23 Feb General Insurance
Liability assessments and certification; Premium setting; Simulation; General consulting.
Federal legislation mandates the appointment, by general insurers, of “appointed actuaries”. Appointed actuaries are required to certify general insurers’ outstanding claim and premium liabilities. Actuaries can also assist the management of general insurers in premium setting, underwriting, re insurance strategies and the general risk management of the company. The practice pioneered the payments per outstanding claim method of determining general insurance claim liabilities. Actuaries can also assist employers wishing to self insure their workers’ compensation risks.
The benefits of actuarial advice to general insurers are those associated with legislative compliance and those which come from a deeper knowledge of the factors influencing profitability. Owners can harness this knowledge to increase profitability and minimise the impact of controllable negative influences.
The practice believes that quality service justifies its price, but seeks to be competitive in its fee structure and will quote fixed or maximum prices if required.
Hourly fees apply unless the task is solely related to the production of a standard certificate. Where the task makes substantial use of standard systems, usage charges apply.
Fees quoted do not include GST.