The UK Life insurance market has continued to face challenges posed by regulatory, political and economic drivers over the past year. Insurers remain continually required to demonstrate adaptability in their practices to ensure their businesses 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 over a decade. As ever, the focus of this survey is to enable UK life insurance firms to identify the key technical issues within the industry, and the range of methodologies and approaches that have been adopted by their peers. The 2022 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. In line with the 2021 survey, this year we have continued to look at the ongoing impact of the Covid-19 pandemic, covering both the historic impacts of the pandemic on assumption setting at YE21, as well as forward-looking impacts on firms’ risk calibrations and correlations.
In order to further support firms in the assessment of their capital management policies, the 2022 report also includes additional calibration points for selected risks (such as interest rate, credit stress, mortality, and longevity risks) at 1-in-10 and 1-in-20 levels.
The survey results are accessible via the following pdf: Technical Practices Survey 2022
If you would like someone to take you through the survey results in detail, or for any further queries, please contact us.
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