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. 71, No. 3, September

Alternative Risk Strategies
Alternative Risk Strategies, by Morton Lane, 2002, London: Risk Waters Group Ltd.As vividly revealed throughout Morton Lane's edited volume, Alternative Risk Strategies, the market strives incessantly towards greater efficiency. Alternative risk strategies...
Asset Pricing, Frontier of Real Estate Finance
Asset Pricing, Frontier of Real Estate Finance, Vol. 1, by Jianping Mei and Hsien-hsing Liao, New Jersey: World ScientificThis volume is a collection of articles that demonstrates how finance can be applied to obtain new insights into real estate risk...
California Supreme Court Refuses to Give Effect to Automobile Policy Language Restricting Coverage for Permissive Users of Vehicle; Coverage-Limiting Language Insufficiently "Conspicuous, Plain, and Clear" to Be Enforced
Haynes v. Farmers Insurance Exchange, 32 Cal. 4th 1198, 89 P. 3d 381 (California Supreme Court--May 17, 2004) Haynes involved an automobile policy that provided, in two separate portions of the policy, there was no coverage for claims made arising...
California Supreme Court Refuses to Give Literal Effect to Jewelers' Block Policy Language Limiting Coverage
E.M.M.I., Inc. v. Zurich American Ins. Co., 84 P. 3d 38, 9 Cal. Reptr. 3d 701 (California Supreme Court--February 23, 2004) Perhaps because of the high risk of moral hazard or outright fraud through "inside jobs" and because of the often suspicious-looking...
Carve-Outs in Workers' Compensation: An Analysis of the Experience in the California Construction Industry
Carve-Outs in Workers' Compensation: An Analysis of the Experience in the California Construction Industry, by David I. Levine, Frank W. Neuhauser, Richard Reuben, Jeffrey S. Petersen, and Cristian Echeverria, 2002, Kalamazoo: W.E. Upjohn Institute for...
Climate Risk and the Weather Market: Financial Risk Management with Weather Hedges
Climate Risk and the Weather Market: Financial Risk Management With Weather Hedges, by Robert S. Dischel, 2002, London: Risk BooksAt the time of writing this review, a sampling of recent financial risk management news includes the following items: Japan's...
Courts Take Different Approaches to Issue of Liability for Volitional Policyholder Misconduct Causing Injury
American Home Assurance Co. v. Pope, 360 F. 3d 848 (United States Court of Appeals for Eight Circuit--April 20, 2004) (applying Missouri law) Beckwith v. State Farm Fire & Casualty Co., 83 P. 3d 275 (Nevada Supreme Court-January 30, 2004) ...
Endorsements Used in Policy without Proper Filing and Approval Required by State Insurance Regulation Void and of No Impact on Priority between No Fault and Liability Coverage
Clarendon National Mutual Insurance Co. v. Amica Mutual Insurance Co., 441 Mass 248, 805 N.E. 2d 8 (Supreme Judicial Court of Massachusetts--March 19, 2004). During the 1996-1998 period, Clarendon issued business auto insurance policies to nine...
Financial Analysis: A User Approach
Financial Analysis: A User Approach, by Gary Giroux, 2003, Hoboken, NJ: John Wiley & SonsFinancial analysis has become more important than ever, as indicated by Gary Giroux in his book Financial Analysis: A User Approach, Business activity is accelerating...
Florida's Pension Election: From DB to DC and Back
During the year 2002, the State of Florida's 600,000 public employees were given the choice of converting their traditional defined benefit (DB) pension plan into an individual-account defined contribution (DC) plan with full control over asset allocation...
Florida Supreme Court Takes Broad Approach to Determining Causation of Third-Party Injury Claims; Gunshots Causing Injury to Party Patrons Are More Than One "Occurrence"
Koikos v. Travelers Indemnity Co., 849 So. 2d 263 (Florida Supreme Court--March 6, 2003) In Koikos v. Travelers Indemnity Co., 849 So. 2d 263 (Fla. 2003), the policyholder was the owner of a restaurant in Tallahassee, Florida. He rented the premises...
Homeowners Insurance with Bundled Catastrophe Coverage
ABSTRACT We estimate the demand for homeowners insurance in Florida and New York with indicated loss costs as our proxy for the quantity of real insurance services demanded. We decompose the demand into the demand for coverage of catastrophe perils...
Insurance Agent's Agreement to "Look Into" Obtaining Commercial Insurance Found Not to Bind Insurer to Coverage for Fire Losses to Architectural Firm. Utah Details Requirements for Enforceable Oral Agreements of Insurance or for the Procuring of Insurance
Harris v. Albrecht, 86 P. 3d 728 (Utah Supreme Court--February 6, 2004) A recent Utah Supreme Court case illustrates that despite the many general pronouncements suggesting broad agent or broker liability, successful litigation against an agent...
On the Cost Structure of the Japanese Property-Casualty Insurance Industry
ABSTRACT This article tests economies of scale and economies of scope for the property-casualty insurance companies in Japan. We fit a composite cost function to a set of Japanese firms over the period from 1980 to 1995 and employ an error components...
Participation in the National Flood Insurance Program: An Empirical Analysis for Coastal Properties
ABSTRACT A perennial question about the National Flood Insurance Program is: how can participation be increased? An empirical analysis of individual-level data reveals that in a sample of coastal areas the participation rate is 49 percent of eligible...
Reinsurance Arrangements Maximizing Insurer's Survival Probability
ABSTRACT The article concerns the problem of purchasing a reinsurance policy that maximizes the survival probability of the insurer. Explicit forms of the contracts optimal for the insurer are derived which are stop loss or truncated stop loss depending...
Retailer That Self-Insures Not Subject to Bad Faith Claims for Arguable Errors in Adjusting Claim Involving Self-Insurance
Morrison v. Toys "R" Us, Inc., 441 Mass. 451,806 N.E. 2d 388 (Supreme Judicial Court of Massachusetts--April 15, 2004) An important limitation on bad faith actions, particularly when sounding in tort rather than in contract, is that they generally...
South Carolina Finds No "Property Damage" Alleged in Homeowners' Claims of Injury to Home Value Due to Defendants Building on Contaminated Land
Auto-Owners Ins. Co. v. Carl Brazell Builders, Inc., 356 S.C. 156, 588 S.E. 112 (S.C. 2003) The Auto-Owners Ins. Co. v. Carl Brazell Builders, Inc. arose when homeowners sued, claiming that developers and contractors associated with an upscale residential...
State Statute Applied to Preclude Cancellation of Policy Absent Satisfaction of Required Grounds and Observance of Statutory Procedure
American Continental Ins. Co. v. Steen, 91 P. 3d 864, 2004 Wash. LEXIS 362 (Washington Supreme Court--May 14, 2004) Substantive state insurance law generally limits the grounds on which an insurer may cancel a personal lines insurance policy. Commonly...
The Determinants of Financial Health of Asian Insurance Companies
ABSTRACT Previous studies of financial health of insurance companies are mainly focused on insurers operating in the United States and developed economies. This article focuses on the solvency of general (property-liability) and life insurance companies...
U.S. Reinsurance Prices, Financial Quality, and Global Capacity
ABSTRACT The puzzle of underwriting cycles and insurance crises in property-liability insurance has led to numerous economic hypotheses and analyses, yet no single theory seems capable of explaining all of its aspects. Reinsurance is hypothesized...
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