F71GA - General Insurance: Reserving and Capital Modelling

Course leader(s):

• Marie Michaelides (Edinburgh, September)

Syllabus

1. General insurance products and business environment (1.1 - Introducing general insurance markets, and insurance and reinsurance products from the perspectives of customers and insurance companies., 1.2 - Describing how various internal and external strategy, regime, guidance, and factor changes impact on general insurance business environment., 1.3 - Describing the Lloyd’s market.)

2. Risk, uncertainty, and regulation on general insurance reserving and capital modelling (2.1 - Describing the main risks and uncertainties on reserving and capital modelling that threaten profitability or solvency., 2.2 - Describing the regulatory frameworks, and their purposes and methods.)

3. Reserving for general insurance (3.1 - Describing the reasons of calculating reserves., 3.2 - Describing and applying different deterministic and stochastic reserving methods in various settings and purposes., 3.3 - Describing the assumptions and potential issues of each reserving method, and how to manage them., 3.4 - Describing the factors to consider when diagnosing and analysing the results of reserving exercises., 3.5 - Describing the factors to consider when communicating reserve ranges and uncertainties.)

4. Capital modelling for general insurance (4.1 - Describing and applying different deterministic and stochastic capital models for various risks., 4.2 - Describing the assumptions and validation of the parameterisation of capital models., 4.3 - Describing the diversification effect in capital modelling., 4.4 - Describing the factors to consider when conducting capital modelling in practice.)

5. Data, actuarial analysis, reinsurance, and investment on general insurance reserving and capital modelling (5.1 - Describing the types and uses of data in reserving and capital modelling., 5.2 - Describing the potential issues by errors and inadequacy of data., 5.3 - Describing the actuarial analysis and investigation in reserving and capital modelling., 5.4 - Describing the factors to consider for inwards and outwards reinsurance., 5.5 - Describing and applying techniques for the impact on reserving and capital modelling by reinsurance., 5.6 - Describing the principles and methods of investment and accounting relevant to general insurance business.)

Learning outcomes

By the end of the course, students should be able to do the following:

• apply the concepts and methods of reserving and capital modelling to unseen problems in general insurance.
• analyse if proposed methods to general insurance unseen problems are appropriate in terms of actuarial, economic, and financial considerations.
• evaluate solutions by proposed methods to general insurance unseen problems in terms of actuarial, economic, and financial considerations.
• synthesise analysis and evaluation on proposed methods and solutions by actuarial, economic, and financial considerations into comprehensive and appropriate conclusions.
• communicate technical and broader issues from general insurance environment.

Further details

Curriculum explorer: Click here

SCQF Level: 11

Credits: 15