Monday, 30 May 2016

General Insurance

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]

2 comments:

  1. is of course a form of Insurance most people realize That They Need, mostly because the law says they must have it to drive. Even if you are an excellent driver-you-can wind up with Injuries and property damage from someone else's negligence so it is important to make sure insurance Coverage That You Have to Take Care of These issues just in case.

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  2. Nice one blog on General Insurance and informative blog its included to all types of the insurance like home, car, two wheeler, health, travel all the insurance are included in general insurance. so its easy to search which one insurance you want.

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