The chain ladder or development method (CLM) is a prominent actuarial loss reserving technique. The chain ladder method is used in both the property and casualty and health insurance fields. …
Career as an Actuary in India and Actuarial Syllabus
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 …
Introduction of Run Off Triangles in Reserving
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 …
Decoding Earned Premiums & Unearned Premium Reserves (UPR): A Comprehensive Guide to Calculation and Methods
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 …
Introduction: Incurred But Not Reported (IBNR Reserves)
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 …
2018/2019 CPD activity year ends 30 June 2019
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 …
UK Institute and Faculty of Actuaries Council members to hold to join national conference in Kenya
Early next month, Council members from the UK Institute & Faculty of Actuaries (IFoA) will be holding one of its quarterly meetings in Africa. In what will be a first …
Revised Actuaries’ Code and Guidance comes into force
Since the Actuaries’ Code first came into effect in 2008, the actuarial profession has moved into more diverse fields and the number of members working outside the UK has increased. …
Mack Method in Stochastic Reserving: Estimating Standard Errors in Chain Ladder Reserving
Understanding the Mack Method for Estimating Chain Ladder Uncertainty Thomas Mack, in his original paper, introduced a method to estimate the standard error associated with chain ladder estimates. This method, …
Actuaries Climate Index data for Fall 2018 Released Using Improved Methodology
WASHINGTON and ARLINGTON, Va. and SCHAUMBURG, Ill. and OTTAWA, May 07, 2019 (GLOBE NEWSWIRE) — Organizations representing the actuarial profession in Canada and the United States have applied an improved …
Masters in Actuarial Science: Real Life Experience of an Indian
Masters in Actuarial Science from abroad is always a question of high doubt and discussion. To help you solve your doubts we have already published an article on Masters in …
Speedy teen drivers drive up mortality rates
Even as Indian life insurers have recorded improvement in Indian assured lives’ mortality rates across age-groups and genders, the 13-20 years age bracket has bucked this trend. Mortality rates have …
Father of Life Insurance – Elizur Wright
Right from the day all of us started studying the life insurance domain in the actuarial industry, we have all been fed the concept of actuarial reserving which forms the …
Data Science: Actually the Sexiest Job in 21st century ??
This article has been written by Shivang , one of our highly dedicated and hardworking volunteer. “By the year 2020, about 1.7 megabytes of new information will be created every …
How to Motivate Yourself to Study Right NOW!
It’s a boring afternoon. You’re tired after exhausing actuarial class, and all you want to do is curl up with Netflix and a bowl of cereal. But you really should …