Fundamentals of casualty
Date | 24 Apr - 12 May 2023 |
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Virtual | Virtual Click to open location details |
Your host | |
Timezone | Americas/EMEA friendly time zone |
Further Information
Learning goals
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.
Requirements
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.
Dates
Monday, 24 April 2023
Wednesday, 26 April 2023
Friday, 28 April 2023
Tuesday, 2 May 2023
Friday, 5 May 2023
Tuesday, 9 May 2023
Friday, 12 May 2023
Disclaimer
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.
Further Information
Agenda
Tech check and onboarding, 19 or 20 April 02:00pm – 03:00pm CEST (choose one)
In these onboarding sessions we will perform a quick tech check with all participants, introduce our facilitator team, present the programme overview and answer any questions you may have.
Pre-work – Casualty e-Learning: to be completed before 24 April 2023
Casualty insurance is an important Line of Business (LoB) protecting both commercial enterprises and private individuals from financial losses. The Casualty e-Learning 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.
Monday, 24 April 2023, 02:00pm – 06:00pm CEST
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.
Wednesday, 26 April 2023. 02:00pm – 06:00pm CEST
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 review the three most important exclusions categories.
Friday, 28 April 2023, 02:00pm – 06:00pm CEST
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 - Case Study: an introduction
This session sets the groundwork for a case study in which participants will be invited to consider a Products Liability offering for a Swiss food company. You are asked to prepare ahead of group breakouts in Session 12 by closely examining the risk report.
Tuesday, 2 May 2023, 02:00pm – 06:00pm CEST
Session 12 - Case study: groupwork and presentation
In three 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.
Friday, 5 May 2023, 02:00pm - 06:00pm CEST
Session 13 - 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 14 - 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.
Tuesday, 9 May 2023, 02:00pm – 06:00pm CEST
Session 15 - 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 on the construction site.
Friday, 12 May 2023, 02:00pm – 06:00pm CEST
Session 16 - Directors' & Officers' Liability
This session offers an introduction to Directors' & Officers' (D&O) Liability insurance. 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 - End of the virtual client course and award ceremony