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. 72, No. 1, March

Adverse Selection in an Insurance Market with Government-Guaranteed Subsistence Levels
ABSTRACT We consider a competitive insurance market with adverse selection. Unlike the standard models, we assume that individuals receive the benefit of some type of potential government assistance that guarantees them a minimum level of wealth....
Credit Risk: Pricing, Measurement, and Management
Credit Risk: Pricing, Measurement, and Management, by Darrell Duffie and Kenneth J. Singleton, 2003, Princeton, NJ: Princeton University PressCredit risk is the major challenge for risk managers and market regulators. International regulation of banks'...
Damages Caps, Insurability, and the Performance of Medical Malpractice Insurance
ABSTRACT This article uses the complete property-casualty insurance files of the National Association of Insurance Commissioners from 1984 to 1991 to assess the effect of medical malpractice reforms pertaining to damages levels and the degree to...
Dynamic Insurance Contracts and Adverse Selection
ABSTRACT We take a dynamic perspective on insurance markets under adverse selection and study a dynamic version of the Rothschild and Stiglitz model. We investigate the nature of dynamic insurance contracts by considering both conditional and unconditional...
Embracing Risk: The Changing Culture of Risk and Responsibility
Embracing Risk: The Changing Culture of Risk and Responsibility, by Tom Baker and Jonathan Simon, Eds., Chicago: The University of Chicago Press, 2002Editors Baker and Simon trace the evolution of modern society into one of "more insurance for more people"...
Insurance in a Market for Credence Goods
ABSTRACT We study the impact of variations in the degree of insurance on the amount of fraud in a physician-patient relationship. In a market for credence goods, where prices are regulated by an authority, physicians act as experts. Due to their...
Ownership Structure, Agency Costs, Specialization, and Efficiency: Analysis of Keiretsu and Independent Insurers in the Japanese Nonlife Insurance Industry
ABSTRACT This article uses the nonparametric frontier method to examine differences in efficiency for three unique organizational forms in the Japanese nonlife insurance industry--keiretsu firms, nonspecialized independent firms (NSIFs), and specialized...
Real and Illusory Value Creation by Insurance Companies
INTRODUCTION One of the fundamental tenets of financial economics is that insurance companies, just as other financial and non-financial firms, have a very strong incentive to maximize current shareholder value. (1) This seemingly simple observation...
The Role of Holding Company Financial Information in the Insurer-Rating Process: Evidence from the Property-Liability Industry
ABSTRACT We examine data for the year ended December 31, 1997 for 80 publicly traded property-liability insurers that have Best financial strength ratings of their consolidated insurance-operating subsidiaries. These firms employ a holding company...
The Theory of Demand for Health Insurance
The Theory of Demand for Health Insurance, by John A. Nyman, 2003, Stanford Economics and Finance, Stanford, California: Stanford University Press.This book exposes a new theory of demand for health insurance. Not only is this theory really new (even...
Why Stock Markets Crash: Critical Events in Complex Financial Systems
Why Stock Markets Crash: Critical Events in Complex Financial Systems, by Didier Sornette, 2003, Princeton, NJ: Princeton University PressConsider the following events: a pressure tank within a rocket propulsion system fails during a launch; tectonic...
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