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 …
What is Ultimate Net Loss For Insurer, the loss is when a claim is received. However, that is not the only aspect to consider while calculation of loss reserves or …
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 …
The session ended and you are done with your graduation. Now you are looking for a job and thinking about taking next steps on the life ladder. Here we present …
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 …
Incurred But Not Reported or IBNR reserves are a part of claims reserves estimated by insurers for reporting on their financial statements. Claims reserves are estimates of claims that have …
A reminder to all members in categories 2-6 that the continual professional development (CPD) reporting year will end on 30 June 2019. All CPD activity for 2018/2019 must be completed …