SP8

There are 3 General Insurance modules: Reserving and Capital Modelling Specialist Principles (SP7), Pricing Specialist Principles (SP8) and Specialist Advanced (SA3), and these comprise key assessments for candidates working in the field of general insurance.

The new curriculum builds upon material covered in the predecessor modules, with enhancements including covering changes applicable to the general insurance environment, the legislative and regulatory environment, the products sold, risks and risk management, pricing (SP8), and reserving and capital modelling (SP7). Key developments for SA3 include capturing a broad spectrum of examples of how general insurance business is conducted in different territories, in particular considering differences in regulation, solvency and capital requirements, and products sold in different markets.

The aim of General Insurance Pricing Principles (SP8) is to instil in successful candidates the ability to apply, in simple pricing analysis situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the financially-sound operation of general insurers.

It builds on material covered in earlier subjects to cover the key principles of evaluating investments, including the appropriate selection and effective risk management of a portfolio of investments that meet the needs of a particular investor.

It builds on material covered in earlier subjects, particularly Actuarial Statistics 2 (CS2) Financial Engineering and Loss Reserving CM2.

The assessment is 3 hours and 20 minutes long.

In the SP subjects, the approximate split of assessment across these three skill types is 25% Knowledge, 50% Application and 25% Higher Order Skills.