Journal of Risk and Insurance

This academic risk management and insurance journal provides research in industrial organization of insurance markets, management of risks in the private and public sectors, insurance regulation and more.

Articles from Vol. 64, No. 4, December

Controlling Information Premia by Repackaging Asset-Backed Securities
INTRODUCTION Credit securitization began with the development of the residential mortgage-backed securities business in the 1960s and now includes products backed by a range of receivables, including commercial mortgages, auto loans and leases, home...
Delaware Supreme Court Finds Direct Mail Insurer's Policy Language Inadequate to Satisfy State Statutory Requirement of Making Additional Uninsured Motorist Coverage Available
DELAWARE SUPREME COURT FINDS DIRECT MAIL INSURER'S POLICY LANGUAGE INADEQUATE TO SATISFY STATE STATUTORY REQUIREMENT OF MAKING ADDITIONAL UNINSURED MOTORIST COVERAGE AVAILABLE Mason v. United Services Automobile Association, C.A. No. 94C-09-013-SCD (Del....
Determinants of Corporate Hedging Behavior: Evidence from the Life Insurance Industry
INTRODUCTION For the past 20 years, interest rates in the United States have been tremendously volatile. The possibility of future interest rates behaving as those in the past has created economic risk for many corporations that are not properly positioned...
For Purposes of Determining Consequence of Late Notice, New York Decides to Treat Excess Insurers like Primary Insurers
FOR PURPOSES OF DETERMINING CONSEQUENCE OF LATE NOTICE, NEW YORK DECIDES TO TREAT EXCESS INSURERS LIKE PRIMARY INSURERS American Home Assurance Co. v. International Insurance Co., 90 N.Y. 2d 433, 684 N.E. 2d 17, 661 N.Y.S.2d 584 (June 17,1997), N.Y....
Innovations in Managing Catastrophe Risk
The 1980s and 1990s have ushered in impressive changes in the property-liability insurance market. Among these have been a withdrawal of commercial business into alternative risk management vehicles and strategies; crises and coverage changes in liability...
Insurance Derivatives, Tax Policy, and the Future of the Insurance Industry
The future of the insurance industry will be affected greatly by any developments that significantly reduce underwriting, distribution, or capital costs. Given the theme of this conference and recent concern with the supply of catastrophe insurance and...
Insurer Coordination regarding Participation in State Underwriting Association Protected from Antitrust Liability by McCarran-Ferguson Act, Boycott Exception Inapplicable
INSURER COORDINATION REGARDING PARTICIPATION IN STATE UNDERWRITING ASSOCIATION PROTECTED FROM ANTITRUST LIABILITY BY MCCARRAN-FERGUSON ACT, BOYCOTT EXCEPTION INAPPLICABLE Slagle v. ITTHartford, 102 2d 494 (1I th Cir. 1996) A Florida purchaser of windstorm...
Insurers in a Changing and Competitive Financial Structure
The past two decades have ushered in a revolution in the nature of financial institutions. The traditional distinctions between depository institutions, investment banks, insurers, investment companies, pensions, and mutual funds have blurred and, in...
Insurer Surplus Duration and Market Value Revisited
In the preceding comment on our 1995 JRI article, Barney has done a commendable job in pointing out a flaw in the way surplus duration is sometimes measured. This flaw can arise when the spread between assets and liabilities is not correctly incorporated...
Intertemporal Insurance
INTRODUCTION This article develops a framework that allows insurance contracts to be priced using the techniques of intertemporal finance. From Malinvaud (1972, 1973) to Cass, Chichilnisky, and Wu (1996), a significant part of the literature on insurance...
Managing the Tax Liability of a Property-Liability Insurance Company
INTRODUCTION In this work, we analyzes the tax management policy of a property-liability insurance company. Myers' Theorem (1984) implies that the present value of the expected tax liability, the government's tax option, is determined solely by the...
Mental Disabilities and the Americans with Disabilities Act: A Dysfunctional Handbook?
Mental Disabilities and the Americans with Disabilities Act: A Dysfunctional Handbook? by John F. Fielder (Quorum Books, 1994). Reviewer: Richard A. Stohlman, Towson, Maryland John F. Fielder, president and founder of San Francisco's California Institute...
Nonexpected Utility and Risk Management
Nonexpected Utility and Risk Management, edited by Christian Gollier and Mark Machina (Kluwer Academic Publishers, 1995). Reviewers: Tapen Sinha, Instituto Tecnologico Autonomo de Mexico Jayavel Sounderpandian, University of Wisconsin-Parkside This book...
On the Risk of Insurance Liabilities: Debunking Some Common Pitfalls
INTRODUCTION The savings and loan debacle - the soaring number of insolvencies of financial institutions - was a traumatic event for the United States. During the "roaring eighties," a lot of changes affected the U.S. financial landscape. The rising...
On the Risk of Insurance Liabilities: Debunking Some Common Pitfalls
ABSTRACT This article develops a life insurance liabilities valuation model that debunks some pitfalls commonly encountered in the insurance industry. Using a contingent claim based methodology, a fairly simple closedform solution for the pricing of...
Principles of Insurance: Life, Health, and Annuities
Principles of Insurance: Life, Health, and Annuities, First Edition, by Harriett E. Jones and Dani L. Long (LOMA, 1996). Reviewer: Kenneth C. Froewiss, New York University This book consists of three principal sections: (1) an introduction to insurance...
Public Economics and the Environment in an Imperfect World
Public Economics and the Environment in an Imperfect World, edited by Lans Bovenberg and Sijbren Cnossen (Kluwer Academic Publishers, 1995). The essays compiled in this volume focus on empirical work and policy issues. After a very informative introductory...
Recent Court Decisions
FOR PURPOSES OF DETERMINING CONSEQUENCE OF LATE NOTICE, NEW YORK DECIDES TO TREAT EXCESS INSURERS LIKE PRIMARY INSURERS American Home Assurance Co. v. International Insurance Co., 90 N.Y. 2d 433, 684 N.E. 2d 17, 661 N.Y.S.2d 584 (June 17,1997), N.Y....
The Relation between Capital Structure, Interest Rate Sensitivity, and Market Value in the Property-Liability Insurance Industry: Comment
INTRODUCTION In an intriguing article appearing in this journal, Staking and Babbel (1995) empirically examine the relationship between interest rate risk and market value for firms operating in the insurance industry. Intuitively, firms with greater...
The Workers Compensation Guide
The Workers Compensation Guide (International Risk Management Institute, 1994) International Risk Management Institute, Inc. (IRMI) of Dallas publishes and regularly revises several substantial works in the commercial property-liability insurance field,...
Valuation of the Minimum Guaranteed Return Embedded in Life Insurance Products
INTRODUCTION The topic of this article is the valuation of a periodical minimum return embedded in life insurance contracts in several countries - for example, the United States and Norway. These guarantees are typically included in traditional life...
Author Advanced search

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.