Insurance Risk Management Course

This training aims to empower professionals in the field of Insurance Risk Management with the requisite knowledge and appropriate tools to handle risk and serve in advisory roles where they can implement the expertise they garner.

This course seeks to ensure participants are equipped with:

• Understanding the fundamental concept of risk
• Having a good grasp of the basic categories of risk
• Obtaining the knowledge behind the principles of insurance
• Having an extensive understanding of the insurance Industry
• Honing the ability to translate the nature and application of reinsurance effectively
• Possessing the ability to identify and measure business risk and exposures
• Understanding how to choose between the leading tools of risk management
• Knowledge on how to mitigate or eliminate exposures to risk and its variants
• Analyzing the different categories of insurance contracts

COURSE OUTLINE

 Risk and Related Topics

• Definition of Risk
• Classes of Risk
• Risk and Uncertainty
• Risk and Probability
• Risk, Perils, Hazards and explain the adverse effect of risk on economic activity

 Risk Management

• Introduction to Risk Management
• Stages of Risk Management Process
• Risk Identification
• Risk Measurement
• Risk Identification

Insurance

• Introduction to Insurance
• Attributes of Insurance
• Essential of Insurable Risk
• Comparison: Gambling and Insurance
• Comparison: Speculation and Insurance
• Benefits and Costs of Insurance

 Legal Principle of Insurance Contract

• Principle of Indemnity
• Principle of Insurable interest
• Principle of Subrogation
• Principle of Utmost Good Faith
• Principle of Contribution
• The doctrine of Proximate Cause

Health and Life Insurance

• Financing Life Insurance
• Classes of Life Insurance Plans
• Determination of Premium
• Employees Compensation Insurance
• Accident Insurance

 Other Non-Life Insurance

• Liability Insurance
• Burglary Insurance
• Fire Insurance
• Vehicle Insurance
• Aviation Insurance
• Marine Insurance
• Engineering Insurance
• Fidelity Guarantee Insurance
• Fiscal/Capital Insurance

Corporate Risk Insurance

• Identify, Analyse, and Manage business exposure to risks
• Selection and application of risk control and risk-financing techniques
• Insurance and non-insurance transfer methods

Insurance and Regulations

• Regulation
• Insurance Distribution Systems
• Property and Liability Insurance Underwriting,
• Loss control
• Premium Auditing
• Ratemaking Principles and processes
• Insurer Financial Management
• Property and Liability Claims Adjustments

Insurance Claims

• Claims; claim handling process, claim investigation techniques, good-faith claim handling, ethics, negotiation, and managing litigation.
• Persons/Property Insured
• Loss; Causes of Loss, Loss Adjusting Process and Procedures
• Insurance Frau
• Insurance claims for:
• Residential Construction
• Preparing Estimates
• Merchandise/Time Element Loss
• Auto Physical Damage
• Contractor’s Equipment

 Reinsurance and Surplus

• Surplus Lines Insurance
• Introduction to Reinsurance
• Why you should consider reinsurance
• Classification of Reinsurance

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.