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The 11th Annual Meeting of the Sponsoring Group Reinsurance (Förderkreis
Rückversicherung) on the topic of reinsurance was held 13 July 2018, in
Niederkassel near Cologne. Some 85 invited representatives of the (re)insurance
companies supporting the Sponsoring Group took part in the meeting, together with
guests. Offered for the fourth time as part of the Annual Meeting, the Researchers’
Corner gave eight members of academic staff at the Cologne Research Centre for
Reinsurance an opportunity to deliver a presentation on their respective individual
research projects.
Professor Materne also conducted interviews with Dr. Falk Niehörster (Climate Risk
Innovations) and Dr. Magnus Kobel (YAS.life). Dr. Niehörster reported on his
research and consulting activities in regard to maritime climate change and Dr. Kobel
on the business model of his InsurTec, YAS.life, and his general experience in the
establishment and development of start-ups.
In three sessions – each with 2-3 parallel lectures with posters – the most important
results of the scientific studies by the Cologne Research Centre for Reinsurance were
presented and discussed. The heterogeneity of the topics presented by academic
staff reflects the dovetailing of research theory with practice.
Worldwide there is a big need for affordable livingspace. Globalization leads to a connection of development and ideas in the field of building. Open Source communities could improve and accelerate this development. The potential of theses communities lies in the connection of different diciplines. Especially for building projects with a small budget and a willingness to participate in the work process open source do-it-yourself constructions are a great opportunity to help cover the need of affordable work and living space. Renewable materials such as wood offer great potential here. New, standardised technologies make a decentralised production possible.
The 10th Annual Meeting of the Sponsoring Group Reinsurance was held 7 July 2017, in Niederkassel
near Köln. Some 80 representatives of the (re)insurance companies involved in the Sponsoring Group took part in the meeting, together with invited guests. Offered for the third time as part of the Annual Meeting, the Researchers’ Corner gave nine members of academic staff at the Cologne Research Centre for Reinsurance an opportunity to deliver short presentations on their individual research projects. Professor Materne also conducted interviews with Messrs Lorenz Kielwein and
Frank Baumann. Kielwein reported on the application of mathematical systems theory to processes in change management, and Baumann on his 30 years of experience at Gothaer. During each of three sessions, three short lectures with posters were held in parallel and discussed afterwards. The heterogeneity of the topics presented by the staff members reflects the dovetailing
of research theory with practice.
In the sessions, the following speakers presented in German and English:
Round 1
a) Fabian Pütz (M.Sc.)
Alternative Capital and Basic Risk in the Standard Formula (Non-Life) of Solvency II
b) Manuel Dietmann (M.Sc.)
SFCR: Findings for Initial Publication
c) Jan Böggemann (B.Sc.)
Optimising the Purchase of Optional Reinsurance by an Industrial Insurer
Round 2
a) Robert Joniec (M.Sc.)
Actuarial swap
b) Lucas Kaiser (M.Sc.)
The Impact of Different Determinants on the Rating of Reinsurance Companies
c) Lihong Wang (M.Sc., FCII)
Chinese Automobile Vehicle Recall Insurance
Round 3
a) Sebastian Hoos (M.Sc., FCII)
Critical Analysis of the Practical Application of the Definition of an Event
b) Fabian Lassen (B.A.)
Employees in the Reinsurance Industry: Germany and the USA.
c) Kai-Olaf Knocks (M.A., FCII)
[Autonomous Driving: Evolution or Revolution?
The presentations also featured the work of another member of our staff who unfortunately, for
logistical reasons, was able to present his research project in poster form but was not able to deliver
a brief lecture.
Poster
d) Wolfgang Koch (B.A.)
Public-Private Partnership in Emerging and Developing Countries.
We would like to thank the funding bodies who make this event possible to begin with and provide our scholars an opportunity to conduct their research.
Risk-based authentication (RBA) is an adaptive security measure to strengthen password-based authentication. RBA monitors additional implicit features during password entry such as device or geolocation information, and requests additional authentication factors if a certain risk level is detected. RBA is recommended by the NIST digital identity guidelines, is used by several large online services, and offers protection against security risks such as password database leaks, credential stuffing, insecure passwords and large-scale guessing attacks. Despite its relevance, the procedures used by RBA-instrumented online services are currently not disclosed. Consequently, there is little scientific research about RBA, slowing down progress and deeper understanding, making it harder for end users to understand the security provided by the services they use and trust, and hindering the widespread adoption of RBA.
In this paper, with a series of studies on eight popular online services, we (i) analyze which features and combinations/classifiers are used and are useful in practical instances, (ii) develop a framework and a methodology to measure RBA in the wild, and (iii) survey and discuss the differences in the user interface for RBA. Following this, our work provides a first deeper understanding of practical RBA deployments and helps fostering further research in this direction.
Online services such as social networks, online shops, and search engines deliver different content to users depending on their location, browsing history, or client device. Since these services have a major influence on opinion forming, understanding their behavior from a social science perspective is of greatest importance. In addition, technical aspects of services such as security or privacy are becoming more and more relevant for users, providers, and researchers. Due to the lack of essential data sets, automatic black box testing of online services is currently the only way for researchers to investigate these services in a methodical and reproducible manner. However, automatic black box testing of online services is difficult since many of them try to detect and block automated requests to prevent bots from accessing them.
In this paper, we introduce a testing tool that allows researchers to create and automatically run experiments for exploratory studies of online services. The testing tool performs programmed user interactions in such a manner that it can hardly be distinguished from a human user. To evaluate our tool, we conducted - among other things - a large-scale research study on Risk-based Authentication (RBA), which required human-like behavior from the client. We were able to circumvent the bot detection of the investigated online services with the experiments. As this demonstrates the potential of the presented testing tool, it remains to the responsibility of its users to balance the conflicting interests between researchers and service providers as well as to check whether their research programs remain undetected.
The 12th Annual Meeting of the Sponsoring Group Reinsurance [Förderkreis Rückversicherung] was held 5th July 2019 in Niederkassel, near Cologne. Some 80
representatives of the (re)insurance companies involved in the Sponsoring Group took part in the meeting, along with guests. Offered for the fifth time as part of the
Annual Meeting, the Researchers’ Corner gave eight members of academic staff at the Cologne Research Centre for Reinsurance an opportunity to deliver a presentation on their respective current research projects. In three sessions – each featuring 2-3 parallel lectures with posters – the most important results of the scientific studies by the Cologne Research Centre for Reinsurance were presented and discussed. The heterogeneity of the topics presented by academic staff reflects the dovetailing of Cologne Research Centre with reinsurance practice.
Session 1
a) Manuel Dietmann (M.Sc.): The increasing importance of the riskmanagement function in insurance companies
b) Robert Joniec (M.Sc., FCII, cand. PhD): How is the reinsurance cycle doing?
c) Wolfgang Koch (M.Sc., FCII): Information asymmetries between reinsurance brokers and assignors
Session 2
a) Jörg Dirks (M.Sc., FCII): Unmanned aircraft – Evolution of the market for aviation (re-)insurance
b) Fabian Lassen (M.Sc., FCII): Reducing volatility through use of an insurance swap
c) Fabian Pütz (M.Sc., cand. PhD): Transferring cat risks from emerging markets from a macroeconomic perspective Session 3
a) Kai-Olaf Knocks (M.A., FCII): The ILS market in 2019 – discouragement or wait-and-see?
b) Lihong Wang (M.Sc., FCII, cand. PhD): China InsurTech development
With the publication series, ‘Proceedings of the Researchers’ Corner’, the Cologne Research Centre for Reinsurance meets the desire for publication of the research results of our scholars together with the accompanying posters and discussions. The titles are reproduced in keeping with the above agenda of the Researchers’ Corner for the 12th Annual Meeting of the Sponsoring Group Reinsurance. As part of the event, Prof. Materne also conducted an interview with Mr Ingo Wichelhaus (Senior Director, Mount Street) on the topic of risk management and portfolio management. Particular attention was devoted to the broad spectrum of risk for financing in the shipping sector.
STEPsCON 2018 was jointly organized by the Faculty of Applied Natural Sciences of TH Köln (Germany) and the University of Oulu (Finland) on the occasion of the 50th anniversary of the Leverkusen – Oulu town twinning. The conference focused on sustainability issues and covered the current state of research in four key topics:
1. Sustainable Medicine and Pharmaceuticals
2. Resources and Bioremediation
3. Sustainable Chemistry & Industrial Biotechnology
4. Innovative Materials & Formulations
Web browsers use HTTP caches to reduce the amount of data to be transferred over the network and allow Web pages to load faster. Content such as scripts, images, and style sheets, which are static most of the time or shared across multiple websites, are stored and loaded locally when recurring requests ask for cached resources. This behaviour can be exploited if the cache is based on a naive implementation. This paper summarises possible attacks on the browser cache and shows through extensive experiments that even modern web browsers still do not provide enough safeguards to protect their users. Moreover, the available built-in as well as addable cache controls offer rather limited functionality in terms of protection and ease of use. Due to the volatile and inhomogeneous APIs for controlling the cache in modern browsers, the development of enhanced user-centric cache controls remains -until further notice- in the hands of browser manufacturers.
The 13th Annual Meeting of the Sponsoring Group Reinsurance was held 26 June 2020. Due to COVID-19, the event was held online this year. Some 80 representatives of the (re)insurance companies involved in the Sponsoring Group took part in the meeting, along with guests. Offered for the sixth time as part of the Annual Meeting, the Researchers’ Corner gave the seven academic researchers at the Cologne Research Centre for Reinsurance an opportunity to deliver a presentation on the research project each in which each is involved in 2020.
In three sessions – each featuring 2-3 parallel lectures with posters – the most important results of the scientific studies by the Cologne Research Centre for
Reinsurance were presented and discussed. The heterogeneity of the topics
presented by academic staff reflects the dovetailing of Cologne Research Centre with reinsurance practice.
Session 1
a) Manuel Dietmann (M.Sc.): Preventive recovery planning for insurance companies
b) Robert Joniec (M.Sc., FCII, cand. PhD): Capital is fungible, the market is
growing more efficient – But how valid are research results?
c) Jörg Dirks (M.Sc., FCII): Cyber risks in reinsurance – Insurable on a parametric basis through AI?
Session 2
a) Wolfgang Koch (M.Sc., FCII): Trend in sovereign cat pools in emerging and developing economies
b) Fabian Lassen (M.Sc., FCII): Environmental social governance – A look at reinsurers
Session 3
a) Fabian Pütz (M.Sc., PhD): Reinsurance aspects of product recalls in the automobile sector
b) Lihong Wang (M.Sc., FCII): China’s Belt and Road Initiative (BRI) – Its impact
on the global (re)insurance industry
Poster session
a) Fabian Lassen (M.Sc., FCII): Private-public partnership – The solution for the insurability of pandemics?
b) Christian Serries (B.Sc.): Silent Cyber as a challenge for the (re-)
insurance industry
c) Frank Cremer (B.Sc. / FCII): Digital ecosystems – Relevance for reinsurance?
d) Harald Kurtze (B.Sc.): Sharing economy – Impacts for reinsurance?
With the publication series, ‘Proceedings of the Researchers’ Corner’, the Cologne Research Centre for Reinsurance meets the desire for publication of the research results of our scholars together with the accompanying posters and discussions. The titles are reproduced in keeping with the above agenda of the Researchers’ Corner
for the 13th Annual Meeting of the Förderkreis Rückversicherung [Sponsoring Group Reinsurance].
The method of operation of auctions and their use in
a variety of economic sectors is already well documented. Auctions are already in use for the Placement of reinsurance on a small scale. So why is it important to revisit
this field, which has already been studied in such considerable detail?
• Two researchers, Paul R. Milgrom and Robert B. Wilson of Stanford University, were honoured with the Nobel Prize in Economics in 2020 for their improvements in auction theory and the invention of new auction formats.
• A trend towards automation is in the Placement of reinsurance is emerging. In this connection, a variety of InsurTechs and market initiatives, such as B3i and
Ritablock, are dealing with various fields of application of blockchain technology.
• The persistent low-interest-rate environment, together with existing competition
and cost pressures from primary insurers, mean that insurers are in search of savings potentials.
• Auctions are proving to be a successful model in many areas of the economy, e.g. in the allocation of frequencies in mobile communication, subsidies for wind farms or energy pricing.
Today, IT infrastructure represents the central nervous system of every company. Many of the activities of our daily lives are handled via the Internet. There is a lack of an adequately sustainable awareness of the cyber risks to which companies are exposed due to advanced digital networking. This is partly due to the fact that the danger of so-called ‘cyber attacks’ is only partially palpable to many, with attacks going unnoticed in some cases. As a result of major incidents, such as WannaCry and Petya in 2017, or Emotet in 2019, awareness of these risks should be keen, and yet vulnerability remains high due to the often insufficient protections against cyber crime.
This presentation briefly introduces my research project: The Covid-19 impact on the Chinese insurance and reinsurance industry. In the following, I will give you some background information, an overview of the macro implications and some details on the impact on each line of business. Finally, I will end with an outlook for the industry following COVID-19.
Assessment of the BaFin Guidance Notice on Dealing with Sustainability Risks in Risk Management
(2021)
The elaboration of research addressed the sustainability risks identified in the BaFin Guidance Notice with regard to risk management. Sustainability risks (ESG risks) must be
divided into the three areas: ‘Environment’, ‘Social’ and ‘Governance’. ‘Environment’, which is potentially the largest area of the three, is divided again into physical risks
and transition risks. Physical risks describe the possible impacts of extreme weather events, and transition risks are those that can arise as a result of the transition to a
low-carbon economy (through political decisions or technological developments, for example). According to the BaFin, the Guidance Notice is a ‘compendium of non-binding procedures’ and the measures to be taken by the companies should be based on the type, magnitude and complexity of the risks involved (principle of proportionality).
The ‘cyber’ threat is regarded as a growth area in the
primary and reinsurance sectors worldwide and for the past five years has been developing more dynamically than any other hazard. This major topic concerns both primary and reinsurance companies in all areas, whether in property, liability, transport or accident insurance. Services (prevention, risk-based pricing models and claims processing, for example) present a global growth market for the reinsurance industry. The complexity of the cyber threat and the evolving nature of the risk involved present a host of challenges for the design of insurance products, for underwriting, for risk management and for cumulative control – for both primary and reinsurance companies. Correct assessment of cyber risk is therefore indispensable, and the right approach must always be developed further. Special attention needs to be given to the variety of forms a cyber event can take. Thus, primary and reinsurance companies can incur not only the costs of data loss, but also the costs of
reconstructing IT infrastructure, the costs of network and business interruptions, costs of crisis management, costs of reputational risk, and the costs of third-party liability claims.
This year’s research topic concerns the allocation mechanism in the reinsurance market and the potential disadvantages it can entail. The project can thus be classified in the discipline of ‘market design’, which builds upon microeconomics and game theory. As the project progresses, first the theoretical framework will be established and placed in the reinsurance context. The second part will offer insight into and an outlook upon current research questions.
To compensate the shortage of cyber risk data and offer some indication of the status quo on the data available on cyber risks, the researchers prepared a systematic overview to offer cyber risk stakeholders a database of publicly accessible data on cyber risks and cybersecurity. The study focussed on the data sets used in the academic literature.
The brief lecture addresses reinsurance-relevant aspects of ecosystems in the automotive and mobility field. Specifically, the following aspects will be considered:
• Definition and description of the roles within an ecosystem, paying particular
attention to the role of insurance companies;
• Status and potential drivers of evolving automotive and mobility ecosystems;
• Opportunities for the strategic positioning of reinsurance companies.
In recent years, three sovereign catastrophe risk pools have developed worldwide, offering climate insurance against natural disasters in emerging and developing economies:
• Caribbean Catastrophe Risk Insurance Facility (CCRIF) in the Caribbean
• African Risk Capacity (ARC) in Africa
• Pacific Catastrophe Risk Insurance Company (PCRIC) in the Pacific region
These pools have emerged against the backdrop of limited fiscal room for manoeuvre in emerging and developing economies. Increases in tax revenues or capital allocations are scarcely possible in these economies. Moreover, debt on the capital market often ends in debt relief, and this can jeopardise refinancing. Ultimately, the only measure remaining is to provide donations and aid that can be made available by the G7 countries, the World Bank or the World Health Organization, among others.
The 14th Annual Meeting of the Sponsoring Group Reinsurance was held 25 June 2021. Due to COVID-19, the event was held in an online format again this year. Some 80 representatives of the (re)insurance companies involved in the Sponsoring Group
took part in the meeting, along with guests. Offered for the seventh time as part of the Annual Meeting, the Researchers’ Corner gave the seven academic researchers at the Cologne Research Centre for Reinsurance an opportunity to deliver a
presentation on the research project in which each is involved in 2021. Over the course of three sessions, the most important results of the scientific studies by the Cologne Research Centre for Reinsurance were presented and discussed.
The heterogeneity of the topics presented reflects the dovetailing of Cologne Research Centre with reinsurance practice.