Milliman has announced that the firm is opening a new office in Tel Aviv, expanding its operations in the Middle East. The office will offer the full gamut of insurance and actuarial consulting services. Benny Gabbay, a leading figure in the Israeli insurance industry, and Daniel Sharon, until recently chief actuary of Phoenix Insurance Ltd., a leading Israeli insurer, will oversee the new office in Israel. Each brings a deep knowledge of the Israeli insurance market and over 20 years of industry experience to the firm.
Steve White, Milliman’s president and CEO, says, “Milliman continues to expand into new regions amid increasing demand for the firm’s services across the Mideast and the world. Israel is recognized as a leading force in insurance innovation and we believe Milliman’s creative culture is well-suited to the Israeli environment.”
Nick Dumbreck, a principal with Milliman in London, says: “Israel has a growing insurance market which faces a number of challenges. The Milliman Israel office will bring independent consulting together with our global quality standards to help clients to meet these challenges.”
Benny Gabbay says, “Developments in the insurance and actuarial industry, particularly in areas of regulation (IFRS 17, Solvency II) and insurtech, represent the ideal timing for Milliman’s expansion to Israel. We have an excellent team and I am confident we will make a valuable contribution both to the Israeli insurance industry as well as to the global Milliman enterprise.”
Daniel Sharon says, “We are thrilled about opening the Israeli Milliman office. We have received a warm welcome from the industry and it’s now up to us to live up to the Milliman brand. I’m particularly excited about delivering exceptional service, which Milliman is famous for. Not just answering the question at hand—but also raising and addressing the questions that haven’t been asked.”
For the second year in a row Milliman’s Mike Meehan was named to the Captive Review Power 50 list. “Once again I’m humbled to be listed among Captive Review’s Power 50. Over the years I have been fortunate to have collaborated with a number of the folks on this list, and am further honored to be able to call a number of these folks good friends as well,” he said.
The Power 50 is a ranked list recognizing the 50 most influential professionals in the global captive insurance industry. See the full 2017 Power 50 list here.
Milliman is pleased to announce that Principal William Hines has been named an observer to the International Accounting Standards Board (IASB) International Financial Reporting Standard (IFRS) 17 Transition Resource Group (TRG). IFRS 17, which was adopted in May, represents a significant change from current accounting practices and is expected to require substantial effort from companies to comply. Hines is one of only three observers and 15 members that make up the TRG; the group was created to help support companies as they transition to the new Standard.
Hines was appointed an observer from the International Actuarial Association (IAA), where he chairs the Insurance Accounting Committee. He has spent the past 15 years actively involved in the insurance project, presenting research to the IASB’s Insurance Working Group, and to IASB members and staff. During the IFRS 17 development process, Hines was part of the American Academy of Actuaries (AAA) IFRS Task Force and Financial Reporting Committee, which provided input to the Board. He has been invited to speak at conferences around the world, and has published extensively on the topic of IFRS accounting for insurance.
William has extensive experience consulting, researching, writing, and presenting on IFRS 17. There are not many people who can say they’re passionate about financial reporting issues for insurers—but William is one such person. I’ve no doubt his expertise will be invaluable to the Transition Resource Group and the firms it supports as we make the significant transition to IFRS 17.
For more information on the appointment, click here.
Milliman works with the Ada Developers Academy, a nonprofit based in Seattle, to provide women and gender-diverse individuals opportunities to advance within the software development profession. This video highlights the unique relationship between the two organizations.
Milliman has announced that the firm has been joined by the MicroInsurance Centre (MIC), the internationally recognized consulting firm and microinsurance thought leader dedicated to generating access to valuable microinsurance products to 3 billion low-income people across the globe. Both firms share the common goal of working to protect the health and financial well-being of people everywhere. The transaction amplifies and accelerates the MIC’s progress towards its goals while significantly expanding Milliman’s capabilities in microinsurance. Together, these companies provide unmatched breadth and depth in capacity for clients working in emerging markets to start or enhance their insurance offerings in the low-income market segments.
“The MicroInsurance Centre is a remarkable organization with a deep commitment to building sustainable microinsurance products for populations in need,” says Milliman CEO Steve White. “The MIC’s pedigree of deep expertise, its independence, and its ability to deliver research and education around microinsurance pair perfectly with Milliman’s values and global footprint. We look forward to working with the MIC in support of its bold vision.”
“Milliman is a perfect fit for us given its mission, skills, and great reputation. Milliman’s interest in helping its clients expand throughout the emerging markets, where the bulk of insurance growth will arise, was an obvious fit as we looked to expand our vision of keeping people from sliding back into poverty,” says MIC president Michael J. McCord. “The synergy arises from Milliman’s global reach and commitment to the health and financial well-being of people everywhere, coupled with the MIC’s experience in providing value to low-income clients and business cases for insurers in over 75 countries.”
In the aftermath of Hurricanes Harvey and Irma there’s been increased public attention to both government-sponsored flood insurance (the National Flood Insurance Program, offered through FEMA) and the potential rise of a private flood insurance market. In Florida, a recent analysis by the Associated Press found that of the state’s 38 coastal counties, only 42% of homes are covered by flood insurance. The same analysis found that of the roughly 2.5 million homes in Special Flood Hazard Areas, Florida’s overall flood insurance rate for hazard-zone homes is just 41%.
Flood risk continues to be one of the most difficult perils to price for the homeowners industry. More than any other catastrophic peril, flood risk varies over short distances; critical factors that contribute to flood risk include elevation, relative elevation, distance to coast, and distance to river. This spring, Milliman, along with risk modeling firm KatRisk, sought to independently model the feasibility of a private flood insurance market in Florida, Texas, and Louisiana. The infographic below provides some of our findings for all single-family homes in the state of Florida: