The Actuary Intern is committed in creating practical courses in Insurance and Actuarial industry. With this, we are excited for our impending launch of our 2 Reinsurance Courses.
These courses are designed by Mr Fernando De la Torre Corzas, you can reach him through LinkedIn: https://www.linkedin.com/in/fdelatcor/.
About him:
Mr Fernando is an Actuary based in Mexico. His past Actuarial Expertise includes 2.5 years of experience at RGA (Reinsurance Group of America).
At Gen Re an US based MNC offering wide range of RI products (Life/Health/Property/Casualty) & services, Mr Fernando works as Pricing Actuary.
He is passionate about Education and is excited to share his Reinsurance knowledge with the students interested in Actuarial and/ or Insurance Industry.
Our Courses will be delivered through The Actuary Intern website. At present, our website www.theactuaryintern.com is undergoing construction.
Detailed Course Syllabus:
Basic Reinsurance:
This course in Reinsurance provides aspirants with knowledge regarding basic terminologies used in International RI market (Health & Life), uses & types of RI contracts & the ways to quote the common types of contracts in Reinsurance.
- Introduction
In this section we will give an answer to the question of what is reinsurance and see an overall of the structure between insurance policies and reinsurance and retrocession contracts.
- Uses of Reinsurance
Reinsurance contracts have many uses for Insurance Companies, which can not only be the risk transfer of a certain portfolio, but also a financial planning goal, underwriting assistance from the reinsurer or support in a new line of business product, among others.
- Classification of Reinsurance
Reinsurance contracts can have different types of classifications, depending on the type of risk cession, the type of risks insured and the use given to the reinsurance contract.
- Reinsurance Treaty
In this section you will learn about the main sections and parameters that have to be present in the reinsurance treaty wording.
3.1 Quota Share Group Life Quotation
In this final section you will learn the different ways to quote a group life contract, as well as important concepts such as mortality rates, IBNR, burning cost, free cover limit and credibility rates, among others.
Mock Tests – General Insurance Licentiate Exam – IC 01 / IC 02 / IC 14
Advance Reinsurance:
This course is designed to provide you with technical skills for quoting different of types of reinsurance contracts, knowing what to do in different situations in order to model reality in the best way.
3.2 Quoting a QS Health contract
In this section you will see the process for quoting a QS Health Reinsurance contract, from gathering and understanding the data to calculating different assumptions and factors like the IBNR, the medical trend and the final rate after applying margins.
4.1 Quoting a WXL contract
Quoting a WXL contract can be really similar to quoting a QS Health Reinsurance contract, with some differences like the accumulation of claims, which are per person or per event, and considering only amounts above the priority.
4.2 Risk attaching vs Losses Occurring
Life & Health reinsurance contracts can have different basis which allow ceding companies to obtain different benefits from each one, depending on what they are looking for.
4.3 Incurred vs paid
In health contracts the accumulation of claims can have several forms, being the main ones incurred or paid. In this section you will learn how they are considered and how they look when completing uncomplete years.
4.4 Loss Distribution Approach
Up to now we have only seen deterministic ways of quoting, however, in this section you will understand a different approach based on probability theory. Monte Carlo simulations and Panjer recursion will be analysed in this section
4.5 Variable Rate
Given the higher volatility that WXL contracts have versus proportional contracts, sometimes it is better to consider a variable rate that depends on the behaviour of the claims. This allows Reinsurers to be covered if things go bad and Ceding companies to pay less if experience is good.
4.6 Risk transfer assessment
As mentioned from the beginning of the basic course, in every reinsurance contract there has to be risk transfer. In this section you will see how is this measured when quoting a variable rate.
4.7 Profit Commission Calculation
Just like the variable rate case, sometimes Ceding companies want a refund if experience is good. Here you will understand how is this calculated with the help of the Loss Distribution Approach.
4.8 Unused Capacity
In life & health reinsurance contracts, historical claims experience only shows claims at a certain level, but that level is almost always not the highest that it could be. In this section you will learn how to measure the capacity that has not been used in the past but that could be used in the future.
What are our Future plans?
We have already collaborated with 3 more Actuaries based in UK, USA and Malaysia to introduce courses in Predictive Modelling, Micro Insurance and Life Pricing and Design with an average of 10 years of experience, all of which will be launched in the first half of 2021. At the same time, we are in the lookout of Experienced Actuaries who can contribute for other Specialized roles.
For any doubts, feel free to email me: theactuaryintern@gmail.com