Government Actuary’s Department Showcases Expertise at GIRO Conference
Specialists from the Government Actuary’s Department (GAD) recently shared their expertise at the annual GIRO Conference, a prominent gathering for professionals in the UK general insurance sector. The event provided a platform to discuss critical issues, particularly the personal injury discount rate, commonly referred to as the Ogden rate.
Leadership in the Setting of the Ogden Rate
A key discussion at the conference centred on GAD’s crucial involvement in determining the personal injury discount rate (PIDR). Government Actuary Fiona Dunsire, alongside insurance actuary Paul Butcher, presented a detailed overview of the department’s evidence-based methodology used in advising on the PIDR across England and Wales, Scotland, and Northern Ireland.
This year marked a noteworthy shift for the process in England and Wales as the Lord Chancellor engaged with an expert panel for the first time, led by Fiona Dunsire. In her address, Dunsire highlighted the significance of independence and expert input in governmental decision-making, noting how GAD’s comprehensive methodology influenced the most recent review of the PIDR.
Paul Butcher remarked on GAD’s contributions at the conference, stating, “Our team’s extensive skills and experience are vital in providing independent analysis and advice that aids the public sector in making informed policy decisions.”
Delegates were provided with insights into the diverse evidence taken into account, which included market trends and actuarial evaluations, illustrating how these factors impact government policy within a rapidly evolving landscape.
Government Actuary Fiona Dunsire (L) and investment actuary Paul Butcher (R). Credit: GAD.
Commitment to Professional Standards
The conference also underscored GAD’s dedication to maintaining high professional standards within the actuarial field. Richard Chalk, an actuary seconded from the Bank of England, conducted a workshop focusing on professionalism and the Actuaries’ Code. He urged attendees to contemplate the essence of professionalism and the critical role the Actuaries’ Code plays in public service.
Support for Public Sector Challenges
As part of its mandate, GAD consistently assists public sector clients with intricate financial and insurance matters, drawing on its substantial expertise and analytical capabilities.
For those interested in learning how GAD’s actuaries and analysts may assist organisations, the department welcomes engagement for further discussions.
Source: official statements, news agencies, and public reports.
https://www.gov.uk/government/news/gad-expertise-in-focus-at-leading-general-insurance-conference
