Insurance

Risk management

The risk landscape is changing faster than ever. Insurers are at the forefront of helping their policyholders manage risk. Therefore, it is critical that insurers adapt and evolve their own approach to managing risk in an increasingly interconnected, fast moving and volatile world.

We help insurers to better understand, model and manage insurance risks. Our work ranges from establishing robust risk management frameworks through to deep dives into insurance megatrends such as AI, geopolitical risk and climate change.

The risk function of the future

In this report, we present a blueprint for the risk function of the future – a team that fuses the power of automation, analytics and AI with human judgement and strong relationships.

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Insurance Uncut

LCP's podcast about insurance

Join show hosts Charl Cronje, Jessica Snowball and guests to discuss key issues impacting the general insurance market.

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Solvency II: Balancing risk and opportunity in an uncertain world

LCP’s eighth annual analysis of Solvency II reports from 100 of the largest non-life insurers in the UK and Ireland shows continued financial growth in 2023.

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We offer advice and expertise on all aspects of insurance risk management, from high-level strategic risk reviews through to deep dives in specific risk areas.

Risk strategy and governance: Enhancing clients' approaches to strategic risk management, reviewing the target operating model of their risk teams, and improving risk appetite metrics and risk appetite statements.
Addressing regulatory challenge: Helping clients pre-empt or respond to regulatory challenge in “hot topic” areas such as inflation management, consumer duty, operational resilience, climate change and Diversity, Equity & Inclusion (DEI).
Risk & regulatory reporting: Improving clients' insurance risk reporting (including the ORSA). Providing independent review, giving assurance to the board and insights into how their approach compares to market best practice.
Risk deep-dives: Performing in-depth analysis and advice on key insurance risk issues. Our recent engagements have covered areas including people risk, emerging risks, and exposure management.
Scenario testing: Helping enhance clients' stress and scenario testing, ensuring that the programme covers all key risk areas and that the scenario impact analysis is representative of the risk.