Personal study notes for the SA3 (General Insurance) actuarial exam by the IFoA

Syllabus states:

• 35% = General insurance products and environment
• 30% = Reserving, ALM and reinsurance
• 25% = Financial, monitoring and strategies
• 10% = Regulatory, legisation and taxation environment

• Overview
• Markets
• Products
• Legislation
• Lloyds'
• Solvency II
• Technical Provisions
• Professional Standards
• Taxation
• Pricing
• CAT models
• Latent Lines
• Financial Reporting
  • IFRS 17
• Business Planning
• Capital costs in business planning
• Exit Solutions
• Other Topics
• License

• Main features of general insurance markets
  • Captives
  • P&I Clubs
  • London Market
  • Non-London Market

• Private motor
• Other motor
• Household
• Commercial fire
• Employers' liability
• Product liability
• Professional indemnity
• Public liability
• Marine
• Aviation
• Personal accident
• Extended warranty
• Travel
• Mortgage indemnity
• Pecuniary loss
• Cyber

• Regulators
• Supervisory tools
• Statutory actuarial roles
• Jurisdictional differences
• Consumer protection
• Equality
• Jurisdictional differences

• Key features of Lloyd's
• Regulation at Lloyd's
• SAOs at Lloyd's

• Pillar 1: quantitative
• Pillar 2: qualitative
• Pillar 3: reporting
• Groups

• Best estimate claims provision
• Best estimate premium provision
• Risk margin
• Reinsurance treatment
• ENIDs
• Segmentation
• Validation, reporting and communication

• Actuarial associations - IAA and AAE
• Technical standards - TAS 100 and TAS 200
• Actuarial Profession Standards (APS)
• Actuaries' Code

• Taxing insurance companies
• Investment return
• Underwriting result and provisions
• Other considerations
• Taxing mutuals
• Tax in Lloyd's market
• Other tax

• Pricing large commerical risks
• Approaches to rate commerical risks
• Incorporating return on capital in premium rates

• Difference between CAT modelling and traditional rating
• Generic structure of CAT model
• Key perils modelled
• Key uses actuaries use output of CAT models
• Considerations when using CAT models
• Non-modelled CATs

• Latent claim characteristics
• Latent claim stages
• APH
• Modelling latent claims

• Annual accounting
• Statutory returns
• Management accounts
• Discounting

• Aggregation
• General Measurement Model (BBA)
• Premium Allocation Approach (PAA)
• Disclosure

• Financial planning requirements
• Financial planning models

• Benefits of capital allocation
• Components of capital cost
• Risk measure coherence
• Capital allocation methods
• Incorporating capital costs

• Transfer liabilities
• Portfolio transfer
• Reasons to transfer portfolios
• Approaches to transfer and appropriateness

• Periodic Payment Orders
• Disruptors to GI market
• Emerging risks
• Cyber risk
• Climate change

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