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Calendar

May
15
Wed
Empirical Methods in Banking and Policy Evaluation @ EUI Premises, Florence
May 15 – May 17 all-day

Course dates: 15-17 May 2019

Place: EUI Premises, Florence

Course Instructor: Steven Ongena (University of Zurich)

Area: Statistical and Econometric Methods

Level: Intermediate

Target: Financial stability and research department of Central Banks; Ph.D. students in Economics, Banking or Econometrics; Private sector economists.

Click here for further information and registration

Online seminar – The Economy of Risk in Insurance @ FBF Online Platform
May 15 @ 1:00 pm – 2:00 pm


Download the presentation by Michel Dacorogna

 
Despite constituting a key dimension of financial markets, the basic economics of insurance remain poorly understood. This online seminar intends to be a first contribution to fill this gap. In this introductory online seminar Dr. Michel Dacorogna (University of Zürich and Prime Re Solutions) starts by offering a definition of risk and by highlighting the value of risk management from a theoretical point of view. Dr. Dacorogna then discusses the difference between uncertainty and risk as introduced by Frank Knight. On this basis, he briefly recalls the history of insurance and its role in economic development.

Based on risk measures and their various operationalisations, it is possible to define a capital adjusted to risk to guarantee payment of an insurance policy. With a simple example, Dr. Dacorogna then shows how the price of risk is computed and discusses its main components – what he calls the cost of production of an insurance policy. Lastly, he emphasizes the role of portfolio diversification and its limitation illustrated through a modification of the example.

Dr. Dacorogna’s presentation will be followed by comments from Dimitris Zafeiris (EIOPA) as well as by our traditional Questions and Answers session.
 

Speaker

Michel Dacorogna (University of Zürich and Prime Re Solutions)
Michel Dacorogna is partner at Prime Re Solutions, a company advising financial institutions on actuarial and economic matters. He is also Director of Risk Management at the Geneva Association and head of DEAR-Consulting. He is the former scientific advisor to the chairman of SCOR. He conducts research in the field of insurance mathematics, capital management and risks. He presents models and capital management techniques to management and customers. He is Member of the board of the Research Center on Insurance Risk at the Nanyang Technical University of Singapore, he collaborates with the center on their various initiatives. Until July 2013, Michel was deputy group CRO of SCOR in charge of Solvency II and the internal model. He was at the origin of SCOR’s internal model, which he developed with his team for more than 10 years. Author and co-author of more than 85 publications in refereed scientific journals; he is often invited to present his results in international conferences and specialized seminars. His work is referenced in many publications. One of the papers he co-authored was the most quoted paper over 5 years in the Journal of Banking and Finance. His book: “An Introduction to High Frequency Finance” remains a reference in the field. He also lectures at the ETH and University of Zurich, at the University Ca’Foscari in Venice (Italy) and at the University of Turin (Italy) in their master of finance and insurance programs. He has been awarded the International Research Chair LabEx MME-DII & ES-SEC CREAR in 2018 at ESSEC Business School in Paris. He received his Habilitation, Ph. D. and M. Sc. in Theoretical Physics from the University of Geneva in Switzerland and did a post-doc at the University of California in Berkeley.

 

Commentator

Dimitris Zafeiris (Head of the Risks and Financial Stability Department, EIOPA)
Dimitris Zafeiris is Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority (EIOPA). He is responsible for EIOPA’s activities in the areas of financial stability, crisis management and studies and statistics.Before joining EIOPA, Dimitris ran the risk management unit in a commercial bank where he was responsible for the management of projects such as the implementation of Basel II and external asset quality reviews. Prior to this, Dimitris held roles as investment director, portfolio manager and analyst in a number of firms in the asset management industry. Dimitris holds a Master of Science in Finance and a Bachelor of Science in Economics.

 


 

Technical disclaimer The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
May
20
Mon
Financial Market Infrastructures in the Digital Age: a focus on CCPs @ EUI Premises, Florence
May 20 – May 22 all-day

Course dates: 20-22 May 2019

Place: EUI Premises, Florence

Course director: Thorsten Koeppl (Queen’s University)

Area: Risk Management

Level: Intermediate

Target: Financial stability and research department of Central Banks; Ph.D. students in Economics, Banking or Econometrics; Private sector economists.

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Jun
3
Mon
Liquidity, Price Discovery, and Market Design @ EUI Premises, Florence
Jun 3 – Jun 5 all-day

Course dates: 3-5 June 2019

Place: EUI Premises, Florence

Course Instructor: Thierry Foucault (HEC)

Area: Financial Stability and Macroprudential policy

Level: Intermediate

Target: Researchers in central banks, Ph.D. and Post-doctoral researchers, Assistant Professors, Research departments of private banks, EU officials.

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Jun
17
Mon
MiFID II/MiFIR: Evolution and Revolution @ EUI Premises, Florence
Jun 17 – Jun 19 all-day

Course dates: 17-19 June 2019

Place: EUI Premises, Florence

Course Instructors: Danny Busch (University of Nijmegen), Matteo Gargantini (CONSOB), Martin Scheicher (SSM, ECB)

Area: Regulation, Supervision and Resolution

Level: Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, assistant professors.

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Jun
24
Mon
The Economics of Insurance Markets @ EUI Premises, Florence
Jun 24 – Jun 26 all-day

Course dates: 24-26 June 2019

Place: EUI Premises, Florence

Course Instructor: Ralph Koijen (University of Chicago, Booth School of Business)

Area: Financial Stability and Macroprudential policy

Level: Intermediate

Target: EIOPA, SSM, SRB, ESRB, EU officials, financial stability and research department officers in Central Banks, Ph.D. students, post-doc researchers, assistant professors; private sector economists, professionals in the insurance sector

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Sep
18
Wed
Bank Regulation and Systemic Risk @ EUI Premises, Florence
Sep 18 – Sep 20 all-day

Course dates: 18-20 September 2019

Place: EUI Premises, Florence

Course Instructor: Jean-Charles Rochet (Univeristy of Zürich)

Area: Financial Stability and Macroprudential policy

Level: Intermediate/Advanced

Target: Financial stability and research department of Central Banks, Ph.D. and Post-doctoral researchers, Assistant Professors, Research departments of private banks, EU officials.

Detailed information on the course will be available shortly

Sep
23
Mon
Macro-Prudential Policy: A Quantitative Approach @ EUI Premises, Florence
Sep 23 – Sep 25 all-day

Course dates: 23-25 September 2019

Place: EUI Premises, Florence

Course Instructor: Enrique G. Mendoza (University of Pennsylvania)

Area: Financial Stability and Macroprudential policy

Level: Intermediate/Advanced

Target: Financial stability and research department of Central Banks, Ph.D. students, research department of private banks, EU officials.

Detailed information on the course will be available shortly

Oct
9
Wed
Derivatives Valuation @ EUI Premises, Florence
Oct 9 – Oct 11 all-day

Course dates: 9-11 October 2019

Place: EUI Premises, Florence

Course Instructor: Robert McDonald (Kellogg School of Management, Northwestern University)

Area: Risk Management

Level: Intermediate

Target: EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, private sector economists.

Detailed information on the course will be available shortly

Nov
4
Mon
Own Funds, MREL and TLAC: Interplay and Impact on Banking Business Models @ EUI Premises, Florence
Nov 4 – Nov 6 all-day

Course dates: 4-6 November 2019

Place: EUI Premises, Florence

Course Instructor: Christos Gortsos (National and Kapodistrian University of Athens), Senior experts from the public and private sector

Area: Regulation, Supervision and Resolution

Level: Intermediate

Target: EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, private sector economists.

Detailed information on the course will be available shortly