Nicola Biscaglia

ISOA

Principal and Managing Director

Milan, IT

Nicola Biscaglia is a principal and managing director for Milliman’s practices in Italy and Central & Eastern Europe (ICEE), including the offices in Milan, Warsaw, Bucharest, Istanbul, and the satellite office in Nicosia.

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Experience

Nicola has more than 20 years of actuarial experience, specializing in non-life insurance. Nicola leads Milliman's Property & Casualty team in the ICEE, providing a broad range of actuarial and analytical services to clients, primarily in Italy and Central & Eastern Europe, but also (in conjunction with other Milliman offices) in many other European countries.

Nicola has performed a wide range of actuarial consulting missions for a variety of clients, mainly major European insurers but also large Private Equity Funds. He has extensive experience in pricing and ratemaking projects, predictive analytics analysis, independent reserves review, Due Diligence and M&A assignments, Solvency II and IFRS 17 implementation, reinsurance valuations, Capital Management, and Solvency Capital Requirements review. Nicola is also frequently engaged in providing independent expert or expert witness support, particularly regarding the transfer of insurance portfolios and winding-up procedures.

Nicola joined Milliman in 2007, leading the launch of the P&C activities of the practice, having started his career at Arca Assicurazioni SpA, where he ended up as Head of P&C actuarial department and covering the Appointed actuary role for MTPL business. Between Arca and Milliman, Nicola was a senior manager at Deloitte Consulting, where he led the non-life actuarial team in Italy for three years.

Publications and Presentations

Nicola has authored a few actuarial papers, including stochastic methods for reserve assessment, Solvency II, predictive analytics, and CAT risk approaches.

He speaks frequently publicly and he is fluent in Italian and English.

Professional Designations

Nicola is a qualified actuary, fellow of Ordine Nazionale degli Attuari (ONA - Italian Society of Actuaries), and fellow of Istituto Italiano degli Attuari (IIA - Italian Actuarial Association).
Nicola is currently a member of Milliman's Casualty Principals Nomination Review Committee and a member of the European Practice Leaders group.

Education

Master's degree, Actuarial and Statistics Science - University of Rome “La Sapienza”

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Publications

Read their latest work

Article

European health cost trends

12 February 2026 - by Judith Houtepen, Francesca Tiozzo, Fanny Pouget, François-Henri Toutain, Clément Afoumado, Dennis Fehse, Joanne Buckle, Somya Bansal, Angela Carbone, Nicola Biscaglia, José Silveiro, Bernhard König

This article provides an overview and analysis of healthcare system structures, financing models, access, cost trends, and key health challenges across seven countries (Belgium, France, Germany, Italy, the United Kingdom, Spain, and Switzerland), leveraging open data available in each market and Milliman's local expertise.

Article

Benchmarking healthcare costs in Italy

27 January 2025 - by Nicola Biscaglia, Dario Pasetto, Angela Carbone

How developing an Italian health cost index can support the insurance sector.

Article

Modelling a medical expenses portfolio

12 November 2024 - by Joanne Buckle, Nicola Biscaglia, José Silveiro

Using clinical data algorithms can transform the way health insurers predict and manage medical claims and help keep premiums affordable.

Experience

Nicola Biscaglia

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Experience

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Read their latest work

European health cost trends

Benchmarking healthcare costs in Italy

Modelling a medical expenses portfolio

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Nicola Biscaglia

Experience

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