The General Insurance environment is changing rapidly, in terms of legislation, product types, risk profiles, new and developing techniques, customer expectations etc. Actuaries practising in General Insurance have a constant need to keep up to date with developments in the business and in the actuarial techniques that may be applied. This applies to all actuaries, and not just to those holding practising certificates that enable them to provide opinions on the solvency reserves of Lloyd’s syndicates.  All actuaries practising in General Insurance have a mandatory CPD requirement.

To help you to assess your own needs, a matrix is provided cross-referencing the different subjects with the main areas of specialism, and indicating typical levels of knowledge and expertise required in each case. These are only broad indications, and the requirements will vary significantly according to the circumstances of each particular assignment and the background of the person concerned. For example, the techniques needed to determine premium rates for private motor business are very different from those needed to rate a catastrophe excess of loss treaty. You should therefore assess your CPD requirements against your own circumstances, using the matrix as a guide.

Subjects for technical needs analysis

In whatever area you practise, you need to observe the requirements of the Professional Conduct Standards (which may be replaced by the Actuaries' Code) and any relevant guidance notes, and should have regard to any associated advisory notes. Extending your education through CPD is an essential means of enabling you to do so. However, practical experience is also vitally important in General Insurance actuarial work, and you should not undertake any assignment without either adequate personal experience or assistance from an actuary who has the right experience.

There are many formal CPD opportunities available to general insurance actuaries, ranging from the annual General Insurance actuaries convention ("GIRO"), via meetings such as those held regularly by the London Market Actuaries Group, and the various seminars run by the Actuarial Profession, through to membership of one of the many professional committees or research working parties. These committees and working parties are particularly important and those who play an active part can have the satisfaction of making their own contribution to the development of the role and status of the profession in this field.