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 life and non-life insurance. We are specifically dealing with how data analytics is used to design a better insurance contract. Further, we tackle different types of risk inherent in a life insurance contract and optimal retirement products. 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. Gatzert N., Kling A., (2007) ANALYSIS OF PARTICIPATING LIFE INSURANCE CONTRACTS: A UNIFICATION APPROACH. Journal of Risk and Insurance 74(3):547-570
  2. Chen, An, Felix Hentschel, and Jakob K. Klein A utility-and CPT-based comparison of life insurance contracts with guarantees. Journal of Banking & Finance 61 (2015): 327-339.
  3. Chen A., Rach M., (2019) Options on tontines: An innovative way of combining tontines and annuities. Insurance: Mathematics and Economics 89:182-192
  4. Døskeland T., Nordahl H., (2008) Optimal pension insurance design. Journal of Banking and Finance 32(3):382-392
  5. Hari N., De Waegenaere A., Melenberg B., Nijmana T., (2008) Longevity risk in portfolios of pension annuities. Insurance: Mathematics and Economics 42(2):505-519
  6. Ruß J., Schelling S., (2018) Multi Cumulative Prospect Theory and the Demand for Cliquet-Style Guarantees. Journal of Risk and Insurance 85(4):1103-1125
  7. Lin Y., Shi T., Arik A., (2017) Pricing Buy-Ins and Buy-Outs. Journal of Risk and Insurance 84(S1):367-392
  8. Lin Y., Cox S., (2005) SECURITIZATION OF MORTALITY RISKS IN LIFE ANNUITIES. Journal of Risk and Insurance 72(2):227-252
  9. Denuit, M. (2020): Investing in your own and peers’ risks: the simple analytics of P2P insurance. European Actuarial Journal 10 (2020): 335-359.