RISK MANAGEMENT IN P&C INSURANCE

Insurance company risk management practices and requirements have evolved significantly over the last ten years, with the advances in regulation (e.g., Solvency II, NAIC ORSA) and rating agency oversight. This elective course is designed for individuals interested in moving into risk analysis roles within property and casualty (P&C) insurance, also known as general insurance. It provides a practical review of leading quantitative risk assessment and analysis practices at P&C insurance companies. The course will give you a sound understanding of quantitative risk analysis principles that will help you expand your influence in your organization and improve the way you communicate about risk to regulators, rating agencies, and boards. The course focuses on current industry practices, critical analysis skills of risk, and the development and delivery of professional work products, to influence decision makers.

The course is divided into three parts:

• Introduction to P&C Insurance: you will review the unique characteristics of P&C insurers, including underwriting, claims, premiums, policy wordings, insurance law, and regulation;
• Risk Analysis: you will gain a deep understanding of the key principles underlying the implementation and application of risk management within an organization, including qualitative aspects such as framework, governance and processes, as well as quantitative methods of risk measurement and modeling; and
• Application: through a real life case study, you will work in a group to synthesize the quantitative risk analysis concepts with the realities of P&C insurance company information sources, develop and present a professional consulting work product to a real guest business leader from the insurance risk management community.