Insurers can expect a greater level of scrutiny on adequacy and accuracy of year-end 2020 Technical Provisions from regulators, external auditors and where relevant external Reviewing Actuary, write Noel Garvey and Marie Phelan of our Actuarial practice.
COVID-19, the global story for 2020, has resulted in huge operational disruptions, market volatility and reserving uncertainties for Irish insurers. As the pandemic escalated in Europe during Q1 2020 most Irish insurance companies were preparing to submit year-end 2019 annual regulatory returns and apart from additional disclosures submissions were largely unaffected.
As you begin to plan year-end 2020 financial statements and regulatory returns there are several areas that will be of particular focus for the CBI and external auditors and which will need to be carefully considered by Boards.
We have spoken with various stakeholders and our learnings can help insurers prepare for year-end 2020.