IFoA SA4 case studies
IFoA SA4 · Put your knowledge to work in context.
SA4 - Specialist Applications in General Insurance is the final-stage specialist examination in the Institute and Faculty of Actuaries (IFoA) qualification pathway, taken by candidates who have completed the earlier technical and specialist-principles subjects and are moving toward Fellowship with a general insurance focus. It is aimed at actuaries working - or intending to work - in non-life insurance: pricing, reserving, capital modelling, reinsurance, reporting, risk management and consultancy roles across insurers, reinsurers, brokers and regulators. The IFoA SA4 case studies are 5 cases and about 4,786 words.
1Fleet renewal: telematics signal versus portfolio rate need
Northgate Mutual writes £85m of UK commercial motor, of which fleet is £51m across 210 accounts. The 2024 accident-year combined ratio was 108% (2023: 112%), and the reserving team's indicated fleet rate need is +9.5%, reflecting bodily injury severity up 7% and frequency up 3%.
1,124 words, about 6 min2Employers' liability disease reserves after a reinsurance dispute
Meridian Insurance carries £120m of net employers' liability reserves, of which 15% is IBNR. Two disease classes dominate: mesothelioma (long-tail, mostly settled by civil compensation) and noise-induced hearing loss (NIHL).
892 words, about 4 min3Property cat capacity: cat bond, ILW or more traditional XL?
Caribbean Wind Re writes £400m of property catastrophe premium, mostly US wind and Caribbean storm. The current programme is £250m xs £50m of cat XL plus a £100m aggregate protection.
920 words, about 5 min4Model validation, claims inflation and pressure to keep the number stable
Hartwell Insurance is a £1.2bn-reserves general insurer submitting its internal model to the regulator in three weeks. The model uses a claims inflation assumption of 4.2% for casualty, built from a third-party construction-cost index.
858 words, about 4 min5IFRS 17 transition: loss component, PAA and the audit committee
Arden Mutual, a £700m-GWP general insurer, is preparing its first IFRS 17 annual report. The commercial liability segment (25% of GWP, combined ratio 112%) is expected to be onerous.
992 words, about 5 min