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Value and Risk management

The seminar in Czech language has been already open.
The seminar in English language will be agreed later during the year.

Section 1: Solvency of an insurer

Presenter: RNDr. Martin Janeček, Ing. Ondřej Hradecký

  • Basic principles
  • Solvency I
  • Solvency II:
    • Basic principles (comparison with SI)
    • Present status
    • 3 pillars structure
  • Risk management of an insurer

Section 2: ORSA

Presenter: Ing. Imrich Lozsi

  • ORSA process and its interpretation in accordance with the Solvency Directive
  • Capital requirements and requirements on the technical provisions calculation
  • Link with the business strategy and risk profile
  • ORSA vs. SCR
  • Internal control system
  • Regulatory reporting
  • ORSA in detail – top down approach
  • Strategic objectives, risk strategy, quality of the business environment
  • Risks threatening strategic objectives, setting up risk appetite and risk tolerance
  • Quantification of risks (Standard formula, Internal model, ORSA)
  • Measures and indicators of risks and their monitoring
  • Prospective solvency assessment and business planning
  • Stress testing, scenario analysis
  • Capital management and allocation
  • Impact on the product development
  • ORSA report, information required by the regulator

Section 3: Market consistent embedded value (MCEV)

Presenter: Ing. Imrich Lozsi

  • Principles of MCEV
  • Components of MCEV
    • Net Asset Value
    • Required Capital
    • Frictional Cost of Required Capital
    • Cost of Residual Non-Hedgeable Risks
    • Present Value of Future Profits
    • Time Value of Options and Guarantees
  • Market consistent value of the new business (MCVNB)
  • Analysis of earnings

Section 4: International financial reporting standards (IFRS)

Presenter: Ing. Imrich Lozsi

  • Reasons for IFRS for insurance policies, hierarchy of IFRS
  • Definition of the insurance contract, difference from investment and service contracts
  • Liability valuation model for insurance contracts
    • Fulfillment cash flows
    • Risk adjustment
    • Residual margin
  • Simplified valuation model for short term policies
  • Presentation of results (Balance sheet, Profit and loss, Other comprehensive income)
  • Case studies in MS Excel for a portfolio of policies
    • Liabilities valuation
    • Profit and loss statement
    • Reconciliation between different standards (Statutory accounts, MCEV, Solvency II)

 

 

 

   
 
   
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t: +420 604 558 695
e: info@tools4f.com

Martin Janeček
t: +420 604 294 866
e: janecek@tools4f.com

 
 
 
 

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