IFoA SP8 study plan

Map the SP8 syllabus into a personal topic checklist covering pricing, reserving, capital, reinsurance and regulation

Explain the insurance risk transfer mechanism and insurable interest from first principles in your own words

Distinguish the main general insurance lines (property, liability, motor, marine, engineering, accident and health) by their key exposures

Describe the roles of underwriter, actuary, broker and claims handler in the value chain

Derive gross, ceded and net loss ratios and combined ratios from a claims and premium dataset

Calculate and interpret burning cost, frequency-severity and exposure-based premium estimates

Critically compare experience rating, exposure rating and risk-based pricing for a commercial portfolio

Identify data quality problems (IBNR, case estimates, large loss distortion) that bias pricing analyses

Explain the chain-ladder and Bornhuetter-Ferguson methods and state when each is preferred

Compute development factors, ultimate losses and IBNR for a small triangle by hand

Assess the effect of case estimate strengthening and large losses on reserve adequacy

Describe the role of the reserving actuary in solvency reporting and peer review

Model proportional and non-proportional reinsurance structures on a loss distribution

Quantify the impact of an excess-of-loss layer on retained volatility and expected recoveries

Evaluate reinsurance purchase decisions against cost of capital and risk appetite

Explain reinstatements, aggregate deductibles and clash covers in plain language

Apply the Solvency II three-pillar structure to a general insurer's balance sheet

Compute a simplified solvency capital requirement using a modular approach and interpret the result

Critically assess the internal model versus standard formula trade-off

Explain the ORSA process and its link to business planning

Analyse the main UK and EU prudential and conduct regulations affecting general insurers

Evaluate the actuarial implications of IFRS 17 measurement for a non-life portfolio

Debate the actuary's professional obligations under the Actuaries' Code when advising on reserves

Assess emerging risks such as climate litigation and cyber accumulation for capital and pricing

Practise full-length past-paper style questions under timed conditions

Diagnose recurring weaknesses in pricing and reserving question attempts

Structure exam answers to hit the command verb (state, explain, discuss, evaluate)

Build a one-page formula and definitions sheet from memory

Revisit every RAG-rated red topic and close remaining gaps

Rehearse concise written explanations of the ten most examined concepts

Refine exam time allocation and question selection strategy

Consolidate a final one-page summary of key models and assumptions