Insurers have leaned on actuaries – RBNZ review

Thu, 11 Jun 2020

Actuaries have quit rather than give in to pressure from insurance companies to change their advice and, in at least one case, an insurer sacked their actuary. That’s among the findings of the Reserve Bank’s review into the role of appointed actuaries, who are tasked with measuring and reporting on material risks to an insurer’s solvency and providing impartial advice to an insurer’s board. The actuary’s role gained prominence in the fallout from the failure of CBL Insurance, where PwC’s assessment as the appointed actuary was used by the...

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