Prof. Dr. Nadine Gatzert

Prof. Dr. Nadine Gatzert Tätigkeit: Chair of Insurance Economics and Risk Management / Inhaberin des Lehrstuhls für Versicherungswirtschaft und Risikomanagement Telefonnummer: +49 911 5302 95884 E-Mail: nadine.gatzert@fau.de Adresse: Lange Gasse 20 90403 Nürnberg Deutschland Raum: 6.234 Sprechzeiten: Sprechstunde nach Vereinbarung

 

Curriculum Vitae (academic)

• 1999-2005 Diploma studies in Mathematics and Economics (Wirtschaftsmathematik) at the University of Ulm with focus on Mathematical Finance and Actuarial Science (Dipl.-Math. oec.)
• 2003-2004 Master of Science in Mathematical Finance (M.Sc.), University of Southern California, Los Angeles, USA
• 2005-2007 Project manager and research assistant at the Institute of Insurance Economics, University of St. Gallen; 2007 doctoral degree (Dr. oec. (HSG)) at the University of St. Gallen; Title of dissertation: „Implicit Options in Life Insurance: Valuation and Risk Assessment“
• 2007-2009 Habilitation and project manager at the Institute of Insurance Economics, University of St. Gallen, 2009 Habilitation in Business Administration and appointment to „Privatdozentin an der Universität St. Gallen“
• 2008/2009 Qualified Actuary of the German Actuarial Association (Aktuarin (DAV))
• 2008 Offer of a Chair (W3) of Business Administration with focus on Financial Services at the Justus-Liebig-University of Giessen
• 2009 Offer of a Chair (W3) of Insurance Economics (Versicherungswirtschaft) at the Friedrich-Alexander University Erlangen-Nürnberg (FAU)
• Since 8/2009 Chair of Insurance Economics and Risk Management at the Friedrich-Alexander University Erlangen-Nürnberg
• Since 2009 Member of the Board of Directors (since 2010 Chair of the Board) of Forum V, Northern Bavarian Institute of Insurance Science and Practice at the Friedrich-Alexander University Erlangen-Nürnberg
• 10/2012-4/2015 Dean of Research, School of Business and Economics, FAU
• Since 3/2013 Member of the Board of Directors of the German Insurance Science Association (DVfVW)
• 4/2015-12/2016 Vice President for Research and Member of the Executive Board, FAU
• 8/2016-8/2019 Member of the Board of Directors of the American Risk and Insurance Association (ARIA)

Research Fields

• (Life) Insurance Mathematics
• Alternative Risk Transfer
• Valuation and Management of Financial Guarantees
• Enterprise Risk Management
• Measuring and Managing Reputation Risk
• Regulation and Solvency Assessment
• Asset Management under Solvency II

Academic Awards and Honors

• 2022 Harold D. Skipper Best Paper Award at the 26th Annual Conference of the Asia-Pacific Risk and Insurance Association (APRIA) for the paper „The Impact of Product-Dependent Policyholder Risk Sensitivities in Life Insurance: Insights from Experiments and Model-Based Simulation Analyses“ (with M. Hanika)
• 2018 Outstanding Paper Award (International Journal of Energy Sector Management, Literati Network Awards for Excellence) for the paper „Determinants of policy risks of renewable energy investments“ (with T. Kosub)
• 2017 State Medal for outstanding services to the Bavarian economy (Staatsmedaille für besondere Verdienste um die bayerische Wirtschaft)
• 2017 Member of the Bavarian Academy of Sciences and Humanities (ordentliches Mitglied der Bayerischen Akademie der Wissenschaften)
• 2014 SCOR/EGRIE Young Economist Best Paper Award 2014 at the 41st Annual Seminar of the European Group of Risk and Insurance Economists (EGRIE) in St. Gallen for the paper „Convergence of Capital and Insurance Markets: Consistent Pricing of Index-Linked Catastrophic Loss Instruments“ (with S. Pokutta, N. Vogl)
• 2014 Highly Commended Paper Award for 2013 (Journal of Risk Finance, Literati Network Awards for Excellence) for the paper „On the Relevance of Premium Payment Schemes for the Performance of Mutual Funds with Investment Guarantees“
• 2013 Shin Research Excellence Award of the International Insurance Society (IIS) and The Geneva Association for the paper „Fair Valuation and Risk Assessment of Dynamic Hybrid Products in Life Insurance: A Portfolio Consideration“ (with A. Bohnert)
• 2013 Outstanding Paper Award (Journal of Risk Finance, Literati Network Awards for Excellence) for the paper „The Merits of Pooling Claims Revisited“ (with H. Schmeiser)
• 2013 Nominated for the SCOR/IDEI/Dauphine Annual Award for the Best Paper presented by a young economist at the annual seminar of the European Group of Risk and Insurance Economists in September 2013 in Paris for the paper “Valuation and Risk Assessment of Participating Life Insurance in the Presence of Credit Risk” (with M. Martin)
• 2012 Early Career Scholarly Achievement Award of the American Risk and Insurance Association (ARIA)
• 2011 Risk Management & Insurance Review Best Perspective Article Award 2010 of the American Risk and Insurance Association (ARIA) for the paper „The Secondary Market for Life Insurance in the U.K., Germany, and the U.S.: Comparison and Overview“, in: Risk Management & Insurance Review, Vol. 13, No. 2, pp.279-301
• 2010 Dr. Hans Kessler Price 2009 of the University of St. Gallen for the best research paper entitled „The Impact of the Secondary Market on Life Insurers’ Surrender Profits“, published in the Journal of Risk and Insurance (with G. Hoermann, H. Schmeiser)
• 2009 Dr. Hans Kessler Price 2008 of the University of St. Gallen for the best research paper entitled „Combining Fair Pricing and Capital Requirements for Non-Life Insurance Companies“, published in the Journal of Banking & Finance (with H. Schmeiser)
• 2008 Nominated for the SCOR/IDEI/Dauphine Annual Award for the Best Paper presented by a young economist at the annual seminar of the European Group of Risk and Insurance Economists in September 2008 in Toulouse for the paper “The Impact of the Secondary Market on Life Insurers’ Surrender Profits” (with G. Hoermann and H. Schmeiser)
• 2007 Ernst Meyer Price of the International Association for the Study of Insurance Economics (The Geneva Association) for the doctoral thesis

Professional and Editorial Board Services

• Vice President for Research and Member of the Executive Board of the Friedrich-Alexander University Erlangen-Nürnberg (4/2015-12/2016)
• Dean of Research, School of Business and Economics at the Friedrich-Alexander University Erlangen-Nürnberg (10/2012-4/2015)
• Member of the Insurance Advisory Board of the German Federal Financial Supervisory Authority (Versicherungsbeirat der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)) (since 6/2015)
• Board of Directors of the American Risk and Insurance Association (ARIA) (8/2016-8/2019)
• Board of Directors of the German Insurance Science Association (DVfVW) (since 3/2013)
• Board of Directors (since 2009) and Chair of the Board of Directors (since 11/2010) of Forum V, Northern Bavarian Institute of Insurance Science and Practice at the Friedrich-Alexander-University of Erlangen-Nuremberg
• Associate Editor, Geneva Risk and Insurance Review
• Associate Editor, Risk Management & Insurance Review
• Editorial Board, Journal of Risk and Insurance
• Editorial Board, Geneva Papers on Risk and Insurance – Issues and Practice
• Editorial Board, Risks
• Editorial Board, Journal of Risk & Control
• International Editorial Board, Review Insurance and Risk Management

Selected Publications and Current Working Papers

Current working papers

• Optimal Risk Transfer Decisions under Counterparty Risk (with H. Bockius)

Peer-reviewed publications

• Survey-Based Insights from Choice-Based Conjoint Analyses on Customer Preferences for Company Characteristics of Life Insurers (with M. Hanika), in: Risk Management and Insurance Review (forthcoming)
• Do Sustainability Attributes Play a Role for Individuals’ Decisions regarding Unit-Linked Life Insurance? A Survey Research on German Private Investors (with A. Kraus), The Geneva Papers on Risk and Insurance – Issues and Practice (forthcoming)
• The Impact of Dependencies between Climate Risks on the Asset and Liability Side of Non-Life Insurers (with O. Özdil), in: European Actuarial Journal, 14 (1), https://doi.org/10.1007/s13385-023-00364-2.
• The Impact of Product-Dependent Policyholder Risk Sensitivities in Life Insurance: Insights from Experiments and Model-Based Simulation Analyses (with M. Hanika), in: Asia-Pacific Journal of Risk and Insurance Vol. 17, No 2, pp. 143-178 (2022 Harold D. Skipper Best Paper Award at the 26th Annual Conference of the Asia-Pacific Risk and Insurance Association (APRIA))
• Organizational Risk Culture: A Literature Review on Dimensions, Assessment, Value Relevance and Improvement Levers (with H. Bockius), forthcoming in: European Management Journal, https://doi.org/10.1016/j.emj.2023.02.002
• How Default Effects and Decision Timing Affect Annuity Uptake and Health Consciousness (with F. Unger, M. Steul-Fischer), in: Geneva Papers on Risk and Insurance – Issues and Practice (2022), open access: https://link.springer.com/article/10.1057/s41288-022-00280-8
• Products and Strategies for the Decumulation of Wealth during Retirement: Insights from the Literature (with M. Bär), in: North American Actuarial Journal (2022), https://doi.org/10.1080/10920277.2022.2078374″.
• Cyber Risk Management in the US Banking and Insurance Industry: A Textual and Empirical Analysis of Determinants and Value (with M. Schubert), in: Journal of Risk and Insurance (2022), https://onlinelibrary.wiley.com/doi/full/10.1111/jori.12381 (open access).
• Analyzing Spillover Effects from Data Breaches to the US (Cyber) Insurance Industry (with C. Eckert, M. Schubert), in: European Journal of Finance (2022), https://www.tandfonline.com/doi/full/10.1080/1351847X.2022.2090267.
• Sustainable Investing in the US and European Insurance Industry: A Text Mining Analysis (with P. Reichel), in: Geneva Papers on Risk and Insurance – Issues and Practice , 2022, https://link.springer.com/article/10.1057/s41288-022-00270-w (open access).
• The Impact of Counterparty Risk on the Basis Risk of Industry Loss Warranties and on (Collateralized) Reinsurance under (Non-)Linear Dependence Structures (with H. Bockius), in: Journal of Risk Finance Vol. 23 (2022), No. 3, pp. 245-263.
  
• Spillover Effects from the Volkswagen Emission Scandal: An Analysis of Stock and Corporate Bond Markets (with F. Barth, C. Eckert, H. Scholz), in: Schmalenbach Journal of Business Research, 2021, https://link.springer.com/article/10.1007/s41471-021-00121-9 (open access).
• Optimal Asset Allocation in Retirement Planning: Threshold-Based Utility Maximization (with M. Bär and J. Ruß), in: Journal of Risk Finance Vol. 22 (2021), No. 5, pp. 345-362.
• Cyber Risk Management in SMEs: Insights from Industry Surveys (with F. Hoppe, P. Gruner), in: Journal of Risk Finance, Vol. 22 (2021), No. 3/4, pp. 240-260.
• Awareness of Climate Risks and Opportunities: Empirical Evidence from the U.S. and European Insurance Industry (with P. Reichel), in: Geneva Papers on Risk and Insurance – Issues and Practice Vol. 47 (2022), No. 1, pp. 5-26, https://link.springer.com/article/10.1057/s41288-021-00227-5 (open access).
• Portfolio Optimization with Irreversible Long-Term Investments in Renewable Energy under Policy Risk: A Mixed-Integer Multistage Stochastic Model and a Moving-Horizon Approach (with A. Martin, M. Schmidt, B. Seith, N. Vogl), in: European Journal of Operational Research Vol. 290 (2021), No. 2, pp. 734-748
• Empirically Assessing and Modeling Spillover Effects from Operational Risk Events in the Insurance Industry (with C. Eckert, D. Heidinger), in: Insurance: Mathematics and Economics Vol. 93 (2020), July, pp. 72-83
• The Future of Mobility and Its Impact on the Automobile Insurance Industry (with K. Osterrieder), in: Risk Management and Insurance Review Vol. 23 (2020), No. 1, pp. 31-51
• Spillover Effects in the European Financial Services Industry from Internal Fraud Events: Comparing Three Cases of Rogue Trader Scandals (with C. Eckert, A. Pisula), in: Journal of Risk Finance Vol. 20 (2019), No. 3, pp. 249-266
• The Impact of Spillover Effects from Operational Risk Events: A Model from a Portfolio Perspective (with C. Eckert), in: Journal of Risk Finance Vol. 20 (2019), No. 2, pp. 176-200
• An Empirical Analysis of Market Reactions to the First Solvency and Financial Condition Reports (SFCR) in the European Insurance Industry (with D. Heidinger), in: Journal of Risk and Insurance Vol. 87 (2020), No. 2, pp. 407–436
• An Analysis of Transaction Costs in Participating Life Insurance under Mean-Variance Preferences, in: Insurance: Mathematics and Economics Vol. 85 (2019), pp. 185-197
• What Do We Know about Annuitization Decisions? (with M. Alexandrova), in: Risk Management and Insurance Review Vol. 22 (2019), No. 1, pp. 57-100
  
• The Drivers and Value of Enterprise Risk Management: Evidence from ERM Ratings [pdf] (with A. Bohnert, R. Hoyt, P. Lechner), in: European Journal of Finance Vol. 25 (2019), No. 3, pp. 234–255  
• Renewable Energy Investments with Storage: A Risk-Return Analysis (with S. Krömer), in: International Journal of Energy Sector Management, Vol. 12 (2018), No. 4, pp.714-736
• Awareness, Determinants and Value of Reputation Risk Management: Empirical Evidence from the Banking and Insurance Industry [pdf] (with D. Heidinger), in: Journal of Banking & Finance Vol. 91 (2018), pp. 106-118
• Risk- and Value-Based Management for Non-Life Insurers under Solvency Constraints [pdf] (with J. Eckert), in: European Journal of Operational Research Vol. 266 (April 2018), No. 2, pp. 761-774
• Economies of Scale in European Life Insurance (with U. Klotzki, A. Bohnert, U. Vogelgesang), in: Journal of Risk Finance Vol. 19 (2018), No. 2, pp. 190-207
• Equity-Linked Life Insurance Based on Traditional Products: The Case of Select Products (with M. Alexandrova, A. Bohnert, J. Russ), in: European Actuarial Journal  Vol. 7 (December 2017), No. 2, pp. 379-404
• Determinants and Value of Enterprise Risk Management: Empirical Evidence from Germany [pdf] (with P. Lechner), in: European Journal of Finance Vol. 24 (2018), No. 10, pp. 867-887
• Modeling Operational Risk Incorporating Reputation Risk: An Integrated Analysis for Financial Firms [pdf] (with C. Eckert), in: Insurance: Mathematics and Economics Vol. 72 (January 2017), pp. 122–137
• The Impact of European Initiatives on the Treatment of Insurers‘ Infrastructure Investments under Solvency II [pdf] (with T. Kosub), in: Geneva Papers on Risk and Insurance Vol. 42 (October 2017), No. 4, pp. 708–731
• Valuation and Risk Assessment of Participating Life Insurance in the Presence of Credit Risk (with J. Eckert, M. Martin), in: Insurance: Mathematics and Economics Vol. 71 (November 2016), pp. 382–393
• The Cost of Life Distribution in Europe (with U. Klotzki, B. Muenstermann), in: Geneva Papers on Risk and Insurance Vol. 42 (2017), No. 2, pp. 296–322
• Convergence of Capital and Insurance Markets: Consistent Pricing of Index-Linked Catastrophic Loss Instruments [pdf] (with N. Vogl and S. Pokutta), in: Journal of Risk and Insurance Vol. 86 (2019), No. 1, pp. 39-72
  
• Evaluating Investments in Renewable Energy Projects under Policy Risks [pdf] (with N. Vogl), in: Energy Policy Vol. 95 (2016), pp. 238-252
• Determinants of Policy Risks of Renewable Energy Investments [pdf] (with T. Kosub), in: International Journal of Energy Sector Management Vol. 11 (2017), No. 1, pp. 28-45 (awarded the Outstanding Paper Award 2018 at the Literati Network Awards of Excellence)
• Risks and Risk Management of Renewable Energy Projects: The Case of Onshore and Offshore Wind Parks [pdf] (with T. Kosub), in: Renewable & Sustainable Energy Reviews Vol. 60 (July 2016), pp. 982–998
• Assessing Inflation Risk in Non-Life Insurance [pdf] (with A. Bohnert and A. Kolb), in: Insurance: Mathematics and Economics Vol. 66 (January 2016), pp. 86-96
• The Impact of Corporate Reputation and Reputation Damaging Events on Financial Performance: Empirical Evidence from the Literature [pdf], in: European Management Journal Vol. 33 (2015), No. 6, pp. 485-499
• Supporting Strategic Success through Enterprise-Wide Reputation Risk Management [pdf] (with J. Schmit), in: Journal of Risk Finance Vol. 17 (2016), No. 1, pp. 26-45
• The Impact of Disability Insurance on a Portfolio of Life Insurances [pdf] (with A. Maegebier), in: North American Actuarial Journal Vol. 20 (2016), No. 2, 2016, pp. 142-159
  
• Enhanced Annuities: Drivers and Barriers of Supply and Demand [pdf] (with U. Klotzki), in: Geneva Papers on Risk and Insurance Vol. 41 (2016), No. 1, pp. 53-77
• On the Management of Life Insurance Company Risk by Strategic Choice of Product Mix, Investment Strategy and Surplus Appropriation Schemes [pdf] (with A. Bohnert, P. L. Jørgensen), in Insurance: Mathematics and Economics Vol. 60 (2015), pp. 83-97
• Dynamic Hybrid Products in Life Insurance: Assessing the Policyholders‘ Viewpoint [pdf] (with A. Bohnert and P. Born) in: Insurance: Mathematics and Economics Vol 59 (2014), pp. 87-99
• Critical Illness Insurances: Challenges and Opportunities for Insurers [pdf] (with A. Maegebier), in: Risk Management and Insurance Review Vol. 18 (2015), No. 2, pp. 255-272
• Assessing the Risks of Insuring Reputation Risk [pdf] (with A. Kolb and J. Schmit), in: Journal of Risk and Insurance Vol. 83, No. 3 (September 2016), pp. 641–679
• On Risk Charges and Shadow Account Options in Pension Funds [pdf] (with P. L. Jørgensen), in: Scandinavian Actuarial Journal Vol. 2015, No. 7, pp. 616-639
• Determinants and Value of Enterprise Risk Management: Empirical Evidence from the Literature [pdf] (with M. Martin), in: Risk Management and Insurance Review Vol. 18 (2015), No. 1, pp. 29-53
• Insurers‘ Investment in Infrastructure: Overview and Treatment under Solvency II [pdf] (with T. Kosub), in: The Geneva Papers on Risk and Insurance – Issues and Practice Vol. 39 (2014), No. 2, pp. 351-372
• How Does Price Presentation Influence Consumer Choice? The Case of Life Insurance Products [pdf] (with C. Huber, H. Schmeiser), in: Journal of Risk and Insurance Vol. 82 (2015), No. 2, pp. 401-432
• On the Relevance of Premium Payment Schemes for the Performance of Mutual Funds with Investment Guarantees [pdf], in: Journal of Risk Finance Vol. 14 (2013), No. 5, pp. 436-452 (awarded the Highly Commended Paper Award 2014 at the Literati Network Awards of Excellence)
• Estimating the Basis Risk of Index-Linked Hedging Strategies using Multivariate Extreme Value Theory (with R. Kellner), in Journal of Banking & Finance Vol. 37 (2013), No. 11, pp. 4353-4367
• Fair Valuation and Risk Assessment of Dynamic Hybrid Products in Life Insurance: A Portfolio Consideration [pdf] (with A. Bohnert), in The Geneva Papers on Risk and Insurance – Issues and Practice Vol. 39 (2014), No. 1, pp. 148-172 (awarded the Shin Research Excellence Award of the International Insurance Society and The Geneva Association 2013)
• The Effectiveness of Gap Insurance with Respect to Basis Risk in a Shareholder Value Maximization Setting [pdf] (with R. Kellner), in: Journal of Risk and Insurance Vol. 81 (2014), No. 4, pp. 831-860
• Risk Measurement and Management of Operational Risk in Insurance Companies from an Enterprise Perspective, in: Journal of Risk and Insurance Vol. 81 (2014), No. 3, pp. 683-708 [pdf] (with A. Kolb)
• New Life Insurance Financial Products, chapter in Georges Dionne (Ed.), Handbook of Insurance, second edition, Springer, New York; 2013, pp. 1061-1095 (with H. Schmeiser)
• Optimal Risk Classification with an Application to Substandard Annuities, in: North American Actuarial Journal Vol. 16 (2012), No. 4, pp. 462-486 [pdf] (with G. Hoermann, H. Schmeiser)
• Quantifying Credit and Market Risk Under Solvency II: Standard Approach Versus Internal Model, in: Insurance: Mathematics and Economics Vol. 51 (2012), No. 3, pp. 649-666 [pdf] (with M. Martin)
• The Impact of Natural Hedging on a Life Insurer’s Risk Situation, in: Journal of Risk Finance Vol. 13 (2012), No. 5, pp. 396-423 [pdf] (with H. Wesker)
• Mortality Risk and Its Effect on Shortfall and Risk Management in Life Insurance, in: Journal of Risk and Insurance Vol. 81 (2014), No. 1, pp. 57-90 [pdf] (with H. Wesker)
• The Merits of Pooling Claims Revisited, in: Journal of Risk Finance Vol. 13 (2012), No. 3, pp. 184-198 [pdf] (with H. Schmeiser) (awarded the Outstanding Paper Award 2013 at the Literati Network Awards of Excellence)
• Creating Customer Value in Participating Life Insurance, in: Journal of Risk and Insurance Vol. 79 (2012), No. 3, pp. 645-670 [pdf] (with I. Holzmüller, H. Schmeiser)
• A Comparative Assessment of Basel II/III and Solvency II, in: The Geneva Papers on Risk and Insurance Vol. 37 (2012), pp. 539–570 [pdf] (with H. Wesker)
• Performance and Risks of Open-End Life Settlement Funds, in: Journal of Risk and Insurance, Vol. 79 (2012), No. 1, pp. 193-229 (with A. Braun, H. Schmeiser)
• Analyzing Surplus Appropriation Schemes in Participating Life Insurance from the Insurer’s and the Policyholder’s Perspective, in Insurance: Mathematics and Economics, Vol. 50 (2012), No. 1, pp. 64-78 (with A. Bohnert) [pdf]
• The Influence of Non-Linear Dependencies on the Basis Risk of Industry Loss Warranties, in: Insurance: Mathematics and Economics, Vol. 49 (2011), No. 1, pp. 132-144 (with R. Kellner) [pdf]
• Industry Loss Warranties: Contract Features, Pricing, and Central Demand Factors (previously entitled „What Drives the Demand for Industry Loss Warranties?“), in: Journal of Risk Finance, Vol. 13 (2012), No. 1, pp. 13-31 (with H. Schmeiser) [pdf]
• On the Risk Situation of Financial Conglomerates: Does Diversification Matter?, in: Financial Markets and Portfolio Management, Vol. 25 (2011), No. 1, pp. 3-26 (with H. Schmeiser)
• An Analysis of Pricing and Basis Risk for Industry Loss Warranties, in: Zeitschrift für die gesamte Versicherungswissenschaft Vol. 100 (2011), No. 4, pp. 517-537 (with H. Schmeiser, D. Toplek). [pdf]
• Understanding the Death Benefit Switch Option in Universal Life Policies, in: Journal of Risk and Insurance Vol. 78 (2011), No. 4, pp. 823-852 (with G. Hoermann)
• Risk Management using Index-Linked Catastrophic Loss Instruments, in: Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 100 (2011), No. 1, pp. 141-151 (with R. Kellner)
• On the Valuation of Investment Guarantees in Unit-Linked Life Insurance: A Customer Perspective, in: Geneva Papers on Risk and Insurance, Vol. 36 (2011), No. 1, pp. 3-29 (with C. Huber, H. Schmeiser) [pdf]
• The Secondary Market for Life Insurance in the U.K., Germany, and the U.S.: Comparison and Overview, in: Risk Management & Insurance Review, Vol. 13, No. 2, pp.279-301 (awarded the Risk Management & Insurance Review Best Perspective Article Award 2010 of the American Risk and Insurance Association (ARIA)) [pdf]
• Pricing and Performance of Mutual Funds: Lookback versus Interest Rate Guarantees, in: The Journal of Risk, Vol. 11 (2009), No. 4, pp. 31-49 (with H. Schmeiser) [pdf]
• The Impact of the Secondary Market on Life Insurers‘ Surrender Profits, in: Journal of Risk and Insurance, Vol. 76 (2009), No. 4, pp. 887-908 (with G. Hoermann, H. Schmeiser) (awarded the Kessler-Price 2009)
• Minimum Standards for Investment Performance: A New Perspective on Non-Life Insurer Solvency,in: Insurance: Mathematics and Economics, Vol. 43 (2009), No. 1, pp. 113-121, (with M. Eling, H. Schmeiser)
• Combining Fair Pricing and Capital Requirements for Non-Life Insurance Companies, in: Journal of Banking & Finance, Vol. 32 (2008), No. 10, pp. 2589-2596 (with H. Schmeiser) (awarded the Kessler-Price 2008)
• The Swiss Solvency Test and its Market Implications, in: Geneva Papers on Risk and Insurance, Vol. 33 (2008), No. 3, pp. 418-439 (with M. Eling, H. Schmeiser)
• Enterprise Risk Management in Financial Groups: Analysis of Risk Concentration and Default Risk, in: Financial Markets and Portfolio Management, Vol. 22 (2008), No. 3, pp. 241-258 (with H. Schmeiser, S. Schuckmann)
• Asset Management and Surplus Distribution Strategies in Life Insurance: An Examination with Respect to Risk Pricing and Risk Measurement, in: Insurance: Mathematics and Economics, Vol. 42 (2008), No. 2, pp. 839-849
• Assessing the Risk Potential of Premium Payment Options in Participating Life Insurance Contracts, in: The Journal of Risk and Insurance, Vol. 75 (2008), No. 3, pp. 691-712 (with H. Schmeiser)
• Implicit Options in Life Insurance: An Overview, in: Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 98 (2009), No. 2, pp. 141-164
• The Influence of Corporate Taxes on Pricing and Capital Structure in Property-Liability Insurance, in: Insurance: Mathematics and Economics, Vol. 42 (2008), No. 1, pp. 50-58 (with H. Schmeiser)
• Analysis of Participating Life Insurance Contracts: A Unification Approach, in: The Journal of Risk and Insurance, Vol. 74 (2007), No. 3, pp. 547-570 (with A. Kling)
• Risk and Capital Transfer in Insurance Groups, Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 97 (2008), No. 4, pp. 463-477 (with H. Schmeiser)

Further publications (non-refereed, conference proceedings, book chapters)

• Sustainability Risks & Opportunities in the Insurance Industry, Zeitschrift für die gesamte Versicherungswissenschaft Vol. 109 (2020), No. 5, pp. 311-331 (with P. Reichel, A. Zitzmann)
• Betriebsunterbrechungsversicherung bei kleinen und mittleren Unternehmen – Eine empirische Analyse von Einflussfaktoren auf die Versicherungsentscheidung, Zeitschrift für die gesamte Versicherungswissenschaft Vol. 106 (2018), No. 5, pp. 555-590 (with F. Hoppe, P. Gruner)
• The Relationship between Enterprise Risk Management, Value and Firm Characteristics based on the Literature, in: Zeitschrift für die gesamte Versicherungswissenschaft Vol. 106 (December 2017), No. 3-4 (Supplement), pp. 311-324 (with A. Bohnert, R. Hoyt, P. Lechner)
• Todsicher: Die Wahrnehmung und Fehlwahrnehmung von Alltagsrisiken in der Öffentlichkeit, Reihe „Forschung am ivwKöln“, Band 12/2016, Cologne Open Science (ISSN (online) 2192-8479), https://cos.bibl.th-koeln.de/home (with H. Müller-Peters)
• Herausforderungen bei der Erzeugung von Szenarien für den Kapitalmarkt, Versicherungswirtschaft, 67 Jg. (2012), Heft 6, S. 388-392 (with C. Köck, J. Voß)
• Segmentierungs- und Tarifierungsstrategien, in: W. Ackermann und H. Schmeiser (Ed.): Versicherungsmanagement, VBV Lehrbuch, 2011 (with H. Schmeiser)
• Das strategische Risikomanagement eines Versicherers, in: W. Ackermann und H. Schmeiser (Ed.): Versicherungsmanagement, VBV Lehrbuch, 2011 (with H. Schmeiser)
• Managing Longevity Risk under Adverse Selection: The Influence of Policyholder Age and Contract Duration, Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 100 (2011), No. 5 (Supplement), pp. 695-706 (with H. Wesker)
• Risk Assessment of Surplus Appropriation Schemes in Participating Life Insurance, Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 100 (2011), No. 5 (Supplement), pp. 679-687 (with A. Bohnert)
• How Attractive is the Life Settlements Asset Class from an Investor’s Perspective?, in: I.VW Management-Information 1/2010 (with A. Braun, H. Schmeiser)
• Investment Guarantees in Unit-Linked Life Insurance from the Customer Perspective, in: Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 99 (2010), No. 5 (Supplement), pp. 627-636 (with C. Huber, H. Schmeiser)
• Finanzgarantien aus Kundensicht, Versicherungswirtschaft, 64 Jg. (2009), Heft 22, S. 1735-1740 (with C. Huber, H. Schmeiser)
• Optimal Rate Classification for Enhanced Annuities, in: Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 98 (2009), No. 5, pp. 565-577 (with G. Hoermann, H. Schmeiser)
• Risk Assessment of Life Insurance Contracts: A Comparative Study in a Lévy Framework, in: The Solvency II Handbook – Developing Enterprise Risk Management Frameworks in Insurance and Reinsurance Companies (Ed. Marcelo Cruz) (2009) (with S. Kassberger)
• Management von Finanzkonglomeraten: Diversifikation, Risikokonzentration und Conglomerate Discount, Versicherungswirtschaft, 63 Jg. (2008), Heft 24, S. 2067-2071 (with H. Schmeiser)
• Diversification in Financial Conglomerates, I.VW Management-Information 2/2008, S. 30-31 (with H. Schmeiser)
• Bewertung und Risikomanagement von impliziten Optionen in Lebenspolicen, Versicherungswirtschaft, 62. Bd. (2007), Heft 10, S. 769-771 (with H. Schmeiser)
• Implicit Options in Life Insurance: Valuation and Risk Management, in: Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 95 (2006), Supplement, pp. 111-128 (with H. Schmeiser)

Monographs

• Implicit Options in Life Insurance: Valuation and Risk Assessment, Dissertationsschrift Universität St. Gallen, 2007.
• Volkswirtschaftliche Implikationen des Swiss Solvency Tests, I.VW Schriftenreihe Band 48, 103 S., St. Gallen 2006 (with H. Schmeiser, M. Eling, S. Schuckmann, D. Toplek).

Funded Research Projects

• Assessing Spillover Effects from the Insurance Industry’s Perspective, Förderung von der Deutschen Forschungsgemeinschaft (DFG), 2017-2018
• Infrastructure and Renewable Energy Investments from the Insurance Industry’s Perspective, Förderung vom Deutschen Verein für Versicherungswissenschaft (DVfVW), 2015-2017
• Implicit Constraints, Incentives, and Systemic Risk Imposed by New Insurance Regulation, Förderung von der Deutschen Forschungsgemeinschaft (DFG) und dem Schweizerischen Nationalfonds (SNF), 2013-2015, with A. Braun, M. Eling und H. Schmeiser, Institut für Versicherungswirtschaft, Universität St. Gallen, Schweiz
• Market Consistent Valuation and Solvency Assessment in the Insurance Industry, Förderung von der Deutschen Forschungsgemeinschaft (DFG), 2011-2013, Forschungskooperation mit Prof. Peter Løchte Jørgensen, Ph.D., Head of Finance Research Group an der Aarhus School of Business, Dänemark
• Challenges in the Life Insurance Industry with Respect to Pricing and Risk Measurement, Grundlagenforschungsprojekt Nr. 120730 des Schweizerischen Nationalfonds (SNF), 2008-2010 (with H. Schmeiser), Forschungskooperation mit Prof. J. Schmit und Prof. H. Gründl
• Forschungsschwerpunkt Wealth and Risk an der Universität St. Gallen, 2006-2008
• Implicit Options in Life Insurance Contracts: Valuation and Risk Management, Grundlagenforschungsfonds der Universität St. Gallen, 2006-2007 (with H. Schmeiser)

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