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The future of differential pricing in Europe
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The future of differential pricing in Europe:

Lessons from the UK GIPP reforms

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    Executive Summary

    The European Insurance and Occupational Pensions Authority’s (EIOPA) recent supervisory statement on differential pricing practices signals a clamp-down on “unfair” pricing practices across Europe. Some local regulators, including Germany, the Netherlands, Ireland, and Italy, have already taken action to tackle this issue and it is only a matter of time before others follow suit. With the potential for significant disruption on the horizon, insurers, Managing General Agents (MGAs), brokers and distributors can take lessons from the impact of similar regulations in the UK, implemented at the start of 2022.

    In particular, along with sizable impacts on average new business and renewal business prices, the reforms have induced market volatility and affected customer shopping behaviours. In addition, firms have made significant changes to pricing models to ensure compliance and are now subject to increased governance requirements and regulatory supervision.


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    Massimo Cavadini
    Massimo Cavadini
    Senior Executive Partner / Global Leader of Insurance Solutions
    Massimo is Senior Executive Partner and Global Practice Leader of Insurance Solutions within Global Consulting. Massimo has more than 10 years of experience in P&C insurance with a strong focus on insurance pricing & underwriting. Since he joined Munich Re in 2017, Massimo helped clients globally in improving their technical performance by using advanced analytics, in launching motor and property products and in expanding into new markets. Before joining Munich Re, Massimo was a senior pricing analyst in the Global P&C of Generali Group and pricing analyst in the Global P&C of Allianz Group, where he managed technical excellence projects in Europe, Asia and Latam. By training Massimo is a physicist and holds a PhD in Astrophysics.
    Davide Burlon
    Davide Burlon
    Principal / Insurance Solutions
    Within Munich Re’s Global Consulting Unit, Davide is leading the development of solutions in personal lines. He is based in Munich, Germany, and works with clients in UK, Europe, Latin America as well as the Middle East. Previously, he headed Actuarial Analytics at Generali (Germany). Davide is Munich Re’s global product owner for the insurance pricing software Akur8. He occasionally writes white papers and gives university lectures or keynote speeches at conferences. Davide worked as Associate Lecturer in Astrophysics at the University of Sydney in Australia and the Max Planck Society in Germany.
    Ahmud Damry
    Ahmud Damry
    Engagement Manager / Insurance Solutions
    Ahmud is an Engagement Manager with Global Consulting Unit based in London, UK. He has been an actuarial consultant for more than 12 years, three of which were most recently spent in P&C insurance with a strong focus on pricing, underwriting and portfolio management. Before joining Munich Re, Ahmud was a Director at FTI Consulting after having started his career at Willis Towers Watson. Ahmud is a qualified actuary with the Institute and Faculty of Actuaries in the UK.