A new graduation course has just been launched by University of Mumbai which is very promising for an Actuarial student! Mumbai University has a course for Actuaries and Finance enthusiasts, …
Data Science, isn’t that something we hear now in our daily life and personally do not understand where we can use it to accelerate our work. The work of an …
This is a short summary explaining Industry Loss Warranties (ILWs). ILW is explained in detailed in Actuarial SP7 subject (formerly ST7). Definition of ILW Industry loss warranties (ILWs) are a type of reinsurance contract where the basis of cover is not indemnity, i.e. repayment of actual losses suffered. Protection is based on the total loss arising from an event to the entire insurance industry rather than individual insured company’s own losses. Trigger Event for ILWs The original size of the industry loss is used as a trigger for eligibility to a recovery. …
We get a lot of questions to tell you about the Interview Questions those are asked in General Interviews if you have applied for internships or jobs in Actuarial companies …
The primary aim is to assess the profitability and financial strength of an Insurance company from its accounts. The key Actuarial terms and values to consider are: Underwriting Profit (Revenue …
Severity refers to the amount you have received Insurance claim for. Average Severity would be the loss associated with an average Insurance claim. Average Severity Calculation To calculate Average Severity, …
What is Frequency Severity Method Frequency severity method is an actuarial method for determining the expected number of claims that an insurer will receive during a given time period and how …
ELR Method? Expected loss ratio (ELR method) is a technique used to determine the projected amount of claims, relative to earned premiums. The expected loss ratio (ELR) method is used …
This is the second article on “Get an Actuarial Job” where we will let you know about some of the Actuarial Interview questions asked generally and guess what, we already …
Loss development factors or LDFs are used in insurance pricing and reserving to adjust claims to their projected ultimate level i.e to Ultimate Claims. Insurance claims, especially in long-tailed lines such as liability insurance …
What is Bornhuetter Ferguson Technique The Bornhuetter Ferguson technique ( BF Method) is a method for calculating an estimate of an insurance company’s losses. The Bornhuetter Ferguson technique, also called the …
The chain ladder or development method is a prominent actuarial loss reserving technique. The chain ladder method is used in both the property and casualty and health insurance fields. Its …
How to become an Actuary: Actuary in India The Institute of Actuaries of India (IAI) regulates the education & training of actuaries in India. When a student becomes a member …
When a claim event occurs there will be some time before it is reported or notified to the insurer – this is known as a claim delay. The insurer will …
What Is Unearned Premium? Unearned premium is the premium which is corresponding to the time period remaining on an insurance policy. These are proportionate to the unexpired portion of the insurance premium paid and …