This report by Milliman’s Neil Christy, Stuart Reynolds, and William Smith focusses on the Solvency and Financial Condition Reports published in 2019 which refer to year-end 2018. Our analysis of the European life insurance market covers over 650 companies from 31 countries and one territory. The charts and results focus on nine of the largest European life insurance markets by the total volume of Technical Provisions.
At the end of 2018, Milliman conducted a global survey to measure the preparedness of insurers and reinsurers for the new International Financial Reporting Standard 17 (IFRS 17). The survey aimed to gauge the progress that firms have made in translating the standard into business as usual (BAU) processes and to compare the progress made in different markets. This report by Milliman’s Laura Hobern, William Smith, and Jennifer Strickland focuses on the UK and European markets and summarises the responses received from 36 companies across the EU, drawing comparisons to the preparedness of firms globally where notable.
This analysis by Milliman consultants of the European life insurance market covers 600 companies from 31 countries and one territory, representing approximately £612 billion (€691 billion) of gross written premium and approximately £6,508 billion (€7,302 billion) of gross technical provisions. It is based on a sample of insurers that are primarily focussing on selling life insurance business and, as a result, some composite companies have been excluded from the analysis.
Spreadsheets are powerful, versatile and accessible to almost anyone. It is no surprise, therefore, that across all business functions actuaries and other insurance professionals consistently turn to spreadsheets to perform a wide variety of tasks of differing complexity and materiality, ranging from performing simple calculations to using spreadsheets as tools to inform key business decisions.
Milliman has surveyed nearly 200 life actuaries and insurance professionals to understand the way they use spreadsheets in their work, including looking at potential improvements that could be made to this important tool. In this article, Milliman’s Stuart Reynolds, William Smith, and Jennifer Strickland analyse the results of this survey, highlight our key findings and consider the benefits and risks arising from a reliance on spreadsheets.