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Reinsurance Matters!

Indian General Insurance Industry has grown more than 17 times since the 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 the 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 31^st March 2019 levels can be estimated at 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 focusses on Fundamentals of Reinsurance, Underwriting, Claims and Accounting aspects. This programme is designed to cater to Insurance and Reinsurance officials working in the 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 the Insurance and Reinsurance industry gain practical knowledge on the application of Reinsurance Fundamentals, Types of Reinsurance Contracts, Accounting, and Administration of the Reinsurance transactions.

This first programme would cover the following topics

• 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 you can 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 the 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 the 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 is required to attend this Training, g so that Logistics/ Study Material can be organised 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 Training Programme.