Although it is still true that only a relatively small part of the actuarial profession works in general insurance, there has been significant growth in recent years. Furthermore, although any material involvement only began about 30 years ago, actuarial contributions to general insurance go back to the first edition of Journal of the Institute of Actuaries in 1851 which contained three papers on fire insurance.

What type of work do general insurance actuaries do?

• Estimating the reserves for future claims for insurance companies and Lloyd’s syndicates
• Helping a company identify its management information requirements
• Rating of insurance products, particularly in relation to classes such as motor and household, where there can be large volumes of data.
• Advising a building society on the capital requirements for its captive insurance company
• Advising a reinsurance company on its rates for Catastrophe Excess of Loss reinsurance

If you have any queries about the work of the General Insurance Practice Executive Committee, contact the Practice Manager, Peter Stirling on +44 (0)20 7632 2177, or at peter.stirling@actuaries.org.uk