Risk and Insurance

About the Course

Risk pricing, reserving and managing uncertainty.

Course Contents

  •  Understanding Risk and Insurance
  • Insurance plays a role in both the personal and professional life of a person. In this chapter, we will discuss about the different types of insurance and why it is needed. Risk as we understand it is pervasive but insurance cannot cover all the risks so risk selection is important. Based on the risk type the insurance cover will differ.
  •  Structure of Insurance Company
  • In this chapter we will discuss the structure of an insurance company. What are the major functions and how they operate together to deliver the end goal for the organization. Each function is described in detail.
  •  Pricing Non-Life Insurance
  • In this chapter we will discuss about the pricing of non-life insurance contract. As the risk exposure changes the premium changes.
  •  Reserving Non-Life Insurance
  • During the policy period claims arise which the insurers has to pay. The claimed amount is not paid immediately for large claims involving big corporations. They are paid overtime. The insurer has to keep aside funds to meet this future payment. In this chapter, the reserving methodologies are discussed.
  •  Frequency Severity Models
  • Frequency and Severity Models are the backbone of risk pricing and reserving. Let us derive the frequency and severity model.
  •  Expected Claim Loss Reserving Method
  • In this chapter you will learn about the expected claim loss reserving method.
  •  Bornheutter Ferguson Method
  • Bornheutter Ferguson method of claim reserving is a blend between the chain ladder method and the expected claim closs method of reserving. It gives a balanced figure towards ultimate claim liability.
  •  Pricing of Life Insurance
  • In this chapter you will learn about the pricing of Term and Endowment insurance contract which are popular life insurance products in the market.
  •  Risk, categorization and Definition
  • In this chapter you will learn about the three main categories of risk that is strategic, financial and operational. Risk is classified in these 3 buckets with a focus on 15-20 key risks as it is difficult to tract thousands of risks simultaneously. It is imperative that the assessment be done on an even basis that is 3-5 risks are selected for each main category. The definition of each risk should be precise.
  •  Asset Liability Matching
  • Solvency is an important consideration for financial firms. Asset Liability matching is performed consistently to ensure that the fund is immunized and does not get effected due to small changes in interest rates. In this chapter you will find the relevant details which highlight how ALM can be done.

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