Solvency II: Best Practice in Loss Reserving in Property and Casualty Insurance – the foundation is critical

The discussion about what constitutes “Best Practice” in actuarial loss reserving often concentrates on the choice of the “right” calculation method. Best practice, however, should not only focus on applying the most appropriate actuarial method, but should also give equal importance to data management, reconciliation of data to balance sheet figures and a review of results by peers not involved in the calculation process, and last but not least the documentation of this actuarial estimate. After all, best practice also comprises the documentation and transparency of results as well as the underlying processes.

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