WASHINGTON and ARLINGTON, Va. and SCHAUMBURG, Ill. and OTTAWA, Aug. 29, 2019 (GLOBE NEWSWIRE) — Organizations representing the actuarial professions in Canada and the United States have updated the Actuaries …
Introduction to IFRS 17
The International Accounting Standards Board (IASB) published IFRS 17 on 18 May, which is designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. The new Standard …
Father of Actuarial Science : William Morgan
Father of Actuarial Science: William Morgan. We who call ourselves actuaries owe so much to this legend William Morgan who was born in 25th May 1750 in Bridgend, Wales. William …
Mumbai University offering Bachelors and Masters in Actuarial and Quantitative Finance
A new actuarial science graduation course that has been launched by Patkar Varde College, the University of Mumbai which is very promising for an Actuarial student! They have a course …
Seminar on Data Science and Analytics by Institute of Actuaries of India
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 …
FAIL. How to overcome failure in actuarial!
Actuarial Failure. Can you tell me one successful person, who got successful without facing failure in life? If everyone fails, will that be considered as failure or step in learning. …
Are you an IAI student looking for exemption from IFoA?
IFoA can grant exemptions from some of your exams if you have passed the Institute of Actuaries of India exams Students will have until 31 December 2022 to claim any …
What’s WRONG in your Actuarial CV or Resume
A few days before, in my organisation, I was given the task to collect CVs’ from the individuals who are interested in an Actuarial internship opportunity. Without any wonder, I …
Importance of Granularity in General Insurance
The first question occur to mind what is granualarity and how is it that important for a General Insurance business? Breaking down Granularity Granularity is subdivision. If the business is …
Industry Loss Warranties – ILWs
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. …
Some Questions to prepare for Actuarial Job Interviews
We get a lot of questions to tell you about the Interview Questions that are asked in General Interviews if you have applied for internships or jobs in Actuarial companies …
Latent claims: Claims which insurer not get to decide
What are Latent Claims? Latent Claims derive from the perils that were unforseen when the Insurer wrote the policy and is applied to claims that become known about some years …
Interpreting Key Actuarial Terms and Values
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 …
Ultimate Net Loss
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 …
Average Severity
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, …