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Reserves in Lloyd's and the London market

Published online by Cambridge University Press:  20 April 2012

S. Benjamin  and
L. M. Eagles
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Extract

1.1 Lloyd's and the rest of the London market underwrite a significant part of the world's insurance and are a dominating influence on insurance world-wide. This paper looks at the data which is collected primarily for reserving purposes inside the market—or rather, the paper looks at some new and unusual but very simple ways of looking at that data. Experience is showing that these simple methods are proving to be more powerful aids to underwriters and auditors than was envisaged when they were first invented. They are graphical and hence easy to ‘see’.

Information

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 113 , Issue 2 , September 1986 , pp. 197 - 256
Copyright
Copyright © Institute and Faculty of Actuaries 1986

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References

(1) Unpublished summary presented to the Chairman of the Audit Committee also requesting a working party to investigate the methods.Google Scholar
(2) Unpublished, Report of the Audit Committee Working Party on Minimum Reserves December 1983.Google Scholar
(3) Unpublished draft ‘Report No. 2. Return on Capital and the Reserve to Close’ December 1984.Google Scholar
(4) Craighead, D. H. (1979). Some aspects of the London reinsurance market in worldwide short-term business. J.I.A. 106, 286.Google Scholar
(5) Craighead, D. H. (1981). Analysis of a London Market Reinsurance Offices Accounts, J.S.S. 26, 1.Google Scholar
(6) Eagles, L. M. (1968). The actuarial assessment of a newly established motor insurance business, 18th I.C.A., 415.Google Scholar