Insurance Economics/Versicherungsökonomik


Thorsten Sehner


First lecture on *tba*

Lectures/exercises take place on:



The lecture will be held in English.

German title of this lecture: "Versicherungsökonomik"

Course Content

This course provides an introduction to insurance economics. It is aimed at students majoring in "Actuarial Science" - students with other majors are of course also welcome. The course language is English. Its German title is "Versicherungsökonomik".

Topics addressed include:

  • Choice under uncertainty (expected utility theory and rational decision under risk, measure for risk aversion, mean variance preferences)
  • Insurance demands by households (base model, insurance demand without fair premium, Pareto-optimal insurance contract)
  • Insurance demand by firms (risk management and diversification, risk management forward, future and options, corporate demand for insurance)
  • Insurance supply (traditional premium calculation, financial modelling of insurance pricing, economies of scope, economies of scale)
  • Microeconomic analysis (moral hazard, adverse selection)
  • Insurance regulation


The lecture is designed for students of "Economathematics", "Mathematics", "Economics" or "Finance" that are at an advanced stage of their studies.


The exam will be open, i.e. you can also take the second without taking the first exam. There are no requirements ("Vorleistungen") to attend the exams. 

Authorized auxiliaries: pens, ruler and a non-programmable and non-graphic calculator.

  • First exam: *tba*
  • Repetition exam: *tba*


The main textbook

  • Zweifel, P. and R. Eisen (2012), Insurance Economics, Springer.

Further reading

  • Farny, D. (2006), Versicherungsbetriebslehre, 4. u. überarbeitete Auflage, Karlsruhe: Verlag Versicherungswirtschaft.
  • Felderer, B. und S. Homburg (2005), Makroökonomik und neue Makroökonomik , 9. Auflage, Berlin: Springer.
  • Schulenburg, J.-M. (2005), Versicherungsökonomik, ein Leitfaden für Studium und Praxis, Karlsruhe: Verlag Versicherungswirtschaft.
  • Vaughan, J. E. und T. Vaughan (2003), Fundamentals of Risk and Insurance, 9. Edition, Wileys & Sons.
  • Zweifel, P. und R. Eisen (2003), Versicherungsökonomie, 2. u. verbesserte Auflage - Berlin et al: Springer.