The course introduces the theoretical and empirical concepts of modern finance that are relevant for risk management (RM). The course seeks to deepen the understanding of why risk management is beneficial by applying classic decision theory to investment and risk management problems. The course is also concerned with market risk, covering different measures of risk and return, as well as portfolio theory and common asset pricing techniques. Furthermore, concepts and instruments like derivative securities, hedging, and insurance are discussed.
- Trainer/in: Leonard Külpp
This course provides an introduction of the economic foundations of the insurance business. Managerial questions along the value chain of insurance providers will be analyzed. Current developments will be explained and economic interrelation will be discussed. Among the topics to consider are institutional foundations, insurance regulation, insurance distribution as well as current issues like the digital transformation of the insurance sector and the handling of cyber risks.
Main Objectives
- Getting to know the central institutional characteristics of the insurance sector and their impli-cations for its management.
- Become familiar with the regulatory framework of the insurance business.
- Be aware of key developments and challenges arising from new technologies and risks and their economic significance for the industry.
- Trainer/in: Johannes Maier
- Trainer/in: Kerry Mccabe
- Trainer/in: Elisabeth Stöckl
Der Kurs zielt darauf ab
- einen Überblick über die wichtigsten Investitionsmethoden von Versicherern zu geben,
- in einige zentrale Techniken des Asset Liability Managements einzuführen und
- einen Bezug zur praktischen Anwendung von ALM in Versicherungsunternehmen herzustellen.
Im ersten Teil wird der Kurs darauf fokussiert sein – basierend auf qualitativen und juristischen Aspekten der Investitionsentscheidung von Versicherungsunternehmen – eine Einführung in die wichtigsten Bewertungs- und Schätzmethoden für festverzinsliche und nicht-festverzinsliche Investitionen zu geben. Im zweiten Teil wird die Brücke zwischen den relevanten versicherungstechnischen Cash Flows und der Verwendung angemessener Investitionsstrategien mit Blick auf die gegenwärtige Praxis in der Versicherungsindustrie geschlagen. Der dritte Teil widmet sich elementaren Aspekten der ökonomischen Theorie zu für Versicherer relevanten Finanzderivaten.
- Trainer/in: Jialing Lin
- Trainer/in: Leonard Külpp
- Trainer/in: Andreas Richter
- Introduction and Fundamentals of Decision Theory:
- Overview of decisions and economic thinking, including cost-benefit analyses.
- Models and principles for decision-making processes, normative vs. descriptive approaches.
- Decisions Under Various Conditions:
- Decisions without risk
- Decisions under risk
- Decisions under uncertainty and ambiguity
- Consideration of individual vs. corporate decisions
- Advanced Concepts:
- Probability Theory
- Risk types and measures
- Discussion of significant events and crises (e.g., the financial crisis, Covid) from a decision-theoretical perspective
- Trainer/in: Leonard Külpp
- Trainer/in: Johannes Maier
- Trainer/in: Julia Holzapfel
- Trainer/in: Leonardo Covis
- Trainer/in: Elisabeth Stöckl
- Trainer/in: Johannes Maier
The course introduces the theoretical and empirical concepts of modern finance that are relevant for risk management (RM). The course seeks to deepen the understanding of why risk management is beneficial by applying classic decision theory to investment and risk management problems. The course is also concerned with market risk, covering different measures of risk and return, as well as portfolio theory and common asset pricing techniques. Furthermore, concepts and instruments like derivative securities, hedging, and insurance are discussed.
- Trainer/in: Johannes Jaspersen
- Trainer/in: Leonard Külpp
- Trainer/in: Andreas Richter
This course provides an introduction to various (AI) tools and how they
can be used in the insurance related questions. The course will cover
various AI tools such as Auto-GPT, ChatGPT, DALL-E 3, and Llama 2 and how they can be applied to
solve insurance problems. Furthermore, the course will cover various topics in insurance including value at risk, Monte-Carlo simulation, underwriting and financial analysis of insurance companies.
- Trainer/in: Leonard Külpp