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. …
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 …
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 …
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 …
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 …
Financial Engineering and Loss Reserving’(CM2) provides a grounding in the principles of actuarial modelling, focusing on stochastic asset-liability models and the valuation of financial derivatives. CM2B consist of a part …
Actuaries in General Insurance Actuaries play a critical role in the Insurance Industry. From performing and assisting in all major core functions of an Insurance Company like pricing of products, …
There is an ever emerging risk of Cyber crimes and to get a hold onto them, companies are relentlessly looking to price Cyber Insurance. The insurance is not unpopular but …
For a seven figure salary, be an Actuary – A proven but unproven myth created by rediff and the question comes in front is – “Are you really interested?” From …
This article describes the formula syntax and usage of the REPLACE and REPLACEB function in Excel. Description REPLACE replaces part of a text string, based on the number of characters …