im电竞游戏入口官网(im电竞游戏选手2.5.7): Live Online

im电竞游戏入口官网(im电竞游戏选手2.5.7) Objectives  CPD Certified

The overall goal of this course is to provide a systematic approach to the credit risk and financial strength analysis of life insurance, non-life insurance and reinsurance companies.

Key Learning Outcomes:  

  • Apply a structured approach to identify key risks and mitigants when transacting with insurance and reinsurance companies, and to appreciate the main methods of capital-raising by insurers
  • Appreciate how economic, competitive and regulatory issues impact the risk profile, performance and financial health of an insurance company
  • Understand the business and financial risks inherent in the life and non-life insurance and reinsurance industries
  • Use qualitative and quantitative analysis to distinguish strong and weak performers and to detect early warning signals of deteriorating financial strength

Who Should Attend

  • Equity, fixed income and credit analysts
  • Insurance company treasury officers and staff
  • Insurance brokers and security analysts
  • Investment managers
  • Commercial and investment bankers
  • Bank risk, portfolio and relationship managers
  • Supervisors
  • Lawyers
  • Insurance company public relations
  • Corporate communications officers

Related im电竞游戏入口官网(im电竞游戏选手2.5.7)s

Certificate Option

This course can also be taken alongside Fundamentals of Insurance Company Analysis to form the Certificate in Insurance Company Analysis.

    Day One
    Analytic Overview

    A structured approach to the credit analysis of insurance and reinsurance companies, why and how they borrow and the risks to serving debt and equity capital. 

    • Purpose/payback model: A structured approach to credit analysis and its applicability to insurance and reinsurance companies; why insurance companies borrow/issue debt (Purpose) and how it is repaid (Payback); double leverage
    Operating Environment

    A review of the key macro-economic, regulatory and sector trends which may impact adversely or favorably on certain insurers and business lines.

    Macroeconomic and sector issues
    • Investment cycles: Stock, property and credit market levels and their volatility
    • Causes of recent fluctuations in strength of the life, non-life and reinsurance sectors
    • Underwriting cycles in various markets
    • Mortality, morbidity and longevity trends
    • Climate change; trends in insured losses from catastrophes
    • Impact of inflation and cultural changes in litigation
    • Non-life reserving issues: Redundancy or deficiency
    • Competitive factors: Market fragmentation; penetration levels in emerging vs. mature markets
    Regulation and supervision
    • Overview of EU Solvency II regulation; Solvency II, Pillar 3 Solvency and Financial Condition Reports
    • SII group supervision, group solvency and equivalence
    Day Two
    Financial Fundamentals

    The derivation from the financial statements of key indicators for assessing financial strength and performance of life and non-life insurers against appropriate benchmarks.

    Statement logic
    • Review of key items in income statement and balance sheet
    • Key accounting standards for insurers: key differences between European GAAP and IFRS 4, including overview of IFRS 17 insurance contracts and IFRS 9 hedge accounting for insurers
    • Items subject to management expert judgement: write-downs, IFRS Fair Value hierarchy, temporary and permanent impairments, provisions for IBNR claims (non-life) and for investment guarantees (life)
    Business risk
    • Underwriting risk: Assessing the quality and diversity of the underwriting portfolio, loss, expense, combined and operating ratios
    • Non-life provision adequacy: Loss development triangles, calendar year vs. accident year analysis, survival ratios
    • Catastrophe and reinsurance risk: Degree of reinsurance utilisation; adequacy of reinsurance cover, credit and dispute risk
    Day Three
    Financial Fundamentals (continued)
    • Investment risk: Quality and liquidity of the investment portfolio, asset and liability matching, cost of investment guarantees, use of derivatives for hedging, concentration risks; Asset Liability Management stress testing disclosures
    • Investment returns: Inclusion of realised and unrealised gains and losses, investment return requirements of the life and non-life insurance businesses
    • Life insurance risks: Persistency, mortality and expenses
    Performance measurement  
    • Diversity and stability of income: Profitability measures and benchmarks
    • Embedded value techniques for measuring and analysing life profitability, profit margins on new business
    Financial risk 
    • Liquidity: Operating cash flow, liquidity of investments, liquidity shocks
    • Capital adequacy: Regulatory solvency coverage; stress testing; quality and fungibility of capital; tangible vs. intangible capital; non-risk-based capital measures: operating leverage, asset and liability leverage
    • Financial leverage, interest cover, use of hybrid capital, refinancing risk, debt servicing ability, total commitments including off-balance sheet