The Guernsey Financial Services Commission has issued a report setting out findings from a thematic review of the reserving methodology and practices used by licensed general insurers, focusing on how reserves and related regulatory capital are set and monitored. The review, carried out by the Commission’s Banking and Insurance Division in summer 2024, involved questionnaires sent to 20 licensed firms across a range of policy types and on-site visits to five firms to assess the policies, procedures and controls supporting reserving decisions. The Commission encouraged all firms to consider the report, including its areas to consider and self-assurance questionnaire, when reviewing or updating their own frameworks.
Guernsey Financial Services Commission 2025-02-04
Guernsey Financial Services Commission publishes thematic review on general insurers’ reserving practices
The Guernsey Financial Services Commission released a report detailing findings from a thematic review of reserving methodologies and practices among licensed general insurers. The review involved questionnaires to 20 firms and on-site visits to five, focusing on reserve setting and monitoring. Firms are encouraged to use the report's insights and self-assurance questionnaire to enhance their frameworks.