Interns, Graduate Actuarial Programme
Actuaries are a specialist resource within Insurance Supervision. We deal with complex issues and provide technical expertise on a broad range of matters within the insurance industry. We have knowledge about the risks that insurers are exposed to, such as longevity, credit, market, reserve and catastrophe risk. Our work is a combination of desk-based and firm-facing. A key aspect of our work involves reviewing and challenging insurance firms’ capital models to ensure that their approaches are sound and that they are adequately capitalised to survive an extreme stress event. Further examples of our work include deep-dive reviews of reserving practices, reviewing firms’ business models and reviewing major transactions between insurance firms. Our work in these areas helps to support the safety and soundness of the insurance firms that we regulate and that we contribute to securing an appropriate degree of protection for insurance policyholders.
What big issues might I be working on?
Industry and the PRA have been embedding the Solvency II regulatory regime, which came into force on 1 January 2016. This represents the largest change to European insurance regulation in over 40 years. Solvency II is leading to developments in the capital models used by some firms to assess their risks and enhancements in their approaches to risk management, amongst other things. We have been closely involved in ensuring that firms meet the Solvency II regulatory requirements.
What sort of things do actuarial students do here?
You will receive broad exposure to a range of firms operating in either the life or general insurance industry and gain experience in reviewing different aspects of their businesses. You can join risk-specific specialisms, where you will have opportunities to develop your technical knowledge and undertake research and industry level analysis. You will be responsible for identifying and analysing trends in data. There are also opportunities to be involved in cross-PRA or cross-Bank teams, helping to shape the PRA’s policy and approaches on insurance matters.
What could I be doing day-to-day?
On a day-to-day basis you’ll interact with experienced professionals within the division across a wide range of issues. For example, you’ll support the analysis of the risks insurers are exposed to, on both an individual and cross-firm basis. This may involve reviewing modelling approaches through to developing analytical models to support your assessments. You’ll take part in meetings with senior figures in firms to probe, challenge and understand their risk profiles. You’ll prepare persuasive and succinct reports on your findings, judgements and recommendations to senior colleagues.
You’ll also be expected to progress through the actuarial examinations in order to qualify as a Fellow of the Institute and Faculty of Actuaries. We will provide you with comprehensive study support, including study leave allowance and financial support for course materials, tutorials and examination fees.