Tecnica e gestione delle imprese di assicurazione - ENG

TECHNIQUES AND MANAGEMENT OF INSURANCE COMPANIES

Prof. Mario Valletta

Course Code: EC0023
Subject Code: SECS-P/11
6 ECTS - 48 hours
Location: Novara



Educational aims

In the current academic year (2012-2013) the educational aims and the content of the course will be taylored according to the level of students’ knowledge of insurance, as determined by their (3-year) undergraduate curriculum. Therefore students are required to follow an educational path agreed upon with the instructor. In this regard two groups of students are defined:  
-    Group “A” comprises students whose undergraduate curriculum includes the course “Economics and management of insurance companies” (or “Economics and management of banks and insurance companies”);  
-    Group “B” comprises all other students.  

As regards Group “A”, the course aims at developing a deep knowledge of both the technical and the managerial processes characterising insurance companies. The focus will be on following issues:
-    the financial management of insurance companies ,
-    the impact of regulatory constraints on the evaluation of assets and liabilities and the impact of Solvency II,
-    the management of individual retirement plans,
-    the support of insurance companies to risk management processes implemented in non financial firms.

As regards Group “B”, the course aims at analyzing the role and the functions performed by insurance companies in the financial system. Furthermore, the course will develop the knowledges required to understand:
-    the functioning of the insurance mechanism,
-    the economic and technical characteristics of insurance contracts and individual retirement plans,
-    the operating and organizational features of insurance processes,
-    the characteristics of different channels for the supply  of insurance products.


Content of the course

As regards Group “A”
-    Introduction to the course: educational aims and content, teaching methods, rules for the examination
-    The industry scenario, at both the national and the international level
-    The evolution of the regulatory landscape, with a specific focus on Solvency II
-    The financial management of insurance companies
-    The transfer of risks among insurance companies, banks and capital markets
-    The management of individual retirement plans
-    Insurance companies and risk management processes in non-financial firms.

Con riferimento al gruppo “B”
-    Introduction to the course: educational aims and content, teaching methods, rules for the examination
-    The functioning of the insurance mechanism and the characteristics of ideally insurable risks
-    Functions performed by insurance companies
-    The economic and technical characteristics of insurance contracts
-        Life and health insurance (the components of the insurance premium, technical reserves, traditional contracts, index- and unit-linked policies)
-        Supplementary pension schemes (products offered by insurance companies and pension funds)
-        Property and liability insurance (the components of the insurance premium, technical reserves, main types of contracts).
-        The financial and technical management of insurance companies
-        Alternative insurance distribution systems



Course Texts

For group “A”, the teaching material includes articles, working papers, reports and surveys that will be available in the course official web page at the following link: https://eco.dir.unipmn.it.

For group “B”, the required text is:

C. Porzio, D. Previati, R. Cocozza, S. Miani, R. Pisani, Economia delle imprese assicurative, McGraw-Hill, Milano, 2011.
The text is available at the Library of the Department.

Other teaching materials will be available in the course official web page at the following link: https://eco.dir.unipmn.it.

For further information, please make reference to the above mentioned official web page. The login to this web page requires a password: please contact instructor to get it (mario.valletta@unipmn.it )


Teaching methods

The instructors will use a mix of different teaching methods (traditional lectures, interventions of professional guest speakers, exercises and simulations).
Class participation is not compulsory.

Examination

One compulsory written exam (closed books closed notes) with a 60 minute duration, covering the whole course program. Students that have achieved at least 18/30 in the written examination can sit for an oral examination (which is not compulsory) whose evaluation will contribute, either negatively or positively, to the final mark. For further information, please make reference to the course official web page at the following link: https://eco.dir.unipmn.it .