General insurance (UK)

This page sets out the value that actuaries can bring to general insurance.

General insurance actuaries help provide expertise in three main areas:

• Reserving (in reserving they apply statistical techniques to assess the likely outcome of general insurance liabilities, typically, and the provisions that are needed for reporting purposes)
• Rating (the pricing actuary assesses the frequency and average amount of claims to estimate premiums)
• Capital modelling (for capital modelling the actuary projects both the liability and assets of insurers to assess solvency and future capital needs).

General insurance or non-life insurance policies, including motor and household policies, provide payments depending on the loss from a particular financial event.  General insurance typically comprises any insurance that is not determined to be life insurance.  It is called property and casualty insurance in the U.S. and non-life insurance in Continental Europe.

In the UK, General insurance is broadly divided into two areas, personal lines and commercial lines.

Commercial lines products are usually designed for relatively large legal entities. These would include workers' comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels.

Personal lines products are designed to be sold in large quantities. This would include motor insurance, household insurance, pet insurance, creditor insurance and others.

The London Market provides a focus for many insurance companies and syndicates operating under a Lloyd�s of Londonbanner to write large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, [P&I Clubs], brokers and other companies that are typically physically located in the City of London. Business is typically written through specialist brokers. The London Market also participates in personal lines and commercial lines, domestic and foreign, and provides reinsurance.

The statistics on the changing profile of our membership tell us that around 30% of our general insurance members live and work outside the UK.   As a result, the General Insurance Practice Executive Committee (PEC) is continually looking at what it can do to support our non UK members. 

Weekly Industrial Alliance (IAG) stock rating prices target

Weekly Industrial Alliance (IAG) stock rating prices target : A number of firms have modified their ratings and price targets on shares of Industrial Alliance (TSE: IAG) recently:

•     Industrial Alliance Insurance had its price target raised by analysts at TD Securities from $34.00 to $38.00. They now have a �hold� rating on the stock.
      Industrial Alliance Insurance had its price target raised by analysts at CIBC from $35.00 to $41.00.
      Industrial Alliance Insurance had its price target raised by analysts at National Bank Financial from $30.00 to $37.00.
      Industrial Alliance Insurance had its price target raised by analysts at RBC Capital from $29.00 to $35.00. They now have a �sector perform� rating on the stock.
• 
      Industrial Alliance Insurance had its �sector underperform� rating reaffirmed by analysts at Scotiabank.
      Industrial Alliance Insurance was upgraded by analysts at National Bank Financial from an �underperform� rating to a �sector perform� rating.
•     Industrial Alliance Insurance was downgraded by analysts at Canaccord Genuity from a �buy� rating to a �hold� rating. They now have a $40.00 price target on the stock, down previously from $42.00.
•     Industrial Alliance Insurance had its �sector perform� rating reaffirmed by analysts at CIBC. They now have a $11.00 price target on the stock, down previously from $19.00.

Shares of Industrial Alliance opened at 36.40 on Tuesday. Industrial Alliance has a one year low of $20.55 and a one year high of $39.20. The stock�s 50-day moving average is currently $35.05. The company has a market cap of $3.309 billion and a P/E ratio of 10.60.

Industrial Alliance Insurance and Financial Services Inc. (Industrial Alliance) is a life and health insurance company.

Insurance stock focus today AIG, HIG shares

best insurance stocks today - Insurance stock focus today AIG, HIG shares : Financial Sector of Property & Casualty Insurance Industry stocks are in focus, as its stocks were gaining high volume during the previous trade. American International Group, Inc. (NYSE:AIG) remained a top volume gainer in its industry and was showing a negative trend during the previous trading session. Also, Hartford Financial Services Group Inc (NYSE:HIG) was in focus of investors and it was showing bearish movement during the previous trade.

American International Group, Inc. (NYSE:AIG) reported that, for the fourth quarter of 2012, a net loss of $4.0 billion, or $2.68 per diluted share, in comparison to the prior year same quarter net income of $21.5 billion, or $11.31 per diluted share. Net income was $3.4 billion, or $2.04 per diluted share, for the fiscal year 2012 versus the fiscal year 2011 of $20.6 billion, or $11.01 per diluted share.

Financial Sector stock, American International Group, Inc. (NYSE:AIG) reported the plunge of -3.62% and closed at $37.06 with the total traded volume of 26.91 million shares. The stock�s opening price was $38.89. The company has a total of 1.48 billion outstanding shares and its total market capitalization is $54.71 billion.

52-week price range of the stock remained $27.18 � $39.90, while during last trade its minimum price was $36.86 and it gained its highest price of $38.93.

Hartford Financial Services Group Inc (NYSE:HIG) declared for the fourth quarter 2012, a net loss of $46 million, or $0.13 per diluted share, in comparison to the prior year same duration net income of $118 million, or $0.23 per diluted share.

Property & Casualty Insurance company showing negative momentum during previous trade, Hartford Financial Services Group Inc (NYSE:HIG) reported the decline of -4.32% after opening at the price of $24.29, while its closing price for the day was $23.05.

HIG�s total trading volume for the day was 8.92 million shares, versus its average volume of 5.65 million shares. Company�s current market capitalization stands at $10.20 billion along with 442.50 million shares.

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Insurance gives you peace of mind

What better feeling than knowing that your family can do without you! Ya ya, not when you are alive. But the very fact that your loved ones need not depend on anyone else in case of any unfortunate eventuality is in itself a great feeling and you can then live life to the fullest. You don't have to think when spending on that new car as long as basics savings are in place. So go ahead and splurge!

Insurance can be used as a good retirement planning tool

Same goes for your retirement. If you do not lock-in money every year or every month - chances are that there would not be too much left when your source of income dies down. Thats when your medical expenses peak and your source of income has dried. Plan for it at least 20 years from that date so that there are no surprises. And don't just keep hoping for the best!

Insurance can be used for planning you children's future

It can be a great tool to ensure that you receive bulk amounts at pre-determined times of your lives or your children's lives. So lets say, you know there is an expense which you would have to incur for your child's higher studies, 15 years from now. So take an insurance plan which matures 15 years from now. It could be an aggressive investment plan or a plan which is more in debt instruments - the returns might be lower - but they are more certain for sure.

Insurance can be used as an investment tool

While plain vanilla term insurance is the best for providing maximum amount of cover, there are insurance plans which can be taken to take care of yourinvestments also. Some part of the annual premium paid by you will be directed towards the markets and some part of the premium will provide death cover. So your money grows and in the ling term it can provide healthy returns.