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 assess the frequency and average amount of claims to estimate premiums
- Capital modelling – actuaries project both the liability and assets of insurers to assess solvency and future capital needs.
General insurance, such as motor and household insurance policies, provides 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 that 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 three sub-committees:
- 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.
Related documents
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General Insurance Board Terms of Reference
2 February 2022 -
Solvency II - General Insurance
6 June 2016
Contact Details
For more information about the General Insurance practice area please contact the Professional Communities Team:
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Events calendar
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Climate Solvency The Actuaries Carbon Collaboration: Applying Actuarial Concepts to Carbon Emissions
6 July 2022The Actuaries’ Carbon Collaboration (ACC) is a group of actuaries and other professionals working towards a coherent understanding of the issues around greenhouse gas (GHG) emissions by considering them in an actuarial context.
Emissions into and absorption from the atmosphere can be modelled in the same way that we model variable cash flows, including the impacts of uncertain quantities and timing. The ACC’s work investigates both the insights that this analogy provides and its limitations.
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Sessional Meeting: Data and Modelling Considerations for mental health in life insurance
11 July 2022This talk presents the work of the Data and Modelling workstream of the IFoA Mental Health Working Party. We explore data and modelling considerations in the risk assessment and underwriting of mental health conditions. We will also consider how newer risk factors and improved data availability might open up opportunities for additional underwriting and product designs.
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Pensions Dashboards
12 July 2022As the industry prepares for Pensions Dashboards, we have lined up a specialist panel who is at the heart of the ongoing work in this area. Hear the latest developments, future proposals and have the opportunity to put forward your questions to our speakers.
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Crisis Management and Boards
18 July 2022Crisis management, the process by which an organization deals with a disruptive, sudden and unexpected event that threatens to harm the organization or its stakeholders, has become a key concern in the light of the Pandemic and Geopolitical risks.
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Applying AI – From Concept to Practice
19 July 2022Artificial Intelligence is heralded as a game-changer to the ways industries use data, with the insurance industry especially looking to embrace these new technologies. This brings many questions – not least around data privacy, ethics, potential biases and so on – with regulators increasingly interested in developments.
Moreover, whilst the stunning progress of specific technologies such as Watson and Alphazero made headlines some years ago, current commercial applications of AI remain far from mature.
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This webinar will cover:
• Some background on the risks of misselling in an ESG context, including the DWS case
• Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities
• This tension can be resolved with a concept called Universal Ownership
• Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities
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This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on the expected future changes. Through examining the transformation, we will highlight how the sector is and can use actuarial expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.
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Sessional Meeting: Covid-19 and the Effectiveness of ERM Frameworks
Online15 August 2022The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.
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The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar. Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity. This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations. Attendees will be invi
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Health – Our Greatest Asset
2 November 2022Health contributes to happiness at the personal, family, community and societal level. Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.