Non-life Insurance: Reserving
We have extensive experience and market knowledge of reserving for the non-life insurance industry. Our experience covers a very wide range of classes of business and territories, across both the live and run-off sectors in UK and elsewhere.
We supplement our experience gained through client assignments by investing significant time in R&D and have significant involvement in the UK profession. For example, we were key contributors to the UK actuarial profession’s General insurance Reserving Issues Taskforce (GRIT) and one of our Partners, Lis Gibson, chairs the Reserving Oversight Committee (ROC). We have recently developed a new reserving method that provides an innovative solution for insurers reserving through the underwriting cycle.
One of our directors, Kendra Felisky, chairs the Profession’s Working Party on Solvency II and Technical Provisions. This gives us a unique insight into how UK entities will need to change the way they approach reserving under Solvency II.
The reserving service we offer is comprehensive and fully independent. However, we can also work alongside your in-house actuarial team, adding value to the work that they already do.
As well as providing an independent perspective, we seek to add value by providing specific input on reserving for new lines of business, using our experience from other clients, application of market benchmarks and advising and commenting on the different reserving approaches used by others in the market.
We have an advanced reserving software tool, developed over several years, which we use for all our reserving work. This ensures our work is carried out as efficiently as possible.
Our Actuarial services
- Statement of Actuarial Opinion (SAO) for regulatory purposes.
- Independent review and/or peer review of reserving methodologies and assumptions.
- Reserving process health-check.
- Assistance with development of reserving policy.
- Reserve uncertainty quantification for IFRS, Solvency II, ICA and capital purposes.
- Reserving as part of mergers, acquisitions and other transactions.