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. We who call ourselves actuaries owe so much to this legend William Morgan who was born in 25th May 1750 in Bridgend, Wales. William …
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 …
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. …
IFoA can grant exemptions from some of your exams if you have passed Institute of Actuaries of India exams Students will have until 31 December 2023 to claim any exemptions …
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 …
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 …
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 …
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 ProfitUnderwriting Profit …
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 …
SeveritySeverity refers to the amount you have received Insurance claim for. Average Severity would be the loss associated with an average Insurance claim. refers to the amount you have received Insurance claim …
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 …