Tecnica e gestione delle imprese di assicurazione - eng
TECHNIQUES AND MANAGEMENT OF INSURANCE COMPANIES
Prof. Mario Valletta
Dott.ssa Paola Zocchi
Course Code: EC0023
Subject Code: SECS-P/11
6 ECTS - 48 hours
Location: Novara
• Course language
Italian
• Course topics
N.B. Topics, teaching goals, teaching materials and the Course evaluation described below only apply to students whose undergraduate curriculum did not include any Course dealing with Insurance. In all other cases, students should complete an ad hoc syllabus agreed upon with the instructors.
The Course deals with the role, the functions and the activities performed by insurance companies in the financial system and provides an in-depth insight about the functioning of the “insurance device” and the economic and technical characteristics of insurance contracts and private retirement plans. Furthermore, it aims at developing the knowledge of the different aspects of the management of insurance companies, from the underwriting process to asset-and-liability management, paying due attention to the EU and national regulatory framework. Both the nature and the dynamic of the need for private retirement plans are finally analysed.
• Course textbooks and other teaching material
o C. Porzio, D. Previati, R. Cocozza, S. Miani, R. Pisani, Economia delle imprese assicurative, McGraw-Hill, Milano, 2011. The textbook is available at the Library of the Department.
o The instructors will provide articles, working papers and reports in order to deepen specific course topics by the course official web page at the following link: https://eco.dir.unipmn.it . The login to the web page requires a password; please contact the instructors to get it ( mario.valletta@uniupo.it or paola.zocchi@uniupo.it ).
• Teaching goals
The Course aims at:
- deepening the knowledge of the various types of risks as well as of the different techniques aimed at managing them;
- deepening the knowledge of the features of the “insurance device”, including the conditions for the insurability of pure risks, the importance of mutuality, the logic underlying the pricing of insurance coverage, the nature and functions of technical reserves;
- deepening the knowledge of insurance products and private retirement plans and developing the skills needed to use them in a risk management perspective;
- developing the basic skills needed for the analysis and the evaluation of the equilibrium conditions in the management of insurance companies.
• Prerequisites
None.
• Teaching methods
Face-to-face lessons and exercises and simulations. During the Course some guest speakers will be invited to share with the class their professional experience.
• Further information
Further information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it
• Course evaluation
One compulsory written exam (closed books and closed notes) with a 60-minute duration, covering the whole course syllabus. A mid-course written exam will be provided (not compulsory).
• Course Syllabus
- Introduction on the course: objectives, program, assessment.
- Risk and uncertainty. Pure risks vs. financial risks.
- Methods of managing pure risks.
- The features of the “insurance device” and elements of insurable risks.
- Activities and functions performed by insurance companies.
- The operational and economic characteristics of insurance contracts.
- Life insurance: basic pricing methods, technical reserves, traditional contracts, unit- and index-linked contracts.
- Property and Liability Insurance: basic pricing methods, technical reserves, types of contracts.
- The management of insurance companies: the underwriting process and the financial aspects of insurance.
- Coinsurance and reinsurance.
- The business model of insurance companies and their balance sheet.
- Capital requirements for insurance companies: from Solvency I to Solvency II.
- The distribution of insurance products.
- The need for private finance retirement products.
- Types of private retirement products.