A. With the threat of a pandemic and global recession, the potential impact on the insurance industry, either from elevated claims experience or capital market volatility, makes it essential more than ever to understand how to undertake a structured analysis of the key risks faced by both life and non-life companies. the financial statements. Absent policyholders’ trust in the financial integrity of insurers, the insurance risk transfer mechanism would collapse. Fundamentals of Insurance Financial Statements, World-class video conferencing technology, Fully interactive, engage and network with peers using break out rooms, quizzes and polls, On-hand technical support team throughout, Attend from anywhere, across four time zones, Distinguish the risks inherent in the main products offered by life, non-life (P&C) and reinsurance companies and recognize how these are reflected in the financial statements, Understand the key components of an insurance company’s income statement, balance sheet and cashflow statement, Recognize the impact of differing accounting standards, reserving policies and changes in external variables (such as interest rates and asset prices) on the financial statements, Calculate and apply some basic ratios to quantify an insurance company’s financial strength, performance and risk profile​, Insurance company treasury officers and staff, Bank risk, portfolio and relationship managers, Types of insurance company: Mutual vs. proprietary, multi-line vs. monoline, underwriters vs. brokers, captive insurers and Lloyd’s entities, Non-life products: Short tail and long tail lines; degrees of riskiness, Life and investment products: Whole life, annuity, endowment, term insurance and health products, Investment bases for life products: Fixed (stable value), unit-linked (variable), with profits, interest-sensitive, Reinsurance products: Proportional vs. non-proportional, excess of loss and catastrophe covers, Relating the business to the balance sheet and income statement, Key items of the balance sheet and income statement for life and non-life insurers, Premium accounting: gross vs. net, written vs. earned, Claim/loss accounting (non-life): Claims incurred vs. paid, claims incurred but not reported (IBNR), Claim/benefit accounting (life): Benefits and surrenders, annual and final bonuses, Technical reserves: Loss reserves, unearned premiums, mathematical provisions, Investment reserves – capital or liability? This is because an insured's financial condition is an important factor in assessing its insurability, commitment to loss control programs, and ability to pay premiums. Looking forward to the next class! The effect on insurance revenue and the contractual service margin (CSM) and judgements applied in determining the transition amounts should be separately disclosed and explained in the subsequent periods, until the insurance contracts written before the transition date are derecognised. Fundamentals of Insurance Financial Statements, World-class video conferencing technology, Fully interactive, engage and network with peers using break out rooms, quizzes and polls, On-hand technical support team throughout, Attend from anywhere, across four time zones, Distinguish the risks inherent in the main products offered by life, non-life (P&C) and reinsurance companies and recognize how these are reflected in the financial statements, Understand the key components of an insurance company’s income statement, balance sheet and cashflow statement, Recognize the impact of differing accounting standards, reserving policies and changes in external variables (such as interest rates and asset prices) on the financial statements, Calculate and apply some basic ratios to quantify an insurance company’s financial strength, performance and risk profile​, Insurance company treasury officers and staff, Bank risk, portfolio and relationship managers. Certificate in Insurance Company Analysis. The insurance company … Certificate in Insurance Company Analysis. This was an excellent course and provided a foundation to analyse an insurance company. They include Fitch Ratings, A.M. Best, Standard and Poor's, Moody's, and the Kroll Bond Rating Agency. Money that the insurance company currently holds but which it is already committed to pay. Accrual Method of Accounting. The Securities and Exchange Commission (SEC) currently requires publicly owned companies to follow these rules. Financial Statement Analysis – Insurance Companies — Overview The 1-day Financial Statement Analysis Program provides participants with a broad understanding of the financial information that is used to assess the financial strength and performance of insurance companies. Great trainer, very inspiring. Support me on Patreon : https://www.patreon.com/derekbanasI explain the basics on balance sheets and income statements using an example business. 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