Back to service

Actuarial services

Our Actuarial team specialises in the general insurance market, providing solutions for Personal and Commercial lines of business in different jurisdictions.

Businesses need to compete in challenging market conditions whilst meeting increasingly onerous regulatory obligations. We can help with this balancing act. We understand the key issues faced by stakeholders and why it is important to align the approach between the core operational areas of capital, pricing and reserving.

We offer both strategic and operational advice to help with key issues such as underwriting performance and reserving uncertainties, as well as support to implement the solutions. Each client is unique, and we tailor our actuarial services to ensure you receive a solution that supports your commercial objectives. We collaborate with other professional specialists to draw on their expertise, and pool our knowledge of the industry to benchmark our clients’ systems and controls against their peers. Our approach ensures we offer effective and innovative solutions to your own requirements.

We work with insurance companies, Lloyd’s syndicates and insurance intermediaries, combining our extensive technical and market knowledge to deliver actuarial function services in all three core areas.

Capital – We understand how essential it is to demonstrate a strong governance process around regulatory capital because of the uncertainties associated with model and parameter risks. We undertake regulatory capital calculations using the Standard Formula and review the effectiveness of existing reinsurance arrangements in terms of capital efficiency.

Pricing – We understand the importance of using good quality data and pricing tools to calculate technical prices. We will support your product development by combining our analytical skills with our market knowledge so that you benefit from advanced pricing techniques, data collection and the IT controls around the underwriting process. For your existing insurance products, we can carry out both business projections to predict the expected loss ratios and profitability/rate reviews to provide an independent view on their financial performance.

Reserving – We understand that claims reserves are central to financial reporting. We carry out reserving reviews of portfolios using appropriate actuarial techniques and provide insights into market trends to enable you to assess the level of adequacy of booked reserves. We can also review the end-to-end process for setting the reserves, and the method and key assumptions used for calculating the claims reserves to provide assurance to your key stakeholders. We can provide Lloyd’s Statements of Actuarial Opinion.

Our actuarial team acts as technical experts for both our Audit and Governance, Risk & Control assurance teams. The team also works closely with other PKF experts to best meet client needs. Our advisory work encompasses core actuarial function duties, IFRS 17 assurance, underwriting performance reviews and Part VII transfers. We are also able to provide actuarial resources to help with transformation projects.