Part I: Fundamentals of insurance business The origins and role of insurance in society -- The notion of risk and probability -- The insurance undertaking -- Regulation of the insurance industry -- Supervision and other Authorities -- The insurance business -- The insurance contract -- Life Insurance products -- Non-life insurance products. Personal line -- Non-life insurance products. Commercial Line -- Part II: Pricing, reserving and reinsurance Non-life insurance: pricing -- Non-life insurance: reserving -- Life insurance: pricing -- Life insurance: reserving -- Life insurance. How with-profits insurances work -- Life insurance: other components of profit -- Reinsurance and coinsurance -- Part III: Business models and processes in the insurance industry Business models for the insurance undertakings -- Competences and organisational functions -- Product development process -- Underwriting process -- Investment process -- Loss event management process -- Insurance marketing -- Insurance distribution -- Part IV: Performance and key indicators Financial statements of an insurance undertaking -- Introduction to IFRS and consolidated financial statements -- International accounting standards (IAS) and International Financial Reporting Standards (IFRS) -- Solvency of an insurance undertaking -- Solvency II’s Capital Model -- Asset Liability Management (ALM) -- Embedded Value -- Management control in insurance industry -- Performance indicators in the insurance business -- Business Plan for an insurance undertaking. .

This textbook presents the fundamental economic dimensions of insurance companies and links them to managerial issues. Combining academic rigour and a strongly practice-oriented approach, it addresses both the competitive environment and the management of the insurance business. Further, it provides a general overview of insurance undertakings and technical topics are explained in depth. Filling an important gap in the market for textbooks on the insurance business, it is divided into four parts and 35 chapters. Part I (chapters 1 to 10) describes the fundamentals of the business, how the industry works, the Authorities and the regulations. It presents the insurance products (for life, non-life retail, and non-life commercial lines). Part II (chapters 11 to 17) explains the pricing and reserving for life and non-life insurance. Reinsurance business is also illustrated. Part III (chapters 18 to 25) describes business models in the industry and the organizational structures. The main processes of an insurance company (product development, underwriting, claims settlement, investments) are presented. Marketing and distribution are also described. Part IV (chapters 26 to 35) defines the financial statement and introduces IFRS principles. Solvency II calculation, ALM model, and Embedded Value are explained in detail. This part also describes management accounting, performance indicators, and the Business Plan in the insurance industry. The book offers a valuable resource for lower and upper undergraduate students, graduate students, professionals/practitioners working at insurance companies, insurance agents, brokers, bankers, and consultants. .