General
insurance actuaries help provide expertise in three main areas:
·
Reserving (in
reserving they apply statistical techniques to assess the likely outcome
of general insurance liabilities, typically, and the provisions that are
needed for reporting purposes)
·
Rating
(the pricing actuary assesses the frequency and average
amount of claims to estimate premiums)
·
Capital modelling (for
capital modelling the actuary projects both the liability and assets of
insurers to assess solvency and future capital needs).
General insurance or non-life insurance policies,
including motor and household policies, provide payments depending on
the loss from a particular financial event. General
Insurance typically comprises any insurance that is not determined to be
life insurance. It is called property and casualty insurance and non-life
insurance in Continental Europe.
In the General insurance is broadly divided
into two areas, personal lines and commercial lines.
Commercial lines products are usually designed for
relatively large legal entities. These would include workers' comp (employer’s
liability), public liability, product liability, commercial fleet and other
general insurance products sold in a relatively standard fashion to many
organisations. There are many companies that supply comprehensive commercial
insurance packages for a wide range of different industries, including shops,
restaurants and hotels.
Personal lines products are designed to be sold in
large quantities. This would include motor insurance, household insurance, pet
insurance, creditor insurance and others.
The London
Market provides a focus for many
insurance companies and syndicates operating under a Lloyd’s of London banner to write large commercial risks such as
supermarkets, football players and other very specific risks. It consists of a
number of insurers, reinsurers, [P&I Clubs], brokers and other companies
that are typically physically located in the City of London. Business is
typically written through specialist brokers. The
London Market also participates in personal lines and commercial lines,
domestic and foreign, and provides reinsurance.
The statistics on the changing profile of our
membership tell us that around 30% of our general insurance members live and
work outside. As a result, the General Insurance Practice Executive
Committee (PEC) is continually looking at
what it can do to support our members.
[Source : http://bestinsurancestock.blogspot.in/2013/03/general-insurance-uk.html]
