首页 > 最新文献

Journal of Risk and Insurance最新文献

英文 中文
Membership Benefits
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE 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
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE 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
A fair price to pay: Exploiting causal graphs for fairness in insurance
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2025-01-15 DOI: 10.1111/jori.12503
Olivier Côté, Marie-Pier Côté, Arthur Charpentier

In many jurisdictions, insurance companies are prohibited from discriminating based on certain policyholder characteristics. Exclusion of prohibited variables from models prevents direct discrimination, but fails to address proxy discrimination, a phenomenon especially prevalent when powerful predictive algorithms are fed with an abundance of acceptable covariates. The lack of formal definition for key fairness concepts, in particular indirect discrimination, hinders effective fairness assessment. We review causal inference notions and introduce a causal graph tailored for fairness in insurance. Exploiting these, we discuss potential sources of bias, formally define direct and indirect discrimination, and study the theoretical properties of fairness methodologies. A novel categorization of fair methodologies into five families (best-estimate, unaware, aware, hyperaware, and corrective) is constructed based on their expected fairness properties. A comprehensive pedagogical example illustrates the implications of our findings: the interplay between our fair score families, group fairness criteria, and discrimination.

{"title":"A fair price to pay: Exploiting causal graphs for fairness in insurance","authors":"Olivier Côté,&nbsp;Marie-Pier Côté,&nbsp;Arthur Charpentier","doi":"10.1111/jori.12503","DOIUrl":"https://doi.org/10.1111/jori.12503","url":null,"abstract":"<p>In many jurisdictions, insurance companies are prohibited from discriminating based on certain policyholder characteristics. Exclusion of prohibited variables from models prevents direct discrimination, but fails to address proxy discrimination, a phenomenon especially prevalent when powerful predictive algorithms are fed with an abundance of acceptable covariates. The lack of formal definition for key fairness concepts, in particular indirect discrimination, hinders effective fairness assessment. We review causal inference notions and introduce a causal graph tailored for fairness in insurance. Exploiting these, we discuss potential sources of bias, formally define direct and indirect discrimination, and study the theoretical properties of fairness methodologies. A novel categorization of fair methodologies into five families (best-estimate, unaware, aware, hyperaware, and corrective) is constructed based on their expected fairness properties. A comprehensive pedagogical example illustrates the implications of our findings: the interplay between our fair score families, group fairness criteria, and discrimination.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 1","pages":"33-75"},"PeriodicalIF":2.1,"publicationDate":"2025-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12503","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143481511","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
Do higher insurance premiums provoke larger reported losses? An experimental study
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-12-29 DOI: 10.1111/jori.12502
William G. Morrison, Bradley J. Ruffle

We investigate whether the price paid for insurance explains dishonesty in reporting an insurance claim. In our laboratory experiment, participants earn money in a real-effort task but risk losing some of this income through one of four randomly assigned, privately observed loss amounts. Before observing their loss, participants indicate their reservation price for insurance that pays an indemnity equal to their stated loss. Participants are insured if their randomly assigned premium is less than their stated reservation price. This mechanism provides data on each participant's consumer surplus from insurance. After receiving their cash earnings minus their assigned loss in private, participants report their loss. We find that the insured report modestly but statistically insignificant larger losses than the uninsured. Among the insured, we find no clear evidence that their reporting of excess losses increases in the randomly assigned price of insurance or decreases in the consumer surplus from insurance.

{"title":"Do higher insurance premiums provoke larger reported losses? An experimental study","authors":"William G. Morrison,&nbsp;Bradley J. Ruffle","doi":"10.1111/jori.12502","DOIUrl":"https://doi.org/10.1111/jori.12502","url":null,"abstract":"<p>We investigate whether the price paid for insurance explains dishonesty in reporting an insurance claim. In our laboratory experiment, participants earn money in a real-effort task but risk losing some of this income through one of four randomly assigned, privately observed loss amounts. Before observing their loss, participants indicate their reservation price for insurance that pays an indemnity equal to their stated loss. Participants are insured if their randomly assigned premium is less than their stated reservation price. This mechanism provides data on each participant's consumer surplus from insurance. After receiving their cash earnings minus their assigned loss in private, participants report their loss. We find that the insured report modestly but statistically insignificant larger losses than the uninsured. Among the insured, we find no clear evidence that their reporting of excess losses increases in the randomly assigned price of insurance or decreases in the consumer surplus from insurance.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 1","pages":"203-226"},"PeriodicalIF":2.1,"publicationDate":"2024-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12502","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143481402","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
Supplementing risk adjustment with high-risk pooling using historical data for identifying the high risks
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-11-26 DOI: 10.1111/jori.12500
Michel Oskam, Richard C. van Kleef, René C. J. A. van Vliet

Many regulated health insurance markets with community-rated premiums rely on risk adjustment (RA) to mitigate insurer-incentives to risk select. However, insurers remain typically undercompensated for chronically ill enrollees. We use historical data on health spending and risk adjuster information to identify individuals undercompensated by the Dutch RA model of 2021 and find a selective group (1% of the population) with an average annual undercompensation of €6,050. We supplement the RA model with a risk sharing modality called high-risk pooling (HRP) to organize residual-based compensations towards insurers for the identified group to reduce the mean undercompensation to zero. The effects are evaluated on subgroups defined by chronic disease, finding a 42% reduction of their average undercompensation. Therefore, through compensating 1% of the population, the insurer-incentives to select against chronically ill individuals substantially diminish. These results are compared to outlier-risk sharing (reinsurance), proving HRP to be more effective at reducing selection incentives.

{"title":"Supplementing risk adjustment with high-risk pooling using historical data for identifying the high risks","authors":"Michel Oskam,&nbsp;Richard C. van Kleef,&nbsp;René C. J. A. van Vliet","doi":"10.1111/jori.12500","DOIUrl":"https://doi.org/10.1111/jori.12500","url":null,"abstract":"<p>Many regulated health insurance markets with community-rated premiums rely on risk adjustment (RA) to mitigate insurer-incentives to risk select. However, insurers remain typically undercompensated for chronically ill enrollees. We use historical data on health spending and risk adjuster information to identify individuals undercompensated by the Dutch RA model of 2021 and find a selective group (1% of the population) with an average annual undercompensation of €6,050. We supplement the RA model with a risk sharing modality called high-risk pooling (HRP) to organize residual-based compensations towards insurers for the identified group to reduce the mean undercompensation to zero. The effects are evaluated on subgroups defined by chronic disease, finding a 42% reduction of their average undercompensation. Therefore, through compensating 1% of the population, the insurer-incentives to select against chronically ill individuals substantially diminish. These results are compared to outlier-risk sharing (reinsurance), proving HRP to be more effective at reducing selection incentives.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 1","pages":"166-202"},"PeriodicalIF":2.1,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12500","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143481403","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 12/2024 发行信息:风险与保险期刊 12/2024
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-11-20 DOI: 10.1111/jori.12498
{"title":"Issue Information: Journal of Risk and Insurance 12/2024","authors":"","doi":"10.1111/jori.12498","DOIUrl":"https://doi.org/10.1111/jori.12498","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"91 4","pages":"805-808"},"PeriodicalIF":2.1,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12498","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142685346","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 会员福利
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-11-20 DOI: 10.1111/jori.12499
{"title":"Membership Benefits","authors":"","doi":"10.1111/jori.12499","DOIUrl":"https://doi.org/10.1111/jori.12499","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"91 4","pages":"1089"},"PeriodicalIF":2.1,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12499","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142685347","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 role of government versus private sector provision of insurance 政府与私营部门在提供保险方面的作用
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-11-14 DOI: 10.1111/jori.12497
Arthur Charpentier
{"title":"The role of government versus private sector provision of insurance","authors":"Arthur Charpentier","doi":"10.1111/jori.12497","DOIUrl":"https://doi.org/10.1111/jori.12497","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"91 4","pages":"983-989"},"PeriodicalIF":2.1,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142692060","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
The economics of emerging insurance technologies: Theory and early evidence 新兴保险技术的经济学:理论与早期证据
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-11-11 DOI: 10.1111/jori.12495
Daniel Bauer, Joan Schmit, Justin Sydnor
{"title":"The economics of emerging insurance technologies: Theory and early evidence","authors":"Daniel Bauer,&nbsp;Joan Schmit,&nbsp;Justin Sydnor","doi":"10.1111/jori.12495","DOIUrl":"https://doi.org/10.1111/jori.12495","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"91 4","pages":"809-812"},"PeriodicalIF":2.1,"publicationDate":"2024-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142691208","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
The effect of subsidized flood insurance on real estate markets 洪水保险补贴对房地产市场的影响
IF 2.1 3区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2024-11-05 DOI: 10.1111/jori.12491
Nicola Garbarino, Benjamin Guin, Jonathan Lee

Subsidized insurance against extreme weather events improves affordability among households in at-risk areas but it can weaken the risk signal via property prices. Leveraging a granular data set of all property transactions and flood events in England, we study the effects of a reinsurance scheme that lowers insurance premiums for at-risk properties. We document that the introduction of this scheme increases prices and transaction volumes of flood-prone properties. This fully offsets the negative direct effects of flooding on property prices, with high-income areas and high-value properties benefiting relatively more. Our findings speak to the debate on climate adaptation policies and their consequences for wealth distribution.

针对极端天气事件的补贴保险提高了高风险地区家庭的经济承受能力,但会通过房地产价格削弱风险信号。利用英格兰所有房产交易和洪水事件的详细数据集,我们研究了降低高风险房产保险费的再保险计划的效果。根据我们的记录,该计划的引入提高了易受洪水侵袭房产的价格和交易量。这完全抵消了洪水对房产价格的直接负面影响,高收入地区和高价值房产受益相对更大。我们的研究结果为有关气候适应政策及其对财富分配的影响的讨论提供了参考。
{"title":"The effect of subsidized flood insurance on real estate markets","authors":"Nicola Garbarino,&nbsp;Benjamin Guin,&nbsp;Jonathan Lee","doi":"10.1111/jori.12491","DOIUrl":"https://doi.org/10.1111/jori.12491","url":null,"abstract":"<p>Subsidized insurance against extreme weather events improves affordability among households in at-risk areas but it can weaken the risk signal via property prices. Leveraging a granular data set of all property transactions and flood events in England, we study the effects of a reinsurance scheme that lowers insurance premiums for at-risk properties. We document that the introduction of this scheme increases prices and transaction volumes of flood-prone properties. This fully offsets the negative direct effects of flooding on property prices, with high-income areas and high-value properties benefiting relatively more. Our findings speak to the debate on climate adaptation policies and their consequences for wealth distribution.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"91 4","pages":"991-1024"},"PeriodicalIF":2.1,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12491","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142685329","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
期刊
Journal of Risk and Insurance
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1