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The Economics of Insurance Markets

Quantitative

Registration deadline: 10 June 2019

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  • General description

    This course provides an introduction to research on the intersection between insurance and financial economics. Starting from what modern insurance companies do and their role in the broader economy, we develop a unifying framework to study the pricing and design of insurance contracts, reinsurance decisions, and asset allocation strategies in equilibrium. In this framework, supply side frictions, such as regulatory frictions and imperfect competition, play a central role. In addition to developing the theory, we discuss how to estimate the models and how to use them to answer policy questions.

  • Topics covered

    • Background of insurance (history, regulation, and data)
    • Risks in the insurance sector
    • The pricing of insurance liabilities
    • Modeling supply
    • Reinsurance markets and shadow insurance
    • Asset allocation and asset pricing
    • Global insurance markets and Solvency II

  • What you will learn

    • The basics of modern insurance markets in terms of products sold, regulation et cetera
    • Develop a unifying theory to understand modern insurance companies
    • Use recent tools from IO and finance to take the model to the data and answer policy questions

  • How the course will work

    Total course length: 12 hours.

    The course will take the form of lectures, but will be interactive. Part of the course will discuss data sources, key research questions going forward, and all code for the relevant papers will be provided to students to make the material accessible.

    A certificate of attendance will be provided to all participants after the course.

  • Meet the instructor

    Ralph S.J. Koijen is a Professor of Finance at the at the University of Chicago Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research and a Research Fellow of the Center for Economic Policy Research. He serves as an Editor of the Review of Financial Studies and an Associate Editor of the Journal of Political Economy. Professor Koijen’s research focuses on finance, insurance, and macroeconomics. His research has been published in the American Economic Review, Econometrica, the Journal of Political Economy, Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. Before joining Chicago Booth, Professor Koijen was a Professor of Finance at the London Business School and NYU Stern, and an Assistant and Associate Professor of Finance at Chicago Booth. He received his undergraduate degree in Econometrics from Tilburg University and his Ph.D. in Finance from Tilburg University.

  • Prerequisites

    BA/MA degree in finance or economics

    Technical Prerequisites

    Participant are required to bring their own laptops with the STATA software installed.

  • Fees

    1750€ – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions

    1900€ – Private Sector

    1000€ – Academics (Assistant, Associate or Full Professors)

    850€ – Students (with certificate of studies)

    The course fee covers coffee and lunch breaks. Travel and hotel costs are not included.


    EARLY BIRD DISCOUNT

    Participants who register before 30 April 2019 will benefit from a 10% reduction of the course fees.

    The early bird discount cannot be combined with group deals.


    GROUP DEALS

    • In case of registration of 3 participants from the same organisation, the course fee is waived for one of them.
      To benefit from the deal, the names of the 3 participants have to be communicated to fbf@eui.eu before registering. We cannot communicate the names of other registered people from the same institution (it is upon your responsibility to get in touch with your HR division). A single debit note will be issued for the 3 participants followed by one payment.
    • Special deals apply for larger groups.

    CANCELLATION POLICY

    • In case a course is cancelled, registered participants will receive the full refund.
    • In case a course is moved to another date, registered participants may request a voucher to attend another FBF course.
    • Registered participants who cancel their participation will receive a voucher to attend another FBF course.

    For more details, please contact fbf@eui.eu
  • Practical information

    Accommodation 

    Please notice that the course dinner, and most of the social activities, will take place downtown.

    Recommended hotels nearby the EUI:

    Recommended hotels in downtown Florence:

    Suggested restaurants in Florence city centre

    Wi-Fi

    On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.

    Privacy Notice

    The personal information you have provided will be processed in compliance with the EUI Privacy Statement for conferences. For general queries: fbf@eui.eu

     

    General information on local transport

    From Florence airport:

    Florence airport is located 8 km from the city centre, approximately 30 minutes by taxi or bus. Taxis can be found outside the arrivals terminal; no reservation is needed. A taxi ride from the airport costs about €20 and takes approximately 25/30 minutes.

    A tramway (line T2) connects the airport to the city centre. Trains leave from the airport terminal and take 20 minutes to the main railway station. One-way tickets can be bought from vending machines for €1.50.

    The airport is also connected to the main railway station in Florence by a shuttle bus (‘Vola in bus’) that leaves every 30 minutes (on the hour and on the half-hour) and takes 25 minutes. Tickets are available on board for €6.00.

    From the central railway station:

    Take bus n. 7 at the bus stop Stazione Nazionale in the direction “Fiesole Piazza Mino”, get off at the stop ‘San Domenico 01’. For bus routes and timetables consult the official timetable.

    Bus tickets are sold outside the railway station, at ATAF ticket kiosks and vending machines, tobacconists (tabacchi), newspaper kiosks (edicole), and most cafes (bar). They must be bought before boarding and stamped using the machine on the bus. A ticket costs €1.50 and it is valid for 90 minutes. Bus tickets can be purchased also on board (€ 2.50), but the driver is not obliged to give change.

    Private car

    From the A1 Milano-Napoli (Autostrada del Sole), take the Firenze Sud exit and follow directions to the city centre/Stadio. Follow the directions to the stadium (Stadio), then for Fiesole. San Domenico is on the main road to Fiesole.

    The EUI has several free parking areas available all over the Campus.

  • Course material

    Registered participants can access the course material using the password provided by the FBF secretariat.