Research Articles
Actuarial Glossaries
Probability background
In Memoriam
Research Seminar


Professional Links

Professional Journals

Forthcoming Events

Financial support


Dr. Michel M. Dacorogna
Moscow, Russia, April 23-24, 2008

Talk 1: The Price of Risk in Insurance (presentation )

Outline of the talk:

1. A simple example

2. Risk and risk measures

3. Risk-based capital and economic capital

4. Valuation methods

5. Conclusions

Talk 2: Capital and Capital Management (presentation )


The different perspectives on capital Risk-Based Capital and economic capital. Are they the same?

Capital management framework How much capital does a company need and what should it do with excess capital?

Capital structure What type of capital should a company have? Equity vs long term debt


Talk 3: Adding time diversification to risk diversification (presentation )


1. Bank and insurance as risk bearer and the challenges ahead

2. The example of natural catastrophes reserving

3. An investors’ perspective on catastrophe risks

4. Conclusion and perspective

Talk 4: ERM (Enterprise Risk Management), Towards an Holistic View of Risk Management (presentation )

From conclusions:

● ERM is nothing else than sound insurance practice:

It encompasses the whole organization and its processes

It helps defining the value drivers of insurance

It allows to measure the performance of the business

It makes the company more transparent to all stakeholders

● ERM will not simply be a passing trend but a way to become more professional in our business

● ERM requires the long-term commitment for excellence of the whole organization: “We are what we repeatedly do. Excellence, therefore, is not an act but a habit” (Aristotle)


© 2008 The owner: Vsevolod K. Malinovskii. Web master: Leslie (