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Journal of Risk and Insurance最新文献

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Membership Benefits
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-05-13 DOI: 10.1111/jori.70011
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引用次数: 0
Issue Information: Journal of Risk and Insurance 2/2025
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-05-13 DOI: 10.1111/jori.12476
{"title":"Issue Information: Journal of Risk and Insurance 2/2025","authors":"","doi":"10.1111/jori.12476","DOIUrl":"https://doi.org/10.1111/jori.12476","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 2","pages":"259-261"},"PeriodicalIF":2.1,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12476","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Regulating risk culture in the insurance industry using machine learning
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-05-07 DOI: 10.1111/jori.70009
Aparna Gupta, Abena Owusu
{"title":"Regulating risk culture in the insurance industry using machine learning","authors":"Aparna Gupta,&nbsp;Abena Owusu","doi":"10.1111/jori.70009","DOIUrl":"https://doi.org/10.1111/jori.70009","url":null,"abstract":"<p>This study examines the relationship between risk culture and regulation in the insurance industry using textual analysis and machine learning. By analyzing 10-K disclosures, we classify firms into distinct risk culture clusters and find that the risk culture of insurance firms is significantly shaped by their uncertain risk strategies, constraints in defining, implementing, and reporting risks, as well as litigious decisions and risk management practices. A temporal prediction analysis indicates that large insurers maintaining a poor risk culture trend are less likely to reverse it compared to those improving. Moreover, insurance firms show enhanced risk culture post-Dodd–Frank Act. Our findings underscore the potential benefits of regulations aimed at monitoring and overseeing insurers' risk practices.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 2","pages":"536-574"},"PeriodicalIF":2.1,"publicationDate":"2025-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cyber risk assessment for capital management 资本管理的网络风险评估
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-04-22 DOI: 10.1111/jori.12504
Wing Fung Chong, Runhuan Feng, Hins Hu, Linfeng Zhang
{"title":"Cyber risk assessment for capital management","authors":"Wing Fung Chong,&nbsp;Runhuan Feng,&nbsp;Hins Hu,&nbsp;Linfeng Zhang","doi":"10.1111/jori.12504","DOIUrl":"https://doi.org/10.1111/jori.12504","url":null,"abstract":"<p>This paper introduces a two-pillar cyber risk management framework to address the pervasive challenges in managing cyber risk. The first pillar, cyber risk assessment, combines insurance frequency-severity models with cybersecurity cascade models to capture the unique nature of cyber risk. The second pillar, cyber capital management, facilitates informed allocation of capital for a balanced cyber risk management strategy, including cybersecurity investments, insurance coverage, and reserves. A case study, based on historical cyber incident data and realistic assumptions, demonstrates the necessity of comprehensive cost–benefit analysis for budget-constrained companies with competing objectives in cyber risk management. In addition, sensitivity analysis highlights the dependence of the optimal strategy on factors such as the price of cybersecurity controls and their effectiveness. The framework's implementation across a diverse range of companies yields general insights on cyber risk management.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 2","pages":"424-471"},"PeriodicalIF":2.1,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143945007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Community responses to flooding in risk mitigation actions: Evidence from the community rating system
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-04-17 DOI: 10.1111/jori.70007
Yanjun (Penny) Liao, Simon Sølvsten, Zachary Whitlock
{"title":"Community responses to flooding in risk mitigation actions: Evidence from the community rating system","authors":"Yanjun (Penny) Liao,&nbsp;Simon Sølvsten,&nbsp;Zachary Whitlock","doi":"10.1111/jori.70007","DOIUrl":"https://doi.org/10.1111/jori.70007","url":null,"abstract":"<p>This paper studies the impact of disaster experiences on communities' engagement in risk mitigation actions, focusing on flooding in the United States. We measure risk mitigation actions using communities' scores in the Community Rating System, an incentive program that scores flood preparedness and mitigation activities and rewards communities with flood insurance premium discounts. Leveraging a panel of communities from 1998 to 2019, we find a significant increase in risk mitigation activities following flood events, in both participation rates and intensity of actions. The effects continue to increase up to 10 years. Communities with greater capacity, particularly those in urban areas, exhibit a much stronger response. The findings highlight the adaptive capacity of communities but also raise several concerns regarding the inefficiency of disaster-driven responses and inequitable outcomes across communities.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 2","pages":"357-388"},"PeriodicalIF":2.1,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Textual analysis of insurance claims with large language models 基于大语言模型的保险理赔文本分析
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-03-26 DOI: 10.1111/jori.70004
Dongchen Li, Zhuo Jin, Linyi Qian, Hailiang Yang
{"title":"Textual analysis of insurance claims with large language models","authors":"Dongchen Li,&nbsp;Zhuo Jin,&nbsp;Linyi Qian,&nbsp;Hailiang Yang","doi":"10.1111/jori.70004","DOIUrl":"https://doi.org/10.1111/jori.70004","url":null,"abstract":"<p>This study proposes a comprehensive and general framework for examining discrepancies in textual content using large language models (LLMs), broadening application scenarios in the insurtech and risk management fields, and conducting empirical research based on actual needs and real-world data. Our framework integrates OpenAI's interface to embed texts and project them into external categories while utilizing distance metrics to evaluate discrepancies. To identify significant disparities, we design prompts to analyze three types of relationships: identical information, logical relationships and potential relationships. Our empirical analysis shows that 22.1% of samples exhibit substantial semantic discrepancies, and 38.1% of the samples with significant differences contain at least one of the identified relationships. The average processing time for each sample does not exceed 4 s, and all processes can be adjusted based on actual needs. Backtesting results and comparisons with traditional NLP methods further demonstrate that our proposed method is both effective and robust.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 2","pages":"505-535"},"PeriodicalIF":2.1,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143945015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Learning from experience: Flooding and insurance take-up in the flood zone and its periphery
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-03-04 DOI: 10.1111/jori.70002
Ivan Petkov, Francesc Ortega
{"title":"Learning from experience: Flooding and insurance take-up in the flood zone and its periphery","authors":"Ivan Petkov,&nbsp;Francesc Ortega","doi":"10.1111/jori.70002","DOIUrl":"https://doi.org/10.1111/jori.70002","url":null,"abstract":"<p>Flood insurance take-up remains low outside of the 100-year flood zone (SFHA), where purchasing insurance is entirely voluntary, despite the availability of affordable policies. Merging building footprints and inundation data for a large-scale flooding episode, we document substantial flood risk in the periphery of the SFHA and show that the storm led to large increases in take-up. But, while in the SFHA, the increase vanished after 3 years, it was highly persistent in the periphery. The extent of flooding and the type of policies purchased indicate that periphery residents who experienced flooding for the first time revised upwardly their beliefs about flood risk and began purchasing flood insurance. We also argue that increased granularity in flood risk communication could increase take-up before catastrophic flooding occurs.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 2","pages":"312-356"},"PeriodicalIF":2.1,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Banding together to lower the cost of health care? An empirical study of the Peak Health Alliance in Colorado 联合起来降低医疗成本？科罗拉多州顶峰健康联盟的实证研究
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-02-28 DOI: 10.1111/jori.12507
Mark K. Meiselbach, Matthew D. Eisenberg
{"title":"Banding together to lower the cost of health care? An empirical study of the Peak Health Alliance in Colorado","authors":"Mark K. Meiselbach,&nbsp;Matthew D. Eisenberg","doi":"10.1111/jori.12507","DOIUrl":"https://doi.org/10.1111/jori.12507","url":null,"abstract":"<p>This paper evaluates the effectiveness of Peak Health Alliance, a public–private initiative in Colorado aimed at lowering health care costs for employers and enrollees by increased bargaining power through the formation of a health care purchasing alliance. Using 2017–2021 plan data provided by the Colorado Department of Regulatory Affairs: Division of Insurance, we use difference-in-differences, event study, and synthetic control methods to compare changes in premiums in counties where Peak operated to other counties in Colorado before and after its implementation. The results suggest that Peak was associated with an increase in insurer market power and led to a 13%–17% decrease in average premiums, depending on the empirical specification. We further assess mechanisms underlying these effects and find evidence that lower prices were the most likely mechanism behind the estimated effect of Peak. Study results provide insights about the future of such public–private partnerships and their potential effectiveness.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 2","pages":"472-504"},"PeriodicalIF":2.1,"publicationDate":"2025-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Membership Benefits 会员好处
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-02-24 DOI: 10.1111/jori.70000
{"title":"Membership Benefits","authors":"","doi":"10.1111/jori.70000","DOIUrl":"https://doi.org/10.1111/jori.70000","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 1","pages":"257-258"},"PeriodicalIF":2.1,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70000","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143481499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Issue Information: Journal of Risk and Insurance 1/2025 发行信息：Journal of Risk and Insurance 1/2025
IF 2.1 3区 经济学
Journal of Risk and Insurance Pub Date : 2025-02-24 DOI: 10.1111/jori.12475
{"title":"Issue Information: Journal of Risk and Insurance 1/2025","authors":"","doi":"10.1111/jori.12475","DOIUrl":"https://doi.org/10.1111/jori.12475","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 1","pages":"1-3"},"PeriodicalIF":2.1,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12475","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143481494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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