Actuarial reporting on non-life solvency
At its 1981 Dublin seminar, GIRO members had the opportunity to discuss the subject of the solvency of non-life insurance companies and the work produced by three working parties: one looking at the underwriting and claim risks, another at investment and currency risks and the third with the remaining miscellaneous risks, mainly reinsurance. Following this meeting the GIRO committee members, plus the chairmen of the three working parties have met on a number of occasions with the objective of bringing together the threads of these papers, and the comments made at Dublin, into a single document for discussion at the 1982 Stratford seminar. It is only fair to report that there was found to be some difficulty with this objective. The problem arose from the vastness of the subject and from deciding to which of the many questions the working group's report should be addressed. In the end, it was decided to report back to GIRO with a short paper on the involvement of a UK actuary in reporting to company management on the adequacy of an insurer's capital resources. It should be noted that this is a substantially different topic from that of advising on what the statutory regulations should be.