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Insurance Economics

  • Teacher(s):   J.Wagner  
  • Course given in: English
  • ECTS Credits: 3 credits
  • Schedule: Autumn Semester 2021-2022, 2.0h. course (weekly average)
  •  sessions
  • site web du cours course website
  • Related programme: Master of Science (MSc) in Actuarial Science
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  • Provide an understanding of basic connections between the economy, the insurance industry and the insurance business.
  • Discuss the main economic concepts behind insurance business as applied in the design and pricing of insurance products: risk aversion, expected utility, self-protection and self-insurance, demand and supply concepts, asymmetric information, moral hazard, adverse selection.
  • Lay the basis for the understanding of financial management, industry regulation and its impact on running an insurance business.
  • Offer insights into insurance operations including the process landscape, distribution and claims management.
  • Build the ability to discuss the current state, trends and challenges in the insurance industry.


  • Chapter 1. Introduction: Insurance and Its Economic Role
  • Chapter 2. Risk: Measurement, Perception and Utility Functions
  • Chapter 3. Insurance Demand
  • Chapter 4. Insurance Supply
  • Chapter 5. Information Asymmetry: Moral Hazard and Adverse Selection
  • Chapter 6. Financial Management and Regulation in Insurance Companies
  • Chapter 7. Insurance Operations*
  • Chapter 8. Current Trends and Challenges in the Insurance Industry*

* = as time permits


    Comprehensive set of lecture slides and notes as provided.

    Main course literature:

    • Zweifel and Eisen, 2012, Insurance Economics
    • Seog, 2010, The Economics of Risk and Insurance
    • Rees and Wambach, 2008, The Microeonomics of Insurance
    • Eeckhoudt, Gollier and Schlesinger, 2005, Economic and Financial Decisions under Risk
    • Outreville, 1998, Theory and Practice of Insurance

    Further references are provided during the course.


    • Basic algebra, calculus and probability theory knowledge
    • General interest in the economy and the insurance industry
    • No further particular/formal requirements


    First attempt

    Written 2h00 hours
    Not allowed
    Allowed with restrictions
    • Mid-term exam: 1 hour, closed-book, scientific calculator (no retake)
    • Final exam: 2 hours, closed-book, scientific calculator
    • Evaluation: If the grade of the mid-term exam is higher than the grade of the final exam, it is taken into account as follows: the final grade is given by 75% of the grade of the final exam and 25% of the grade of the mid-term exam. If the grade of the mid-term exam is lower than the grade of the final exam, it is not taken into account, i.e., the final grade is the grade of the final exam. The same holds in the case of absence at the mid-term exam.


    Written 2h00 hours
    Not allowed
    Allowed with restrictions

    Same conditions as regular session.

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