General Insurance Financials
Information
A one day highly participative programme which equips participants to discuss the business model of general insurers; to interpret their financial statements; to use key ratios to evaluate performance; and to outline the basics of their prudential capital. The intended participants are senior sales and relationship managers who wish to enhance their ability to hold knowledgeable conversations with general clients about current business issues
Participants are assumed to be familiar with basic insurance concepts and terminology; and with the essentials of double entry accounting. The course will be based largely on the 2010 financial statements of a major UK general insurer
Schedule
Session One
Introduction
Main classes of general insurance: property and liability; personal and commercial lines; company markets and Lloyd’s co-insurance models
Role of brokers
Other distribution channels
How and why insurers use reinsurance; facultative and treaty covers; catastrophe covers
The insurance cycle
Session Two
Income statement
Gross and net premiums; written and earned premiums
Provision for unearned premium; deferred acquisition costs
Key ratios: retention, combined, loss ratio, expense ratio
Insurance fraud
Income statement line by line
Session Three
Balance sheet
Balance sheet overview
Insurance contract liabilities
IBNR, ultimate loss ratios and loss development triangles
Problems of under-reserving
Session Four
Prudential capital and other regulation
Solvency requirements
Implications of Solvency II
Other industry issues
Course Conclusion
Register interest
As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.