Università degli Studi di Napoli "Parthenope"

Teaching schedule

Academic year: 
2017/2018
Belonging course: 
Course of Master's Degree Programme on QUANTITATIVE METHODS FOR ECONOMIC AND FINANCIAL EVALUATIONS
Location: 
Napoli
Disciplinary sector: 
FINANCIAL MARKETS AND INSTITUTIONS (SECS-P/11)
Credits: 
6
Year of study: 
1
Teachers: 
Cycle: 
Second semester
Hours of front activity: 
48

Language

Italian

Course description

I Module
The aim of the course is to analyze the financial and insurance risks as well as risk management tools, addressing solvency assessment issues, in the Solvency II environment. The focus is on the relationship between the risks undertaken by the insurance companies and the capital to meet insurance obligations towards policyholders and beneficiaries of insurance or reinsurance contracts. At the end of the course, the student will be able to: recognize the various risk factors, apply the most appropriate management methodology and identify the impact on capital.
Expected learning outcomes
Knowledge and understanding: the student should be able to understand the issues related to financial and insurance risks. The student should also know the main methodologies through which it is possible to assess and analyze the risks and their impact on capital.
Applying knowledge and understanding: the student should be able to apply the acquired knowledge to the main risk management issues. To this end the teacher will discuss and illustrate some different examples and specific cases of risk management policies during the lessons; for non-attending students, assistance time will be provided.
Making judgements: the student should demonstrate the ability to independently assess the risk management issues and identify the effects on the capital taking into account the difference between the interests of the policyholders and of the beneficiaries of insurance contracts and the interests of the insurance company's shareholders.
Communication: the student should be able to correctly use the terminology of risks to discuss on the main contents of the written examination and of the project work or of the oral examination.
Lifelong learning skills: the student should be able to show a good learning ability over the main topics and tools for an effective risk management. The student should also be able to deepen the basics contents proposed by teacher through an independent analysis of bibliographic references.

Prerequisites

I Module
Basic knowledge of economics of financial intermediaries and corporate finance. For students coming from different first-level degree programs, an integration including a relevant bibliographic reference will be provided.

Syllabus

I Module
The course includes frontal lessons during which the contents of the program will be discussed and presented some examples of financial and insurance risk management. The teaching material will be downloadable from the Moodle platform, where, in addition to the presentations used during the lessons, it will be possible to find additional material for thematic insights.
I module – The risks (12 h)
The risks. The non-life business and the life business.
II module – Insurance risks (12 h)
Insurance activity (risk taking, risk management, and risk settlement). The insurance risk and its sub-risks, operational risk.
III module – Financial risks (12 h)
The credit risk and the reinsurance. Investment activity (asset and liability management). Market risk and its components.
IV module – The capital (12 h)
The role of capital and the solvency assessment. Solvency II.

Teaching Methods

The course includes frontal lessons during which the contents of the program will be discussed and presented some examples of financial and insurance risk management. The teaching material will be downloadable from the Moodle platform, where, in addition to the presentations used during the lessons, it will be possible to find additional material for thematic insights.

Textbooks

I Module
- Starita M. G., Malafronte I. (2014) Capital Requirements, Disclosure, and Supervision in the European Insurance Industry. New Challenges towards Solvency II, Palgrave Macmillan, Basingstoke.
- Other material provided by the teacher.
II Module
- De Felice M., Moriconi F. (2011) Una nuova finanza d’impresa. Le imprese di assicurazione, Solvency II, le Autorità di vigilanza, Bologna, il Mulino (selezione di capitoli).
- Castellani, G., De Felice, M., Moriconi, F. (2005) Manuale di finanza II. Teoria del portafoglio e mercato azionario, Bologna, il Mulino.
- Castellani, G., De Felice, M., Moriconi, F. (2006) Manuale di finanza III. Modelli stocastici e contratti derivati, Bologna, il Mulino.
- Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Official Journal of the European Union, L335, 17.12.2009.
- Lecture notes

Learning assessment

The assessment is based on a written examination and on a project work for attending students, while assessment consists of a written examination and of a oral examination for non-attending students.
The written examination consists of five open questions (with a maximum score of 5 points for each answer) and one exercise (with a maximum score of 5 points).
The project work focuses on the analysis of an insurance policy or a pension fund of the Italian market.
The vote of the project work or of the oral examination is expressed in scale from 0 to 30, and it is averaged with the vote of written examination (equal weighting) in order to determine the final vote.

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