Lecture Format
In view of the corona pandemic and its impact on university life, the implementation of the course will be completely digitally (except for the exam(s)).
Risk Management in Insurance/Wert- und risikoorientierte Steuerung von Versicherungsunternehmen
In view of the corona pandemic and its impact on university life, regularly check the official information website of the university:
Coronavirus: Ulm University informs
and the corresponding FAQs:
Lecturer
Exercises
Dates
See Moodle, for the planned online course dates.
Further Information
- The lecture will be held in English.
- German title of the lecture: Wert- und risikoorientierte Steuerung von Versicherungsunternehmen
Course Material
All documents for the lecture can be found in Moodle. So please register for the lecture in Moodle. On the course website in Moodle, you can also find all the information necessary for the running of the course.
Course Content
This course provides an introduction to the basics of risk management in insurance. The lecture will be held completely in English. Designated topics are:
- Risk measures, economic capital and capital allocation
- Aspects of Solvency II
- Financial accounting
- Control parameters and performance indicators
- Interest rate risk
- State preference theory
- Equity options and the Black-Scholes-Merton model
- Portfolio planning and optimal decision theory
Exam
See Moodle, for the dates of and further information on the exam.
DAV Certificate
Within the lecture, it is possible to achieve the certificate of the German actuarial society (DAV) in "Unternehmenssteuerung" (PO 4). Note that this certificate is equivalent to "Wertorientiertes Risikomanagement" (PO 3).
This certificate is a basic requirement for becoming an actuary in Germany.
See Moodle, for the requirements for achieving the DAV certificate and for further information on the DAV supplement course and exam.
Requirements
The lecture is oriented at master students from "Mathematics and Management", "Economics" or "Finance" interested in insurance and actuarial science. Useful but not necessary are the lectures "Insurance Economics" and "Life-, Health- and Pension-Mathematics".
Literature
- John C. Hull (2012), Risk Management and Financial Institutions, John Wiley & Sons
- Marcus Kriele and Jochen Wolf (2016), Wertorientiertes Risikomanagement von Versicherungsunternehmen, Springer
- Other references: see specifications in lecture slides