I.VW | Innovation in Risk and Insurance

Innovation in Risk and Insurance

The team bundles key topics that will shape the future of insurance. Our approach is holistic, combining both theoretical and empirical methodologies to deliver the most adequate solution for each research question that we address. We explicitly consider solutions beyond the classical insurance industry to tackle modern risk management challenges with a major societal impact. Therefore, we work at the interface between capital markets, insurance markets and technology.

Currently, our research / teaching activities encompass the following areas:

  • Natural Catastrophe Risk and Protection Gaps
  • Alternative Risk Transfer (ART) and Insurance-Linked Securities (ILS)
  • Climate Change and Sustainable Insurance
  • InsurTech and Innovative Business Models in Insurance
  • Blockchain Economics and Decentralized Insurance
  • Transformative Technologies in Risk Management

Alexander Braun is Adjunct Professor of Risk Management at the University of St.Gallen (HSG) and Member of the Executive Board of the Institute of Insurance Economics (I.VW-HSG). Before joining HSG, he worked in the Capital Markets Division of Lehman Brothers in London. Mr. Braun studied at leading universities in Germany, Australia, Switzerland, the United Kingdom, and the United States. He holds the degree “Diplom-Kaufmann” from the University of Mannheim (Germany) and a Ph.D. in Finance from the University of St.Gallen (Switzerland). In 2016, he additionally obtained the Venia Legendi in Business Administration. The research and teaching activities of Mr. Braun have been awarded, amongst others, by the American Risk and Insurance Association (ARIA), the Asia-Pacific Risk and Insurance Association (APRIA), and the Casualty Actuarial Society (CAS). Overall, he looks back on more than 10 years of combined scholarly and practical experience in risk management, insurance, and the financial markets.


  • 2000: Abitur at Immanuel-Kant-Gymnasium, Tuttlingen, Germany
  • 2001-2003: Undergrad. Studies, University of Mannheim, Germany
  • 2004: Study Abroad Program, Monash University, Melbourne, Australia
  • 2003-2007: Studies in Business Administration (Dipl.-Kfm.), University of Mannheim, Germany (Majors: Banking & Finance, International Management, Marketing; Thesis: Regulatory Capital Arbitrage Under Basel II, supervision by Prof. Dr. Wolfgang Bühler)
  • 2010: ICPSR Summer Program in Quantitative Research Methods, University of Michigan, Ann Arbor, USA (Advanced Regression, Time Series Analysis)
  • 2009-2011: Ph.D. in Finance, University of St.Gallen (Thesis: Essays on Insurance-Linked Capital Market Instruments, Solvency Measurement, and Insurance Pricing, supervision by Prof. Dr. Hato Schmeiser and Prof. Dr. Manuel Ammann)
  • 2012: Summer School in Social Science Data Analysis, University of Essex, Colchester, UK (Panel Data Analysis, Logit and Probit Models)
  • 2013: Summer School in Empirical Research Methods (SSERM), University of St.Gallen (Bayesian Estimation and Inference)
  • 2011-2016: Habilitation at the University of St.Gallen (Thesis: Essays on Insurance-Linked Securities, Financial Regulation and Consumer Preferences)
  • 2016: Venia Legendi in Business Administration (with special emphasis on Risk Management)


Work Experience

  • 2001: Accounting, Karl Storz GmbH & Co. KG, Tuttlingen
  • 2003: Management Accounting, BASF AG, Ludwigshafen
  • 2005: Strategic Marketing, SAP Deutschland AG & Co. KG, Walldorf
  • 2006: Global Markets, Deutsche Bank AG, Frankfurt am Main
  • 2007-2008: Senior Analyst Capital Markets, Lehman Brothers, London, UK
  • 2009-2011: Research Associate, Institute of Insurance Economics, St.Gallen
  • 2011-2013: Project Leader, Institute of Insurance Economics, St.Gallen
  • 2013-2017: Assistant Professor of Risk Management, University of St.Gallen
  • Since 12/2015: Member of the Executive Board, Institute of Insurance Economics, St.Gallen
  • Since 08/2017: Adjunct Professor of Risk Management, University of St.Gallen



  • Certificate of Outstanding Achievement, Monash University, 2004
  • Ph.D. Predicate with the Highest Distinction, University of St. Gallen (HSG), 2011
  • Dr. Hans Kessler Best Paper Award, Institute of Insurance Economics (I.VW-HSG), 2011
  • Postdoctoral Research Grant, University of St. Gallen Research Fund (GFF-HSG), 2012
  • Dr. Hans Kessler Best Paper Award, Institute of Insurance Economics (I.VW-HSG), 2012
  • Harold D. Skipper Best Paper Award, Asia-Pacific Risk and Insurance Association (APRIA), 2013
  • Les B. Strickler Innovation in Instruction Award, American Risk and Insurance Association (ARIA), 2014
  • Postdoctoral Research Grant, University of St. Gallen Research Fund (GFF-HSG), 2014
  • Journal of Insurance Issues Best Paper Award, JII/Center for the Study of Insurance Regulation (CSIR), 2014
  • Finalist SCOR Young Economist Best Paper Award, European Group of Insurance Economists (EGRIE), 2016
  • Casualty Actuarial Society (CAS) Best Paper Award, American Risk and Insurance Association (ARIA), 2017
  • FT50 Publication Success Fee, University of St. Gallen (HSG), 2019
  • Shin Research Excellence Award, Geneva Association/International Insurance Society (IIS), 2019
  • Climate Protection and Sustainability Impact Award, LIFE Climate Foundation Liechtenstein, 2019


Research and Consulting

  • Natural Catastrophe Risk
  • Alternative Capital
  • Insurance-Linked Securities
  • InsurTech
  • Blockchain Economics
  • Asset Pricing
  • Asset Management
  • Insurance Economics


Teaching Actitivites

  • Bachelor’s and Master’s Theses
  • Risk Management (MBF, MAccFin)
  • Insurance-Linked Securities (MBF, Executive Education)
  • Reinsurance (Executive Education)
  • InsurTech (Executive Education)
  • Innovative Business Models in Insurance (Executive Education)
  • Blockchain Technology in Risk & Insurance (Executive Education)
  • Asset Management (Executive Education)
  • Introduction to Finance (Executive Education)
  • Saving & Investing for Retirement (Executive Education)
  • Current Topics in Nonlife Insurance (Executive Education)
  • Current Topics in Life Insurance (Executive Education)
  • Changing Customer Behavior (Executive Education)


The main research and consulting areas of Mr. Braun currently comprise Insurance-Linked Securities (ILS), InsurTech and Innovation in Risk & Insurance. Moreover, he regularly works on selected topics in the fields of asset pricing, asset management, financial regulation as well as insurance economics. Mr. Braun has published in renowned scientific journals of the risk management discipline such as the Journal of Risk and Insurance, the European Journal of Operational Research, the Risk Management and Insurance Review, and the Geneva Papers on Risk and Insurance.


Complete List of Working Papers & Publications




Mr. Braun regularly contributes to worldwide academic conferences in his field and has been an invited moderator, panelist, and keynote speaker at various professional industry events. In addition, he served as a referee for over 25 different academic journals, mainly in the disciplines risk management & insurance, actuarial science and banking & finance. Due to the proven expertise in his core research and consulting areas he had several media appearances, comprising German and Swiss newspaper articles as well as Swiss national radio and television broadcasts.


Complete List of Talks, Moderations & Presentations


Referee Activities

  • American Risk & Insurance Association (ARIA)
  • Asia-Pacific Journal of Risk and Insurance (APJRI)
  • ASTIN Bulletin – The Journal of the International Actuarial Association
  • AXA Research Fund
  • European Journal of Finance (EJF)
  • European Journal of Operational Research (EJOR)
  • Geneva Papers on Risk and Insurance – Issues and Practice (GPP)
  • German Insurance Science Association (DVfVW)
  • IEEE Transactions on Cybernetics
  • Insurance: Mathematics and Economics (IME)
  • International Journal of Finance and Economics (IJFE)
  • International Journal of Financial Studies (IJFS)
  • International Journal of Health Policy and Management (IJHPM)
  • International Journal of Services and Operations Management (IJSOM)
  • International Review of Economics and Finance (IREF)
  • Journal of Banking and Finance (JBF)
  • Journal of Business Economics (JBEC)
  • Journal of Computational Science (JOCS)
  • Journal of Economic Behavior and Organization (JEBO)
  • Journal of Insurance Regulation (JIR)
  • Journal of Marketing Management (JMM)
  • Journal of Mathematical Finance (JMF)
  • Journal of Money, Credit and Banking (JMCB)
  • Journal of Risk and Financial Management (JRFM)
  • Journal of Risk and Insurance (JRI)
  • Journal of Risk Finance (JRF)
  • Journal of Sustainable Finance and Investment (JSFI)
  • Management Science (MS)
  • North American Actuarial Journal (NAAJ)
  • Risk Management and Insurance Review (RMIR)
  • Risks – An Open-Access Journal from MDPI
  • Scandinavian Actuarial Journal (SACT)
  • Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung (zfbf)
  • Sustainability – An Open-Access Journal from MDPI
  • Swiss Society for Financial Market Research (SGF)
  • Yearbook on International Investment Law and Policy


Research Grants

  • 2018-2021: Understanding Valuation and Risk Premiums in the Markets for Insurance-Linked Securities; Swiss National Fund (SNF) Research Project
  • 2015-2016: Handbook of Political Risk Insurance; Applied Research Project Supported by the Funk Foundation, Hamburg (with M. Fischer)
  • 2015-2016: Insurance-Linked Securities, Risk-Adjusted Performance Measurement, and Behavioral Insurance; Postdoctoral Grant by the HSG Research Funds
  • 2014-2019: Several Research Project Fundings from the Dr. Hans Kessler Fund; I.VW-HSG
  • 2012-2014: Implicit Constraints, Incentives, and Systemic Risk Imposed by New Standards for Insurance Regulation; Swiss National Fund (SNF) Research Project (with M. Eling and H. Schmeiser); Cooperation with N. Gatzert
  • 2012-2013: Catastrophe Bonds, Solvency Regulation, and the Asset Management of Insurance Companies; Postdoctoral Grant by the HSG Research Fund
  • 2010-2012: Regulation in the Financial Services Industry After the Crisis; Swiss National Fund (SNF) Research Project  (with P. Rymaszewski and H. Schmeiser); Cooperation with M. Eling








Institut für Versicherungswirtschaft
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