INSURANCE & RE-INSURANCE
 
Taught in Visiting and Exchange Students
Theory [A] 12.0
Exercises [B] 12.0
Training and projects [C] 0.0
Studytime [D] 75.0
Studypoints [E] 3
Level specialized
Credit contract? Access upon approval
Examination contract? Access upon approval
Language of instruction English
Lecturer Patrick Allary
Reference RXGAEX00A00048
 
Key words
Insurance and Re-insurance, IWETO-code: Insurance & Re-insurance S137

Objectives
To introduce foreign students to the European insurance market from the Belgian perspective with reference to the relevant European directives, regulations and recommendations.

Topics
  1. Introduction:
    • Unification of the European insurance market
    • Different types and characteristics of insurance
    • Technical aspects related to premium and reserves
    • Equilibrium-theory: general approach and exercises
    • Distribution: systems and conditions for registration in Belgium.
  2. Diversification of risks
    • Basic principles
    • Case studies and exercises based on life-insurance policies.
    • Case studies and exercises based on non-life policies.
  3. Re-insurance systems : basis principles and case studies with exercises
    • Quota share systems
    • Surplus systems
    • Excess of loss systems
    • Stop loss systems
  4. Premium calculation
    • Basic principles
    • Practical approach : cases and exercises


Prerequisites
Basic knowledge of insurance.
Basic knowledge of financial calculations.

Final Objectives
  1. Knowledge of the Belgian insurance market
    Indicators:
    • The students have basic knowledge of European Insurance Law, as it has been implemented under Belgian Law.
    • Students can work with different types of insurances practised on the Belgian insurance market.
    • Students can calculate the basic premium and additional premium needed to obtain the equilibrium between premium fund and claims & damages.
    • Students have basic knowledge about distribution of insurances in Belgium.
  2. Knowledge of risk diversification and re-insurance
    Indicators:
    • The students have basic knowledge of the principles of risk diversification.
    • Students can bring risk diversification into practice by means of mathematical calculations.
    • Students can work with the proportional re-insurance systems in order to calculate the intervention of the basic insurer and the re-insurer.
    • Students can work with the non-proportional re-insurance systems in order to calculate the intervention of the basic insurer and the re-insurer.
  3. Knowledge of premium calculations
    Indicators:
    • The students can calculate the basic premium and the required additional premium.
    • Student are able to use tariff tables.
    • Students can work with the table of mortality.
  4. 4. How to deal with tasks?
    Indicators:
    • Students are able to make precise calculations.
    • Students can give practical solutions for complex situations.


Materials used
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Syllabus prepared by the lecturer.

Study costs
Costs for the syllabus as determined by Hogeschool Gent.

Study guidance
Questions are answered during the lessons.

Teaching Methods
Explanation of theory with a practical approach by means of case studies and exercises.

Assessment
  • First exam session: exercises during the course (25 %) and written exam (75 %).
  • Second exam session: exercises during the course (25 %) and written exam (75 %).


Lecturer(s)
Patrick Allary