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. 86, No. 1, March

Ambiguity and Insurance: Capital Requirements and Premiums
INTRODUCTION Many (re)insurance contracts are contingent on events such as hurricanes, terrorist attacks, or political upheavals, whose probabilities are not known with precision. Such contracts are said to be subject to "ambiguity." There may be...
Are Green Car Drivers Friendly Drivers? a Study of Taiwan's Automobile Insurance Market
INTRODUCTION With the increasing maturity of green car technologies, green cars have become a new trend. Many well-known insurance companies worldwide have observed the new trend and have provided premium discounts on automobile insurance rates...
Convergence of Capital and Insurance Markets: Consistent Pricing of Index-Linked Catastrophe Loss Instruments
INTRODUCTION Alternative risk transfer (ART) has become increasingly relevant inrecent decades for insurers and investors, (1) especially due to a considerably growing risk of extreme losses from natural catastrophes caused by value concentration...
Endogenous Insolvency in the Rothschild-Stiglitz Model
INTRODUCTION The Rothschild and Stiglitz (1976) (RS) model on competitive insurance markets with adverse selection is considered as one of the major contributions to the literature on markets with asymmetric information to date. Yet, the RS model...
Loss SHOCKS IN EXPORT CREDIT INSURANCE MARKETS: EVIDENCE FROM A GLOBAL INSURANCE GROUP
INTRODUCTION For decades, developments in trade credit insurance markets remained largely unnoticed to policy makers and the wider public. For example, the structural change within the European Union (EU)--where public export credit agencies were...
Postclaim Underwriting and the Verification of Insured Information: Evidence from the Life Insurance Industry
INTRODUCTION Misrepresentation and fraud are important issues across all lines in insurance and as such have been the subject of a great deal of research (e.g., Picard, 1996, 2000, 2009; Crocker and Tennyson, 2002; Derrig, 2002; Tennyson and Salsas-Forn,...
Precautionary Investment in Wealth and Health
INTRODUCTION People often make investment decisions, with the aim of improving future status at the expense of current resources. The costs and benefits can occur in different dimensions. If a decision maker (henceforth DM) wishes to raise his future...
Prudence and Precautionary Effort
INTRODUCTION The notion of risk aversion has been firmly established in economics, finance, and psychology, but higher-order risk preferences such as prudence and temperance have received a good deal of attention only recently (Deck and Schlesinger,...
SM Bonds-A New Product for Managing Longevity Risk
INTRODUCTION SM bonds proposed in this article aim to address key problem areas for individuals planning their retirement, for governments grappling with budgetary problems due to the social security demands of an aging population, and for the private...
Why Do Firms Use Insurance to Fund Worker Health Benefits? the Role of Corporate Finance
INTRODUCTION When a firm offers health benefits to workers, it exposes the firm to the risk of making payouts when workers get sick. A firm can either pay health expenses out of its general assets, keeping the risk inside the firm, or it can transfer...
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