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PROGRAM DESCRIPTION
The transformation of the insurance industry from a transfer of risk
to diversified financial services industry is the direct result of instability
in the global financial markets since the late 1970s. This change created
the demand for insurance executives with a thorough knowledge and understanding
of the more advanced aspects of insurance finance and economics and
the ability to apply this knowledge to the management of a stand-alone
insurance enterprise.
AFM is a sophisticated insurance finance and economics
program designed for presentation to a small group of senior insurance
executives who are or may be responsible for stand-alone insurance operations
with responsibilities similar to a corporate CEO. It stresses interaction
among executives and is more in the form of a symposium than a pure classroom
presentation.
The following briefly summarize program modules that
can be modified for various levels of managerial experience and responsibility:
- Macroeconomic overview - evolution of capital markets
& industry impact
- Development of CAPM and its application to corporate
financial objectives
- Corporate structure - review of insurance company
financial statements
- Sources and cost of capital
- SAP and GAAP accounting similarities/differences
- Investment strategy and role of regulatory constraints
- Investment media - types, valuation, yields, relative
risk
- Fixed income securities - maturity, duration, convexity
- Derivatives - types/forms and industry utilization
- Asset liability management (ALM) - what it is,
how it works
- Securitization of risk and current industry trends
- Integrated risk management - The integration of
coverage for property-liability and banking exposures (credit, currency
and interest rate risk)
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