General Insurance (also known in some jurisdictions as “non-life insurance” or “casualty insurance”) has quickly become one of the most important economic development factors, as declared by the World Bank [2009].
In response, regulations and governance structures have arisen in almost every country worldwide.
Not surprisingly, actuaries are frequently referred to in these regulation rules and guidance documents, entrusted to perform important roles in monitoring and evaluating the GI business.
Estimating unpaid claims is a critical (and ongoing) process for both insurance and reinsurance companies. For each line of business, we report our best estimate on reserves to our clients, accompanied by a range of reserves to reflect possible future variations.
Although insurers have the final decision on what to charge for their insurance products, we help in testing the adequacy of the rates applied and recommend new rates as necessary. This helps our clients to avoid underpricing (which can lead to future losses) and overpricing (which can reduce the market share of the insurer).
We help our clients to manage and match assets to liabilities. Through the models and approaches we develop, our clients not only benefit from maximizing assets and minimizing required capital, they also benefit from expecting stable cash flow year-over-year.
Financial institutions have an interest in understanding their risks (day-to-day and future), as well as how to manage them. Through our models, which run scenario and stress tests, our clients (including insurers) benefit from a clear idea of the significant challenges they confront and how best to manage them.
Are you looking for an appointed actuary who can perform all of the above services, while meeting regulatory requirements? Some insurers are required by law to submit a financial condition report every year or two. In either case, you will save time and money when you work with TASC.
Does your company intend to develop a new insurance product? If so, we would be delighted to help in designing that product and recommending appropriate rates – accounting for any regulatory requirements and all risks associated with the product being developed.
We encourage our clients to develop their internal staff members to be knowledgeable and experienced in the work we do. From basic level to advanced practical training courses, with TASC, you can build a well-trained team within a reasonable timeframe. Once your team is built, we can support you through performing an independent peer review.
General Reinsurance
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Insurance
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