questions:
- How does one identify the key insurance risks in terms of a product or a provider?
- What actuarial or other advice or services are needed to manage these risks?
- What level of actuarial skills, if any, is needed to deliver the actuarial advice or service?
Long-standing MiN member and chair of the Microinsurance Working Group at IAA, Nigel Bowman said, "The IAA is excited to publish this work piece, not only because we expect it to enhance risk management in inclusive insurance, but also because it begins to address the actuarial skills gap in inclusive insurance markets. I am hopeful this is only the start of greater involvement by the actuarial profession in the important area of inclusive insurance, where such involvement is warranted.”