Special Aspects of Insurance Economics


Prof. Dr. An Chen




2/0 SWS (4 ECTS)


This seminar takes place as a block seminar. The attendance at all seminar dates is required.

Date: tba

Room: tba 

Further Information

The seminar will be held in English.

If you have any questions, please contact


In this seminar, we are going to focus on some topics in actuarial science including insurance product design and corporate social responsibility (CSR). We are specifically dealing with designing insurance products for concerned risks, e.g., cyber risk, disaster risk, and market risks. In addition, we also discuss about topics related to CSR, such as how it impacts the firm’s value and when the firm invests in it. The seminar is based on scientific papers that summarize recent results in this area. 

Target Group

The seminar is suitable for Master students in Wirtschaftsmathematik, Wirtschaftswissenschaften or Finance. Previous knowledge in Personenversicherungsmathematik, Insurance Economics and Finanzmathematik 1 are helpful.

Seminar Performance

Typically, seminar papers are distributed to a group of 2 students.

The seminar performance consists of three parts:

  • A seminar presentation about a selected topic. The presentation typically includes some theoretical derivations / model introduction and some numerical part that applies the results in a realistic setup.

Duration of the presentation: 90 minutes (including discussion).

  • A written formulation of the presentation documents as a support for the participants of a maximum length of two pages.

Delivery of the presentation documents: at least one week before the presentation via e-mail to an.chen@uni-ulm.de. The creation of the presentation documents is a performance of the whole group.

  • Active participation in this seminar.

Based on the performance, every participant will be credited with an (internal) grade.

Seminar Papers

  1. Berrada, T., Engelhardt, L., Gibson, R., & Krueger, P. (2022). The Economics of Sustainability Linked Bonds. Swiss Finance Institute Research Paper, (22-26).
  2. Cassimon, D., Engelen, P. J., & Van Liedekerke, L. (2016). When do firms invest in corporate social responsibility? A real option framework. Journal of Business Ethics, 137(1), 15-29.
  3. Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192.
  4. Hosseini, R. (2015). Adverse selection in the annuity market and the role for social security. Journal of Political Economy, 123(4), 941-984.
  5. Khalili, M. M., Naghizadeh, P., & Liu, M. (2018). Designing cyber insurance policies: The role of pre-screening and security interdependence. IEEE Transactions on Information Forensics and Security, 13(9), 2226-2239.
  6. Koijen, R. S., & Yogo, M. (2022). The fragility of market risk insurance. The Journal of Finance, 77(2), 815-862.
  7. Raviv, A. (1979). The design of an optimal insurance policy. The American Economic Review, 69(1), 84-96.
  8. Zanjani, G. (2002). Pricing and capital allocation in catastrophe insurance. Journal of Financial Economics, 65(2), 283-305.