While improvements in governance and regulatory oversight over the last two decades have equipped audit committees with a greater understanding of what the risks are to reserves, there is little information available regarding how audit committee members should challenge actuaries and management to ensure that risks are being identified, clearly reported, and addressed. Currently, while issues relating to COVID-19 dominate many agendas, there are potential reserve challenges in the market not related to the virus.
This article was originally published in the November 2020 edition of Best’s Review.