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Firm's Demand for Insurance: An Explorative Approach 企业对保险的需求:一种探索性方法
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2019-08-29 DOI: 10.1111/rmir.12128
Simone Krummaker
{"title":"Firm's Demand for Insurance: An Explorative Approach","authors":"Simone Krummaker","doi":"10.1111/rmir.12128","DOIUrl":"https://doi.org/10.1111/rmir.12128","url":null,"abstract":"This paper addresses the question, what influences the insurance demand of companies and examines the influence of managerial risk aversion in this decision process. An explorative research approach based on qualitative data analysis is applied to explore the factors influencing the insurance related decision behavior in organizations. Using interviews and observations of firm’s insurance managers, the results identify interdependencies between factors of insurance demand, such as ownership structure, managerial discretion, volatility of earning, size, services of the insurer and business diversification which allows to propose a framework of contextual factors affecting company’s insurance demand. Within this framework, the data imply managerial risk attitudes as decisive factor in the decision process about insurance demand in companies. This explorative study enriches the existing theories of firms’ insurance demand and addresses feedback from practice into theory.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"115 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124810211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Behavioral Insurance and Economic Theory: A Literature Review 行为保险与经济理论:文献综述
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2019-07-01 DOI: 10.1111/rmir.12119
G. Harrison, J. Ng
{"title":"Behavioral Insurance and Economic Theory: A Literature Review","authors":"G. Harrison, J. Ng","doi":"10.1111/rmir.12119","DOIUrl":"https://doi.org/10.1111/rmir.12119","url":null,"abstract":"Decisions to purchase insurance should be a perfect place to see economic theory at work in general, and behavioral economics at work in particular. We have well‐developed theories of the demand for, and welfare evaluation of, insurance products. These theories extend relatively easily to the insights of behavioral economics. Unfortunately, the empirical literature has not maintained this tight connection. In fact, much of the empirical literature illustrates the dangers of the modern passion with agnostic economics: avoiding theory at all costs to focus on “what works.” We identify these dangers and the implications in the literature.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121617472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
Methodological Considerations in the Statistical Modeling of Catastrophe Bond Prices 巨灾债券价格统计模型的方法学考虑
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2019-02-27 DOI: 10.1111/rmir.12114
John A. Major
{"title":"Methodological Considerations in the Statistical Modeling of Catastrophe Bond Prices","authors":"John A. Major","doi":"10.1111/rmir.12114","DOIUrl":"https://doi.org/10.1111/rmir.12114","url":null,"abstract":"The problem of specifying and fitting a statistical model of the pricing of property catastrophe risk is addressed from a methodological perspective. Notable 21st century published efforts to do this are reviewed. The problem is framed in a business context and various strategic and tactical issues are investigated. A naive application of ordinary least squares regression is seen to have undesirable consequences. Alternative approaches are offered, including weighted least squares with weights inversely proportional to capital requirements, and alternative functional forms. Recommendations are offered.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"93 20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126045469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Driverless Technologies and Their Effects on Insurers and the State: An Initial Assessment 无人驾驶技术及其对保险公司和国家的影响:初步评估
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2018-12-01 DOI: 10.1111/rmir.12110
Martin F. Grace, J. Ping
{"title":"Driverless Technologies and Their Effects on Insurers and the State: An Initial Assessment","authors":"Martin F. Grace, J. Ping","doi":"10.1111/rmir.12110","DOIUrl":"https://doi.org/10.1111/rmir.12110","url":null,"abstract":"This article explores the impacts of new auto technologies and their financial effects on insurance markets, a set of complementary services, and state revenues. We use data from the National Association of Insurance Commissioners, the National Highway Traffic Safety Administration's Fatality Analysis Reporting System, the Bureau of Justice Statistics, and the Census Bureau to create a data set that links industry and state finance variables to a set of variables related to driving. Our purpose in this initial assessment is to estimate the sensitivity of these financial variables to different indices of driving including the number of drivers, the number of cars licensed per year, and the number of vehicle miles driven. The resulting estimates are used to create elasticities to show how sensitive each is to changes brought about by the new technologies.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"15 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126290702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Externalities from Driving Luxury Cars 驾驶豪车的外部性
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2017-12-01 DOI: 10.1111/rmir.12085
S. Park, Sangeun Han
{"title":"Externalities from Driving Luxury Cars","authors":"S. Park, Sangeun Han","doi":"10.1111/rmir.12085","DOIUrl":"https://doi.org/10.1111/rmir.12085","url":null,"abstract":"Driving luxury cars creates negative externalities. Driving a luxury car increases property damage liability insurance costs for all drivers due to the striking differences in repair costs of luxury cars and nonluxury cars in Korea. In this study, we estimate the externalities related to auto accidents involving luxury cars by running a two†part model using unbalanced individual†level panel data on insurance claims and characteristics of the insured party. We find evidence of negative externalities in all of our results. To be specific, a 1 percent increase in luxury cars raises the property damage liability costs by 1.9–2.6 percent per claim. The estimated nationwide increase in the cost of liability due to driving of luxury cars in Korea is USD 139–196 million per year. This cost is shared by all drivers nationwide.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124978309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
ACA Exchange Competitiveness in California 加州ACA交易所竞争力
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2017-09-01 DOI: 10.1111/rmir.12078
Micah Weinberg, Patrick Kallerman
{"title":"ACA Exchange Competitiveness in California","authors":"Micah Weinberg, Patrick Kallerman","doi":"10.1111/rmir.12078","DOIUrl":"https://doi.org/10.1111/rmir.12078","url":null,"abstract":"California's implementation of the Affordable Care Act (ACA) has been the most successful in the nation and is, in many ways, a model of how a managed competition marketplace is expected to work. In particular, the state's decision to structure its marketplace as an active purchaser has contributed to premium increases that are lower than in almost all other states. This report on the performance of the ACA marketplace in California examines the effects of concentration and consolidation factors, the breadth of enrollment, and the impact of competition on the cost of health insurance and the options available to consumers across the many diverse regions of the state, in the context of an active purchaser exchange structure interacting with the regulations of federal law and with local market dynamics. It concludes that the relative concentrations of insurers and particularly of providers in the different rating regions of the state are the fundamentals that matter most in the effort to bend the health insurance cost curve.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129334898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Yes We Can (Price Derivatives on Survivor Indices) 是的，我们可以(幸存者指数的价格衍生品)
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2017-03-01 DOI: 10.1111/rmir.12073
M. Boyer, Lars Stentoft
{"title":"Yes We Can (Price Derivatives on Survivor Indices)","authors":"M. Boyer, Lars Stentoft","doi":"10.1111/rmir.12073","DOIUrl":"https://doi.org/10.1111/rmir.12073","url":null,"abstract":"We propose a simulation approach to value derivatives when the underlying dynamics are estimated using the survivor indices directly. Our results show that survivor forward and swap premiums increase with maturity and with the market price of risk. Our results also confirm that taking the optionality into consideration is important from a pricing perspective, for both U.S. women and men. We compare our results to what is obtained using an alternative modeling approach in which a Lee–Carter model is used to indirectly model the survivor index. Compared to this method, our estimated premiums and prices are higher for all longevity products. Moreover, comparing American-style with European-style options we find that, although the early exercise option has value when using survivor indices directly, the relative value of the early exercise option is significantly less than when the Lee–Carter model is used to indirectly model the survivor index. It follows that the assumed mortality dynamics have important implications for the term structure of forward and swap premiums and for the effect that changes in the market price of risk has on them.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"231 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121881791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Health Benefit Downward Rigidity: Employers’ Responses to Rising Insurance Costs 健康福利向下刚性:雇主对保险成本上升的反应
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2015-09-01 DOI: 10.1111/rmir.12047
Xuguang Guo, R. Tao
{"title":"Health Benefit Downward Rigidity: Employers’ Responses to Rising Insurance Costs","authors":"Xuguang Guo, R. Tao","doi":"10.1111/rmir.12047","DOIUrl":"https://doi.org/10.1111/rmir.12047","url":null,"abstract":"The article examines employers’ responses to rising insurance costs using Census Bureau Medical Expenditure Panel Survey–Insurance Component data from 1997 to 2005. The findings confirm that employers did not take dramatic actions to reduce benefit in response to the rising insurance cost during our study period. Most employers did not drop health insurance coverage, reduce workers’ eligibility for insurance, or substantially scale back their health insurance coverage. Instead, companies controlled the insurance cost in more subtle ways by adopting cost-efficient health plans and requesting employee contribution to the insurance premium and out-of-pocket expenses for medical treatments. Our results show that the effect of those tactics was limited. The share of employee spending did not rise along with the growth of insurance premiums. Employers absorbed a large portion of the increased insurance cost.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127705786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Recent Research Developments Affecting Nonlife Insurance - The CAS Risk Premium Project 2013 Update 影响非寿险的最新研究进展——中国科学院风险保费项目2013年更新
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2015-03-01 DOI: 10.1111/rmir.12034
C. Biener, M. Eling, Shailee Pradhan
{"title":"Recent Research Developments Affecting Nonlife Insurance - The CAS Risk Premium Project 2013 Update","authors":"C. Biener, M. Eling, Shailee Pradhan","doi":"10.1111/rmir.12034","DOIUrl":"https://doi.org/10.1111/rmir.12034","url":null,"abstract":"This article reports the main results of the 2013 Risk Premium Project update, a yearly review of actuarial and finance literature on the theory and empirics of risk assessment for property–casualty insurance. The literature review reveals a broad variety of topics, with a strong leaning toward catastrophe risk, market efficiency, and new valuation techniques. Within the field of catastrophe risk, the role of weather and climate-related risks for the insurance sector is reviewed and both the threats and the opportunities arising from the changing risk landscape are discussed.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124163528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Contingent Commissions, Insurance Intermediaries, and Insurer Performance 或有佣金、保险中介和保险公司绩效
Wiley-Blackwell: Risk Management & Insurance Review Pub Date : 2014-03-01 DOI: 10.1111/rmir.12004
Yu-Luen Ma, Nat Pope, Xiaoying Xie
{"title":"Contingent Commissions, Insurance Intermediaries, and Insurer Performance","authors":"Yu-Luen Ma, Nat Pope, Xiaoying Xie","doi":"10.1111/rmir.12004","DOIUrl":"https://doi.org/10.1111/rmir.12004","url":null,"abstract":"This research investigates the relationship shared by contingent commission usage and insurer performance. We assess performance using both frontier efficiency and financial performance measures. Our findings reveal that the relationship is complex and varies across differing insurer business models. We find that nonusers of contingent commissions are more cost and revenue efficient than are users of contingents. However, among insurers that use contingents, relatively higher levels of use are associated with more efficient operations and also better financial performance. Additionally, these findings are conditioned on the type of distribution system the insurer employs.","PeriodicalId":192218,"journal":{"name":"Wiley-Blackwell: Risk Management & Insurance Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130267118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
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