Course Title

Management in Insurance

Code

MST 310

Professor

Igor Ivanovski, PhD (Associate Professor)

Course objectives (competencies): After completing the teaching and passing this subject, students should be at the end of teaching and passing this subject, students should be able to:

• Understand the theoretical and applied aspects of the insurance mechanism, the need for insurance, the elements, functions and types of insurance.
• Study the key features of insurance as a segment of the financial system, and are able to apply knowledge in the insurance industry.
• Learn the basic aspects of the technical basics of non-life, life insurance, reinsurance and fully funded pension insurance
• Gain an integrated view and concrete knowledge about the pension and health insurance system, and the development and perspectives of the pension system reforms
• Gain knowledge about the specific elements and challenges of insurance management, from the aspect of quantification and risk transfer, investment management, business ethics, analysis of financial statements, meeting the standards of regulation and supervision.

Course content: Understanding the basic content and logic of the insurance mechanism for identification, acquisition and transfer of risk is contained through knowledge of the elements, functions and types of insurance, primarily through risk analysis and risk management, premium and compensation, as well as through system analysis of the insurance market, its structure and institutions, and the connection within the financial system and will gain knowledge about the functions of insurance at the macro and micro level. Students will also gain knowledge about the concept of reinsurance and risk re-transfer through capital markets. Candidates will be introduced especially to the technical and economic foundations of non-life and life insurance, as well as fully funded pension insurance, in addition to the systems and current and future evolutionary phases of pension and health insurance. Special emphasis is placed on knowledge related to management concepts in insurance, through the presentation of case studies and problem solving. In this sense, the basic elements of ALM, business operations, marketing and sales channels in the insurance industry are studied.