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The Actuary The magazine of the Institute & Faculty of Actuaries

General insurance

  • The British Army rescue team during the December floods in York © Shutterstock Flood Re releases first transition planReinsurance scheme Flood Re has unveiled its first plan detailing how it will work with partners to enable lower prices and excesses to be offered to consumers by the time it comes to an end in 2039. 12 February 2016
  • The interior of a flooded house © Shutterstock IPT hike pushes up home insurance costsThe average home insurance premium in the last quarter of 2015 has risen due to the increase in insurance premium tax (IPT) according to the Association of British Insurers (ABI). 10 February 2016
  • Business people © Shutterstock Insurance CEOs concerned at over-regulation within sectorOver-regulation is seen as a threat that impacts business growth in the industry, according to 94% of insurance CEOs surveyed. 09 February 2016
  • Umbrella Takaful at a crossroadsThe recent growth of the takaful model is impressive, says Zainal Abidin Mohd Kassim but this is in danger of being restricted by a general lack of understanding of the product 04 February 2016
  • Older drivers © Shutterstock One in four older motorists risk driving illegally by not renewing licence regularlyMore than a quarter (28%) of elderly drivers could face a hefty fine for failing to renew their licence every three years upon reaching the age of 70, a survey has found. 03 February 2016
  • Aerial view over flooded area © Shutterstock Flood Re secures £2.1bn dealFlood Re has successfully secured the remaining funds required for its new reinsurance programme worth £2.1bn. 02 February 2016
  • A driverless car © Catapult Driverless cars to receive further £20m fundingEight new driverless car projects have been awarded a total of £20m in funding to research and develop roadside infrastructure and communication systems between vehicles, business secretary Sajid Javid will announce today. 01 February 2016
  • A pile of credit cards with a fish hook on a computer keyboard © Shutterstock SMEs not convinced by the perils of cyber riskTwo in five small businesses do not believe they are at risk of a cyber crime but anyone could become a target, according to a survey carried out by Aviva. 29 January 2016
  • An abandoned house © Shutterstock One in five home insurance claims rejectedAround one in five claimants on their home insurance are turned down, according to figures released by the Association of British Insurers (ABI). 28 January 2016
  • Snow in New York © Shutterstock Insurers in 'constant alert' for next UK stormUK insurers are being vigilant for the next natural disaster after a warning from the Met Office of potentially disruptive weather, according to the Association of British Insurers (ABI). 26 January 2016
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Actuaries in general insurance

Actuarial involvement in general insurance has grown significantly in recent years. Nowadays, general insurance actuaries might help insurance companies estimate the reserves they require for future claims as well as identify the other management information they need.

Actuaries will also work on rating insurance products in areas such as motor and household insurance where large volumes of data exist. In other fields, they will advise building societies on the capital requirements for their own insurance companies, and advise reinsurance companies on their rates for 'excess of loss reinsurance'.

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