Page 50 - Insurance Times July 2016
P. 50
III Updates
College of Insurance Updates
Appreciation Course - Actuarial Science Participants Profile: -
for Non-Life Insurance
Middle level executives of general insurance companies
Program ID: - CPAS1 (From: 25th to 27th July
2016) Professionals from broker firms, consultants and III
Fellow may also attend
Those pursuing or intending to pursue actuarial studies
Relevance of the Program: - Actuarial Science is one Marine Hull Insurance
area of insurance that has attracted the attention of Program ID: - CPMH1 (From: 11th to 14th July,
insurance professionals, especially in the liberalized market. 2016)
With all insurance companies having appointed Actuaries
and many of the compliances and documentations getting Relevance of the program: - The maritime industry
linked to actuarial evaluations and certifications, insurance
professionals have become more and more dependent on stretching across the world encompasses a huge variety of
actuarial science and its applications. different activities: tankers, gas carriers, container vessels,
cruise liners, bulk carriers, ferries, dredgers, oil field support
The need for a strong mathematical background for vessels, tugs and barges, to name a few. This program helps
studying the subject and the academic rigor required for participants to reflect on the changes and developments
pursuing the course are reasons why actuarial science has which have been occurring in the industry that have a direct
not been pursued by many in the industry as a career option. impact on the way a ship operator manages safety and
Nevertheless, many Insurance Professionals have expressed implements its SMS.
a need to understand and appreciate actuarial science and
a few actuarial applications that are commonly used. The focus is on the three major types of marine insurance;
Protection & Indemnity (P&I), Hull & Machinery (H&M) and
College of insurance has been noticing that there are four Freight Demurrage & Defence (FD&D).
segments of insurance professionals from non-actuarial
departments who have to deal with actuarial terminology Program Contents: -
and applications, albeit at a limited level, as part of their
work. These segments of insurance professionals can be Discuss Salient features of Institute Time Clauses
broadly classified as those who have to:
1. Understand reports prepared by Actuaries - at senior Investigate the challenges associated with Underwriting
and Rating practices
or peer levels.
Dissect the major issues faced when making claims
2. Furnish information to actuarial departments so that under a hull policy, ensuring major incidents are covered
Actuaries can do their jobs. and avoiding losses and delays
3. Get some part of their work certified by actuaries, Analyze the considerations involved with general
though they work in different departments and average adjustments
4. Take action based on reports prepared by Actuaries Explore the factors considered when assessing risks, and
provide a greater understanding of how your premium
is calculated.
50 The Insurance Times, July 2016
