Fundamentals of Casualty

Following this course, you will grasp the different Lines of Business (LoB) of Casualty with a particular focus on Liability. You will have a thorough understanding of the interaction between liability exposures and coverage and you will be familiar with the cornerstones of a standard GTPL policy (including triggers, exclusions, extensions of coverage, etc).
 
Armed with this knowledge, you will collaborate with other participants in breakout groups to devise a commercially viable Public and Products Liability offering for a Swiss food company.

With a broad understanding of the key drivers, you will be well placed to contribute to the continuing development and enhancement of liability insurance products.

To attend this course, participants should have a basic knowledge of Liability products and at least one year's experience in underwriting (including knowledge of specific industry terms and an ability to assess various risks in order to rate and determine insurance requirements) or comparable experience (eg, as a loss adjuster).
 
The entire programme is conducted in English. Participants must therefore be able to communicate fully in the language.

Swiss Re Institute reserves the right to postpone applications from candidates not yet fulfilling the above prerequisites.

20 – 26 September 2023

The event may be photographed, videotaped, filmed and /or digitally recorded. You consent to Swiss Re's use, free of charge, of any memorialization of the event in which you may appear for any Swiss Re publication or promotional purpose.

Casualty insurance is an important Line of Business (LoB) protecting both commercial enterprises and private individuals from financial losses. The Casualty eLearning module is intended as an introduction to this line of business and serves as a basis for the detailed discussions on the fundamentals of Casualty insurance that will follow.

Session 1 - Introduction to the course

Session 2 - Casualty vs Liability 
An overview of the various Lines of Business under the Casualty umbrella. Is the term "Liability" equivalent to "Casualty"? We will discuss and look at various sublines of Casualty. 

Session 3 - Motor Insurance
High level view at the key elements of Motor Insurance, usually the most important part of the Casualty line of business. Motor liability, partially covered under liability policies (international programs), has potential to influence the overall exposure there as well. This session builds on some of the insights already discussed in the e-learning module and highlights some evolving challenges relevant to this particular line of business.

Session 4 - Non-life Accident Insurance
An overview of the characteristics, concepts and differences between Workers' Compensation, Employers' Liability and Personal Accident cover. What are the legal requirements and how are insurance products impacted by these frameworks? This session also builds on some of the insights already discussed in the preliminary e-learning module and highlights some evolving challenges relevant to these specific lines of business. 

Session 5 – Managing third-party liability risk as an individual
What third-party liabilities are we exposed to in our private lives and how can we successfully insure against them? The exercise in this session, which encompasses key variables such as premises, operations and products, is all about imagination. We will look at what can happen and how insurers might seek to rate the liability exposures of different risks. 

Session 6 - Group exercise incorporating premises, operations and products liability with presentation of the findings
In this session participants will discuss and categorise the risk hazards of business activities in relation to premises, operations and products lability. 

Session 7 - Function of Liability: Coverage vs Liability 
A deeper look at the function of Liability. We will explain the important differences between Coverage (ie the contract between the insurer and the policyholder) and Liability (the relationship between the policyholder and the third-party victim). In addition, we will explore key characteristics of Coverage and Liability and the different responses they require of insurers (payment or defence). 

Session 8 - GTPL policies explained 
This session focuses on the format of a typical GTPL policy including the definition of the sum insured/deductible and the persons covered as well as a look at the geographical scope of proposed cover. We also examine some of the contentious issues surrounding policy "triggers" such as the scope of time in a Liability policy. In this presentation we will also consider the three most important exclusions categories.

Session 9 - Product Recall and Product Tampering 
This session provides an overview of product recall exposures, examines the current legislative backdrop and gives insights into how to underwrite this line of business profitably. 

Session 10 – Environmental/Pollution Liability 
Increased awareness about environmental matters is leading to far-reaching changes in the liability landscape. This session looks at environmental and pollution liability exposures, important developments arising from rapidly evolving international policy frameworks and new opportunities for underwriters.

Session 11 - Risk Management
A strong corporate risk management ethos has the potential to reduce incidents, accidents and product-related issues and is thus an important consideration for insurance. This session provides an overview of the main risk management principles and engages with the principles of risk engineering to learn from past losses.

Session 12 - Introduction to Professional Indemnity (PI)
Professional Indemnity insurance is a key pillar of the Financial Lines of business (the others being Management Liability and Financial Institutions). Policies typically provide cover for negligence-based claims made against professionals such as lawyers, accountants, architects, engineers and medical doctors, based on errors or omissions in the rendering of their professional services. Normally, such claims are made, based on breach of contract, tort principles or statutes and regulations. In this session, you will learn about the basic principles: What is a professional? How are they exposed to claims against the services they provide? And why does it make sense for them to buy a Professional Indemnity insurance policy? 

Session 13 - Medical Malpractice 
This session provides an overview of medical malpractice insurance with particular focus on the liability of hospitals and doctors and gives insights into how this line of business can be underwritten. 

Session 14 - Construction Risks and PI Insurance for Architects and Engineers
This session is geared towards construction sites and the many specialists that work on them (including architects and engineers). Their roles (activities) and responsibilities will be discussed after the findings of a group exercise. We will then demonstrate the various elements of a PI policy (eg annual policy versus project policy). One of the main issues with this kind of cover stems from conflicts of interest that arise when architects/engineers find themselves representing their client in a planning/advisory role while at the same time acting on behalf of their own company.

Session 15 - Risk Visit to a Chocolate Factory (outside Zurich)

Session 16 - Directors' and Officers' Liability
Corporations are facing an ever-increasing array of risks ranging from cyber-attack to supply-chain disruption and from shareholder lawsuits to regulatory investigations. Although often difficult to foresee, board members can find themselves personally accountable for any financial losses arising from such risks. Directors & Officers Liability Insurance (D&O) helps ease this burden by offering cover to mitigate against losses and freeing up senior executives to focus on what they do best; leading their corporations. We will review legal structures and examine the basic elements that determine liability exposures and the associated covers that are available. Participants will gain insights into underwriting principles, coupled with key market developments and current typical claims scenarios.

Session 17 – Public and Products Liability case study: groupwork and presentation 
In working groups, participants will collaborate to develop a Public and Products Liability offering for a Swiss food company, focusing on key variables including the insured persons, triggers, geographical scope, exclusions, extensions of coverage and sum insured/deductible in order to arrive at the "right" premium for the risk.
 

Session 18 - End of the client course, aperitif, award ceremony and farewell lunch