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HMRC internal manual

General Insurance Manual

Technical provisions: background: enquiries

Forms 23, 31, and 34 of the regulatory returns provide, for each class of business, an analysis of claims for each year of origin and the ’run off development’, meaning how actual claims have matched up to the initial reserve, and will be the starting point for any enquiry. Most insurers will use actuarial techniques to set provisions. Although the techniques used can be highly technical, the results of applying such techniques are only as good as the underlying data and assumptions.

The LBS has access to professional actuarial advice and guidance on provisioning techniques.