{"title":"Health insurance and its impact on the survival rates of breast cancer patients in Synthea","authors":"R. Scalfani, S. V. Bhada","doi":"10.1111/rmir.12138","DOIUrl":"https://doi.org/10.1111/rmir.12138","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"118 1","pages":"7-29"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73380992","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}
Among the trends impacting most industries are new mobility concepts, digitalization, urbanization, rising environmental awareness, and demographic change. The automobile insurance industry, in particular, is strongly affected by new mobility concepts, including autonomous, shared, and electric vehicles, which are expected to increasingly impact the risk exposure and insurance demand in the future. Identifying and assessing the resulting risk and opportunity landscape from these trends thus becomes a major strategic challenge for insurers. The aim of this paper is to analyze the trends that impact the field of mobility and thus automobile insurers. Based on this, we derive a set of strategic response measures for insurers to enable them to be prepared for the future of mobility.
{"title":"The future of mobility and its impact on the automobile insurance industry","authors":"Nadine Gatzert, Katrin Osterrieder","doi":"10.1111/rmir.12140","DOIUrl":"https://doi.org/10.1111/rmir.12140","url":null,"abstract":"Among the trends impacting most industries are new mobility concepts, digitalization, urbanization, rising environmental awareness, and demographic change. The automobile insurance industry, in particular, is strongly affected by new mobility concepts, including autonomous, shared, and electric vehicles, which are expected to increasingly impact the risk exposure and insurance demand in the future. Identifying and assessing the resulting risk and opportunity landscape from these trends thus becomes a major strategic challenge for insurers. The aim of this paper is to analyze the trends that impact the field of mobility and thus automobile insurers. Based on this, we derive a set of strategic response measures for insurers to enable them to be prepared for the future of mobility.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"62 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83309782","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":"Risk and risk management of spillover effects: Evidence from the literature","authors":"Christian Eckert","doi":"10.1111/rmir.12139","DOIUrl":"https://doi.org/10.1111/rmir.12139","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"51 1","pages":"75-104"},"PeriodicalIF":0.0,"publicationDate":"2020-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88718759","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}
Pub Date : 2020-01-01Epub Date: 2020-08-19DOI: 10.1111/rmir.12153
Pablo J Gutierrez Fernandez
Abstract A small country in Central America offers some interesting ideas on how the insurance industry can handle the COVID‐19 pandemic and crisis.
中美洲一个小国就保险业如何应对COVID-19大流行和危机提供了一些有趣的想法。
{"title":"The curious case of Panama.","authors":"Pablo J Gutierrez Fernandez","doi":"10.1111/rmir.12153","DOIUrl":"https://doi.org/10.1111/rmir.12153","url":null,"abstract":"Abstract A small country in Central America offers some interesting ideas on how the insurance industry can handle the COVID‐19 pandemic and crisis.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"23 3","pages":"225-227"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/rmir.12153","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39633030","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01Epub Date: 2020-11-26DOI: 10.1111/rmir.12160
Joseph Qiu
COVID-19 has proven that pandemic risk deems to the type of catastrophe risk that needs to be treated seriously, by both society and the insurance industry. A key element to measure, manage, and transfer pandemic risk is the modeling capability. This paper first reviews the insured loss from COVID-19 and the impact on the insurance industry. Then, current pandemic risk modeling capabilities and how insurance industry uses these models are evaluated. Some suggestions are made in terms of how these models can be improved in the future and how they can assist in insuring the pandemic risk. Finally, the nonmodeling elements of pandemic risk transfer and the government's role are discussed.
{"title":"Pandemic risk: Impact, modeling, and transfer.","authors":"Joseph Qiu","doi":"10.1111/rmir.12160","DOIUrl":"https://doi.org/10.1111/rmir.12160","url":null,"abstract":"<p><p>COVID-19 has proven that pandemic risk deems to the type of catastrophe risk that needs to be treated seriously, by both society and the insurance industry. A key element to measure, manage, and transfer pandemic risk is the modeling capability. This paper first reviews the insured loss from COVID-19 and the impact on the insurance industry. Then, current pandemic risk modeling capabilities and how insurance industry uses these models are evaluated. Some suggestions are made in terms of how these models can be improved in the future and how they can assist in insuring the pandemic risk. Finally, the nonmodeling elements of pandemic risk transfer and the government's role are discussed.</p>","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"23 4","pages":"293-304"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/rmir.12160","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39633031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Two New Developments Hold Promise for the Private Flood Insurance Market","authors":"Lisa K. Miller","doi":"10.1111/RMIR.12117","DOIUrl":"https://doi.org/10.1111/RMIR.12117","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"240 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79708805","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}
In this article, we view the demand for reinsurance as a “special case” of the corporate demand for insurance. We analyze the extent to which reinsurance purchases by the global property–liability insurance industry vary across countries and assess the relative importance of country‐level factors compared with firm‐level factors. Using a data set consisting of 21,814 firm‐year observations from 33 (developed and developing) countries during the period 2000–2012, we find that after controlling for firm‐level factors, country‐level factors have economically as well as statistically significant effects on the demand for reinsurance.
{"title":"On the Corporate Demand for Insurance: Evidence From the Global Reinsurance Market","authors":"Muhammed Altuntas, J. R. Garven, Jannes Rauch","doi":"10.1111/RMIR.12107","DOIUrl":"https://doi.org/10.1111/RMIR.12107","url":null,"abstract":"In this article, we view the demand for reinsurance as a “special case” of the corporate demand for insurance. We analyze the extent to which reinsurance purchases by the global property–liability insurance industry vary across countries and assess the relative importance of country‐level factors compared with firm‐level factors. Using a data set consisting of 21,814 firm‐year observations from 33 (developed and developing) countries during the period 2000–2012, we find that after controlling for firm‐level factors, country‐level factors have economically as well as statistically significant effects on the demand for reinsurance.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"96 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80530393","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}
The existing concepts of risk management face challenges when applied in practice. The perception of risk depends on the observer's cognitive biases and worldview, which nuance risk‐related decisions. How an observer decides also depends on the metric used to quantify risk. While there is extensive literature on how people perceive risk, and on how to price risk in relation to the market, there is little on how to price risk according to how risks interact within the firm. The article concludes with a suggestion (and includes relevant citations) for a way forward.
{"title":"Challenges in Applying Risk Management Concepts in Practice: A Perspective","authors":"Annette Hofmann, N. Scordis","doi":"10.1111/RMIR.12106","DOIUrl":"https://doi.org/10.1111/RMIR.12106","url":null,"abstract":"The existing concepts of risk management face challenges when applied in practice. The perception of risk depends on the observer's cognitive biases and worldview, which nuance risk‐related decisions. How an observer decides also depends on the metric used to quantify risk. While there is extensive literature on how people perceive risk, and on how to price risk in relation to the market, there is little on how to price risk according to how risks interact within the firm. The article concludes with a suggestion (and includes relevant citations) for a way forward.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84116349","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}
Prior literature presents a positive link between customer satisfaction and firms’ financial outcomes, including greater revenue, profitability, and prices. However, few studies approach the topic of customer satisfaction in the insurance industry. Using a unique data set obtained from J.D. Power, we observe customer satisfaction among U.S. auto insurers and link their customer satisfaction rating to insurer profitability metrics. Our results support the notion that greater customer satisfaction leads to reduced expenses and increased profitability. A potential explanation is that more satisfied customers are more likely to remain with an insurance company and refer others to the insurer, reducing customer acquisition expenses.
{"title":"The Effects of Customer Satisfaction on Company Profitability: Evidence From the Property and Casualty Insurance Industry","authors":"David M. Pooser, M. Browne","doi":"10.1111/RMIR.12105","DOIUrl":"https://doi.org/10.1111/RMIR.12105","url":null,"abstract":"Prior literature presents a positive link between customer satisfaction and firms’ financial outcomes, including greater revenue, profitability, and prices. However, few studies approach the topic of customer satisfaction in the insurance industry. Using a unique data set obtained from J.D. Power, we observe customer satisfaction among U.S. auto insurers and link their customer satisfaction rating to insurer profitability metrics. Our results support the notion that greater customer satisfaction leads to reduced expenses and increased profitability. A potential explanation is that more satisfied customers are more likely to remain with an insurance company and refer others to the insurer, reducing customer acquisition expenses.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90313692","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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