General

2.4.1 General

Description of role

Responsible for evaluation of reserves for future general insurance claims, pricing and rating insurance products and advising on capital requirements of insurance and reinsurance companies.

Core skills

Evaluation of complex risks and assess the probability and potential financial consequences of those risks
Understand complex financial products within insurance
Analysis using probability theory and investment theory
Ability to evaluate the adequacy of insurance premiums to ensure claims can be met
Ability to examine and evaluate actuarially determined liability, reserves and estimations made by insurance firms
Advanced problem-solving and analytical ability.
Understanding of economics and of legislation related to financial services
Understand the interaction between theory and practice when using actuarial techniques
Understand the commercial environment
Work within a professional and ethical framework
Ability to communicate with stakeholders and colleagues

Qualification and/ or certification

QFSQF Level 3
ACII or equivalent qualifications would be useful
Relevant experience

Industry knowledge

Knowledge of the insurance market, industry trends and developments.
Knowledge of key insurance principles and terms.

Regulatory compliance of role

Knowledge of insurance regulatory framework
Knowledge of laws and regulations impacting underwriting

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