Workshop on “Reinsurance Matters! – Fundamentals, Underwriting Claims and Accounting Aspects”

Insurance Foundation of India has announced 2 Days Workshop on “Reinsurance Matters! – Fundamentals, Underwriting Claims and Accounting Aspects” which is to be held on Mon - Tue, 25 – 26 November, 2019 in Mumbai.

IFI has successfully organized various Executive Development Programmes/Skill Development Programmes of International standards in India with world-class faculty. The programmes which are organized by Insurance Foundation of India receive wide appreciation because these Training Programmes are of practical orientation as the experienced Faculty is drawn from Insurance Companies, Insurance Brokerage Firms, Reinsurance Companies, Reinsurance Brokerage Firms, Reinsurance Consultants, Law Firms handling Legal cases /Arbitration & Insurance Surveyors loss Assessors and leading Education Institutes.

Eminent Faculty Conducting this Training Programme:

Our Faculty comprises of people who are highly experienced and up to date in their knowledge.

• Mr. R Chandrasekaran, Formerly Secretary General of General Insurance Council of India. Wide experience at senior level in Insurance and Reinsurance (including GIC) within India and abroad.

• Mr. K Raghunath, Wide experience in Insurance, Reinsurance, Aviation insurance. Working as Advisor Reinsurance at Mahindra Insurance Brokers with prior assignments being with Bharti AXA General Insurance & GIC

• Mr. Rajesh K Yagnik, Wide experience as a Senior Reinsurance professional in JLT Independent Insurance Brokers, Interlink Insurance & Reinsurance Brokers Private Limited & GIC

• Mr. Suresh Balasubramanian, Extensively involved in the Insurance and Reinsurance industry in India as well as in various countries in Africa and the Middle East. Successfully worked as Trainer in Swiss Re Bangaluru as well as the Swiss Re Academy in Hong Kong.

• Mr. S. K. Sethi, Founder and Vice President, Insurance Foundation of India

 Why the need for Specialized Industry Focused Workshop on “Reinsurance Matters! – Fundamentals, Underwriting Claims and Accounting Aspects”?

Indian General Insurance Industry has grown more than 17 times since opening of the Sector in 2001. With 33 General and health Insurance companies in business, Reinsurance capacity requirements of Indian Insurance companies have also grown manifold.  

With the Insurance Amendment Act 2015 permitting Branches of Global reinsurers to be set up, Lloyds Corporation and 10 Global reinsurance majors have already set up Branch offices in India.  Tax concessions for Insurance and reinsurance companies to be set up in International Finance Centre in GIFT City, near Ahmedabad has also created keen interest has been evoked among international reinsurers to open business units.

Thus, a foundation is being laid to build Reinsurance capacity, capabilities, professional expertise and infrastructure within India, and a significant Regional Reinsurance Hub can be established in India to cater to Afro-Asian insurers.

Indian Reinsurance premium volume at 31st March 2019 levels can be estimated USD 7 Billion (approx. 30% of Gross Domestic Insurance premium).Flagship Crop insurance schemes (PMFBY), Frequent and Severe Natural disaster events, Newer Risks (e.g., Cyber liability) Newer products (e.g., Title Insurance) and Large industrial risks and infrastructure projects, and innovative insurance solutions and products, require crucial reinsurance capacity and protection. With India’s huge untapped insurance potential, both Insurance and reinsurance business would grow further.

Keeping the growing Reinsurance business potential in focus, the Programme Director has visualized the need for comprehensive knowledge sharing on Reinsurance Fundamentals, practices and Reinsurance market dynamics to develop a talent pool of Reinsurance professionals in India.  Programme Director has designed a three-part Reinsurance Knowledge sharing programme on the theme "Reinsurance Matters!”.

This first part of this tri-series focuses on Fundamentals of Reinsurance, Underwriting, Claims and Accounting aspects. This programme is designed to cater to Insurance and Reinsurance officials working in Indian Non-life Insurance sector to gain a basic conceptual and understanding of Reinsurance business principles and practice. This programme would be the first stepping stone for Insurance Officials eager to build a successful career in Reinsurance.

This 2-day training programme / workshop on RI fundamentals aimed to help Junior and entry level Officers in Insurance and Reinsurance industry gain practical knowledge on application of Reinsurance Fundamentals, Types of Reinsurance Contracts, Accounting and Administration of the Reinsurance transactions.

Topics to be covered:

 Fundamentals Principles and Functions of Reinsurance

 Types and Methods of Reinsurance Contracts

 Facultative Reinsurance

 Proportional Treaties and Non-proportional Reinsurance Contracts

 Treaty Slips, Contract documents and Legal aspects 

 Reinsurance Claims, Recoveries and Outstanding claims

 Accounting of Reinsurance Premium and Claims Transactions 

 Regulations governing Reinsurance business

 Reinsurance Markets, Role of Intermediaries and Placements 

 Introduction to Reinsurance Programme Structure and Design

Who Should Attend the Training Programme (Target Participants?)

This is a good opportunity for Officials and Employees working in

• Insurance Companies

• Reinsurance Companies/ Branches

• Insurance Broking Firms (handling Reinsurance business)

• KPO’s providing Reinsurance services to Indian and foreign clients 

• Reinsurance Consultants

• Law Firms handling Legal cases /Arbitration 

What can you expect from the Training Programme?

Every official involved in Reinsurance function in Insurance Companies, Reinsurance Companies & Insurance Intermediaries is handling only a portion of Reinsurance activity, many a times without complete knowledge of what and why they are doing them. Many officers are busy with either facultative placements or preparing treaty accounts using IT system.  This programme will be ideal for them to develop keen interest in the subject, understand the work they are doing and prepare them to pursue a career as a Reinsurance professional.

The participants would be expected to understand the concepts and working examples reflecting the day to day reinsurance operations and administration. At the end of training programme, the participants will find that they have gained an all-round knowledge in Reinsurance Fundamentals, Contracts, Claims, Accounting and Administration aspects.

The participants working or aspiring to work in Reinsurance function of their organization would gain immensely, if they attend this programme and the second part of the Series on Reinsurance Matters! .This will be dealing with technical aspects of Reinsurance business operations, a review of reinsurance structures, a discussion of how RI programs can be tailored to meet the needs of clients and the issues that some of the structures create for reinsurers. This programme is tentatively scheduled on 23 & 24 January 2020.

Participation fee:

• Individual participant fee: Rs. 10000/- each

• Group participation fee (team of 3 persons and above): Rs. 9000/- each

• Group participation fee (team of 5 persons and above): Rs. 8000/-each

• Individual Foreign Participants fee: US $ 250

Note: Prior registration/ confirmation are requested to attend this Training so that Logistics/ Study Material & Lunch can be arranged accordingly.

Accommodation:

This is non residential programme; however good reasonable hotels in Andheri, Vile Parle, Near Domestic Airport are available surrounding areas. Programme Coordinator will be ready to assist you in arranging the same (if required). 

Certificate:

Certificates will be issued to the participants on completion of this Programme.

About the Organizer:

Insurance Foundation of India (IFI) is set up under Trust Registration Act 1882 of Government of India as a Not for Profit Organization. The main objective of IFI is to promote awareness of Insurance among masses. IFI has successfully organized various Executive Development Programmes/Skill development Programmes of International standards in India with world-class faculty.

Insurance Foundation of India (IFI) is an Education Partner of Chartered Insurance Institute, the leading institute conducting examination in insurance industry.

Under CSR project supported by PNB MetLife India Insurance Company Ltd we produced a Film “Khushiyon Ki Suraksha” for spreading awareness of insurance in rural areas. It is available on https://www.youtube.com/watch?v=hzbADuIcWuU

Our project “Bima Jagrukta Abhiyan” has been awarded Skoch Award as one of the 100 top Projects undertaken in India during 2016.We are approved under 80G of the Income Tax Act 1961. IFI will be pleased to be associated with CSR Project to be undertaken by you.

The best part of the Training Programmes being organized by us is that faculty comprises of those, who have up to date knowledge of working in Insurance Companies, Insurance Brokerage Firms, Insurance Surveyors & Loss Assessors, Law Firms or Insurance Buyers. This results in the sharing of practical and up to date knowledge by all stakeholders and hence up gradation of the skill in Indian Insurance Industry. This aspect is being highly appreciated in Social Media on global basis and now Insurance Foundation of India is rated as the top NGO in Insurance Training in the country and that too without Government support

Recently we had a 2 Days Extensive International Training Programme on “Crop Insurance” on 19 – 20 Nov2018 at New Delhi. This was well attended by participants from Foreign Regulator, Insurance Companies, Insurance Brokerage Firms, State Government Agriculture Ministry Officials, Micro Finance Companies, Reinsurers, Media, Agricultural Analysts, Technology Companies from all over India as well as various countries such as Jordan, Kenya, Sri Lanka and Nepal.

In association with Professional Advancement Bangladesh Ltd. (PABL) and Green Delta Insurance Co. Ltd., Insurance Foundation of India successfully organized 2 Days Programme in Dhaka (Bangladesh) on 26 – 27 Feb 2019 on “Transmitting Global Knowledge for Promoting Crop Insurance in Bangladesh”.

Insurance Foundation of India successfully conducted 3 Days International In house Training Programme on “Property and Marine Insurance” from 29 June – 01 July 2019in Dhaka, Bangladesh. This was organized for Senior Management of Green Delta Insurance Company, Bangladesh. This was also attended by Private Insurance Companies from Bangladesh and Brokers from Malaysia.

Source: Press Release