Events Library

The microinsurance market is an area with a need for insurance solutions to help manage the risks of low-income and underserved populations. Although there is high demand and a growing market, the microinsurance market has limited tools and actuarial expertise applied in the space. A microinsurance-focused pricing toolkit was developed as part of the Global Actuarial Initiative (GAIN) partnership between Milliman and the United Nations Development Programme (UNDP) to build actuarial expertise in developing countries. The intention of this tool is to equip microinsurance practitioners on the technical aspects to be considered when pricing life and hospital-cash health products. It is not intended to be used to derive or determine the rates to be charged in any one market. Objective This session introduces and provides a technical overview of the microinsurance pricing models (one for hospital cash and one life) developed through GAIN and focuses on key principles of pricing in microinsurance with considerations inherent in pricing a sustainable inclusive insurance product. Audience: • Actuaries and actuarial students • Technical staff (i.e. data management, underwriting, product development) working in microinsurance • Insurtech innovators • Microinsurance providers and distributors

The fundamental question that the Internal Capital Adequacy Assessment Process or ICAAP seeks to address is: “Will the board be able to distribute its forecasted dividend payout to ordinary shareholders, whilst meeting its regulatory constraints (across capital, liquidity, funding and leverage)?” In order to address this question, the bank must assess the Institutions: • Business model and operating environment • Material risk profile • Risk Appetite statement • Capital planning and forecasting • Enterprise-Wide Stress Testing (EWST); and • Management action (risk mitigation plan) to provide a sufficient level of assurance to The Board that the Institution’s reputation will be preserved in-light of the forward-looking market disclosure.

This webinar explores the vital role actuaries play in the microinsurance sector, with a focus on developing and pricing sustainable and inclusive products. Speakers discuss the challenges of limited actuarial capacity and data in low- and middle-income countries, and how these gaps impact affordability and access. The session highlights practical actuarial tools and resources that can support inclusive insurance solutions while addressing risk management needs. It also examines how actuaries can help bridge the capacity gap to better serve vulnerable populations. This event serves as a launchpad for a more technical session on microinsurance pricing tools. Speaker: Lorenzo Chan Moderator: Queenie Chow Panelist: Jeff Blacker, Diana Almoro, Iker Llabres, Liza Maru-Chelimo, and Roelof Coertze

This webinar brings together two critical themes shaping the future of actuarial work: model risk management and the ethical adoption of AI. Matthew Byrne opens the session by examining key model risks with a focus on emerging risks from AI and complex models. He shares practical insights from real-world experience on model risk management. The session also discusses the evolving role of actuaries in leading model risk management and ethical AI adoption. Fei Huang follows with a comprehensive framework for ethical AI adoption in actuarial practice, aligned with the AI lifecycle—from problem definition and data collection to modelling, evaluation, and deployment. She maps these steps to the actuarial control cycle and offers practical guidance and research resources for actuaries designing or reviewing data-driven decision-making. Case studies illustrate common pitfalls of AI and black-box models, along with strategies to mitigate risk and support responsible adoption.

As climate risks intensify, the need for timely, scalable, and efficient risk-transfer solutions has never been greater. Parametric insurance is emerging as a vital innovation in the insurance space, offering pre-agreed payouts based on the occurrence of a triggering event, such as a natural disaster or extreme weather threshold, rather than on measured losses. Unlike traditional indemnity-based models, parametric insurance ensures rapid claim settlements and greater transparency, making it particularly suitable for underserved markets and vulnerable populations. This webinar explores the growing relevance of parametric insurance in the context of climate resilience and sustainable development. It will cover the fundamentals of parametric insurance design, how triggers are selected and validated, pricing mechanisms, and the importance of high-quality data. The session will also explore the real-world implications for policymakers, regulators, and insurance providers especially in regions prone to climate-related shocks like droughts, floods, and cyclones. Participants will gain insights into: • What is Parametric Insurance and how it differs from traditional models. • Key design elements: triggers, thresholds, and payout structures. • Opportunities and limitations in deploying parametric products in agriculture, health, and disaster risk financing. • The role of actuaries, regulators, and technology in scaling parametric insurance for inclusive growth. This session is highly relevant for actuaries, development practitioners, regulators, and policymakers seeking to understand how innovative insurance tools can drive resilience and adaptive capacity in vulnerable communities.