An overview of insurance companies

• Analysing why insurance companies are different
• Different types of insurance company
• The insurance environment
• Types of business written under life and non-life business
• Distribution channels
• Influences and developments on choice of distribution channel for both life and non-life products
• How insurance companies function
• Insurance terminology
• Factors influencing developments in the insurance industry
• Business risks
• The insurance business cycle

Reinsurance

• Types of reinsurance and their uses
• The role of the reinsurance market
• Developments in the reinsurance market
• Trends and risks in the reinsurance industry
• Qualitative analysis of reinsurance companies

Review of insurance accounting

• Developments in the determination of life profits recognition to present information useful to the shareholders rather than the regulatory / solvency focus
• Contrasting the statutory solvency method with the modified statutory solvency method, the achieved profits basis and the EEV method
• Key issues in non-life accounting
• Insurance accounting under IFRS

Regulation – EU Directives/FSA

• EU Insurance Accounts and other Directives
• Understanding the role of regulatory returns
• Solvency calculations – Pillar 1 vs. Pillar 2
• The ICAS regime
• Solvency 2

Quantitative analysis

• Introduction to format and content of financial statements of life, non-life and reinsurance companies
• Format and content of the technical and non-technical accounts (profit and loss)
• Format and content of the balance sheet
• Technical provisions: unearned premiums, unexpired risks, outstanding claims provisions, deferred acquisition costs, equalisation reserves, etc.

Analysis of insurance company accounts

• Technical analysis of a range of European life, non-life insurance and reinsurance companies