• We are pleased to announce that the winner of our Feedback Prize Draw for the Winter 2024-25 session and winning £150 of gift vouchers is Zhao Liang Tay. Congratulations to Zhao Liang. If you fancy winning £150 worth of gift vouchers (from a major UK store) for the Summer 2025 exam sitting for just a few minutes of your time throughout the session, please see our website at https://www.acted.co.uk/further-info.html?pat=feedback#feedback-prize for more information on how you can make sure your name is included in the draw at the end of the session.
  • Please be advised that the SP1, SP5 and SP7 X1 deadline is the 14th July and not the 17th June as first stated. Please accept out apologies for any confusion caused.

Recent content by Ian Senator

  1. Ian Senator

    SP7 April 2025 Q4 Solvency II

    SP7 Chapter 14 and the Principle Terms give an outline of the calculations, which you can use with the figures in the question to calculate the answer. Yes, more coverage is given in Subject SA3, so students studying that at the same time will probably have felt more comfortable with this...
  2. Ian Senator

    Case estimate vs Statistical method

    You have to be prepared for any question in the exam, and comparing methods is a common way of examining understanding of different methods. In any case, you can also use statistical methods to estimate a reported claim (although this is covered in SP8 more fully). And there are...
  3. Ian Senator

    Q&A Question 6.2

    Yes, you're constructing accounts for each underwriting year - but as the loss ratio changes, you have to 'update' your view on the claims as you gather more information on the losses, which acts to change how the experience is recorded (which is what accounts is all about) for each original...
  4. Ian Senator

    Chapter 9 - Qn 9.10

    Incurred claims can also mean simply paid plus outstanding reported, or even just ultimate claims, which is more likely to be what they're talking about when using a loss ratio.
  5. Ian Senator

    Chapter 9 - Qn 9.10

    With accounts, sometimes you have to change your calculation methods (and often the accompanying assumptions) depending on the data you've been given. You're right that often, incurred claims can be calculated as paid plus the increase in OCR. But another way is to apply the loss ratio to...
  6. Ian Senator

    Case estimate vs Statistical method

    Have a read of Chapter 1 page 11.
  7. Ian Senator

    Changes in claims payment pattern / reporting pattern

    The main point of triangles is just that - to monitor the development of claims, so (as long as you use the right cohorts and tabulations) the IDFs or CDFs will tell you how things are going - look for changes down the rows.
  8. Ian Senator

    Reserving using Total Claims or separate Severity&Frequency - Sept 2024 Q4(i)

    First question: I don't see a 'recommendation' as such in their answer, and they do cover both (and other) possible methods. However, given that you have triangles of numbers, it makes sense to consider frequency and severity separately, particularly because, as you say, the severity of claims...
  9. Ian Senator

    Please can you add the 2024 April & September ASET solutions to the SP7 Vault

    This is just for practical reasons, the production timelines of the various products we provide make it difficult to achieve at the moment. However, The Vault is a new product so we will be reviewing this situation regularly and we may change things in the future as more feedback is gathered.
  10. Ian Senator

    SP8 September 2024 Q7

    n is 1 because we appear to only have frequency data for one time period, eg one year. The formulae used in this question don't quite match those in the core reading, which makes this question more tricky. I suspect they would have given some credit for a variety of interpretations as long as...
  11. Ian Senator

    ST8 April 2014 Question 4,

    Unfortunately the attachment doesn't open as it was removed when we updated the forum software a few years ago. Katherine is away at the moment so I can't access the file she uploaded, but when she returns I'll ask her to have a look for it. Alternatively, you can see the full solution in The...
  12. Ian Senator

    Advice SP7 exam Command verbs

    You should try to stick to the definitions of the command verbs on the IFoA website. There are sometimes marks available for 'going further' (and even more frequently in SA3), but there's no definitive way of knowing for sure whether something you add is going to score (although you won't lose...
  13. Ian Senator

    2014 September Q2

    5m x 5m means the most the reinsurer will pay is £5m, not £10m.
  14. Ian Senator

    Please can you add the 2024 April & September ASET solutions to the SP7 Vault

    Hi Bill As you say, The Vault for SP7 goes up to and includes the September 2023 exam, which mirrors our main ASET. At present we are planning to update The Vault annually, in October, in line with the annual updates of our main ASET and other materials, ready for the 2026 exams. The 2024 exam...
  15. Ian Senator

    Assignment X6, Q5 (ii)

    Yes, pretty much the same thing. You don't always have to use the words 'burning cost' for example, as long as you outline to the examiners what the method entails. Sorry, can't see your screenshot - I just get a thing I can't click on!
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