tag:blogger.com,1999:blog-7734071776110578331Sat, 28 Sep 2024 23:14:15 +0000Actuarial Papers Actuarial ExperianceGeneral Insurance India GrowthHealth InsuranceIBNR Reserving General Insurance ActuaryInsurance Reserving General ActuaryRemuneration Actuary General Insurance IndiaActuarial Profession Health Insurance General Insurance INDIAN INSURANCE ACTUARIES IN INDIA Actuarial Studies etc are the areas which this blog aims to touchhttp://actuarialprofession.blogspot.com/noreply@blogger.com (Ankit Kedia)Blogger14125tag:blogger.com,1999:blog-7734071776110578331.post-7964227063836812231Wed, 23 Mar 2011 15:49:00 +00002011-03-23T21:31:13.713+05:30Being an actuary demands a high degree of professionalism. Documentation is one of the main components of being professional. Importance of Documentation has never been understated in professional studies, however many a times proper documentation is not done because of certain reasons. I would like to restate some of the advantages of proper documentation here. <!--[if !supportLists]-->·http://actuarialprofession.blogspot.com/2011/03/documentation.htmlnoreply@blogger.com (Anonymous)1tag:blogger.com,1999:blog-7734071776110578331.post-5400071313007702009Sat, 25 Apr 2009 02:47:00 +00002009-04-25T08:42:39.862+05:30Wikipedia states that "a situation where an individual's demand for insurance (either the propensity to buy insurance, or the quantity purchased, or both) is positively correlated with the individual's risk of loss (e.g. higher risks buy more insurance), and the insurer is unable to allow for this correlation in the price of insurance". A few examples will make things clear. Health Insurance :-- http://actuarialprofession.blogspot.com/2009/04/adverse-selection.htmlnoreply@blogger.com (Ankit Kedia)0tag:blogger.com,1999:blog-7734071776110578331.post-2775363154250947308Thu, 23 Apr 2009 17:32:00 +00002009-04-23T23:04:22.125+05:30Definition of Moral Hazard as mentioned in Wikipedia is "Moral hazard is the prospect that a party insulated from risk may behave differently from the way it would behave if it were fully exposed to the risk."This definition is self explanatory; further clarification can be added using following examples.Burglary Insurance:-- Taken a burglary insurance , insurer keeps more costly products at homehttp://actuarialprofession.blogspot.com/2009/04/moral-hazard.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-7734071776110578331.post-5166349788086350632Fri, 12 Sep 2008 09:30:00 +00002008-09-12T15:08:51.164+05:30Being an actuary, you can be employed in various fields.Life Insurance CompaniesGeneral Insurance CompaniesKPO Companies (Knowledge Process Outsourcing)Consulting companiesInvestment CompaniesPension and Benefits CompaniesHealth Insurance CompaniesReinsurance CompaniesIn India, Life Insurance, KPO and Consulting companies provide large portion of the actuarial demand. Further, General Insurance http://actuarialprofession.blogspot.com/2008/09/jobs-in-actuarial-profession.htmlnoreply@blogger.com (Anonymous)5tag:blogger.com,1999:blog-7734071776110578331.post-680033082530113154Wed, 10 Sep 2008 14:54:00 +00002008-09-10T22:11:55.293+05:30May be called initial step towards Portfolio Analysis, Segmental Analysis is nothing but to see the data in segments to see the trend which is not apparent when seen in totals.In the analysis , Claim Frequency and Average claim size, burning cost as well as Loss Ratio is calculated according to different factors( rating Factors) like Location ,Age or may be different models. In principle , http://actuarialprofession.blogspot.com/2008/09/segmental-analysis.htmlnoreply@blogger.com (Ankit Kedia)2tag:blogger.com,1999:blog-7734071776110578331.post-5715382753180790768Tue, 03 Jun 2008 06:00:00 +00002008-06-03T11:30:54.439+05:30 Health Insurance will experience tremendous growth in Indian market in coming decade. Middle class is growing thanks to growth rate of 8% to 10%. Increase in disposable income for middle class will insure that Health insurance will grow and increase its penetration in Indian market. Current penetration of Health insurance in India is very low somewhere in lower single digit. Further average age http://actuarialprofession.blogspot.com/2008/06/health-insurance-in-india-and-medical.htmlnoreply@blogger.com (Ankit Kedia)1tag:blogger.com,1999:blog-7734071776110578331.post-9004371134519891069Tue, 03 Jun 2008 03:54:00 +00002008-06-03T09:37:42.240+05:30Health InsuranceMedical Inflation could be defined as rise in Medical Care Costs year on year. This includes Doctor Fees, Pharmacy and other Hospital services.Medical inflation on average is around 17 % year on year much higher than general wholesale index.Premiums of Health insurance has to increase by about same rate to tackle Medical Inflation , which has been one of the challenges for insurance http://actuarialprofession.blogspot.com/2008/06/medical-inflation.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-7734071776110578331.post-3475997233204661472Thu, 15 May 2008 14:22:00 +00002008-05-16T15:52:26.170+05:30General Insurance India Growth Name Of Company Premium (Gross) 2007-08 Premium (Gross) 2006-07 Royal Sundaram 695.16 600.58 Tata-AIG 813.39 741.56 Reliance General 1946.42 912.31 IFFCO-TOKIO 1235.83 1150.32 ICICI Lombard 3344.69 3003.45 Bajaj Allianz 2404.34 1803.34 HDFC ERGO General 216.58 190.16 Cholamandalam 563.67 314.59http://actuarialprofession.blogspot.com/2008/05/general-insurance-industry-in-india.htmlnoreply@blogger.com (Ankit Kedia)2tag:blogger.com,1999:blog-7734071776110578331.post-555440740249049980Sun, 04 May 2008 11:57:00 +00002008-05-04T17:39:28.765+05:30Actuaries are highly skilled professionals and are in great demand in insurance industry all over the world. Due to recently privatised industry here in India , first wave of qualified actuaries will be out within two years. By that time number of Actuarial Students will also be quite large.KPO - Knowledge Process Outsourcing industry in india is growing rapidly. Since Actuaries all over the http://actuarialprofession.blogspot.com/2008/05/actuarial-knowledge-process-outsourcing.htmlnoreply@blogger.com (Ankit Kedia)0tag:blogger.com,1999:blog-7734071776110578331.post-4740938087533202119Sun, 16 Mar 2008 13:06:00 +00002008-03-17T15:45:29.331+05:30Insurance Reserving General ActuaryAs you know from my previous posts, that in General insurance one of the main job of an Actuary is to do Reserving. There are risks involved if estimates of Reserves goes far from what it should be.IBNR Estimates could be too low or could be too high in any given circumstances , which gives rise to UnderReserving or OverReserving.(These could be because of many reasons explained later).Risks http://actuarialprofession.blogspot.com/2008/03/risks-of-inaccurate-reserving.htmlnoreply@blogger.com (Ankit Kedia)0tag:blogger.com,1999:blog-7734071776110578331.post-7275308375276449136Wed, 27 Feb 2008 11:28:00 +00002008-03-05T17:00:56.444+05:30Actuarial Papers Actuarial ExperianceFor a student actuary like me, one thing that concerns me the most is what comes first? “Experience or Clearing papers”, both are very important, there is no doubt about it. But it is also true that clearing papers while doing job is very difficult and you cannot perform both of them at your best. One of them has to take a back step. Why Experience is Important? In current market scenario ,http://actuarialprofession.blogspot.com/2008/02/actuarial-experiance-vs-clearing.htmlnoreply@blogger.com (Ankit Kedia)3tag:blogger.com,1999:blog-7734071776110578331.post-765511757991382860Sun, 24 Feb 2008 13:10:00 +00002008-02-24T18:49:14.246+05:30Remuneration Actuary General Insurance IndiaActuarial Field is relatively unheard in India and that is one of the reason that , Actuarial Jobs in india is not paid as much as in other countries. However , things are improving very fast. I am not able to say about Life Insurance market , but in General insurance general Pay structure is something like :--Students having passed 4 papers and fresher --- 3 to 5 lakhs per annumStudents having http://actuarialprofession.blogspot.com/2008/02/remuneration-of-actuaries-in-india.htmlnoreply@blogger.com (Ankit Kedia)0tag:blogger.com,1999:blog-7734071776110578331.post-5301255927523518569Thu, 07 Feb 2008 08:38:00 +00002008-02-07T14:19:30.972+05:30IBNR Reserving General Insurance ActuaryReserving is insuring that company has enough reserves to meet future liabilities. Finding IBNR that is Incurred but Not reported claim is one of the most important jobs of an actuary in general insurance company.IBNR can be calculated using various means , which are very well discribed in various literatures available , but what i learnt in short period of experiance is that, if your analysis ishttp://actuarialprofession.blogspot.com/2008/02/reserving-ibnr.htmlnoreply@blogger.com (Ankit Kedia)0tag:blogger.com,1999:blog-7734071776110578331.post-4669870565488346881Wed, 06 Feb 2008 16:48:00 +00002008-02-06T22:29:14.980+05:30Actuary in General Insurance companies generally performs two very important tasks.1. Reserving.2. Premium Rating. In reserving an actuary suggests company how much IBNR(incurred but not reported) claims could come in future along with how much reserves company should keep to take care of IBNER. moreover Actuary also gives his opinion on Solvency position of the company. In Premium Rating , an http://actuarialprofession.blogspot.com/2008/02/actuary-in-general-insurance.htmlnoreply@blogger.com (Ankit Kedia)2