A Market in Flux:

2020 Reserving Survey

Being a reserving actuary in the Lloyd’s market has never been as challenging. The market has just come out of a protracted soft cycle, it has been hit by numerous natural catastrophe events in the past few years, and 2020 has brought with it the difficulties associated with COVID-19. On top of this, regulators have raised the bar on reporting detail and businesses themselves have increased their demands for analytical insights to drive their decisions.

BDO, working closely with the LMA, has published survey findings to understand how actuaries in the market are responding to the events of recent years in respect of certain aspects of their reserving and planning bases. The results of the survey provide a broad insight into the current practices and the perceived significance of numerous topics which will be the subject of internal and external discussions this year end.

When it comes to tackling common challenges, a snapshot of market practice and perceptions will no doubt be helpful in framing conversations with Management, Boards and Auditors. We hope that the results of the survey will help actuaries reflect on their priorities in advance of the year-end reporting cycle.

A very big thank you to all of the managing agencies that participated in the survey. We hope you find this report useful.

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Published: 30 November 2020