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Non-life insurance
Insurance rates. Reserves. Adequacy. Actuarial Report

Reserves calculation in risk insurance is required not only to meet the regulator and IFRS requirements, but also to ensure consistent company’s operation. We offer a comprehensive approach to calculation of reserves, required both by the client and the local regulator.

We also provide a full range of services on drafting documents for obtaining a license on an insurance type: economic substantiation, insurance rules, rates and their approval.

Our experts have sufficient experience in calculating all types of technical reserves according to IFRS and national regulators’ requirements. In particular, such services include:

Standard set of services

  • Calculation of a reserve for incurred but not reported losses (IBNR) using methods of losses development analysis (Chain Ladder method, Bornhuetter-Ferguson method, etc.).
  • An assessment of adequacy of insurance reserves in accordance with IFRS 4 (Liability Adequacy Test, LAT) and Run-off test.
  • Calculation of the unearned premium reserve.
  • Stress-testing of insurance liabilities, inter alia in accordance with the requirements of regulators of the client’s country of residence.
  • Preparing an annual actuary report according to the regulator’s requirements (to be signed off by a certified actuary).
  • Providing support during the audit process, until the audit results are approved in full.

The range of services may change depending on the client’s needs.

Additional consulting services:

  • Analysing the internal provisions/regulations/methods of forming insurance reserves.
  • Advising on upgrading the maintenance of statistical recording, its adapting in order to ensure its application and analysis to the fullest extent possible.
  • Analysing company’s operations to select the best methods for calculation of reserves.
  • Approval of assumptions conforming to specifics of the company’s activity.
  • Issuing a report including calculation methodology, methods applied, results (disclosure of information in accordance with IFRS and national standards as requested by the company), recommendations and other information required by the client.
  • Developing and implementing a risk management strategy, providing a set of documents for implementing a risk management system.

Additionally, we provide services on rates calculation:

  • Developing new and improving existing products and calculating rates for different types of insurance.
  • Analysing the accuracy of existing insurance rates.
  • Providing support: consulting, recommendations and corrections in real time.
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