Python is an open-source, high-level programming language created by Guido Van Rossum and first released in 1991. Python is rapidly becoming the go-to language due to its ease of writing …
A Brief About Casualty Actuarial Society (CAS)
United states has 2 Actuarial societies namely:1. Casualty Actuarial Society (CAS)2. Society of Actuaries (SOA) Key distinction between CAS AND SOA While this article is meant to explain Casualty Actuarial …
6 Strategies for Overcoming Failures in Actuarial Science
6 Strategies for Overcoming Failures in Actuarial Science
BSc in Actuarial Science from Amity – An Overview
BSc in Actuarial Science from Amity
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. …
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. …
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, …
Frequency 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 …
Loss development factors (LDF)
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 …
CM2 Excel Practice Workbooks with Solutions (CM2B)
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 …
Role of Actuaries in General Insurance Industry
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, …