Managing agents have doubled actuarial resource ahead of Solvency II
Managing agents at Lloyd’s have seen significant growth (49%) in actuarial resources over the last three years as the demands on managing agents from Solvency II develop, according to a new survey.
The 2010 Lloyd’s Market Association (LMA) survey, completed by 50 out of the 53 Lloyd’s managing agents, found that a total of 382 people were employed in an actuarial role, with the requirements of Solvency II being one of the main drivers behind the increase.
The demand for better management information coupled with greater demands by regulators also drove the demand for actuarial talent.
A similar survey in 2007 indicated that 256 actuaries were employed.
The top three actuarial roles within the Lloyd’s Market are reserving (119), pricing (88) and capital modelling (72). In total managing agents employ 179 qualified actuaries, with student actuaries and technical non–actuaries making up the balance.
The survey shows that the upward trend is set to continue in 2011, with managing agents forecasting that by the end of 2011 they will see another 10% increase.
LMA chief executive David Gittings said: “Over the last three years the rapid growth in actuarial resources throughout the managing agency community illustrates the growing demands for a greater depth of management information arising from the increasingly competitive and highly regulated environment.”