The market size, measured by revenue, of the GI industry in Australia in 2023 is $89.9bn and expected to increase by a further 12.2% in the same year. (Source IBISWorld).
In 1985, it is estimated that only 25 Fellows were working in general insurance. In more recent years, approximately 40% of members of the actuarial profession in Australia work in general insurance with a quarter of members viewing it as their primary area of practice.
The Australian general insurance market is sophisticated and dynamic. A general insurance actuary's career in Australia can be varied or specialised (sometimes both at the same time!) - challenging and interesting.
Whether you are new to Australia, new to general insurance or looking to expand your career options - the General Insurance Applications (GIA) microcredential might be what you are looking for.
Benefits
The benefits are:
- Market knowledge: learn about the general insurance market in Australia.
- Legal, regulatory and professional obligations: get up to speed. From Semester 2, 2023, the GIA course will be changing the accounting standards (AASB17), the prudential standards and the professional standards on which the course is based to stay current with changes in industry practice.
- Application of actuarial skills to problems/situations that a newly qualified GI Actuary in Australia will find themselves. GIA students have been challenged to calculate an ICRC, evaluate the impact of an hours clause and critique the Cyclone Reinsurance Pool.
Hear from guest speakers on a range of topics such as:
| Actuary |
Topic |
| Francis Beens |
Compulsory Insurance |
| Anthony Claughton |
AASB17 |
| Brett Riely |
Risk Management |
Whether you are well established in your career in general insurance or looking for a career change, completion of the General Insurance Applications microcredential will ensure your knowledge of the legal, regulatory and professional frameworks that govern the industry in Australia is current as well as developing your specialised technical skills.
Student Outcomes
Upon completion, you will be able to:
- Describe the operation of a general insurance company in Australia as it balances the needs of its various stakeholders and understand the input that actuaries, and in particular the Appointed Actuary, have on the operation and success of a general insurer.
- Describe the commercial, legislative, regulatory and professional environments that apply to Australian general insurers and general insurance schemes with a focus on actuarial involvement in the prudential requirements a general insurer operates in.
- Describe and apply the actuarial control cycle to valuations, reinsurance, capital and risk management for general insurers operating in Australia and understand how pricing, valuation, reinsurance, capital and risk management processes interact.
Study Options
A key element of the microcredential design is a tiered structure that gives you the flexibility to choose the investment of time and type of study that meets your needs.
- If you're interested in developing your technical skills to a level that changes how you are perceived within your profession, a more rigorous tier - one with assessment - may be more appropriate such as the professional certificate or certificate.
- If you want to refresh your knowledge but have limited time to complete professional development, you can attend tutorials and engage with the learning modules without completing assessments by course participation.
Recommended background knowledge
Taking the microcredential with assessments usually requires the following prior knowledge:
- General Insurance and Health Valuation, and
- General Insurance and Health Pricing and Portfolio Analytics
Microcredential Syllabus
Completion
Professional certificate: Successful completion of this tier (pass result) is equivalent to the General Insurance Applications Fellowship subject which includes an assignment and exam. Upon completion, you will receive a General Insurance Applications Professional Certificate digital badge and up to 312 CPD points.
Certificate: Upon your successful completion of this tier (pass result for the assignment) you will recieve a General Insurance Applications Certificate digital badge and up to 182 CPD points.
Course: Upon completion of the course materials and tutorials, you can claim up to 36 CPD points.
Any hours spent reading or attending tutorials can be claimed as CPD as per the Institute's Professional Standard 1: Continued Professional Development.
Next steps
The General Insurance Applications microcredential will deepen your knowledge of the legal, regulatory, and professional frameworks and develop related technical skills, enhancing your career options. It's designed so you can tailor the time and effort you invest to line up with your needs.
Want to enrol for the next course?
Check out the important dates for the next teaching period.
Have any questions?
Contact Louise Atkins, Education Director, via email louise.atkins@actuaries.asn.au