IFoA SP8 case studies
IFoA SP8 · Put your knowledge to work in context.
SP8 General Insurance Specialist Principles is a Specialist Principles examination within the Institute and Faculty of Actuaries (IFoA) qualification pathway, sitting in the practice area the IFoA labels general insurance. It is aimed at candidates who have completed the earlier technical stages of the IFoA curriculum and now want to specialise in non-life work: pricing, reserving, capital modelling, reinsurance and the regulatory environment in which general insurers operate. The IFoA SP8 case studies are 5 cases and about 3,538 words.
1Motor Liability Reserve Adequacy with Thin Development Data
A UK motor liability insurer writes predominantly small fleet and commercial vehicle policies. At 31 December 2024 the actuarial team has a paid claims triangle for accident years 2018–2024.
740 words, about 4 min2Marine Cargo Open Cover Pricing with Sparse Loss Data
A Lloyd’s syndicate writes marine cargo and specie. A broker presents a large new account: a commodity trader seeking a cargo open cover with annual transit values of £1.2bn, mainly bulk agricultural commodities from South America to Asia.
693 words, about 3 min3Catastrophe Reinsurance Programme Restructure and Capital Trade-offs
A UK household insurer has gross written premium of £400m. It buys catastrophe excess of loss cover of £100m excess of £50m and per-risk excess of loss of £5m excess of £2m.
700 words, about 4 min4Internal Model Parameter Change and Regulatory Capital Strain
A general insurer uses a partial internal model for underwriting risk, approved by the PRA. The model runs 10,000 Monte Carlo paths with copula dependencies.
733 words, about 4 min5Commercial Property Flood Accumulation and Underwriting Appetite
A commercial property insurer has a large book in a UK city. It has written a £250m line on a single distribution warehouse complex and many small commercial properties in the same postcode.
672 words, about 3 min