Lloyd's Market Association Bulletin
LMA20-051-PD | 08 December 2020
BDO and LMA publish 2020 Reserving Survey results
The LMA is delighted to publish to the market a report produced by BDO and the LMA Reserving Group on the results of a recent survey into how the events of recent years are impacting reserving and planning practices.
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.
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 would like to thank all the managing agencies that participated and hope that the results of the survey will help actuaries reflect on their priorities in advance of the year-end reporting cycle.
The full report is available to download below, or from the BDO website. at the links below: https://www.lmalloyds.com/LMA/Finance/2020_reserving_survey.aspx
Download now (pdf)
Published: 30 November 2020