The UK Life Insurance market is continually evolving in response to large scale disruptions such as regulatory pressures, technological advancements and changing consumer expectations. Participants in this market must therefore look to react and adapt to the changing circumstances in order to maintain a competitive edge and capitalise on opportunities which arise wherever there is change.
Staying ahead requires insight from across the market, so to shed some light on the inner workings of the industry, 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 2024 survey has been completed by 19 firms, representing a wide spectrum of the UK life insurance market, including 8 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 highlighted the move to Solvency UK and the impact on the calculation of the Matching Adjustment as a hot topic. In order to further support firms in the assessment of their capital management policies, the 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 link below. If you would like someone to take you through the survey results in detail, or for any further queries, please contact us.
