IFoA SA3 study guide
IFoA SA3 · Work through your exam, one topic at a time.
SA3 General Insurance is a Specialist Advanced (SA) subject in the Institute and Faculty of Actuaries (IFoA) examination structure, as listed on the IFoA's exam-subjects pages. It is aimed at candidates who have completed the earlier stages of the IFoA qualification and are moving into specialist general insurance practice - typically actuaries working in or moving toward non-life pricing, reserving, capital, reinsurance or risk roles. The subject sits within the general insurance practice area, and the IFoA's site describes GIRO as its premier conference for general insurance actuaries, which is one route to current practitioner insight alongside formal study. This page is an independent study aid and is not affiliated with, endorsed by or operated by the IFoA. Important limitation: as of retrieval on 5 November 2026, both the IFoA exam-subjects page and the SA3 General Insurance page were archived, with the subject page content no longer available. No exam format, duration, question count, fee, pass mark or retake policy could be confirmed from the source, so those details are marked for review rather than stated. Topics on this exam: General insurance. The IFoA SA3 study guide has 1 section and about 377 words.
01General Insurance (SA3): Applied Judgement Across the Value Chain
IFoA SA3 General Insurance tests how well you apply general insurance principles to realistic business decisions. The exam rewards structured reasoning, quantified estimates and clear communication to a board or regulator, not rote recall. Pricing builds up expected claims (frequency × severity), expenses, reinsurance cost, cost of capital and profit; it must reflect exposure, claims inflation, large-loss loadings and catastrophe risk. Technical provisions are a best estimate of future claim payments plus a risk margin.
377 words, about 2 minMore study resources for IFoA SA3
- Practice questionsA UK motor insurer writes a large book of comprehensive policies.
- FlashcardsPure premium. Expected loss cost per unit of exposure, calculated as expected claim frequency multiplied by expected claim severity.
- Cheat sheetPure premium = expected frequency × expected severity; load for expenses, profit, and risk margin to get gross premium.
- Key termsPremium. The amount a policyholder pays an insurer in exchange for cover over a defined period, usually stated gross of expenses and profit loadings but before any experience refund.
- Study planMap the SA3 syllabus structure and the general insurance exam format, including the split between written and calculation marks, and record mark allocation per question type.
- Common mistakesCandidates treat SA3 as a knowledge test where thorough planning earns marks, but marks come only from written points.
- Exam-day guideSA3 (General Insurance Specialist Principles) is delivered in the IFoA's online, remotely invigilated assessment format on the current exam platform.