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Understanding Insurance Accounting

Level:Specialist Duration:1 Day CII CPD Hours:6

This practical one-day insurance accounting training workshop is suitable for both accounting staff new to insurance and insurance staff new to accounting.

It is the ideal insurance accounting training introduction, covering the basics of financial accounts for insurance companies and Lloyd’s syndicates. Delegates will come away with a good understanding of the operational and risk aspects of insurance businesses, which in turn drive insurance technical accounts and reinsurance accounting.

Our insurance accounting training workshop also provides an analysis of the implications of Solvency II from an accounting perspective.

  • After attending 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 includes:
    • 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.

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