Thematic Review - Insurance Reserving

The Commission has today issued its report on the Thematic Review of Insurance Reserving.  In the summer of 2024, the Commission’s Banking and Insurance Division undertook a thematic review of the reserving methodology and practices implemented by licensed general insurers.

As part of its thematic review, the Commission sent out questionnaires to 20 licensed firms representing a range of policy types provided by the sector, and visited five of these, meeting with representatives of each firm to obtain a detailed understanding of the policies, procedures and controls in place to ensure that reserves, and hence regulatory capital, are appropriately set and monitored.

A copy of the thematic review is available here, and also under Thematic Reviews on our Legislation and Guidance page.

All firms are encouraged to consider the report’s contents, particularly in relation to the areas to consider and the self-assurance questionnaire when reviewing, updating or revising their policies, procedures, and controls.