error
Subscriptions are not available for this site while you are logged into your current account.
close

Loading

The page is loading.

Please wait...

    Loading

    The page is loading.

    Please wait...

    Technical Practices Survey 2023

    Annual Technical Practices Survey report 2023 which explores best practices in the life insurance market.
    Blue abstract

    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 2023 survey has been completed by 19 firms, representing a wide spectrum of the UK life insurance market, including 9 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 this year’s report we have focused on the interest rate and inflation risk calibration in respect of the 2022 experience as well as the forward looking impact of COVID-19 experience on firm’s risk calibration.

    Richard Care

    Actuarial Partner

    KPMG in the UK

    In order to further support firms in the assessment of their capital management policies, the 2023 report also includes additional calibration points for selected risks (such as interest rate, credit stress, mortality, and longevity risks) at 1-in-20 levels.

    The survey results are accessible via the following PDF.

    Our operations insights

    Something went wrong

    Oops!! Something went wrong, please try again

    Our people

    Richard Care

    Actuarial Partner

    KPMG in the UK

    James Isden

    Partner, Insurance

    KPMG in the UK