General Insurance Practice (ACTL90018)

Intended learning outcomes

On successful completion of this subject, students should be able to;

LO1 Describe the main features of the Australian General insurance market, including consumers, providers, intermediaries and other stakeholders;

LO2 Understand and Analyse General Insurance and Injury Scheme products;

LO3 Analyse and estimate claims costs for General insurance products using common actuarial techniques;

LO4 Understand the theory underlying the establishment of liabilities for General Insurance entities, and perform simple calculations of such liabilities;

LO5 Perform a reconciliation between two valuations of liabilities;

LO6 Explain and calculate the components of a General Insurance premiums; both in aggregate and at an individual or cohort level;

LO7 Incorporate other features of the General insurance environment into premium calculation, including the behaviour of competitors and monopoly considerations;

LO8 Understand Capital Management of a General insurer, including calculation of regulatory capital;

LO9 Understand and perform calculations for Accounting, Management, Regulatory and other Financial Reporting for a General Insurer.