Pandemic Briefing – Best Estimate Assumptions, Capital Margins, Target Surplus and ICAAP

The latest Pandemic Briefing prepared by the COVID-19 Working Group has been designed to assist Life Insurance actuaries navigate through the pandemic with a range of considerations.

The briefing provides a list of considerations on the issues related to:

  • Setting best estimate assumptions.
  • Considerations around capital margins and other PCA considerations.
  • Target Surplus policy and ICAAP.


At the time of writing, the results from the COVID-19 risk margins survey were still in the process of being reviewed and any findings have not been explicitly included in this note. The insights from the COVID-19 risk margins survey should also be considered alongside the considerations raised in this discussion note.

The Working Group is keen to hear your thoughts on this briefing. All feedback can be directed to the discussion forum here.

View the briefing here

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