Finance and insurance

The course deals with the issues of calculating premiums and reserves for new generation life insurance policies both from a statutory and market consistent perspective and consequent assessment of the related solvency capital requirements. At the end of the course, the student will be able to use pricing and reserving models for valuating with profit contracts and index and unit linked insurance forms, both under local gaap criteria and the IAS and Solvency II financial rules. After passing the course exam the student will be able to face and pass the State exam for the Actuary profession on the specific topics covered during the course. 1. At the end of the course, the student will be in a position to know and understand the technical characteristics of the new generation forms of life insurance contracts, able to define risk sources underlying these contractual forms and to understand which type of financial and actuarial models to apply in order to evaluate the capital absorption due to regulatory capital requirements under Solvency 2 legislation. 2. At the end of the course the student will have knowledge of the quantitative models for evaluating new generation life insurance contracts, will be able to autonomously develop the calculation of the premium, the mathematical reserve and the solvency capital requirements, including techniques for parameters calibration. He will be able to develop the analysis for the implementation of the reference equations both in the context of the statutory financial statements and IAS and Solvency 2 financial statements. 3. At the end of the course the student will have acquired a good actuarial and financial sensitivity for the purposes of evaluating innovative insurance forms, sensitivity stimulated through some simulations carried out in the form of exercises and subsequent classroom control with collective discussion of the results. 4. The course offers students the opportunity to acquire a specific glossary related to the insurance technical context and life insurance finance, also thanks to the introductory part of the course aimed at analyzing the national and international regulations of the insurance sector. 5. At the end of the course, the student has knowledge of national and international regulatory sources governing the insurance sector and the ability in handling the financial and actuarial principles underlying the quantitative models for the fair value assessment of new generation contracts. Knowledge of regulatory sources and quantitative techniques constitute a good basis on which the student will be able to develop updates over time on the topics covered by the course.