A closer look at risk management | Empower Development

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Introduction to Insurance

Introduction to Risk

An introduction to risk (20:09)
EXERCISE - spot the risks
Categories of risk and benefits of insurance (8:07)
EXERCISE - pair the risk categories
A closer look at risk management (7:47)
EXERCISE - risk register

Fundamental Principles of Insurance

An overview of insurance principles (13:33)
Insurable Interest (2:10)
Good Faith (4:28)
Proximate Cause (1:23)
Indemnity (5:45)
Contribution and Subrogation (3:22)
EXERCISE - which principle
EXERCISE - principle quiz

Structure of the Insurance Market

A brief history of insurance (21:00)
The insurance market structure (5:22)
Underwriter Role and Function (0:29)
Trainers' Commentary - Wholesale and Retail Brokers (1:32)
Trainers' Commentary - Different Types of Intermediary (1:23)
Acronyms (4:07)

Structure of Lloyds

Lloyd's Market (1:54)
London Market Structure (1:37)
Market Associations (1:44)
The Structure of Lloyd’s (1:54)
EXERCISE - who am I?

Market Cycle

The insurance market cycle (4:25)
Trainers' Commentary - Supply and Demand (7:15)
EXERCISE - where in the cycle

Classes of Business

Non-marine insurance (1:35)
Non-marine liabilities (2:11)
A closer look at personal lines (8:23)
A closer look at commercial lines (10:17)

Reinsurance

Types of reinsurance (5:41)
Proportional reinsurance (7:21)
Reinsurance terminology (2:40)
Non-proportional reinsurance (8:31)
Reinsurance clauses and extra bits (7:23)

Delegated Authority/ Managing General Agents

Types of delegated authority (8:07)
Coverholders (4:40)
Levels of authority (1:51)

Claims

Claims Department (5:54)
Support Services (2:39)
Claims Terminology (3:00)
Claims jargon (13:22)

Broking

Distribution Channels (2:58)
The Distribution Landscape (5:08)
Broking jargon (6:27)

Roles in Insurance

Various roles in the insurance market (23:08)
Insurance Related Functions (4:12)
Stress and Scenario Testing and The Role of the Actuary (1:02)
Other Functions (1:46)

Underwriting Risk Indicators

Hazards and Obtaining Material Information (1:20)
The underwriting process (6:07)
Underwriting jargon (13:00)
Statistical Tools for the Underwriter (4:36)
Pricing and Rating (1:52)
EXERCISE - frequency and serverity

Underwriting considerations for different risks

ROCE and Investment Income (1:48)
Calculating the Premiums (2:29)
Underwriting Controls (1:55)
Different Ways of Writing Business (2:34)
Underwriting and Claims MI (4:02)
Insurance ratios (2:02)
A Few Accounting Terms (2:29)

MRC structure

Policy Wordings (8:50)
Standard Market Exclusions (1:33)
Policy Wordings Summary Sheet
Parties to the Contract (3:56)
Construction of the Contract (5:27)
Contract Interpretation (2:37)
EXERCISE - sections of a MRC drag and drop
Line slip example broken down

Elements of the risk premium

Rating the risk (3:36)
Pricing the risk (8:25)
Loss forecasting and triangulations (3:56)
Premium Calculation (1:19)

Documents used in presentation of risks

Presenting and Negotiating a Risk (5:15)
Policy Documentation (2:24)
Structure of Market (5:18)

GUA (General Underwriters Agreement) & MRCE’s (where a change has been made to a policy)

Law of Agency (6:45)
Structure of the Insurance Market (6:39)
Framework of Delegated Authority Agreements (2:01)
Example and MRCE guidance from LMG website
Example and GUA guidance LMG website

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A closer look at risk management

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