Regulatory Alerts2025-02-04
Insurance Reserving Thematic Review 2024
The Guernsey Financial Services Commission conducted a thematic review of reserving methodologies and governance practices across a sample of 20 general insurance firms. The assessment found that while most firms maintain adequate staffing, policies, and board-level oversight, significant improvements are needed in managing inflation impacts and overseeing outsourced or fronting claims functions. Regulators require licensees to ensure case reserves are regularly updated, reserving policies reflect current economic conditions, and detailed service level agreements govern third-party providers.
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