Actuarial Practicing Diploma
Modules
Reserving for General Insurance Under IFRS 17
Pricing of General Insurance Contracts
Life Insurance: Pricing & Mathematical Reserving
Description
The Actuarial Practicing Diploma (APD) consists of two independent certificates: one in General Insurance and one in Life Insurance. This Continuing Professional Development (CPD) program is designed to fully equip professionals in the insurance sector, enhancing their understanding of actuarial techniques and enabling proficient application of actuarial tools specific to general and life insurance products and practices.
APD is conducted twice a week, lasting 6 hours on a weekly basis. Moreover, participants can expect engaging training sessions that include case studies, breakout rooms, and group work. Weekly assignments will be assigned, and each module will conclude with an exam, ensuring a thorough understanding and practical application of the course material.
Students will be eligible for the Actuarial Practicing Diploma if 3 modules are successfully passed.
APD offers coverage of some of the SOA & IFoA exams within its modules. To gain a detailed understanding of the specific areas covered please contact us, our team will provide you with the necessary information and insights into the curriculum to support your inquiries effectively.
Candidates:
The Diploma is primarily intended for individuals with a background in mathematics, statistics, finance or economics. A prior knowledge of statistics, economics or finance is not required for this course but would increase the opportunity of benefiting from this program.
Fees:
$1000 USD per module per participant, it includes: Intensive training, Training material, books and case studies, and the Actuarial Practicing Diploma Certification from the Muhanna Foundation.
To Register:
Contact Ms. May Mounzer at The Muhanna Foundation:
+961-1-75299
programs@muhanna.com
Program Details
Claims reserving is at the core of the financial management of insurance companies. The selection of suitable reserving techniques is of critical importance to insurance companies’ operations. In this course, we cover the fundamental concepts of non-life reserving adopted in practice, starting with the basic methods, and eventually moving towards more complex ones. We will be especially highlighting the impact of additional requirements of the new standard IFRS 17 on reserving methodologies, mainly, used in the premium allocation approach (PAA).
This course is composed of eight chapters:
• Chapter I: Introduction
• Chapter II: Reserving techniques (Chain Ladder Method, Ultimate Loss Ratio Method, Bornhuetter-Ferguson Method, Frequency-Severity Method).
• Chapter III: Risk adjustment for non-financial risk under IFRS 17.
• Chapter IV: Reserve discounting under IFRS 17.
• Chapter V: Liability for Incurred Claims (LIC) under IFRS 17.
• Chapter VI: Asset for incurred Claims (AIC) under IFRS 17.
• Chapter VII: Liability for remaining coverage under IFRS 17.
• Chapter VIII: Asset for remaining coverage under IFRS 17.
At the end of this training, the participants will be able to:
1. Determine the technical reserves by applying deterministic and stochastic models.
2. Understand the difference between the reserves for incurred claims under the existing standard IFRS 4 and the new standard IFRS 17.
3. Interpret and determine the key elements introduced by IFRS 17: Risk adjustment, allocation, discounting, and diversification.
4. Understand the types of reinsurance arrangements and the impact on the risk adjustments.
5. Calculate the Liability for incurred claims (LIC), Assets for incurred claims (AIC), Liability for remaining coverage (LRC) and Asset for remaining coverage (ARC).
Pricing of general insurance contracts is an important topic that allows the insurance company to price new products or to reprice current products. In this course, we will cover the different methods used to price insurance contracts. We will start by the basic concepts and then we will focus on ratemaking technics, priori pricing by introducing Generalized linear models and Tweedy models, posteriori pricing by introducing the credibility theory and its application.
This course is composed of eight chapters:
• Chapter I: Introduction.
• Chapter II: Pure Premium methods and Loss ratio methods.
• Chapter III: Ratemaking technics
• Chapter IV: Priori rating: Generalized linear models and Tweedy models.
• Chapter V: Posteriori rating: Credibility.
• Chapter VI: Portfolio Monitoring and profitability under IFRS 17.
At the end of this course, the participants will be able to:
1. Price new products and reprice current products.
2. Use advanced models for pricing.
3. Apply the above techniques by using R language.
4. Produce financial indicators.
Life insurance portfolios are usually considered profitable. In this course, we will cover two main components. In the first one, the pricing of individual life insurance contracts will be covered, starting by shedding light on the basic elements used in price calculation (Interest rates and life tables) and then, by covering the mathematical aspects of premium setting and valuation. In the second part will presents mathematical reserves and the related modification under IFRS 17.
This course is composed of seven chapters:
• Chapter I: Introduction.
• Chapter II: Mathematics of Compound Interest.
• Chapter III: Life Tables.
• Chapter IV: Life insurance benefits.
• Chapter V: Life annuities.
• Chapter VI: Premium calculation.
• Chapter VII: Mathematical reserve.
At the end of this course, the participants will be able to:
1. Understand and apply the whole process of pricing individual life insurance contracts.
2. Calculate the mathematical reserves.
3. Interpret and determine the key elements introduced by IFRS 17 to the mathematical reserve.