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The $28.4 Billion Question: What does the Outstanding Claims Liability Mean for ACC?: Seminar 5 of Investment Statement Series

Event series: 

In the lead-up to release of the 2013 Investment Statement, Treasury is holding a series of seminars aiming to foster interest in, and discussion on, balance sheet matters as well as the sharing of knowledge across the public sector and beyond.

By building interest and fostering debate on themes such as agency performance, capital management, and risk management, it is our hope that a sound platform will be provided for release of the Investment Statement by the end of 2013.

ACC makes up a significant portion of the Crown’s balance sheet with assets of around $25 billion and liabilities of over $28 billion.

On the theme of capital management this seminar involves a presentation by Jonathan Nicholls, Head of Actuarial Services, Accident Compensation Corporation (ACC), which will cover the following:

  • the purpose of ACC
  • the Outstanding Claims Liability (OCL) - what it is, how it is determined, and measurement issues
  • the key drivers that impact the OCL, the experience and assumptions that make it move (including long term impacts like ageing and health trends)
  • how ACC uses the OCL to manage capital and provide insights into business performance, in areas as diverse as injury prevention and claims management.

This seminar will be of particular value to those with an interest in managing assets and liabilities; those looking at different ways of identifying and managing business cost drivers; those involved in setting levies, and those taking an investment approach to the delivery of public services.

Bio of Presenter

Jonathan Nicholls, Head of Actuarial Services, Accident Compensation Corporation

Jonathan joined ACC in June 2013 as Head of Actuarial Services. ACC’s Actuarial Services team is one of the largest in the country, and has a key role in helping the Corporation provide comprehensive no-fault injury cover for all New Zealanders. Actuarial Services forecast future trends to help set levies, and monitor past performance to ensure the Corporation can achieve its objectives in areas as diverse as finance, claims management, and injury prevention.

Prior to joining ACC Jonathan spent ten years as a consulting actuary with PwC, mainly based in Wellington (although he also braved Sydney for two years on secondment). Jonathan worked across the actuarial spectrum, including pricing, monitoring, valuation, Appointed Actuary roles, risk management and strategic advice. He worked with many different clients, including government departments, small insurers, large multinational insurers, and banks.

Jonathan is a member of the NZ Society of Actuaries General Insurance committee.

Venue map

Last updated: 
Monday, 30 September 2013