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Audience Any non-financial manager or technical expert in the insurance industry, including: - Claims managers
- Business development managers
- Underwriters
- Brokers
- Risk managers
- Project managers
Course Outline Accounting and scorekeeping fundamentals - Financial and management accounting
- What are we trying to measure and why?
- Types of accountants - what they do and the differences between them
- Frameworks and regulations
- Generally accepted accounting practice and the mindset of scorekeepers
- Balance sheets, profit and loss accounts and cash flow statements
- What they tell you and what they don't tell you
- Accruals and matching; revenue and expenses; profit measurement
- Capital and capital maintenance; assets and liabilities - what you own, less what you owe; efficiency measurement
Insurance company's accounts - What is different about insurance companies, and what does this mean?
- The nature of insurance business
- Known income/unknown costs
- The problem of profit recognition
- Cash flow generation v future uncertainty, hence the regulatory framework
- Balancing underwriting losses with investment income profits
- How the problems are 'solved'
- A first look at the recommended accounting practice
- The underwriting/technical account approach
- General/non-technical account approach
General tools to analyse business performance and profitability - The simplest ratios do not need to be calculated
- Common sense
- Up/down trends
- 'Whole picture' analysis
- Specific ratios
- What are the different ratios?
- What do they measure?
- How are they used?
- How should they be interpreted?
- Profit margins; asset velocity; return on investment; return on capital employed; gearing and liquidity
- Earnings per share; dividend cover; interest cover
Review of relative financial performance - Examination of up-to-date comparative financial performance studies
- Surveys and reports on the insurance business
- Review of industry accepted performance measures and norms together with recent trends and issues
- General performance drivers and unquoted company (eps, yield, p/e, market cap. dividend growth) drivers - how well are they doing?
- Understanding capital market pressures on businesses
- What influences share prices and what is meant by terms such as 'equity' and 'shareholder value'?
Underwriting and profit and loss accounting - How raw data converts to financial information
- Building up methodically a simple set of insurance company accounts from scratch
- Premiums written
- Unearned premiums
- Unearned premiums reserve movements
- Reinsurance
- The three types of claims
- Paid, outstanding and unreported (IBNR)
- The effect on reserves (insurance technical funds) by movements in provisions
- Commissions and deferred acquisition costs
- Effect on the year's result and the provisions carried forward
- Management expenses
- Investment accounting explanations
- GAAP results, interest earned, the rest of the profit and loss account
- A different type of business gives rise to a different type of financial statement - a first read through of an insurance company's accounts
Balance sheet accounting - Investments
- What are allowed?
- How are they invested?
- How are they valued and displayed in the accounts?
- Technical reserves - key components such as unearned premium provision, claims, unexpired risk and deferred acquisition cost
- Shareholders' funds
Triangulations - Premiums and claims triangulations
- Incurred but not reported (IBNR)
- Basic chain ladder and other methods
Insurance terminology and measurements - Traditional insurance business ratios
- Acquisition
- Loss
- Management and combined ratios
- How they are calculated and what they mean
- Productivity - each area has its own measure appropriate to the nature of the business
- Developing a structured approach to approving/verifying performance
Other insurance items - Three year v one year accounting
- Who does what?
- Reconciling the two treatments
- Current trends
- Reinsurance
- Inwards and outwards and display and effect on financial statements
- Lloyd's business
- Peculiarities and differences
- Current position
- Pricing business generally
- Tools and techniques
- Risk
- Based capital
- Its importance in tomorrow's successful insurance company
How to make a booking for the F-EFS course
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