Actuarial & Insurance Solutions (AIS) Reference Collection

Actuarial & Insurance Solutions | Analytics Applications in the Insurance Industry of Bermuda & the Caribbean

Combining high quality data management with process excellence provides superior decision-making capabilities

Analytics in the Bermuda market:

At the core of the insurance industry is the reliance on data to develop an understanding of risks, costs and opportunities. These understandings drive decisions that have significant business impacts. Whether that be decisions related to the pricing of insurance products, performing the reserving of claims liabilities, or designing a new product/solution, organisations are in a constant state of desire for high quality insights. The quality of an organisation’s data and the excellence of their processes are the keys to unlock these insights.

> View or download the Deloitte Actuarial Analytics PDF to read the full factsheet

Commercial Insurance in Bermuda

This publication provides an overview of the commercial insurance space in Bermuda. In particular, we provide an overview of the incorporation process, expected timelines, an understanding of the benefits and the operation of commercial insurers in Bermuda.

Loss Reserve Specialist (LRS) Offering for Captive Insurers

The Loss Reserve Specialist can bring a range of benefits to Captive Insurers. In order to appoint someone as the LRS for an insurer they are needed to be a sufficiently qualified member with an actuarial body. Deloitte’s Actuarial & Insurance Solutions (AIS) team has the capabilities and professional qualifications to serve as the LRS and assist clients in fulfilling the BMA’s regulatory requirements.

Long Duration Targeted Improvements

Long-Duration Targeted Improvements (LDTI) is the most significant change in accounting policy for US insurers in decades. The standard aims to make financial statements more comparable and transparent focusing on four key areas. As LDTI implementation reshapes businesses and balance sheets, those who act earliest can leverage opportunities to grow their business.”

Optimizing your transition to IFRS 17

Across both the Life and P&C space, most IFRS reporting insurers are well underway with their IFRS 17 implementation project. Given the significant requirements, most insurers are simply focusing on getting over the line. While we understand minimum compliance is the priority, there are tangible benefits to be gained from aligning implementation with strategic goals.

IFRS 17 Implementation in the Caribbean & Bermuda region

IFRS 17 is a new reporting standard for insurers that comes into effect on 1 January 2023. Is your organization ready?

We understand that IFRS 17 is one of the most fundamental changes to have occurred to insurance accounting. Deloitte's aim is to take a challenging exercise and guide insurers through IFRS 17 implementation every step of the way.

Overview of Bermuda Insurance Regulations: Limited Purpose Insurers (“LPI” or “Captives”)

Bermuda’s insurance regulation is divided into Commercial Insurers and Limited Purpose Insurers (“LPI” or “captives”). Click the image to access the most recent overview of the Bermuda Insurance Regulations for Limited Purpose Insurers.

Bermuda Reporting Requirements: An overview of statutory and solvency reporting deliverables for commercial long-term insurers

This issue delves into an overview of the reporting landscape in Bermuda, focusing on:

• The Statutory Reporting Regime
• Solvency Reporting and Capital Assessment
• Statutory Financial Statements
• Economic Balance Sheet
• Bermuda Solvency Capital Requirement (BSCR)
• Governance & Disclosure
• Transition to new regime

Bermuda Reporting Requirements: An overview of statutory and solvency reporting deliverables for commercial general insurers

This issue provides an overview of the reporting landscape in Bermuda for general insurers, and delves into areas such as:

• The Statutory Reporting Regime
• Solvency Reporting and Capital Assessment
• Statutory Financial Statements
• Economic Balance Sheet Framework & other EBS considerations
• Bermuda Solvency Capital Requirement (BSCR)
• Governance & Disclosure
• Transition to the new regime

Deloitte is the leading Loss Reserve Specialist and Claims Reviewer for Catastrophe Bond Offerings over the last decade

Our actuarial team has strong experience in providing actuarial services to international captives, insurers and reinsurers. Having continued involvement in the Catastrophe Bond Offerings also means access to an extensive database of benchmarks and valuable industry information. Find out more by clicking the image to the right to view the factsheet.