Property and Casualty Risk Management Essentials Training Course

Property and Casualty Risk Management Essentials Training Course

Course Introduction

The modern enterprise operates in a highly volatile landscape, making Proactive Risk Management an indispensable core competency. Traditional property and casualty (P&C) concerns like physical damage and general liability are now compounded by dynamic threats, including Cyber Exposure, supply chain fragility, and escalating Environmental, Social, and Governance (ESG) expectations. Property and Casualty Risk Management Essentials Training Course is engineered to move beyond mere insurance procurement, establishing a holistic Enterprise Risk Management (ERM) mindset focused on value protection and strategic growth.

In today’s climate, the Total Cost of Risk (TCOR) is a critical metric for C-suite scrutiny. Success requires risk professionals to master advanced techniques like Quantitative Risk Analysis and leverage technology, such as Risk Management Information Systems (RMIS), to drive data-informed decision-making. Participants will gain actionable insights into identifying, quantifying, and mitigating the full spectrum of P&C loss exposures, ensuring robust Business Resilience and superior claims management, thereby transforming the risk function from a cost center into a strategic business enabler.

Course Duration

5 days

Course Objectives

Upon completion, participants will be able to:

1. Differentiate between Pure and Speculative Risk and apply the five-step Risk Management Process.
2. Analyze property, liability, personnel, and net income loss exposures using Total Cost of Risk (TCOR) metrics.
3. Implement effective pre-loss and post-loss Risk Control techniques, including avoidance and loss reduction.
4. Design appropriate Risk Financing strategies, leveraging both retention and risk transfer
5. Evaluate and interpret key provisions and valuation methods within standard P&C insurance contracts.
6. Assess the growing impact of Climate Risk and Catastrophe Modeling on property insurance exposure and underwriting.
7. Develop strategies for mitigating emerging Cyber and Technology Risks that intersect with traditional P&C policies.
8. Apply the Three Lines of Defense Model to embed risk accountability across the organization.
9. Conduct a preliminary Business Impact Analysis (BIA) to inform Business Continuity Planning (BCP).
10. Utilize data analytics and Key Risk Indicators (KRIs) for continuous Risk Monitoring and Reporting.
11. Navigate the complexities of claims handling and Litigation Management to minimize financial consequences.
12. Integrate ESG Risk Factors into the strategic risk assessment framework for long-term value creation.
13. Leverage a Risk Management Information System (RMIS) to centralize data and enhance strategic decision-making.

Target Audience

1. Risk Managers and Analysts (Corporate and Government)
2. Insurance Brokers and Agents (P&C Specialists)
3. Claims Professionals and Adjusters
4. Treasury and Finance Personnel (Focused on TCOR)
5. Corporate Legal and Compliance Officers
6. Safety and Loss Control Engineers
7. Internal Auditors and ERM Team Members
8. Project Managers involved in major construction or capital projects.

Course Modules

Module 1: The Core Risk Framework and P&C Exposures

• Define and apply the five steps of the Risk Management Process.
• Classify exposures.
• Quantify risk using measures like Expected Loss and Maximum Foreseeable Loss 
• Understand the function of the Total Cost of Risk model as a performance metric.
• Case Study: Analyzing a major fire loss at a manufacturing plant to calculate property damage, business interruption, and liability costs, showcasing the components of TCOR.

Module 2: Risk Control and Loss Reduction Strategies

• Implement physical and operational controls.
• Develop robust Property Conservation and Life Safety programs.
• Examine the role of Risk Mapping in prioritizing control efforts.
• Explore new technologies like Smart Products (IoT) for risk mitigation and monitoring.
• Case Study: A logistics company uses telematics and driver training to lower its auto liability frequency and severity, leading to insurance premium savings.

Module 3: Risk Financing and Transfer

• Evaluate methods of risk retention, including deductible selection and the use of Captive Insurance vehicles.
• Detail the structure and function of the primary Commercial Lines
• Interpret key policy sections.
• Determine the importance of Insurable Interest and proper Valuation
• Case Study: Comparing a Guaranteed Cost insurance program to a large deductible/self-insured retention program to advise a client on the optimal Risk Financing strategy.

Module 4: Liability and Emerging Casualty Exposures

• Analyze major liability exposures.
• Address the impact of Social Inflation and increasing Nuclear Verdicts on casualty pricing.
• Review standard liability forms and the critical nature of the Defense Obligation.
• Discuss the overlap between General Liability and specific risks like Environmental Impairment Liability
• Case Study: An organization faces a large-scale product recall (products liability) and must navigate coverage under their GL policy and potential specialized recall insurance.

Module 5: Catastrophe and Climate Risk

• Identify and measure exposures to Natural Catastrophes (CAT)
• Explain the output and limitations of Catastrophe Modeling for portfolio management and underwriting.
• Address the strategic implications of Climate Transition Risks
• Develop strategies for enhanced Physical Climate Resilience
• Case Study: A real estate firm uses Catastrophe Modeling results to decide which properties require elevated construction standards versus which require higher insurance limits.

Module 6: Cyber and Technology Risk Intersections

• Define the core P&C intersections of cyber risk
• Examine the distinctions and overlaps between Cyber Insurance and traditional P&C policies.
• Review mandatory Data Privacy and Breach Response protocols post-incident.
• Assess third-party vendor risk and Supply Chain Interruption from a technology perspective.
• Case Study: A ransomware attack leads to the shutdown of production facilities and the destruction of physical infrastructure, requiring complex claims coordination.

Module 7: Enterprise Risk Management (ERM) and Governance

• Position P&C risk within the broader ERM Framework
• Define and utilize Risk Appetite and Risk Tolerance statements to guide decisions.
• Establish effective Risk Governance using the Three Lines of Defense model.
• Implement a system for ongoing Key Risk Indicator monitoring and reporting to the Board.
• Case Study: A new product line requires an ERM review to assess Strategic Risk and its impact on the organization's property, casualty, and balance sheet exposures.

Module 8: Claims, Recovery, and Business Resilience

• Outline the steps in the Claims Handling Process from initial notice to settlement.
• Focus on Subrogation and Salvage as key post-loss recovery methods.
• Distinguish between a Business Continuity Plan and a Disaster Recovery Plan
• Practice the use of a Crisis Communication Plan during an active loss event.
• Case Study: Following a major non-damage business interruption, the team activates its BCP and files a claim, necessitating detailed proof of loss documentation.

Training Methodology

This course employs a participatory and hands-on approach to ensure practical learning, including:

• Interactive lectures and presentations.
• Group discussions and brainstorming sessions.
• Hands-on exercises using real-world datasets.
• Role-playing and scenario-based simulations.
• Analysis of case studies to bridge theory and practice.
• Peer-to-peer learning and networking.
• Expert-led Q&A sessions.
• Continuous feedback and personalized guidance.

Register as a group from 3 participants for a Discount

Send us an email: info@datastatresearch.org or call +254724527104 

Certification

Upon successful completion of this training, participants will be issued with a globally- recognized certificate.

Tailor-Made Course

 We also offer tailor-made courses based on your needs.

Key Notes

a. The participant must be conversant with English.

b. Upon completion of training the participant will be issued with an Authorized Training Certificate

c. Course duration is flexible and the contents can be modified to fit any number of days.

d. The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.

e. One-year post-training support Consultation and Coaching provided after the course.

f. Payment should be done at least a week before commence of the training, to DATASTAT CONSULTANCY LTD account, as indicated in the invoice so as to enable us prepare better for you.