IFoA SP7 study plan

Build a one-page map of the reserving workflow from data preparation through to booked estimates, naming the actuarial judgements at each step

Compute chain-ladder development factors, projected ultimates and IBNR for a small cumulative claims triangle you construct yourself, showing every intermediate figure

Identify at least four situations where chain-ladder assumptions break down (for example changes in case reserving strength or settlement speed) and write the diagnostic you would run for each

Explain how data quality, granularity and grouping choices alter reserve estimates, using your own worked triangle as the illustration

Apply Bornhuetter-Ferguson and an expected-loss-ratio method to the same triangle from week 1 and reconcile the differences against chain-ladder

Estimate reserve uncertainty by describing and applying at least two approaches (for example Mack chain-ladder standard error logic or a simple stochastic simulation) and interpret the range

Draft the structure of an actuarial reserving report: data, methods, assumptions, results, uncertainty, recommendation

Assess how reinsurance recoveries, discounting and expenses are handled in reserve estimates and note where judgement enters

Decompose a gross premium into risk premium, expenses, commission, profit margin and risk load, and explain how each element responds to a change in claims inflation

Evaluate the strengths and weaknesses of frequency-severity, burning cost and exposure rating approaches for a commercial property portfolio

Describe how distribution channels, broker influence and customer segmentation affect the rating basis for a personal lines product

Identify the main general insurance product classes and the coverage, exposure measure and key perils associated with each

Analyse how deductible, limit and coinsurance features change the insurer's retained loss distribution, with a numerical example

Compare quota share, surplus, excess of loss and aggregate stop-loss treaties on cession basis, cost and capital relief

Calculate the net cost of reinsurance for a worked example, including reinstatement premiums and expected recoveries

Explain how reinsurance terms interact with underwriting appetite and pricing at renewal

Map the components of an insurer's balance sheet and explain how technical provisions, deferred acquisition costs and reinsurance assets are presented

Distinguish regulatory capital requirements from economic capital and describe how a solvency ratio is calculated and monitored

Interpret the role of internal models, standard formula approaches and supervisory review in a risk-based solvency regime

Explain how reinsurance and other risk transfer change the capital requirement, including counterparty risk and basis risk

Construct an asset portfolio matched to a set of general insurance liabilities, justifying duration, credit quality and liquidity choices

Quantify the sensitivity of surplus to a rise and fall in interest rates and to a credit spread widening, using a simplified example

Explain how accounting and regulatory valuation bases create different investment incentives for insurers

Assess the liquidity needs arising from catastrophe claims and how the investment strategy should accommodate them

Build a risk register for a general insurer covering underwriting, reserving, market, credit, operational and strategic risk, with owners and mitigants

Describe the roles of the board, risk committee and actuarial function in an insurer's governance and where challenge should occur

Apply the actuarial profession's ethical and technical standards to two constructed dilemmas, such as pressure to soften reserves or to omit an adverse sensitivity

Draft a short piece of written advice that separates fact, assumption and opinion and states the limitations clearly

Synthesise the syllabus by linking each domain to at least one other and noting where the same judgement recurs across reserving, pricing and capital

Practise answering exam-style questions under time pressure across all domains, focusing on structure and showing workings

Review weak areas identified from earlier deliverables and rewrite the two weakest into clearer, better-justified answers

Explain how to communicate uncertainty and model limitations to a non-technical board audience in plain language