View Full Version : General Insurance

June 7th 2005, 04:52 AM
Hi all,

I'm just after finishing my degree in actuarial science, and I'm thinking of going down the General route, as opposed to Life.

Does anyone here have any advice on the General market, like Personal Insurance and Business Insurance (e.g. motor, property, liability, etc)? I just want to be 100% sure that I'm making the right decision.

Thanks everyone!

June 10th 2005, 06:48 AM
This is one of these debates that can go on to infinity. The answers are biased in terms of the experience of the speaker - my experience is in general (non-life).

Here are a few generalities:

Life insurance actuaries have been around longer than general (non-life) insurance actuaries. Life actuarial work theory seems more developed, both because there has been more time to develop it, and because the exposures are closer to being continous than general exposures which are discrete. (There are millions of lives whose mortality you can study; there just aren't that many hurricanes and medical malpractice claims). Life actuaries seem to moving to the finance side of their employers more often than general actuaries do.

General actuaries have to deal with fewer exposures and therefore construct mathematical models that attempt to approximate reality. Hurricanes are modelled, although this work is in its infancy. General exposures in general seem to be more fluid - satellite liability, Internet liability, property and liability costs from terrorism are a few examples of things we didn't worry about 20 years ago. On the other hand, people have been dying forever.