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About General Insurance

Actuaries bring value to General Insurance

General insurance actuaries provide expertise in three main areas:

  1. Reserving - actuaries apply statistical techniques to assess the likely outcome of general insurance liabilities and the provisions that are needed for reporting purposes
  2. Pricing - actuaries assesses the frequency and average amount of claims to estimate premiums
  3. 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:

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

Contact Details

For more information about the General Insurance practice area please contact the Professional Communities Team:

professional.communities@actuaries.org.uk

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E.g., 28/09/2020
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Events calendar

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.