General insurance actuaries provide expertise in three main areas:
- Reserving - actuaries apply statistical techniques to assess the likely outcome of general insurance liabilities and the provisions that are needed for reporting purposes
- Pricing - actuaries assesses the frequency and average amount of claims to estimate premiums
- Capital modelling - actuaries projects both the liability and assets of insurers to assess solvency and future capital needs.
General insurance, such as motor and household insurance policies, provide payments to cover losses arising from a particular financial event. General insurance typically includes any insurance that is not determined to be life insurance. General insurance is called ‘property and casualty insurance’ in the United States of America and ‘non-life insurance’ in most of Europe.
General Insurance is broadly divided into two areas: personal lines and commercial lines
- Personal lines - products designed to be sold in large quantities, such as motor insurance, household insurance, pet insurance and creditor insurance
- Commercial lines - products which are usually designed for relatively large legal entities. These include workers' compensation (employers’ liability), public liability, product liability, commercial fleet and other general insurance products. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels.
The London Market provides a focus for many insurance companies and syndicates operating under a Lloyd’s of London banner to write large commercial risks such as supermarkets, football players and other very specific risks
The London Market consists of a number of insurers, reinsurers, brokers and other companies that are typically physically located in the City of London. Their business is usually written through specialist brokers. The London Market participates in personal and commercial lines, domestic and foreign, and also provides reinsurance.
The General Insurance Board actively influences the environment in which General Insurance actuaries practice
The General Insurance Board is a member-led Board of senior volunteer actuaries that advises the Institute and Faculty of Actuaries (IFoA) on important General Insurance issues. The General Insurance Board sets key objectives each year and has oversight of four subcommittees:
- General Insurance Lifelong Learning Committee (GILL)
- General Insurance Research and Thought Leadership Committee (GIRTL)
- General Insurance Standards and Consultations Committee (GISCC).
With 30% of the general insurance membership living and working outside of the United Kingdom, across 70 different countries, the General Insurance Board has focussed its attention toward how best to deliver support to fragmented overseas members, developing an understanding of their needs and geographic location whilst increasing measurable ECPD outputs aligned to the international GI Community.
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Over recent months there has been a sharp rise in M&A activity involving British businesses, with interest from overseas, domestic buyers and Private Equity investors.
Frank Redington is recognised as one of the most influential actuaries of all time. In this talk, Craig will review some of Redington's most important ideas. He will identify the consistent actuarial principles that form a common thread across the contributions Redington made to a broad range of actuarial fields, and will highlight the ongoing relevance of Redington's thinking to 21st century actuarial practice.
The IFoA Mental Health working party look back over their week of blogs and podcasts considering all aspects of the relationship between mental health and life insurance. The expert panel spans adviser, underwriter and actuarial experience and they explore triggers for purchasing insurance relating to mental health, the various routes to insurance and how these may be more suited to different people depending on their conditions and preferences, the products and processes involved in purchasing these as well as what claims and support are available to policyholders and how to access them.
Part of the 'Finance in the Public Interest 2022' webinar series. If it was ever okay to consider your business in isolation from its surroundings, today it most definitely is not. Thinking about business within its surrounding system is now a necessity. The question we seek to discuss is: How should we prescribe the boundaries in which we consider problems to enable us to create better products and more resilient companies and systems?
What will happen to DC pension savers who see life annuities as poor VFM but still want an income for life? Pooled annuity funds could offer them a decent lifetime income while reducing significantly the complex choices and risk inherent in income drawdown. They could be the next generation of CDC pension schemes, slotting into the existing DC framework as a post-retirement option.
Investment risk-sharing is a fundamental part of whole-life collective defined contribution (CDC) pension schemes, such as the Royal Mail CDC. But how does investment risk-sharing benefit members? And does it favour some groups of members over others?