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This online training focuses on quantitative analyses of
financial and non-financial risks of an insurance company and the
effect and possible applications of risk mitigation techniques.
After an introduction to the economic valuation of an insurance
company, including stochastic valuation models and approximation
techniques for life companies, and the building blocks of its
economic balance sheet, the risk measure as well as the relevant
regulatory requirements of Solvency II will be discussed. Different
concepts of risk modelling covering from standard formula to fully
internal models will be presented.
After a deep-dive into the risk classification, strategic,
reputation and operational risks are dealt with. Afterwards methods
for modelling market, credit and underwriting risks will be
presented in detail. The discussion of each risk starts with its
definition, how it can be identified and distinguished from other
risks, and its classification according to SII. The taxonomy is
followed by qualitative and quantitative valuation approaches -
including scenario analyses, stress tests, deterministic and
stochastic assessments, and quantifications according to the
standard formula and an internal model. Furthermore, crucial
aspects of any model such as assumptions, distributions,
calibration and validation are discussed, as well as limitations
and criteria for the adequacy of a model for solving a given
problem.
Having introduced and discussed the risk modelling, tools and
techniques will be discussed that are available in the insurance
business to mitigate these risks. That includes the discussion
around the implications of reinsurance and securitisation as well
as portfolio management. We will also present what life insurance
companies subject to traditional with profit business can do to
hedge their main risks.
Both elements, risk modelling and measurement as well as risk
mitigation, are closely related and interact with each other, what
will be reflected in the topics presented and the structure of the
seminar.
The consolidated view on risks in a company and an outlook on
Group models close the course.
This web session is one part in a course that consists of four
modules. They can be booked as a whole series to fulfill the
requirements for receiving the CERA designation, or individually as
CPD training.
Your early-bird registration fee is € 1,625.00 plus 19% VAT for
bookings by 7 August 2023. After this date, the fee will be €
1,800.00 plus 19% VAT.
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