By Professor Ermanno Pitacco, Faculty of Economics, University of Trieste, Italy.
Many modern insurance products are designed as packages, where items may be either included or not in the product actually purchased by the client. This lecture will explore a variety of packages and options and the wide range of "guarantees" and hence risks borne by the insurance company or pension fund.
Professor Pitacco will discuss appropriate modelling tools needed for pricing and reserving, examining the progressive shift from expected present values, and their prominent role in life insurance (and pension) calculations, to more modern and complex approaches, like the Enterprise Risk Management based approach. The lecture will conclude with an examination of appropriate product design aimed at sharing risks between the insurer and the policyholders.
This lecture is free and open to the public.