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TIA | The Insurance Apprentice

Season 4, Episode 4

sponsored by Emerald Africa

Task four #underwritingrisk

Episode four, task four sponsored by Emerald Africa sees the apprentices face a difficult task with the added pressure of apprentice conflict and disagreement affecting group dynamics and team efforts. With guest judges Chris Potter, Portfolio Executive at Emerald Africa and Linda Dayanand, Executive Head of Operations at Emerald Africa on hand to assist with the task and sit in as a panel with judge Simon, apprentices are handed their task.

In their teams, acting as commercial and corporate property insurers who underwrite business in South Africa, the Indian Ocean Islands and Africa, the apprentices gain the knowledge that a current client of theirs plans to expand into Africa over the next two years. They are approached by a broker to give indicative terms for the upcoming renewal on 1 March 2018 for the current sites in RSA, Morocco and Mauritius, as well as a 1 March 2019 renewal for the additional sites in Zambia and Libya.

In addressing the panel, the apprentices were requested to cover the 2018 Programme which included the total sum insured, the rate utilised in calculating the premium, whether the premium meets the insured’s expectations, measures that the insured can put in place to qualify for a reduced rate and additional information that can be requested from the insured to allow a better evaluation of the risk.

In presenting the 2019 programme to the panel, the apprentices had to emphasise what challenges the addition of Zambia and Libya would present, what TSI would be used in the premium calculation, what role, if any, would the local insurers in the additional territories play, whether the risk can be accommodated considering the underwriting limit in the treaty and how the insurer can assist the insured through the use of facultative reinsurance.

Was the quality of their information clear and did they answer all the questions? Hear the verdict and what judge Simon had to say in episode four.

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