Davies Financial & Actuarial Ltd is a firm of Consulting Actuaries based in Auckland, New Zealand. Specialist areas of operation include:
Consulting Services to the Life Insurance Industry in New Zealand and Australia, in the areas of product design, valuation (including model office projections, solvency testing, taxation calculations, and profit analysis). Particular strengths include a very powerful model office projection package that can be set up to model any portfolio quickly. The stochastic version of this package is the only package available anywhere in the world (to the best of our knowledge) that accurately integrates life, non-life acceleration, and non-life free-standing benefits with unit-linked savings accounts. The projection package can also be integrated with an asset model, based on the TY methodology.
The practice also has extensive experience in the design, experience analysis, profit-testing and valuation of disability and health products. Disability claim frequencies and terminations are analysed relative to the CIDA or IAD89-93 tables, depending on each client's requirements.
Consulting Services to the Fire & General Industry in New Zealand and Australia, in the areas of product design, deterministic and stochastic financial projections, management information systems, valuing of long-tailed claims, and calculation of IBNR reserves. The practice produces a widely-used annual survey of the financial performance of the New Zealand Industry. We are also the Approved Actuary to one Australian insurer, and carry out the actuarial calculations required for their returns to APRA.
Consulting Services to the Health Insurance Industry in New Zealand and Australia, in the areas of product design and financial projections. Particular strengths include a very powerful stochastic projection model that enables the modelling of stop loss and excess of loss reinsurance programmes, and of premium payback benefits.
Consulting Services to the Accident Insurance Market in New Zealand, including experience analysis and claim reserve calculations. This analysis includes closed blocks of accident claims arising from the privatised ACC market in 1999/2000, as well as the valuation of claims under the ACC's Partnership Programme, to enable companies to accrue an appropriate liability up to the hand-over point.
Current client list includes 25 Life, Fire & General, and Health insurers, in New Zealand and Australia, as well as one major retirement village operator, and a significant number of large organisations that participate in the ACC's Partnership Programme. The practice has grown rapidly since its establishment in 1992.
Principal: Peter Davies, B.Bus.Sc., FIA., FNZSA, AIAA., Previous positions as Pensions Actuary (SANLAM, Cape Town), Deputy Actuary (The Mercantile and General Reinsurance Company of South Africa Ltd), Actuarial Manager (The New Zealand Insurance Company Life Ltd), Consultant (The Wyatt Company)
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