Understanding Insurance Accounting - Searchlight Insurance Training

Understanding Insurance Accounting

This interactive workshop is designed for both non accounting staff and staff new to insurance accounting.

The course provides the basics of financial accounts of insurance companies and Lloyd’s syndicates and gives an understanding of the operational and risk aspects of insurers which in turn drive insurance technical accounts and reinsurance accounting..

This workshop also provides an analysis of the Solvency II implications from an accounting perspective.

Level: Specialist

Duration: 1 day(s) CII CPD Hours: 6
     

WORKSHOP OBJECTIVES

By the end of this workshop delegates will be able to:

  • Understand the key financial statements and the types of accounts prepared by insurers
  • Establish how the business of insurance drives the technical elements of the accounts and reinsurance accounting.
  • Understand the judgements and calculations applied in determining technical assets and liabilities,
  • Provide high level overview of the source of accounting principles applicable to insurers
  • Look at how the business of insurance and accounting principles give rise to the need for accounting judgements
  • Apply the theory to review various examples of published accounts
  • Review the business risks to be identified for capital allocation.
  • Understand how Solvency II balance sheet compares to GAAP balance sheet

WORKSHOP CONTENT

  • Review the cycle of the technical areas of premiums, claims and reinsurance to see how they are reflected in the accounts
  • Review published accounts to see how technical balance sheet and income statement elements are disclosed.
  • Examine reinsurance accounting bases.
  • Review calculation techniques for the technical judgement areas, such as IBNR reserves and unearned premiums
  • Case studies of business risks
  • Overview of Solvency II balance sheet requirements including a comparison to GAAP balance sheet and income.