Reinsurance Class of Excellence, Virtual

Upon completion of this course, you will

• know important contractual clauses in the insurance/reinsurance wordings and understand their impact on claims.
• be familiar with Nat Cat risk pools, changing risk landscape and industry challenges and know how Nat Cat risk premiums are calculated using probabilistic or base-rate approaches.
• understand how the premiums and claims are calculated under the different types of reinsurance treaties (proportional, non-proportional).
• know about the importance of reserving for successful start-ups, long-tail segment reserving for bodily injury claims, latent claims reserving, as well as trends and social inflation.
• obtain an overview of the principles behind the new insurance standard, IFRS 17 and understand the building blocks of the general model.

To successfully navigate this course, you are expected to

• have placed your reinsurance program and have confronted/dealt with the calculation of premiums, costs and losses under the different types of reinsurance contracts.
• be familiar with some reinsurance clauses which may have an impact on claims.
• be fluent in English.
• actively contribute to discussions and group exercises.

Onboarding sessions:
23 August 2022, 09:00 – 10:00 CEST
24 August 2022, 09:00 – 10:00 CEST

Introduction and Welcome:
29 August 2022, 09:00 – 10:30 CEST

Duration:
30 August 2022, 08:30 – 12:00 CEST
1 September 2022, 08:30 – 12:00 CEST
5 September 2022, 10:00 – 13:30 CEST
7 September 2022, 08:30 – 12:00 CEST
9 September 2022, 08:30 – 12:00 CEST

Asia friendly time zone

• Reinsurance technical accounting
• Actuarial reinsurance reserving
• Introduction to IFRS 17 for insurance companies
• Reinsuring natural catastrophe & climate change
• Impact of contractual clauses on claims

This training aims to provide an overview of reinsurance technical accounting, covering the basic reinsurance agreements (Facultative/Treaty) and explaining its different types. We will cover the principles of the accounting systems (Underwriting Year, Accounting Year, Occurrence Year). At the end of the session, we will briefly share digitalization and standardization solutions/benefits.

First, a re-visit of non-life reserving methodologies will lead in digging into real-life examples on current topics. The importance of actuarial reserving for the long-term success of fintech startups will be discussed with a hands-on example. Furthermore, using an overview of reserving for bodily injury claims, the dynamics of long-tail reinsurance and insurance segments will be illustrated. Current latent claims trends and phenomena like social inflation and nuclear verdicts will be hot topics. Finally, the importance of the feedback loop between the claims, underwriting and reserving functions will be highlighted.

Many insurers around the globe will soon have to report under IFRS 17, the new insurance standard. This standard uses a very different approach to that used by most current insurance accounting frameworks and will lead to very different income statements and balance sheets. We will describe the principles behind the new insurance standard, its potential benefits and the building block general measurement model. We will introduce and show you how the income statement and balance sheet will look comparing it with US GAAP. We will also have a look at what new KPI's companies may use to measure their performance.

We dive into the world of (re)insuring Natural Catastrophes. We will talk about the various perils and approaches to calculate risk premiums. Probabilistic models are complex tools that we want to make understandable, without going deep into technical details. We will discuss relevant model inputs, assumptions and see why underwriting expertise remains indispensable. We also touch on the changing risk landscape, including the role of climate change and other macro trends.

There are some clauses used in insurance/reinsurance contracts which may cause some disputes. In this session, we will discuss some of these clauses to understand their impact on claims as well as to reflect on potential differences between insurance and reinsurance.


12:10 – 12:45   Wrap up, awards ceremony and virtual cocktail

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.