Students may find it useful to consult some of the suggested additional reading from Unit 18 of the SA3 Core Reading to obtain a different viewpoint when studying a particular topic
However, students are not expected to have read all of the items on the list for their chosen subject.
The Institute and Faculty of Actuaries (IFoA) is responsible for setting ethical actuarial standards. The Financial Reporting Council (FRC) is responsible for setting technical actuarial standards. Visit
- the Standards and guidance page of the IFoA's website
- the FRC's website for technical actuarial standards.
- A change agenda for reserving. Report of the General Insurance Reserving Issues Taskforce (GRIT). Jones, T.; Copeman, P.J; Gibson, E.R, et al. British Actuarial Journal (2006) 12(3): 435-619. (DOI:https://doi.org/10.1017/S135732170000461X) (access after member login to IFoA website or via Athens: Cambridge Journals)
- Distribution-free calculation of the standard effort of chain ladder reserve estimates. Mack, T.ASTIN Bulletin (1993) 23(2): 213-225.
(DOI: https://doi.org/10.2143/AST.23.2.2005092) (available via International Actuarial Association website link or Casualty Actuarial Society website link)
- Economic scenario generators and Solvency II; a discussion paper. Varnell, E.M. British Actuarial Journal (2011) 16(1): 121-159.
(DOI:https://doi.org/10.1017/S1357321711000079) (access after member login to IFoA website or via Athens: Cambridge Core)
- Fair value accounting: implications for general insurers. Leigh, J.C.T. Staple Inn Actuarial Society. 46 pages.
- Injury liabilities (US asbestos) [Measurement of asbestos bodily injury liabilities] Cross, S.; Doucette, J. Casualty Actuarial Society Forum (1994) Summer: 161-258.
- Insurance capital as a shared asset. Bear, Robert A., Casualty Actuarial Society Forum (2006) Fall: 587-611. [Referenced in SA3 Core Reading 2019]
- Loss reserves in the London Market. Maher, G. P. M. British Actuarial Journal (1995) 1(4): 689-760.
- Mapping out the route to internal model approval. Morgan, K. Link is to a subscription-based site: insuranceerm.com. Students will have to register for a free trial to access the paper.
- Measurement of US pollution liabilities. Bouska, A.S; McIntyre, T.S. Casualty Actuarial Society Forum (1994) Summer: 73-160. (available via www.casact.org/pubs/forum)
- Modeling the claims development result for solvency purposes. Merz, M.; Wüthrich, M.V. Casualty Actuarial Society Forum (2008) Fall: 542-568. (available via www.casact.org/pubs/forum)
- A note on the overdispersed Poisson family. Schmidt, K.D. Insurance: Mathematics & Economics (2002) 30(1): 21-25.
(DOI:https://doi.org/10.1016/S0167-6687(01)00089-0) (Access this after login to Athens: Science Direct)
- Predictive distributions of outstanding liabilities in general insurance. (2006) Verrall, R.J.Annals of Actuarial Science (2006). 1(2): 221-270.
(DOI: https://doi.org/10.1017/S1748499500000142) (Access this after member login to IFoA website or via Athens: Cambridge Core)
- Quantifying operational risk in general insurance companies Tripp, M. H.; Bradley, H. L.; Devitt, R., et al. British Actuarial Journal (2004) 10(5): 919-1026.
- Reserving and uncertainty. A meta-study of the General Insurance Reserving Issues Task Force and Reserving Oversight Committee research in this area between 2004 and 2009. Gibson, E.R. et al. British Actuarial Journal (2011) 16(1): 63-80.
- Solvency II Technical Provisions for General Insurers. Dreksler, Susan. (chair) et al. General Insurance Reserving Oversight Committee’s Working Party. Paper presented to Institute and Faculty of Actuaries, 2013. (Paper awarded Brian Hey Prize.)
- Statistical motor rating: making effective use of your data. Brockman, M.J.; Wright, T.S. Journal of the Institute of Actuaries (1992) 119: 457-543.
- Stochastic claims reserving in general insurance.England, P.; Verrall, R.J. British Actuarial Journal (2002) 8(3): 443-544.
- The valuation of general insurance companies. Journal of the Institute of Actuaries (199)) 117: 557-669.
(DOI: https://doi.org/10.1017/S0020268100043249) (Access this after member login via Athens: Cambridge Core available in the IFoA Library)
Access articles after ‘Athens’ login to the IFoA eLibrary via the title or DOI links shown. Please contact Library Service to request an Athens account, available to IFoA members and Affiliates.
Conference papers (by year) on Institute and Faculty of Actuaries website
- The cost of compensation culture. Lowe, J.A. et al. Institute of Actuaries and Faculty of Actuaries, General Insurance Convention 2002.
- The management of losses arising from extreme events. Sanders, D.E.A.; Brix, A.; Duffy, P., et al. Institute of Actuaries and Faculty of Actuaries, General Insurance Convention 2002, 2: 1-257.
- The cycle survival kit – An investigation into the reserving cycle and other issues. Archer-Lock, P.; Fisher, S.; Hilder, I.M., et al. Institute of Actuaries and Faculty of Actuaries, General Insurance Convention 2003, 103-145.
- UK asbestos - the definitive guide. Lowe, J.A. et al. Institute of Actuaries and Faculty of Actuaries. General Insurance Convention 2004, 135-354.
- Reinsurance pricing – practical issues and considerations Flower, M.; Cook, I.; Lee, L., et al. (Reinsurance Matters Working Party) Institute of Actuaries and Faculty of Actuaries, General Insurance Convention 2006.
- Best estimates and reserving uncertainty. Gibson, Lis R et al. GIRO Institute of Actuaries and Faculty of Actuaries, General Insurance Convention 2007.
- Quantification and reporting of uncertainty for GI reserving Jones, T.; Copeman, P.J; Gibson, E.R., et al. (Reserving Oversight Committee) Institute of Actuaries and Faculty of Actuaries, General Insurance Convention 2007
- GRIP – General Insurance Premium Rating Issues Working Party Anderson, D.; Bolton, C.G; Callan, G.L, et al.
- Competitive market analysis: an example for motor insurance. Santoni, A.; Folch, E.; Sanche, B. ASTIN Colloquium 2007 (Orlando, 19-22 June 2007).
- Schemes of arrangement and business transfers. Hindley, D. et al. Institute and Faculty of Actuaries. General Insurance Convention 2009.
- Stochastic re-reserving in multi-year internal models - an approach based on simulation. Diers, D. ASTIN Colloquium 2009 (Helsinki, 1-4 June 2009) S4: 1-20
- UK Asbestos Working Party Update 2009 Gravelsons, B.P. et al. Institute of Actuaries and Faculty of Actuaries. General Insurance Convention 2009.
- UK Asbestos Working Party Update 2010. Brooks, R. et al. Institute of Actuaries and Faculty of Actuaries. General Insurance Convention 2010.
- UK Asbestos Working Party Update 2011. Brooks, R. et al. Institute of Actuaries and Faculty of Actuaries. General Insurance Convention 2011.
- Back-testing the ODP bootstrap of the paid chain-ladder model with actual historical claims data. Leong, J.; Wang,S.; Chen, H. Institute and Faculty of Actuaries. General Insurance Convention 2012.
- Periodical Payment Orders Working Party: GIRO 2013 report. Periodical Payment Orders Working Party. [Added for SA3 Core Reading 2015] Institute and Faculty of Actuaries. General Insurance Convention 2013.
Read other papers from General Insurance Research Organisation (GIRO) via the links to the GIRO papers in the IFoA Event Paper Archive. These are papers and presentations released after conferences. Follow links for the year then title of the conference or meeting event.
The Event Paper Archive offers access to presentations released after conferences. Follow links for the year then title of the conference or meeting event.
Other monographs including guidance
- Advisory note on Lloyd’s US opinions. Institute and Faculty of Actuaries. General Insurance Board, 1999.
- Asbestos briefing note. Institute and Faculty of Actuaries. General Insurance Practice Executive Committee. 2010.
- Asbestos liabilities & the new Risk Margins Framework. Riley, B.; Watson, B.S. Institute of Actuaries of Australia. Released through Sydney: Finity Consulting, 2009.
- Fair value accounting: Implications for general insurers. (2004) Leigh, J. C. T. SIAS. 46 pages.
- A framework for assessing risk margins. Marshall, K.; Collings, S.; Hodson, M.; O'Dowd, C. Released through Institute of Actuaries of Australia website, 2008.
- Lloyd's guidance on technical provisions under Solvency II. Look for latest guidance on www.lloyds.com
- Non-modelled risks: a guide to more complete catastrophe risk assessment for (re) insurers. Association of British Insurers, 2014.
- Review and comparison of rating agency capital models (2006) Lebens, J. R.; Morin, F. on behalf of the Casualty Actuarial Society.
Reference sources (references for SA3 Core Reading 2019)
- Actuarial Association of Europe – Solvency II
- European Union. Directive of the European Parliament and of the Council on the taking up and the pursuit of the business of insurance and reinsurance. 2009/138/EC (the 'Solvency II' Directive).
- Financial Conduct Authority – FCA’s approach to supervision
- Financial Conduct Authority – Insurance Conduct of Business Sourcebook (ICOBS)
- Institute and Faculty of Actuaries – Practising Certificates
- Lloyd’s of London – Solvency II
- Prudential Regulation Authority – Solvency II
- The actuarial practice of general insurance. 7th ed. Hart, D.G.; Buchanan, R.A.; Howe, B.A. Institute of Actuaries of Australia, 2007. ISBN 9780858130739.
(Borrow from libraries)
- Claims reserving in general insurance. Hindley, D.J. Cambridge University Press, 2017. ISBN 9781139924696. (Borrow from libraries)
Access ebook after member login to the IFoA Actuarial Knowledge Hub or via Athens - the title is listed among the 'eBooks and ejournals')
The author releases accompanying material for the book: https://davidjhindley.com/shiny/claimsreserving/
Open source ‘R’ code relating to the Appendix: https://github.com/djhindley/shiny-server/tree/master/claimsreserving
Please read Notice and disclaimer about use of this material intended solely as a learning aid.
- Pricing in general insurance. Parodi, P. Chapman & Hall/CRC Press, 2014. ISBN: 9781466581449.
(Borrow from libraries | Access eBook after member login to Actuarial Knowledge Hub via Athens*)
The author also releases accompanying material for the book: www.pricingingeneralinsurance.com
- Foundations of casualty actuarial science. 4th ed. Casualty Actuarial Society. 4th ed. CAS, 2001. ISBN: 0962476226.
(Borrow from libraries)
For any library enquiries please contact:
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Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.