General Insurance Practice (ACTL90018)

Intended learning outcomes

On successful completion of this subject a student should be able to:

• Describe the main features of the Australian General insurance market, including consumers, providers, intermediaries and other stakeholders;
• Understand and Analyse General Insurance and Injury Scheme products;
• Analyse and estimate claims costs for General insurance products using common actuarial techniques;
• Understand the theory underlying the establishment of liabilities for General Insurance entities, and perform simple calculations of such liabilities;
• Perform a reconciliation between two valuations of liabilities;
• Explain and calculate the components of a General Insurance premiums; both in aggregate and at an individual or cohort level;
• Incorporate other features of the General insurance environment into premium calculation, including the behaviour of competitors and monopoly considerations;
• Understand Capital Management of a General insurer, including calculation of regulatory capital;
• Understand and perform calculations for Accounting, Management, Regulatory and other Financial Reporting for a General Insurer.