Program ID: – CPAS1 (From: 25th to 27th July 2016)
Relevance of the Program: – Actuarial Science is one area of insurance that has attracted the attention of insurance professionals, especially in the liberalized market. With all insurance companies having appointed Actuaries and many of the compliances and documentations getting linked to actuarial evaluations and certifications, insurance professionals have become more and more dependent on actuarial science and its applications.
The need for a strong mathematical background for studying the subject and the academic rigor required for pursuing the course are reasons why actuarial science has not been pursued by many in the industry as a career option. Nevertheless, many Insurance Professionals have expressed a need to understand and appreciate actuarial science and a few actuarial applications that are commonly used.
College of insurance has been noticing that there are four segments of insurance professionals from non-actuarial departments who have to deal with actuarial terminology and applications, albeit at a limited level, as part of their work. These segments of insurance professionals can be broadly classified as those who have to:
1. Understand reports prepared by Actuaries – at senior or peer levels.
2. Furnish information to actuarial departments so that Actuaries can do their jobs.
3. Get some part of their work certified by actuaries, though they work in different departments and
4. Take action based on reports prepared by Actuaries
Participants Profile: –
Middle level executives of general insurance companies
Professionals from broker firms, consultants and III Fellow may also attend
Those pursuing or intending to pursue actuarial studies
Marine Hull Insurance
Program ID: – CPMH1 (From: 11th to 14th July, 2016)
Relevance of the program: – The maritime industry stretching across the world encompasses a huge variety of different activities: tankers, gas carriers, container vessels, cruise liners, bulk carriers, ferries, dredgers, oil field support vessels, tugs and barges, to name a few. This program helps participants to reflect on the changes and developments which have been occurring in the industry that have a direct impact on the way a ship operator manages safety and implements its SMS.
The focus is on the three major types of marine insurance; Protection & Indemnity (P&I), Hull & Machinery (H&M) and Freight Demurrage & Defence (FD&D).
Program Contents: –
1.Discuss Salient features of Institute Time Clauses
2.Investigate the challenges associated with Underwriting and Rating practices
3.Dissect the major issues faced when making claims under a hull policy, ensuring major incidents are covered and avoiding losses and delays
4.Analyze the considerations involved with general average adjustments
5.Explore the factors considered when assessing risks, and provide a greater understanding of how your premium is calculated.