Subjects -> BUSINESS AND ECONOMICS (Total: 3853 journals)
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INSURANCE (26 journals)

Showing 1 - 27 of 27 Journals sorted alphabetically
Annals of Actuarial Science     Full-text available via subscription   (Followers: 2)
Asia-Pacific Journal of Risk and Insurance     Hybrid Journal   (Followers: 7)
Assurances et gestion des risques     Full-text available via subscription  
Astin Bulletin     Full-text available via subscription   (Followers: 1)
Banks in Insurance Report     Hybrid Journal   (Followers: 1)
Blätter der DGVFM     Hybrid Journal   (Followers: 2)
British Actuarial Journal     Full-text available via subscription   (Followers: 1)
Geneva Papers on Risk and Insurance - Issues and Practice     Hybrid Journal   (Followers: 13)
Geneva Risk and Insurance Review     Hybrid Journal   (Followers: 7)
Health Affairs     Full-text available via subscription   (Followers: 80)
Insurance Markets and Companies     Open Access  
Insurance: Mathematics and Economics     Hybrid Journal   (Followers: 10)
International Journal of Business Continuity and Risk Management     Hybrid Journal   (Followers: 17)
International Journal of Forensic Engineering     Hybrid Journal   (Followers: 3)
International Journal of Forensic Engineering and Management     Hybrid Journal   (Followers: 3)
International Journal of Health Economics and Management     Hybrid Journal   (Followers: 13)
International Social Security Review     Hybrid Journal   (Followers: 8)
Journal for Labour Market Research     Open Access   (Followers: 10)
Journal of Derivatives & Hedge Funds     Hybrid Journal   (Followers: 9)
Journal of Risk and Insurance     Hybrid Journal   (Followers: 17)
Journal of Risk Finance     Hybrid Journal   (Followers: 6)
Risk Management     Hybrid Journal   (Followers: 15)
Risk Management & Insurance Review     Hybrid Journal   (Followers: 10)
Scandinavian Actuarial Journal     Hybrid Journal   (Followers: 2)
SourceOECD Finance & Investment/Insurance & Pensions     Full-text available via subscription   (Followers: 3)
The Geneva Reports     Free   (Followers: 2)
Zeitschrift für die gesamte Versicherungswissenschaft     Hybrid Journal   (Followers: 1)
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Geneva Risk and Insurance Review
Journal Prestige (SJR): 0.57
Citation Impact (citeScore): 1
Number of Followers: 7  
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1554-964X - ISSN (Online) 1554-9658
Published by Springer-Verlag Homepage  [2656 journals]
  • Economic transition and insurance market development: evidence from
           post-communist European countries
    • Abstract: We evaluate the development of insurance markets in 18 post-communist European countries over a 10-year period. In doing so, we estimate static and dynamic models to test the relationship between economic transition indices and insurance density and penetration. Results suggest that licensing and trade practices, monetary stability, consumer protections, and government transfers are relevant to property–casualty and life–health insurance consumption. The findings have implications for policymakers aiming to increase insurance coverage in post-communist countries. Additionally, the research underscores the importance of accounting for economic policies and institutions in studies of insurance market development.
      PubDate: 2021-04-22
  • Are risk preferences consistent across elicitation procedures' A field
           experiment in Congo basin countries
    • Abstract: We compare individual risk preferences elicited through a classic Ordered Lottery Selection (OLS) procedure with five gambles, and an extended procedure composed of nine gambles. The research question is about the consistency of the risk preferences across these two elicitation variants. We implemented a field experiment with 1002 rural households in the Congo Basin from December 2013 to July 2014. We show that 1/3 of the sample is extremely risk averse regardless of the procedure. We found inconsistencies in risk preferences elicited across procedures. Indeed, 45.71% are characterized by inconsistency of preferences, either weak (34.53%) or strong (11.18%); 42.81% of the sample exhibits consistent preferences and the remaining 11.48% of the sample - initially risk neutral in the classic procedure - is classified as risk loving in the extended procedure. Undereducation can be seen as the main driver of the strong inconsistency since the incremental change brought about by the attainment of secondary school on the likelihood to remain consistent is ten times greater than the other considered drivers.
      PubDate: 2021-03-08
  • Literacy and the quality of index insurance decisions
    • Abstract: There is widespread concern in developing countries with the expansion of formal insurance products to help manage significant risks. These concerns arise primarily from a lack of understanding of insurance products, general failures of financial literacy and the need to use relatively exotic products in order to keep costs down for poor households. We investigate the importance of incentivized measures for general understanding, as well as domain-specific knowledge of the decision context on the purchase and the quality of index insurance decisions. We evaluate the quality of financial decisions by comparing the individual expected welfare outcomes of a number of decisions each individual makes to purchase index insurance or not. We find that excess purchase is an important driver of welfare losses, and that our incentivized measure of domain-specific literacy plays a critical role in bringing about better quality index insurance decisions.
      PubDate: 2021-02-23
      DOI: 10.1057/s10713-020-00060-1
  • The effect of overconfidence on insurance demand
    • Abstract: Sandroni and Squintani (Am Econ Rev 97(5):1994–2004, 2007) argue that in the presence of overconfident agents, the findings of Rothschild and Stiglitz (Q J Econ 90:629–649, 1976) no longer hold since compulsory insurance makes the low-risk agents worse off. The main assumption of Sandroni and Squintani (2007) is that there exists a causal link between overconfidence and insurance-purchasing behavior. In this paper, I use a design similar to Camerer and Lovallo (Am Econ Rev 89(1):306–318, 1999) to establish this causal link. I show that overconfident subjects purchase significantly less actuarially fair insurance when the probability of loss is unknown and it depends on their own unknown ability than when the probability of loss is known.
      PubDate: 2021-02-18
      DOI: 10.1057/s10713-021-00064-5
  • Parametric insurance and technology adoption in developing countries
    • Abstract: Technology adoption is crucial for the development of low-income countries. This paper investigates how parametric insurance can contribute to improving access to finance, and hence to technology, for smallholder farmers. In a model with moral hazard, we show that bundling parametric insurance with loans may lower collateral requirements, thus promoting the financial inclusion of poor households. The case of agricultural input loans and weather-index insurance is studied in detail and related to bundled finance solutions recently piloted among smallholder farmers in Tanzania.
      PubDate: 2021-02-12
      DOI: 10.1057/s10713-020-00061-0
  • Poverty and hurricane risk exposure in Jamaica
    • Abstract: This paper investigates the impact of hurricane risk exposure on poverty. To achieve this, we use a small area poverty mapping methodology to simulate our measure of poverty for households in Jamaica. Along with calculated hurricane wind exposure estimates that take account of the type of building material which matters for wind vulnerability, we calculate future risks for household poverty under different RCP8.5 climate change models. In general, we find that without wind resistant building material, substantial increases in poverty are likely under most models. The results are indicative of policy instruments needed to counteract the future risk of increases in poverty.
      PubDate: 2021-02-01
      DOI: 10.1057/s10713-021-00063-6
  • Are all mutuals the same' Evidence from CEO turnover in the US
           property–casualty insurance industry
    • Abstract: Organizational form in insurance has been widely studied in the prior literature. Although researchers have recognized sub-types of stock insurers, mutuals have always been considered as a single homogeneous category. To the extent that mutual sub-types behave differently, considering all mutuals the same can result in misleading conclusions. The present study aims to remedy this gap in the literature by considering the full range of mutual firm types. Mutuals are classified as family-controlled, association-controlled, and pure mutuals with various sub-types within each group. We analyze corporate governance among mutual sub-types in the U.S. property–casualty (P–C) insurance industry by studying CEO turnover, particularly nonroutine turnover. Multinomial probit analysis is used to test for relationships between mutual sub-types and turnover. The principal finding is that all mutuals are not the same. The probability of nonroutine CEO turnover is lowest for family-controlled, non-association mutuals and highest for association-controlled mutuals. Non-association mutuals with family-member CEOs have the lowest turnover rates among all ownership types. Thus, future research should utilize more detailed organizational form categories than the traditional literature.
      PubDate: 2020-11-10
      DOI: 10.1057/s10713-020-00059-8
  • Pensions, annuities, and long-term care insurance: on the impact of risk
    • Abstract: We examine the interaction between an individual’s pension scheme and her purchase of long-term care insurance in a context where individuals learn their longevity risk type over time. We show that the structure of an individual’s retirement pension scheme is an important component of her selection of long-term care insurance coverage. When individuals purchase their retirement product and long-term care insurance after learning their risk type, low-risk individuals signal their type solely on the retirement product market, which allows all individuals, irrespective of their risk type, to perfectly insure against the incidence of long-term care shocks. When individuals purchase their retirement product before learning their risk type, then the retirement product will pool all risk types, which prevents any signaling in that market. If individuals still learn their type before purchasing long-term care insurance, then having to signal their type in the long-term care insurance market considerably reduces the take-up rate for such protection for all risk types.
      PubDate: 2020-11-02
      DOI: 10.1057/s10713-020-00058-9
  • Covid-19: implications for insurer risk management and the insurability of
           pandemic risk
    • Abstract: This paper analyzes the insurability of pandemic risk and outlines how underwriting policies and scenario analysis are used to build resilience upfront and plan contingency actions for crisis scenarios. It then summarizes the unique “lessons learned” from the Covid-19 crisis by baselining actual developments against a reasonable, pre-Covid-19 pandemic scenario based on the 2002 SARS epidemic and 1918 Spanish influenza pandemic. Actual developments support the pre-Covid-19 hypothesis that financial market developments dominate claims losses due to the demographics of pandemics and other factors. However, Covid-19 “surprised” relative to the pre-Covid-19 scenario in terms of its impact on the real economy as well as on the property and casualty segment as business interruption property triggers and exclusions are challenged, something that may adversely impact the insurability of pandemics as well as the perception of the industry for some time to come. The unique lessons of Covid-19 reinforce the need for resilience upfront in solvency and liquidity, the need to improve business interruption wordings and re-underwrite the book, and the recognition that business interruption caused by pandemics may not be an insurable risk due to its large accumulation potential and the threat of external moral hazard. These insurability limitations lead to a discussion about the structure and financing of protection against the impact of future pandemics.
      PubDate: 2020-09-22
      DOI: 10.1057/s10713-020-00054-z
  • Insurance for economic losses caused by pandemics
    • Abstract: Private insurance coverage for economic losses caused by pandemics is limited. While many factors contribute to reduced demand and supply, we attribute the low amount of coverage to the high levels of capital that would be required to credibly insure pandemic economic losses with cross-sectional pooling mechanisms. Pooling over time significantly reduces the required capital and therefore the cost of insurance, but as a practical matter likely requires a government with the ability to borrow and tax. We also argue that insurance for economic losses due to pandemics likely generates positive externalities for the macroeconomy. We therefore analyze the general tradeoffs associated with different ways that a government can promote such insurance.
      PubDate: 2020-09-14
      DOI: 10.1057/s10713-020-00055-y
  • Stay-at-home orders and second waves: a graphical exposition
    • Abstract: Integrated epidemiological-economics models have recently appeared to study optimal government policy, especially stay-at-home orders (mass “quarantines”). But these models are challenging to interpret due to the lack of closed-form solutions. This note provides an intuitive and graphical explanation of optimal quarantine policy. To be optimal, a quarantine requires “the cavalry” (e.g., mass testing, strong therapeutics, or a vaccine) to arrive just in time, not too early or too late. The graphical explanation accommodates numerous extensions, including hospital constraints, sick worker, age differentiation, and learning. The effect of uncertainty about the arrival time of “the cavalry” is also discussed.
      PubDate: 2020-09-10
      DOI: 10.1057/s10713-020-00056-x
  • Special issue “Covid-19: the economics of pandemic risks and
           insurance” of the Geneva Risk and Insurance Review
    • PubDate: 2020-09-01
      DOI: 10.1057/s10713-020-00057-w
  • Pricing ambiguity in catastrophe risk insurance
    • Abstract: Ambiguity about the probability of loss is a salient feature of catastrophe risk insurance. Evidence shows that insurers charge higher premiums under ambiguity, but that they rely on simple heuristics to do so, rather than being able to turn to pricing tools that formally link ambiguity with the insurer’s underlying economic objective. In this paper, we apply an \(\alpha\) -maxmin model of insurance pricing to two catastrophe model data sets relating to hurricane risk. The pricing model considers an insurer who maximises expected profit, but is sensitive to how ambiguity affects its risk of ruin. We estimate ambiguity loads and show how these depend on the insurer’s attitude to ambiguity, \(\alpha\) . We also compare these results with those derived from applying model blending techniques that have recently gained popularity in the actuarial profession, and show that model blending can imply relatively low aversion to ambiguity, possibly ambiguity seeking.
      PubDate: 2020-08-27
      DOI: 10.1057/s10713-020-00051-2
  • Pandemic economics: optimal dynamic confinement under uncertainty and
    • Abstract: Most integrated models of the covid pandemic have been developed under the assumption that the policy-sensitive reproduction number is certain. The decision to exit from the lockdown has been made in most countries without knowing the reproduction number that would prevail after the deconfinement. In this paper, I explore the role of uncertainty and learning on the optimal dynamic lockdown policy. I limit the analysis to suppression strategies where the SIR dynamics can be approximated by an exponential infection decay. In the absence of uncertainty, the optimal confinement policy is to impose a constant rate of lockdown until the suppression of the virus in the population. I show that introducing uncertainty about the reproduction number of deconfined people reduces the optimal initial rate of confinement.
      PubDate: 2020-08-17
      DOI: 10.1057/s10713-020-00052-1
  • Willingness to pay for morbidity and mortality risk reductions during an
           epidemic. Theory and preliminary evidence from COVID-19
    • Abstract: The COVID-19 pandemic and the strong social distancing measures adopted by governments around the world provide an ideal scenario to evaluate the trade-off between lives saved and morbidity avoided on the one hand and reduced economic resources on the other. We adapt the standard model of willingness to pay (WTP) for mortality/morbidity risk reductions by incorporating a number of aspects that are highly relevant during an epidemic; namely, health-care capacity constraints, dynamic aspects of prevention (i.e., interventions aimed at flattening the epidemic curve), and distributional issues due to high heterogeneity in the underlying risks. The calibration of the model generates a WTP of the order of 24% of GDP. We conclude that the benefits in terms of lives saved and morbidity avoided can well justify the enormous economic costs generated by social distancing interventions. There is, however, significant that heterogeneity in WTP estimates depending on the degree of vulnerability to infection risk (e.g., by age), implying a large redistribution of income and well-being.
      PubDate: 2020-08-13
      DOI: 10.1057/s10713-020-00053-0
  • Public and private incentives for self-protection
    • Abstract: Governments sometimes encourage or impose individual self-protection measures, such as wearing a protective mask in public during an epidemic. However, by reducing the risk of being infected by others, more self-protection may lead each individual to go outside the house more often. In the absence of lockdown, this creates a “collective offsetting effect”, since more people outside means that the risk of infection is increased for all. However, wearing masks also creates a positive externality on others, by reducing the risk of infecting them. We show how to integrate these different effects in a simple model, and we discuss when self-protection efforts should be encouraged (or deterred) by a social planner.
      PubDate: 2020-07-21
      DOI: 10.1057/s10713-020-00050-3
  • Optimal insurance coverage of low-probability catastrophic risks
    • Abstract: Catastrophic risks are often characterised by a low probability, a high severity and a large number of affected individuals. Taking these specificities into account, we analyse the capacity of insurance contracts to provide coverage for those risks, independently from the market failures frequently observed in practice. On the demand side, we characterise individual preferences under which the willingness to pay for the coverage of large losses remains significant, although their occurrence probability is very small. On the supply side, the correlation between individual losses affects the insurance pricing through the insurers’ cost of capital. Analysing the interaction between demand and supply yields the key determinants of insurability and of a socially optimal risk sharing strategy.
      PubDate: 2020-03-31
      DOI: 10.1057/s10713-020-00049-w
  • Risk aversion, moral hazard, and gender differences in health care
    • Abstract: This paper uses truncated count model with endogeneity and simulated maximum likelihood estimation technique to estimate gender differences in moral hazard in health care insurance. We use the dataset that consists of invoices for all outpatient services from a regional hospital in Croatia. Our theoretical model predicts that higher risk aversion is associated with smaller ex-post moral hazard effect. If women are more risk averse than men, then the moral hazard effect due to health insurance should be lower in women than in men. After adjusting for the sample selection in the estimation, we found a statistically significant evidence of moral hazard for the general population but statistically insignificant difference in moral hazard between men and women.
      PubDate: 2020-01-30
      DOI: 10.1057/s10713-020-00048-x
  • The economics of dishonest insurance companies
    • Abstract: This paper investigates the dynamics of an insurance market on which insurance companies may dishonestly deny eligible claims. Behaving dishonestly can increase the current profit but also entails the risk of losing profit in the future due to a worse reputation. Depending on the reputation cost imposed by policyholders, the analysis either predicts the emergence of reputation cycles or convergence to a stable equilibrium in which all eligible claims are accepted and the insurers’ reputations remain at a high level. I also show that policyholders may discipline insurers using a buying strategy based on an image-scoring rule. My results lead to important insights. For instance, reputation campaigns may have a pro-cyclic effect which leads to more severe reputation crises in the future.
      PubDate: 2020-01-13
      DOI: 10.1057/s10713-019-00047-7
  • Probabilistic independence axiom
    • Abstract: One of the most well-known theories of decision making under risk is expected utility theory based on the independence axiom. The independence axiom postulates that decision maker’s preferences between two lotteries are not affected by mixing both lotteries with the same third lottery (in identical proportions). The probabilistic independence axiom (also known as the cancelation axiom) extends this classic independence axiom to situations when a decision maker chooses in a probabilistic manner (i.e., she does not necessarily prefer the same choice alternative when repeatedly presented with the same choice set). Probabilistic choice may occur for a variety of reasons such as unobserved attributes of choice alternatives, imprecision of preferences, random errors/noise in decisions. According to probabilistic independence axiom, the probability that a decision maker chooses one lottery over another does not change when both lotteries are mixed with the same third lottery (in identical proportions). This paper presents a model of probabilistic binary choice under risk based on this probabilistic independence axiom. The presented model generalizes an incremental expected utility advantage model of Fishburn (Int Econ Rev 19(3):633–646, 1978) and stronger utility model of Blavatskyy (Theory Decis 76(2):265–286, 2014).
      PubDate: 2020-01-08
      DOI: 10.1057/s10713-019-00046-8
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Heriot-Watt University
Edinburgh, EH14 4AS, UK
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