The UK Life insurance market has continued to face challenges posed by a number of regulatory, political and economic drivers. Insurers have therefore consistently required to demonstrate adaptability in their practices to ensure their business continue to thrive.
To paint a clearer picture of the landscape, KPMG’s Life Actuarial team have been conducting the annual Technical Practices Survey for more than 10 years. Our latest survey highlights fundamental technical issues facing the industry while exploring a range of methodologies and approaches that have been adopted by peers. The survey has been completed by 21 firms, representing a wide spectrum of the UK life insurance market, including 10 Internal Model or Partial Internal Model firms.
Each year, in response to market developments and participant feedback, we select thematic areas to explore in more detail in our report. This year those areas include:
- Impact of the Covid-19 pandemic on YE21 assumption-setting,
- Impact of the Covid-19 pandemic on risk calibrations and correlations,
- Climate change scenarios and disclosures.
The survey results are accessible via the following pdf: Technical Practices Survey 2021. Alternatively, if you would like someone to take you through your firm’s results in detail, or for any further queries, please contact us.
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