Loss Reserve Opinion Requirements in Principal Insurance Markets of the World

Loss reserve opinions have become one of the most common public pronouncements made by casualty actuaries today. From their introduction in 1980 in a select number of states to sir current requirement as part of the 1990 annual statement instructions, non-life loss reserve opinions have become common place in U.S. insurance markets. However, the role and acceptance of the non-life actuary vary significantly outside the U.S. Studies of non-life actuarial subjects in other countries are generally not as structured and often not as advanced as in North America. This paper provides an overview of the role of the non-life actuary in countries other than the U.S. as it applies to statutory requirements for loss reserve opinions.