Actuarial function benchmarking of European insurance groups

The benchmark draws on interviews with Chief Actuaries/Heads of Actuarial across nine large European (re)insurance groups.

A decade after the introduction of Solvency II, the actuarial function typically remains anchored in governance and independent oversight. In parallel, IFRS 17 has increased operational demands across documentation, validation and reporting, increasing the importance of scalable processes, clear accountability and effective technology.

What does the benchmark show?

The findings identify common market practices and areas of differentiation across the participating groups, including how responsibilities are divided between Group and local teams, how actuarial resource is deployed and the extent to which technology maturity is shaping operating effectiveness across the actuarial environment.

The report provides the detailed benchmark findings and comparisons across the participating groups and outlines the range of differing practices observed across the benchmark. While practices vary, the findings indicate an opportunity for actuarial functions to make better use of emerging technology and demonstrate greater value-add to the business by extending beyond the historic oversight mandate.

The actuarial function is well positioned to be an early adopter of AI and facilitate interactions and insights between risk, finance, capital and pricing functions.