Outstanding Liability Estimation
We are familiar with all aspects of liability valuations, in particular those in accordance with IAAust Professional Standard PS300, and APRA Prudential Standard GPS320. Further we have good knowledge of relevant accounting standards (AASB 1023 and AASB 137), their treatment f liabilities, risk margins, and associated disclosures.
We have provided advice to a range of providers, using both traditional and more modern valuation techniques. We are able to tailor our output and reports to provide useful insight beyond strict financial statement requirements.
Accident Compensation and Injury Schemes
We have experience in almost all workers’ compensation and motor bodily injury schemes across Australia. We have experience in providing valuation and other services to government schemes, and also as actuaries assisting the regulators of privately underwritten schemes. We have particular expertise in the modelling of claims within the Common Law environment, as well as long-tailed statutory benefits.
We are experienced in acting as Appointed Actuary to APRA regulated insurers, so are fully aware of the requirements under the APRA Prudential Framework. In addition to the Insurance Liability Valuation Report, we are able to provide Financial Condition Reports and Run-Off Plans. Our approach is to make these reports useful to the Board and Management of the Insurer, rather than merely a regulatory requirement.
We have extensive experience in performing valuations for self-insurers, especially for workers’ compensation. In addition to our usual actuarial valuation techniques, we can tailor our analyses and reports to meet any particular regulatory requirements of the self-insurer.
We have previously acted as formal External Peer Review Actuaries under the APRA Prudential Framework. While this formal role is no longer required by APRA, we continue to perform many peer reviews on behalf of auditors. Our continued role as primary valuation actuaries for many clients aids in our approach to peer reviews. We concentrate on the material factors, their financial implications, and associated uncertainty.