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Life insurance
Insurance rates. Reserves. Adequacy. Actuarial Report

Forming reserves on life insurance policies is a key element of financial solvency of any insurance company. Therefore, only certified experts in the field of actuary calculations are engaged in order to ensure a correct assessment.

We also provide a full range of services on drafting documents for obtaining a license on an insurance type: economic substantiation, insurance rules, rates and their approval.

Our experts have sufficient experience in calculating all types of technical reserves according to IFRS and national regulators’ requirements. In particular, such services include:

Standard set of services

  • Calculation of mathematical reserves based on client’s methodological documents (Reserves Regulations) according to IFRS 4 and regulator’s requirements. If no such documents describing reserves rules and applicable methods are available, we will assist in drafting the ones.
  • Assessment of adequacy of insurance reserves in accordance with IFRS 4 (Liability Adequacy Test, LAT).
  • Stress-testing of insurance liabilities, inter alia in accordance with the requirements of regulators of the client’s country of residence.
  • Preparing an annual actuary report according to regulator’s requirements (to be signed off by a certified actuary).
  • Providing support during the audit process, until the audit results are approved in full.
  • Providing advice / confirmation of conformity of reserves calculation to the Insurance regulations and the Regulation on forming the reserves in case of an audit.

The range of services may change depending on the client’s needs.

In addition to performing a technical part of works, we provide insurers with consulting services which are needed to form a complete service in the field of insurance and risk management.

Consulting services:

  • Analysing the internal provisions/regulations/methods of forming insurance reserves.
  • Advising on upgrading the procedure for keeping statistical records, its adaptation in order to ensure its application and analysis to the fullest extent possible.
  • Analysing the company’s operation to select the best methods for calculation of reserves.
  • Approving assumptions conforming to specifics of the company’s activity.
  • Issuing a report including calculation methodology, methods applied, results (disclosure of information in accordance with IFRS and national standards as requested by the company), recommendations and other information required by the client.
  • Advising on the risk management strategy and providing a set of documents required to implement a risk management system.
  • Providing ongoing support: consulting, recommendations and corrections online.

Moreover, we provide services in the field of rate setting, in particular:

  • Developing new and improving existing products as well as rate setting on different types of insurance.
  • Analysing correctness of the existing insurance rates.
  • Providing support: consulting, recommendations and corrections in real time.