2023-04-132023-04-13https://www.alexandria.unisg.ch/handle/20.500.14171/58420The aim of this project is to illustrate the modeling of non-life insurance risks using the Bernstein copula. Therefore we first conduct a goodness-of-fit analysis and compare the Bernstein copula with other widely used copulas. Further, the use of the Bernstein copula in risk modeling is illustrated in a Valueat- Risk context. In both analyses we utilize German claims data on storm, flood and water damage insurance for calibration. Our results highlight advantages of the Bernstein copula compared to other widely used approaches, among which are its flexibility in mapping inhomogeneous dependence structures and its easy use in a simulation context due to its representation as mixture of Beta densities. Both practitioners and regulators working toward an appropriate modeling of dependencies in a risk management and solvency context can benefit from our findings.SimulationDynamic Financial Analysisapplied research project