Specialists from the Government Actuary’s Department (GAD) shared their insight and expertise at the Institute and Faculty of Actuaries’ (IFoA) annual GIRO Conference. It is one of the key UK events for general insurance professionals.
Demonstrating leadership in setting the Ogden rate
GAD’s pivotal role in the process for setting the personal injury discount rate (PIDR, also known as the Ogden rate) was featured in a dedicated session.
The Government Actuary, Fiona Dunsire, and insurance actuary Paul Butcher presented an overview of GAD’s evidence-based approach and rigorous analysis in advising on PIDR for England and Wales, Scotland and Northern Ireland.
This year marked a significant development for the process in England and Wales. This is because the Lord Chancellor consulted for the first time with an expert panel chaired by Fiona Dunsire. Fiona discussed the importance of independence and expertise in supporting decision-making and described how GAD’s robust methodology helped shape the recent review.
Paul Butcher commented: “GAD’s contributions at GIRO highlighted the breadth and depth of our skills and experience. Our team brings expert analysis and independent advice to help the public sector make informed decisions in the public interest.”
Delegates gained insight into the range of evidence considered, including market conditions and actuarial analysis, and learned how this informed government policy in a complex and fast-changing environment.
Government Actuary Fiona Dunsire (L) and investment actuary Paul Butcher (R). Credit: GAD.
Promoting professionalism across the sector
The conference also showcased GAD’s commitment to upholding high professional standards.
Richard Chalk, an actuary seconded to GAD from the Bank of England, contributed to a workshop on professionalism and the Actuaries’ Code as part of the IFoA’s Professional Skills Working Group. Richard encouraged participants to reflect on the meaning of professionalism and the vital role of the Actuaries’ Code in guiding public service work.
Supporting the public sector with actuarial excellence
GAD regularly supports public sector clients in addressing complex financial and insurance issues.
To find out how GAD’s actuaries and analysts can support your organisation, contact GAD for a conversation.