Actuarial Control Cycle

Question 1

5 elements

Answer 1

top
the general economic and commercial environment

middle
specifying the problem
developing a solution
monitoring the experience

bottom
professionalism

Question 2

the general economic and commercial environment

Answer 2

Collecting information on, considering potential changes in:

-consumer needs
-products available in market
-distribution channels
-commission structures allowed
legislation
-minimum solvency requirements
-competition
premiums rates charges by competitors
-anticipated volumes to be sold by class
-anticipated growth in volumes
-attitude to risk and returns
-availability capital
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