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Journal of Risk and Insurance最新文献

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Issue Information: Journal of Risk and Insurance 3/2026 发行信息：Journal of Risk and Insurance 3/2026
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 DOI: 10.1111/jori.70076
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引用次数: 0
Optimal demand for treatment and health insurance under multivariate preferences 多元偏好下的最优治疗需求与健康保险
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 Epub Date: 2026-05-02 DOI: 10.1111/jori.70050
Jimin Hong
{"title":"Optimal demand for treatment and health insurance under multivariate preferences","authors":"Jimin Hong","doi":"10.1111/jori.70050","DOIUrl":"https://doi.org/10.1111/jori.70050","url":null,"abstract":"<p>Health insurance mitigates health risks by covering the cost of treatment, but it also reduces the financial risk associated with those costs. In a multivariate preference framework, this study analyzes the effects of changes in wealth, health status, insurance premiums, treatment costs, and the severity of health loss on the demand for treatment and health insurance in the face of health loss. The conditions under which demand for treatment and insurance increases depend on the attitude toward the correlation between wealth and health, namely, correlation loving or correlation aversion, as well as the attitude toward wealth and health risks. These findings have implications for government subsidization policies related to treatment and health insurance and health promotion policies.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":"603-627"},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70050","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148903730","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
Moral hazard on the ACA exchanges: Evidence from a cost-sharing subsidy discontinuity ACA交易所的道德风险：来自成本分担补贴不连续性的证据
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 Epub Date: 2026-05-04 DOI: 10.1111/jori.70052
Cameron M. Ellis, Meghan I. Esson, Eli Liebman
{"title":"Moral hazard on the ACA exchanges: Evidence from a cost-sharing subsidy discontinuity","authors":"Cameron M. Ellis,&nbsp;Meghan I. Esson,&nbsp;Eli Liebman","doi":"10.1111/jori.70052","DOIUrl":"https://doi.org/10.1111/jori.70052","url":null,"abstract":"<p>This paper examines the moral hazard effects of cost-sharing subsidies on the Affordable Care Act's Health Insurance Exchanges. Exploiting a sharp discontinuity in subsidy generosity at 150% of the federal poverty level, we compare healthcare spending for individuals just above and below this threshold using a regression discontinuity design and data from the Medical Expenditure Panel Survey. We find that individuals just below 150% federal poverty level who receive the most generous subsidies spend approximately $1860 more annually on healthcare compared to those just above the threshold receiving less generous subsidies, implying an elasticity of −0.52. Several analyses suggest this discontinuity reflects moral hazard rather than adverse selection or health differences across the income threshold. The results highlight the significant impact of moral hazard induced by generous cost-sharing subsidies, with important implications for the design of means-tested health insurance subsidies.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":"575-602"},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70052","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148903742","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
The impact of life insurance companies' reputations on policyholders' surrender behavior 寿险公司声誉对投保人退保行为的影响
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 Epub Date: 2026-06-15 DOI: 10.1111/jori.70060
Hairuo Guo, Jiyuan Wang, Sujin Zheng, Yanwan Zhu
{"title":"The impact of life insurance companies' reputations on policyholders' surrender behavior","authors":"Hairuo Guo,&nbsp;Jiyuan Wang,&nbsp;Sujin Zheng,&nbsp;Yanwan Zhu","doi":"10.1111/jori.70060","DOIUrl":"https://doi.org/10.1111/jori.70060","url":null,"abstract":"<p>The impact of reputation of insurers on its market performance has long been a significant issue. Using data from China's life insurance industry from 2011 to 2021, this study combines ChatGPT with active learning to construct the perceived reputations of Chinese insurers. We find that reputation is negatively associated with surrender volume. Further results show that the negative reputational effect on surrender is more salient in positive sentiment, while the reputational effect with negative sentiment is mainly realized through the negative events of lawsuits. A positive reputation matters mainly in financial soundness, customer service, and corporate social responsibility, while managing negative reputation risks is particularly important for corporate governance and government relations. Finally, the paper finds that policyholders prioritize insurers' reputation when inflation, unemployment, and interest rates are low or when the term spread is high. Policyholders are also more sensitive to larger insurers' reputation in a more dynamic market.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":"774-821"},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148904023","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
Employee savings in defined contribution plans: Evidence from age-based policies in employer plans 固定缴款计划中的雇员储蓄：来自雇主计划中基于年龄政策的证据
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 Epub Date: 2026-04-16 DOI: 10.1111/jori.70045
Brent J. Davis, Anita Mukherjee, Mingli Zhong
{"title":"Employee savings in defined contribution plans: Evidence from age-based policies in employer plans","authors":"Brent J. Davis,&nbsp;Anita Mukherjee,&nbsp;Mingli Zhong","doi":"10.1111/jori.70045","DOIUrl":"https://doi.org/10.1111/jori.70045","url":null,"abstract":"<p>Retirement saving is a critical form of self-insurance at older ages, but ensuring that such savings are adequate remains a challenge in the United States. This is especially true for those who save through defined contribution (DC) plans, in which participants are responsible for setting both the amount and the investment strategy. In some plans, employers increase their contributions after employees reach a certain age. Whether these policies increase total retirement savings depends on whether employees offset the increases by reducing their own contributions at the designated age thresholds. Analyzing individual-level administrative data and plans with varied age-based employer contribution rules, we find that these age-based employer contribution increases do not crowd out employees' own contributions and that total retirement savings increase. Our research thus offers an example of an employer-initiated policy that can reduce employees' financial risk at older ages.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":"703-725"},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70045","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148903882","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
Preferences for annuity, critical illness, and long-term care insurance portfolios: Evidence from an online survey 对年金、重大疾病和长期护理保险组合的偏好：来自在线调查的证据
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 Epub Date: 2026-05-19 DOI: 10.1111/jori.70055
Cheng Wan, Hazel Bateman, Hanming Fang, Katja Hanewald
{"title":"Preferences for annuity, critical illness, and long-term care insurance portfolios: Evidence from an online survey","authors":"Cheng Wan,&nbsp;Hazel Bateman,&nbsp;Hanming Fang,&nbsp;Katja Hanewald","doi":"10.1111/jori.70055","DOIUrl":"https://doi.org/10.1111/jori.70055","url":null,"abstract":"<p>In many low- and middle-income countries, social insurance provides basic pension benefits with limited cover for illness and care costs, while private insurance markets are underdeveloped. Using an online survey of retirement portfolio choices in urban China, we examined the stated demand for longevity, critical illness, and long-term care (LTC) insurance under realistic financial constraints. The most preferred portfolios had 50% cover for expected out-of-pocket critical illness and LTC costs, and a monthly annuity of around 20% of average urban disposable income. Access to critical illness and LTC insurance increased annuity demand in some cases, with effects varying by wealth and level of cover. Product knowledge, higher financial competence, stronger bequest motives, and lower risk tolerance were linked to higher demand for critical illness and LTC cover but lower demand for annuities. Results inform the development of retirement insurance markets in countries with ageing populations and social and private insurance gaps.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":"669-702"},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70055","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148904247","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
The influence of negative interest rates on European life insurance companies 负利率对欧洲寿险公司的影响
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 Epub Date: 2026-03-22 DOI: 10.1111/jori.70044
Nicolaus Grochola
{"title":"The influence of negative interest rates on European life insurance companies","authors":"Nicolaus Grochola","doi":"10.1111/jori.70044","DOIUrl":"https://doi.org/10.1111/jori.70044","url":null,"abstract":"<p>Between 2016 and 2022, life insurers in several European countries experienced negative long-term interest rates, which put pressure on their business models. The aim of this paper is to empirically investigate the impact of negative interest rates on the stock performance of life insurers. To measure the sensitivities, I estimate the level, slope, and curvature of the yield curve using the Nelson-Siegel model and empirical proxies. Panel regressions show that the effect of changes in the level is up to 2.8 times greater in a negative interest rate environment than in a positive one. Thus, a 1ppt decline in the interest rate level reduces European life insurers' stock returns by more than 10ppt when long-term interest rates are below 0%. The study also demonstrates that the relationship between the level and the sensitivity to interest rates is convex, and that accounting for the slope and curvature can prevent biased estimates.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":"822-889"},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70044","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148904261","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
Design and pricing of private long-term care insurance: An Australian analysis 私人长期护理保险的设计和定价：一项澳大利亚分析
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 Epub Date: 2026-05-10 DOI: 10.1111/jori.70057
Kyu Park, Michael Sherris
{"title":"Design and pricing of private long-term care insurance: An Australian analysis","authors":"Kyu Park,&nbsp;Michael Sherris","doi":"10.1111/jori.70057","DOIUrl":"https://doi.org/10.1111/jori.70057","url":null,"abstract":"<p>Private long-term care insurance (LTCI) is unavailable in many countries, including Australia, where individuals rely on government support and retirement savings for aged care. This study explores the design and pricing of private LTCI products covering out-of-pocket costs, using a model of chronic illness and disability in Australia. We assess insurer capital costs and pricing implications, incorporating trends in mortality and disability. Demand is analysed through utility models for healthy and chronically ill individuals. Our analysis includes stand-alone LTCI and life care annuity (LCA) products, considering public aged care co-payments, comfortable consumption, the age pension, and Solvency II requirements. A systematic literature review informs our pricing approach. We show that capital requirements significantly increase stand-alone LTCI premiums but are lower for LCA products. Welfare analysis demonstrates welfare gains from LTCI across scenarios, influenced by expense loading, risk aversion, wealth, and bequest motives. Findings offer insights for Australia and other developed countries.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":"628-668"},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70057","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148903874","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
Membership Benefits 会员好处
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 DOI: 10.1111/jori.70077
{"title":"Membership Benefits","authors":"","doi":"10.1111/jori.70077","DOIUrl":"https://doi.org/10.1111/jori.70077","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":""},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70077","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148903906","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
Improving fund mapping: An application to variable annuities 改进基金映射：在可变年金中的应用
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2026-09-08 Epub Date: 2026-05-02 DOI: 10.1111/jori.70049
Wenchu Li, Thorsten Moenig, Maciej Augustyniak
{"title":"Improving fund mapping: An application to variable annuities","authors":"Wenchu Li,&nbsp;Thorsten Moenig,&nbsp;Maciej Augustyniak","doi":"10.1111/jori.70049","DOIUrl":"https://doi.org/10.1111/jori.70049","url":null,"abstract":"<p>This study provides the first comprehensive analysis of basis risk in mutual funds underlying U.S. variable annuity policies. These popular personal savings and investment products contain long-term financial guarantees that expose life insurers to extensive systematic market risk. Although hedging these guarantees is critical, hedging performance is impeded by basis risk since the funds themselves cannot be used as hedging instruments. Using historical returns from a large sample of mutual funds and nearly 600 alternative instruments, we show that insurers can substantially reduce their exposure to basis risk—and improve hedging effectiveness—by enhancing their fund mapping process with data analytic methods, by hedging with exchange-traded funds instead of futures, and by including more index funds in their offerings. Even so, basis risk remains an important factor when assessing the quality of hedging at the fund level.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"93 3","pages":"726-773"},"PeriodicalIF":1.9,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148903731","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
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