Bachelor's program
Macroeconomic Aspects of the Insurance Industry
In this course students gain basic knowledge about macroeconomic aspects of insurance. For example, the importance of the insurance industry as an economic sector, the structure and development of social insurance, the insurability of major risks such as natural disasters and terror, and the impact of demographic change on the insurance industry are discussed. These contents should enable students to assess the different empirically observable types of insurance on a theoretical basis.
The 2-hour course is offered to students in the 4th trimester. The course is part of the complementary studies in winter trimester.
Study Projects
Study projects are an opportunity for the students to apply the theoretical knowledge in practice. For this purpose, they organize in small groups and work regularly on a practically oriented topic. Using state-of-the-art presentation methods, they present their results to all participants in the project and explain their approach in a subsequent discussion. As part of the study projects, concrete practical problems are discussed, making them particularly suitable for business cooperations.
The following study projects have taken place at the Chair of Insurance and Risk Management:
- Digitization in the insurance industry and Insurtechs; winter / spring trimester 2018
- Elemental damages – insurability and insurance penetration; winter / spring trimester 2017
- Digitization and big data; winter / spring trimester 2016
- Reputation management; winter / spring trimester 2015
- Current developments in asset management at insurance companies; winter / spring trimester 2014
- Financial education; winter / spring trimester 2013
- Financial education; winter / spring trimester 2012
- Behavioural economics (with Prof. Sell); winter / spring trimester 2012
- From the financial market to the sovereign debt crisis; winter / spring trimester 2012
- Understanding and critique of scientific papers (with Prof. Sell); winter / spring trimester 2011
- Financial service in the 21st century: Analysis of trends in banking, insurance and securities markets; winter / spring trimester 2010
- Bancassurance; winter / spring trimester 2009
- Financial market crisis and financial services; winter / spring trimester 2009
- Analysis of Eastern European insurance markets; autumn trimester 2008, winter trimester 2009
- Sustainability in the insurance industry; autumn trimester 2008, winter trimester 2009
- ProRiMa – Business process risk management (with Prof. Kern); autumn trimester 2007, winter trimester 2008
The course covers the winter and spring trimester. The sessions take place as block events.
Integrative Studies I
The production of a written paper as part of the Integrative Studies I serves as an introduction to scientific work and thus as a preparation for the bachelor thesis. The students learn and practice through the homework the steps of scientific work like literature research and selection, designing an outline etc.
At the Chair of Insurance, written homeworks are assigned and supervised as part of Integrative Studies I.
Bachelor Theses
The bachelor thesis is the final thesis of the bachelor’s program. It is a scientific paper which covers about 30 pages and is prepared independently by each student.
With the bachelor thesis, students show that they are capable of answering a research question independently, on time, to a predetermined extent, on a scientific level and in a scientific way. The writing of a scientific paper as part of Integrative Studies I or the Study Project serves as a preparation.
An overview of the bachelor theses which have been prepared at the Chair of Insurance can be found under publications. The chair regularly presents different topics to choose from. Nevertheless, own topic suggestions are welcome.
Master's program
As part of the area of specialisation “Controlling, Finance and Risk Management” risk and insurance-related courses are offered. These courses provide core knowledge on corporate risk management, the institutional foundations of the insurance industry, the management of insurance companies, the behaviour of insurance companies and policyholders on insurance markets with symmetric and asymmetric information distribution and the accounting of insurance transactions.
The lecture cycle starts in the spring trimester with the course “Operational Risk Management”. The lectures are accompanied by tutorials, where cases and tasks are worked on in small groups. In addition, discipline-specific seminars and master theses on selected topics of the insurance industry and risk management are offered.
Operational Risk Management
Risk management is an increasingly important element of corporate governance in the context of the growing dynamics, complexity and interdependence of a company with its environment. On the basis of the basic models of decision theory, students learn different perspectives of the concept of risk and become acquainted with the instruments of identification, assessment and control of risks.
Based on the historical development of the concept of risk, risk is put in the operational context. The usefulness of risk management is examined with the help of economic models und the question of whether risk management creates value is pursued. The focus lies on questions concerning the identification, assessment and handling of risks. For this purpose, technics and instruments for analysing and managing risks are covered. In a comprehensive case study, students develop methods for dealing with financial risks, especially through the use of derivates. Another focus is on methods of measuring and quantifying risks.
The 2-hour course, which is supplemented by 2-hour tutorials, takes place in spring trimester.
Insurance Management
The course Insurance Management and the supplementing tutorial provide an overview of the institutional characteristics of the insurance industry and the management of insurance companies.
Based on the historic development, the risk function of insurance is explained. On the basis of this, the underwriting design of different forms and products of insurance as well as the insurability of risks are discussed. In addition to the value chain in insurance companies, current challenges and opportunities for the industry, especially through digitalisation and similar trends, and different management approaches are covered. Strategic decisions and risk management in order to maintain financial stability are another focus. Besides the risk transfer from policyholders to insurance companies, forms of reinsurance and alternative risk transfers are examined.
The 2-hour course, which is supplemented by a 2-hour tutorial, takes place in fall trimester.
Insurance Economics
The course Insurance Economics and the supplementing tutorial impart the fundamentals for the design of insurance contracts with incomplete information. The focus is on the principals of insurance regulation and the different forms of information asymmetries.
First of all, supervisory requirements for insurance companies, especially Solvency II, are presented. Based on aspects of decision theory, the contract theory of insurance markets is discussed in detail. The course focusses on for insurance companies relevant aspects of the new institutional economics. Principal-agent problems which result from an informational advantage of policyholders are of particular interest, e.g. adverse selection or moral hazard.
The 2-hour course, which is supplemented by a 2-hour tutorial, takes place in winter trimester.
Insurance Balance Sheets
Because of the specifics of the insurance production, the balance sheet of an insurance company has a special position in external accounting. The course Insurance Balance Sheets covers national and international sector-specific regulations according to HGB and IAS. The focus is on the presentation of technical provisions and assets in balance sheet and income statement. Based on this, procedures for the analysis of annual statements and mechanisms of a value-based management are explained. Finally, students work independently on current trends in accounting in insurance companies and analyse real insurance balance sheets.
The 2-hour course, which is supplemented by a block tutorial, takes place in winter trimester.
Master Seminar
Seminars provide a deeper understanding of the contents of the lectures. Under a given theme, students work on current questions from research and practice. Students prepare an approximately 15-pages term paper and present these and their research findings to the other participants. The writing of the term paper also serves as preparation for the master thesis.
Seminars are offered in winter trimester.
Master Theses
The master thesis is the final thesis of the master`s program. It is a scientific paper which covers about 60 pages and is prepared independently by each student.
With the master thesis, students show that they are capable of answering a research question independently, on time, to a predetermined extent, on a high scientific level and in a scientific way. Amongst others, the term paper written as part of the Master Seminar is a preparation for the thesis. The chair regularly presents a variety of topics to choose from. Nevertheless, own topic suggestions are welcome.
An overview of the master theses which have been prepared at the Chair of Insurance can be found under publications.
Downloads
The lecture notes, current topics for bachelor and master theses as well as a guide for the preparation of scientific papers at the Chair of Insurance and Risk Management can be found on the learning platform ILIAS. Also, current dates for post-exam reviews are available here.