{"title":"What drives life insurance purchasing decisions in Bosnia and Herzegovina?","authors":"Safet Kozarević, Sanida Hodzic","doi":"10.1111/rmir.12189","DOIUrl":"https://doi.org/10.1111/rmir.12189","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79172511","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}
{"title":"An empirical investigation of determinants of life insurers’ performance: Evidence from selected countries in Central, Eastern, and Southeastern Europe (CESEE)","authors":"Bojan Srbinoski, K. Poposki, Gorazd Čibej","doi":"10.1111/rmir.12190","DOIUrl":"https://doi.org/10.1111/rmir.12190","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75392571","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}
{"title":"Determinants of the market choice and the consumers behavior on the Macedonian MTPL insurance market: Empirical application of the Markov chain model","authors":"Angela Blazheska, I. Ivanovski","doi":"10.1111/rmir.12192","DOIUrl":"https://doi.org/10.1111/rmir.12192","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84243232","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}
Tetiana Kniazieva, A. Shevchenko, O. Yaroshenko, M. Inshyn, O. A. Yakovlyev
{"title":"Current trends in the formation and development of insurance marketing in Ukraine","authors":"Tetiana Kniazieva, A. Shevchenko, O. Yaroshenko, M. Inshyn, O. A. Yakovlyev","doi":"10.1111/rmir.12185","DOIUrl":"https://doi.org/10.1111/rmir.12185","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81568622","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}
{"title":"Modeling the dependence structure and systemic risk of all listed insurance companies in the Chinese insurance market","authors":"Yufei Cao","doi":"10.1111/rmir.12186","DOIUrl":"https://doi.org/10.1111/rmir.12186","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79762580","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}
{"title":"Analysis of community‐owned mutual insurers' prospects of development in CEE countries: Outlining research agenda","authors":"Jakša Krišto, Antti Talonen, H. Paukovic","doi":"10.1111/rmir.12188","DOIUrl":"https://doi.org/10.1111/rmir.12188","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72830171","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}
This paper purposes to formalize the three business models dominating peer-to-peer (P2P) property and casualty insurance: the self-governing model, the broker model and the carrier model. The former one develops outside the insurance market whereas the latter ones may originate from the insurance industry, by partnering with an existing company or by issuing a new generation of participating insurance policies where part of the risk is shared within a community and higher losses, exceeding the community’s risk-bearing capacity are covered by an insurance or reinsurance company. The present paper proposes an actuarial modeling based on conditional mean risk sharing, to support the development of this new P2P insurance offer under each of the three business models. In addition, several specific questions are also addressed in the self-governing model. Considering an economic agent who has to select the optimal pool for a risk to be shared with other participants, it is shown that uniform comparison of the Lorenz or concentration curves associated to the respective total losses of the pools under consideration allows the agent to decide which pool is preferable. The monotonicity of the respective contributions of the participants is established with respect to the convex order, showing that increasing the number of participants is always beneficial under conditional mean risk sharing.
{"title":"Risk sharing under the dominant peer‐to‐peer property and casualty insurance business models","authors":"M. Denuit, C. Robert","doi":"10.1111/RMIR.12180","DOIUrl":"https://doi.org/10.1111/RMIR.12180","url":null,"abstract":"This paper purposes to formalize the three business models dominating peer-to-peer (P2P) property and casualty insurance: the self-governing model, the broker model and the carrier model. The former one develops outside the insurance market whereas the latter ones may originate from the insurance industry, by partnering with an existing company or by issuing a new generation of participating insurance policies where part of the risk is shared within a community and higher losses, exceeding the community’s risk-bearing capacity are covered by an insurance or reinsurance company. The present paper proposes an actuarial modeling based on conditional mean risk sharing, to support the development of this new P2P insurance offer under each of the three business models. In addition, several specific questions are also addressed in the self-governing model. Considering an economic agent who has to select the optimal pool for a risk to be shared with other participants, it is shown that uniform comparison of the Lorenz or concentration curves associated to the respective total losses of the pools under consideration allows the agent to decide which pool is preferable. The monotonicity of the respective contributions of the participants is established with respect to the convex order, showing that increasing the number of participants is always beneficial under conditional mean risk sharing.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83892686","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}
{"title":"Market reactions to enterprise risk management adoption, incorporation by rating agencies, and ORSA Act passage","authors":"Evan M. Eastman, Jianren Xu","doi":"10.1111/RMIR.12170","DOIUrl":"https://doi.org/10.1111/RMIR.12170","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72883487","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}
D. Shannon, Tim Jannusch, Florian David-Spickermann, Martin Mullins, Martin Cunneen, Finbarr Murphy
The introduction of connected and autonomous vehicles (CAVs) to the road transport ecosystem will change the manner of collisions. CAVs are expected to optimize the safety of road users and the wider environment, while alleviating traffic congestion and maximizing occupant comfort. The net result is a reduction in the frequency of motor vehicle collisions, and a reduction in the number of injuries currently seen as “ preventable. ” A changing risk ecosystem will introduce new challenges and opportunities for primary insurers. Prior studies have highlighted the economic benefit provided by reductions in the frequency of hazardous events. This economic benefit, however, will be offset by the economic detriment incurred by emerging risks and the increased scrutiny placed on existing risks. We posit four plausible scenarios de-tailing how an introduction of these technologies could result in a larger relative rate of injury claims currently characterized as tail ‐ risk events. In such a scenario, the culmination of these losses will present as a second “ hump ” in actuarial loss models. We discuss how CAV risk factors and traffic dynamics may combine to make a second “ hump ” a plausible reality, and discuss a number of opportunities that may arise for primary insurers from a changing road environment.
{"title":"Connected and autonomous vehicle injury loss events: Potential risk and actuarial considerations for primary insurers","authors":"D. Shannon, Tim Jannusch, Florian David-Spickermann, Martin Mullins, Martin Cunneen, Finbarr Murphy","doi":"10.1111/RMIR.12168","DOIUrl":"https://doi.org/10.1111/RMIR.12168","url":null,"abstract":"The introduction of connected and autonomous vehicles (CAVs) to the road transport ecosystem will change the manner of collisions. CAVs are expected to optimize the safety of road users and the wider environment, while alleviating traffic congestion and maximizing occupant comfort. The net result is a reduction in the frequency of motor vehicle collisions, and a reduction in the number of injuries currently seen as “ preventable. ” A changing risk ecosystem will introduce new challenges and opportunities for primary insurers. Prior studies have highlighted the economic benefit provided by reductions in the frequency of hazardous events. This economic benefit, however, will be offset by the economic detriment incurred by emerging risks and the increased scrutiny placed on existing risks. We posit four plausible scenarios de-tailing how an introduction of these technologies could result in a larger relative rate of injury claims currently characterized as tail ‐ risk events. In such a scenario, the culmination of these losses will present as a second “ hump ” in actuarial loss models. We discuss how CAV risk factors and traffic dynamics may combine to make a second “ hump ” a plausible reality, and discuss a number of opportunities that may arise for primary insurers from a changing road environment.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91131450","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}
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