FANews
FANews
RELATED CATEGORIES

Task two #underwritingrisk

15 February 2019Myra Knoesen

 

 

 

 

Underwriting an international risk

The apprentices face a difficult task in episode two, task two sponsored by Emerald Africa. Added to this, the pressure of possible eliminations seems to start affecting group dynamics.

 

With guest judges Chris Potter, Portfolio Executive and Carla Jordan, Chief Financial Officer and Senior Executive Officer: International Business at Emerald Africa on hand to assist with the task and sit in as a panel with Judge Simon and Judge Kedi, the apprentices are handed their task.

Image

Task two #underwritingrisk


In their teams, acting as a facultative reinsurance underwriter for "Far Out Reinsurance Company", the apprentices are tasked with assessing a risk.

 

"Som Thing Wong Reinsurance Brokers" has just presented the facultative reinsurance underwriter with a risk located in Asia for their upcoming policy inception. In addressing the panel, the apprentices were requested to consider all information presented to their company by the reinsurance broker, underwrite and assess the risk. It was their responsibility to determine whether "Far Out Reinsurance Company" will offer capacity or not, presenting the panel of judges with a clear analysis and opinion on COPE (Construction, Occupation, Protections and Exposure) features, the expected "gross and net premium" and identifying any gaps present.

 

With the news of a fire at a factory, the apprentices are then requested to calculate the estimated business interruption loss, the appropriate deductibles to determine the final reserve for both property damage and business interruption and explain how they arrived there.

 

What solutions were Emerald really looking for? Read the full article to find out on www.FAnews.co.za under the CPD tab.

Image

Earn CPD hours

 

Earn Continuing Professional Development (CPD) hours for every episode you watch. Each episode plus an article about the episode will carry 1 CPD hour. Simply:

  1. Visit www.fanews.co.za;
  2. Click on the CPD tab;
  3. Register by filling in your personal details;
  4. Confirm your log-in details via email once you have registered;
  5. Log-in using your email and password;
  6. Click on The Insurance Apprentice tab and go to the episode you wish to complete; read the article and
  7. Answer the multiple-choice questions related to each episode listed and click submit.
Image

#Superfan

 

Want to win R20 000 cash? Watch all the episodes, answer one question per episode… have all the answers correct (episode one to seven) and stand in line for the R20 000 cash. Thank you, Constantia Insurance. Go to www.theinsuranceapprentice.com.

 

The #Superfan competition For every episode of The Insurance Apprentice, we have a question. Answer the SuperFan question, up to episode seven, to stand a chance to win R20 000, sponsored by Constantia Insurance. Simply visit www.theinsuranceapprentice.com and answer the question in the chat box bottom right of the screen.

 

Who decided which apprentice had to go?

  • The judges
  • The apprentices
  • The filming crew
Image

Winner and runner up prizes

 

The winner of The Insurance Apprentice wins a trip to Lloyds of London, a R75 000 bursary from Inseta, a cash prize of R20 000 from GIFS, dinner in London to the value of R5 000 sponsored by Hogan Lovells, an Apple watch sponsored by Genasys Technologies and also R15 000 from Hollard. Thank you AIE conference organisers for sponsoring the winner of The Insurance Apprentice to go to the African Insurance Exchange at Sun City in July.

The runner up wins R10 000, sponsored by Tracker and a bursary from GIFS worth R27 500. Third place will also receive a bursary from GIFS worth R27 500.

Each of the eight apprentices will also receive a book 'Everything you need to know about non-life insurance in South Africa', written and sponsored by Gareth Stokes and Liz Still and motivational/business books sponsored by Insure Group.  

Comment on this post

Name*
Email Address*
Comment
Security Check *
  
Quick Polls

QUESTION

With the allegations against CMS’s investigations head, Stephen Mmatli, do you believe this will taint the CMS’s role?

ANSWER

Yes
No
Only time will tell
AE fanews magazine
FAnews February 2019Get the latest issue of FAnews

This month's headlines

CPD versus Product Training: What's the difference?
Fit & Proper: the early warning requirement
Insurers take on PPRs
Withdrawal strategy... the pensioner's puzzel
Growing up with the right advice
Picking the brains of Millenials
Subscribe now