Insurance Services

Aon Hewitt provides actuarial services to life and non-life insurance companies operating both in the local market and abroad. We provide all aspects of insurance actuarial consulting.

The private insurance market has grown significantly in the last few years and now constitutes one of the most important factors of the economy. Hence the need for the market to adapt to present day requirements has become urgent. Parts of the adaptation process will be the strengthening of the Insurance Companies and the upgrade of the services and products provided. As the beneficiary role of private insurance in the new economic and social environment becomes widely accepted, the Greek market has a significant potential for growth.

Valuation
 

Our experience in Actuarial Appraisal Valuations of Life & Non-Life Insurance Businesses concerns more than 30 cases, including Greek, Cypriot, Turkish and Romanian insurance companies.

Our services include:

  • Estimation of Adjusted Net Asset Value
  • Value of the In Force Portfolio (life assurance companies).
  • Value of the Future Investment Earnings on Reserves (non-life insurance companies).
  • Value of Ongoing Business.
Insurance Provisions
 

We offer services to insurance companies concerning the estimation and auditing of any kind of insurance liabilities. These are often required in cases of mergers, acquisitions or in the listing of a company in the Stock Exchange.

One of our main activities concerning reserving for insurance liabilities is statistical calculation of outstanding claim reserves for Non-Life Insurance. Our services also include the calculation of insurance liabilities based on the requirements under the International Accounting Standards.

Product Design
 

Defining a clear product strategy focussed on target customer needs can reduce development costs and facilitate the sale process.

Our firm can assist in:

  • identifying the target market and define the customer needs
  • designing and price products suitable for that market
  • defining the sensitivities and risks including the use of reinsurance
  • managing the capital requirements in the most efficient manner
Establishment
 

Concerning the establishment of a new insurance company or the extension of activities of an existing insurance company, we can help you by:

  • undertaking the preparation of the schedule of activities (a document required by the supervising authority)
  • conducting a feasibility study
  • evaluating the possibility of purchasing an existing operation at an acceptable price
  • recommending a structure within which the new company (or the new activity) will operate
  • advising on the full range of product options
  • advising on reinsurance