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.
Thank you, Emerald Africa for sponsoring the second episode of The Insurance Apprentice 2019.
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.
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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:
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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 https://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
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.