General Insurance Article - Actuarial function set to change extensively following SII

 OAC Actuaries and Consultants has warned that Solvency II is set to change significantly the actuarial function in the UK. With its implementation due in January 2016, the new rules will have far reaching implications for the role which will expand to include greater involvement in risk management as well as the assessment of regulatory capital requirements. 

 Christopher Critchlow, Consultant Actuary at OAC comments on the importance of preparing actuarial staff for Solvency II:

 “Preparing actuarial staff properly is a key element of Solvency II compliance for the industry. The fact that the actuarial role will change extensively in the new regime means that insurers need to start preparing now. As well as the assessment of regulatory capital and solvency there will be greater responsibility and involvement in risk management."

 “Insurers need to be confident that their actuarial staff have the right blend of experience, technical knowledge and regulatory understanding. By planning for the impact of Solvency II now, especially as the national guidelines are set to be confirmed this year, insurers will give themselves the best possible chance of meeting, and exceeding the requirements.”

Back to Index

Similar News to this Story

Firms facing unprecedented polycrisis of risk
67% of leaders surveyed say that the risk landscape is now ‘many times more complex’ than it was just three years ago at the height of the covid crisi
Cascading effect of natural disasters and key emerging risks
The 2024 edition of Swiss Re's SONAR report features 16 emerging risks and their potential impacts on the insurance sector and society. Key risks
Quoted home insurance prices surge over 41 percent in a year
And the 10.3% rise in the past three months is the highest for 10 years. Quoted prices rise the most in London at 49.9% and the least in the North Wes

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.