Insurance Market

Multiple Contracting in Insurance Markets: Cross‐Subsidies and Quantity Discounts
We study an adverse-selection insurance economy in which consumers can purchase coverage from several insurers. We show…
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Accompagnement des sinistrés
Depuis 2008 les assureurs font part de leur intérêt d’être plus impliqués dans l’élaboration et la mise…
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Explicit Föllmer-Schweizer decomposition of life insurance liabilities through Malliavin calculus
This paper addresses the problem of finding hedging strategies in an incomplete market. We study the Föllmer-Schweizer…
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A game-theoretic approach to non-life insurance market cycles
In this paper, we develop a noncooperative game to model a non-life insurance market. Our first goal…
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Non-Life Insurance Market Growth in China: Can we predict it?
Insurance consumption patterns in China have been gaining interest because the country is expected to be a…
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Optimal insurance design of ambiguous risks
We examine the characteristics of the optimal insurance contract under linear transaction cost and an ambiguous distribution…
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Adapting to New Realities
It’s déjà vu all over again. Like 2012, every survey, list, article and interview identifies the same…
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Outlook for 2013 – Elections, Regulation and Growth
2012 has been a year of continued uncertainty in the US – for both the economy overall…
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Solvency – Principles, Values and Rules
The Canadian insurance market pioneered the transition from formula to principles based solvency rules. There has been…
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Dodd-Frank Gives Home States Sole Authority for Solvency Regulation
The Dodd-Frank Act significantly changed the regulation of all financial services, including life insurance. Title V of…
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 Asia-Pacific Product & Distribution WATCH - Dental Insurance in Korea, fad or fashion?
The pace of product development remains high given its strategic importance to maintaining sales growth in a…
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Financial Reform Outlook: Will Insurers Help Drive Policy?
The financial services industry is experiencing a level of change not seen in a long time. In…
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Top Equity Analyst Reviews Life Insurance
Colin Devine, Managing Director of Citi Investment Research, is known for his candid and well-informed analysis of…
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The Effect of Ambiguity Aversion on Insurance Demand
In this paper, we show that ambiguity aversion always raises the demand for self-insurance but may well…
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Life Insurance Value and Effective Producers Will Drive Growth
The financial crisis caused many life insurers to pause and more closely review their business practices, seek…
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The Guide to Tele-interviewing - Global Perspective, Local Solution
Tele-interviewing and specifically tele-underwriting, is the most important underwriting innovation of the past decade. Far from being…
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Positioning the Industry for Success
Many factors contributed to a prosperous life insurance market during much of the last decade. Companies were…
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Market Conditions Affect Term Pricing
The current economic crisis is challenging life insurers to look closely at all of the products in…
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The Financial Crisis and Life Insurance
The downturn affecting the financial markets is having a significant impact on the life insurance industry. Glenn…
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La bancassurance généralisation ou déclin du modèle ?
La bancassurance a connu un succès grandissant dans le monde au cours de la dernière décennie. Certes…
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Evolution of distribution channels
Since the mid 1990s, developments in technology and lifestyle have profoundly changed sales methods and consumer behaviour.…
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Insurers Adjusting Practices To Tap Capital Markets
As some of the larger primary insurers go to the capital markets for reserve financing, it has…
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Analysis of Bancassurance and its status around the world
The fantastic success of bancassurance in certain Southern European countries is increasing by the year, with bancassurance…
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Succeeding in Alternative Markets
Life insurers often focus on products for market differentiation while other financial sectors look more to brand,…
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The common view that buyer power of insurers may effectively counteract provider market power critically rests on…
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The “talent crisis” in the insurance industry is well documented. Solutions to this crisis, however, are not…
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Deregulation and widespread economic changes have fundamentally affected the business environment of European life insurance companies over…
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The 2008–2009 financial crisis was the most serious shock to the U.S. financial system since the Great…
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We consider a two-dimensional optimal dividend problem in the context of two insurance companies with compound Poisson…
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Product market transparency suffered from relaxed regulation following deregulation of the European insurance market in 1994. Instruments…
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This report presents some of The Geneva Association’s research over the past few years into insurance insolvency…
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Empirical studies have found that high litigation costs often discourage small firms from investing in R&D, as…
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We use a multi‐dimensional frontier efficiency analysis to study economies of scale, economies of scope, and cost…
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A variety of mathematical and statistical methods have been developed and applied by researchers to solve problems…
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The insurance industry supports all sectors of the economy through its insurance and investment activities. As insurers…
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Reinsurers with undifferentiated ‘me too’ strategies could be squeezed out of the market. Which business models will…
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Premiums and benefits associated with traditional life insurance contracts are usually specified as fixed amounts in policy…
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Non-life insurers are struggling to engage with customers. Cover has become increasingly commoditised and decisions over its…
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We consider the optimal segmentation policy of an informed insurer that faces a continuum of agents (types)…
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New income streams and operating advantages are starting to flow to leading reinsurers that have engaged with…
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(in French) The introduction of digital channels in the insurance industry, that has always been strongly characterized…
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The financial crisis of 2008 exposed important vulnerabilities in the banking sector. In its aftermath, considerable academic…
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The middle class has played a special role in economic thought for centuries, and has been the…
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It is easy for a consumer to make mistakes in insurance markets, especially when deciding whether to…
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An outlook on the insurance industry by BlackRock.
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Between 1992 and 2001 significant reserves increase announcements were made by several major property/liability insurers. These reserves…
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Insurers primarily set premiums using cost-oriented pricing methods based on claims history. Customer-oriented pricing has yet to…
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Today’s insurance market is tougher than ever, with increasingly sophisticated customers and difficult economic conditions challenging insurers…
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The life insurance industry faces a wave of structural change generated by long-term disruptions. These include less…
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Liabilities ceded by life insurers to shadow reinsurers (i.e., less regulated off-balance-sheet entities) grew from $11 billion…
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The note describes the role of Intra-Group Reinsurance Transactions in managing and steering a (re)insurance group. Intra-Group…
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We consider a competitive insurance market in which agents can privately enter into multicontractual insurance relationships and…
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This paper extends the optimal contracting framework pioneered by Raviv (1979) to the case where insurer is…
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This paper investigates the role of reinsurance networks in an insurer’s reinsurance purchase decision. Drawing on network…
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In today’s insurance market there is a void that is any one person can have several insurance…
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The insurance industry is experiencing deep structural change. Flat sales, new regulations, poor investment returns, changing demographics…
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The human capital attraction and retention challenges in the insurance industry intensify due to a combining effect…
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We consider a competitive insurance market in which agents can privately enter into multicontractual insurance relationships and…
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The effects of the financial crisis on insurers and policyholders were generally limited, with a few exceptions.…
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Building on the global mega-trends detailed in The Intelligent Insurer, we have defined four key attributes –…
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This paper investigates policyholder protection schemes in OECD member countries and selected non-OECD countries. It is selective…
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This paper proposes a simple microeconometric framework that can separately identify moral hazard and selection problems in…
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The Economist Intelligence Unit surveyed 332 companies around the world including insurers, reinsurers, wealth managers and independent…
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The objective of the study is to perform an in-depth review of co(re)insurance pools and ad-hoc co(re)insurance…
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Reputational risk has become a critical concern for most organizations. Insurers, who rely on trust to generate…
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Despite the existence of numerous quantitative approaches to the categorization of financial reinsurance contracts, often insurance regulators…
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This paper constructs a dynamic model of health insurance to evaluate the short- and long run effects…
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Offshore Reinsurance in the U.S. Market presents 2011 statistics on U.S. premiums ceded to, and net recoverables…
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In this paper, we formulate a noncooperative game to model a non-life insurance market. The aim is…
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This paper explores the application of some of the existing game theory to the problem of strategically…
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Insurance guarantee schemes have been established around the world to protect policyholders from the costs of insurer…
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We consider a dynamic Mirrlees economy in a life cycle context and study the optimal insurance arrangement.…
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Existing literature relating to information asymmetries finds that the presence of imperfect information impacts the behavior of…
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This paper examines the demand and supply of annual and multi-year insurance contracts with respect to protection…
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In this paper, we consider a population of individuals who differ in two dimensions: their risk type…
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In a market characterized by asymmetric information, a party with private information may reveal the information through…
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We investigate the impact of counterparty risk (from the insurer’s viewpoint) on contract design in the reinsurance…
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Within the context of a competitive insurance market, this paper examines the impact of ambiguity on the…
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The aim of this paper is to extend recent contributions in the field of risk modeling for…
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The aim of this paper is to summarize the knowledge on market discipline in insurance and other…
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Government intervention in insurance markets is ubiquitous and the theoretical basis for such intervention, based on classic…
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The insurance sector can play a critical role in financial and economic development. By reducing uncertainty and…
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This paper examines corporate, marketing and product distribution strategies in the cost and revenue efficiency across a…
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We present a graphical framework for analyzing both theoretical and empirical work on selection in insurance markets.…
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We describe recent advances in the empirical analysis of insurance markets. This new research proposes ways to…
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Background risk can influence the performance of insurance markets that must deal with adverse selection when applicants…
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By proposing the Benchmark Ratio of Insurance Penetration (BRIP) as a new paradigm for international insurance comparison,…
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This paper constructs and studies a simple but realistic model of an insurance market. The model has…
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The main goal of this paper is to increase the knowledge of the behavior of strategic groups…
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This paper empirically explores some implications of adverse selection for the demand for reinsurance. In most reinsurance…
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The reinsurance market is the secondary market for insurance risks. It has a very specific organization. Direct…
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This paper focuses on asset allocation decisions of life insurance companies in emerging markets. Mature market insurers…
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This paper attempts to build on earlier attempts by Rai(1996), Donni and Fecher (1997), and Katrishen and…
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We study optimal tax policy in a dynamic private information economy with endogenous private markets. We characterize…
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We explore agents’ role in life insurance on the premise that consumers are of limited rationality and…
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Protecting against a new breed of emerging risks requires co-ordination across corporations, insurance companies and policymakers. Insurance…
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How should intermediaries influence the insurance demand decision? The answer must refer to the interdependence of economic…
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With ex-ante moral hazard in an obligatory reinsurance contract, the intermediation of a reinsurance broker rm with…
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This paper addresses the role of independent insurance intermediaries in markets where matching is important. A controversial…
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We examine the impact of intermediation on insurance market transparency and performance. in a differentiated insurance market…
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Brokers play an increasing role in the distribution of reinsurance. In order to analyse reinsurance brokers' advice…
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This report analyzes the economic functions of insurance intermediaries, focusing on the commercial property-casualty insurance market. Our…
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We examine the investment market reaction to large insured-loss catastrophes, focusing on publicly-traded commercial insurance brokers. We…
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Recent evidence underlines the importance of demand frictions distorting insurance choices. Heterogeneous frictions cause the willingness to…
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In this experimental study, the analysis on two levels of substitution between insurance and self-insurance shows that…
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This paper studies the demand drivers for life insurance, both lump sum and annuity, using the Bank…
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Do individuals prefer a fixed-price multi-year insurance (MYI) policy to current annual contracts with fluctuating prices? If…
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We analyze the influence of rate regulation on insurance demand in an annuity setting. With a unique…
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In this paper, we view the demand for reinsurance as a "special case" of the more general…
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The distribution of income and wealth resulting from risk-taking behavior significantly affects cooperation and risk-sharing in many…
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This paper describes the results of a web‐based multi‐period insurance purchasing experiment focusing on how individuals make…
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Standard economic theory assumes individuals make decisions over a set of risky domains according to their own…
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Measuring underinsuranceUnderinsurance can be defined as the gap between the amount of insurance that is economically beneficial…
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This article examines life insurance consumption in 31 European countries from 2003 to 2012 and aims to…
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We undertake an empirical analysis of the effect of disaster aid on the demand for insurance using…
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We study optimal insurance for consumers who must decide whether or not to buy from a unionized…
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We show that quasi-hyperbolic discounting not only affects savings decisions but also the demand for insurance. In…
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We generalize Merton's framework by incorporating an insurable loss. Motivated by new insurance products, we allow not…
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Consumers have difficulty deciding whether or not to buy insurance. Mistakes often occur and are most consequential…
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This paper investigates how the general public behaves when confronted with low probability events and ambiguity in…
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In this paper we study a class of insurance products where the policy holder has the option…
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Is a fixed-price multi-year contract preferred to annual contracts with fluctuating prices? We answer this question by…
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Using data from a randomized experiment in rural China, this paper studies the influence of social networks…
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This paper uses a novel experimental design to study the effect of hypothetical personal experience on the…
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This contribution starts out by noting diverging interests between consumers and insurers. Consumers face positive correlation in…
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This study empirically verifies the link between macroeconomic and demographic variables (i.e. financial development, income, savings, price…
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In this paper we investigate the possible presence of switching costs when consumers are offered the opportunity…
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We analyse abnormal growth of premiums surrounding financial strength rating changes for a panel of life insurers…
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Most health insurance schemes use some sort of cost sharing to curb the moral hazard that is…
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Studies have shown that heuristics can play a major role in the demand for insurance. However, there…
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Price elasticity studies analyze how customers react to price changes. In this paper, we focus on their…
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  We estimate the maximum amount that Danish households are willing to pay for three different types…
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Many people do not take up desaster insurance for their houses even though premiums are subsidized. A…
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The buying behaviors, attitudes and preferences of insurance customers worldwide are changing. To understand this transformation and…
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Real world decision-making under risk and uncertainty presents one of the most challenging areas of research nowadays.…
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We study insurance against common shocks in cooperatives and other productive groups of individuals. In those groups,…
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Regression techniques are applied to an unbalanced panel data that includes 82 countries observed over a ten-year…
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In this study we empirically estimated the role played by attitudes toward risk in insurance decision-making. To…
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Why don’t people in developing countries insure themselves? I propose that some households are ambiguity averse, and…
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We compare the demand for insurance under state-dependent and state-independent preferences when allowing for positive premium loading…
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Purchasing reinsurance reduces insurers’ insolvency risk by stabilizing loss experience, increasing capacity, limiting liability on specific risks,…
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The recent expansion of health-plan choice has been touted as increasing competition and enabling people to choose…
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This study examines the presence of underwriting cycles in Asia-Pacific insurance industry. First of all we described…
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The Lloyd’s 2007 Survey of Underwriters states that “for the third year running, managing the cycle emerged…
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Underwriting cycles, i.e., cyclical patterns in property-liability insurance prices and profits, are a phenomenon that has found…
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I analyze a critical illness insurance in a consumption-investment model over the life cycle. I solve a…
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An insurance company entering the property and liability insurance market at the high point of the insurance…
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This paper studies the solvency of an insurance firm in the presence of underwriting cycles. A small…
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This paper examines the existence of an underwriting cycle in property-liability insurance for the USA over the…
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The fluctuations in the price of reinsurance during the past ten years have been documented recently in…
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(Thesis - 109 pages) We consider the Italian market due to the importance of bancassurance ventures, its…
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Bancassurance is the process of using a bank's customer relationships to sell life and non-life insurance products.…
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(French only) Many European insurers have been engaging during the last years in banking activities, following the…
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The Indian banking customer now a day are getting more sophisticated in his financial needs and lays…
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Bancassurance has grown to currently become a completely consolidated insurance distribution channel in the global market, even…
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Bancassurance has rapidly grown in Europe over the past 20 years catching the attention of managers and…
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Although various sales channels exist for insurance products, no existing research compares their sales efficiency. This study…
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One of the most significant changes in the financial services sector over the past few years has…
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One of the most significant economic developments of the past decade has been the convergence of the…
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The purpose of this research is to identify the critical drivers in bancassurance as a distribution channel…
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The 2015 Symposium on Insurance Strategies (SIS) provided insights on the drivers behind the significant increase in…
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Since the start of 2014 some 23 major (re)insurance transactions have been announced and the 2015 deals…
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The European insurance industry is awaiting the new EU-wide harmonized Solvency II framework. Before its introduction, it…
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Will 2013 be the year that insurance industry mergers and acquisitions (M&A) take off again after a…
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Companies have hundreds of items on their merger/acquisition checklist. Typically, one of these items is evaluating the…
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This dissertation provides some of the first evidence on the relationship between M & As activity and…
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This paper examines empirically the impact of diversification by M&As on the insurance price of acquiring firms…
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This paper analyzes the productivity and efficiency effects of mergers and acquisitions (M&As) in the U.S. property-liability…
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This paper examines the merger of two stock companies under the premise, due to Bruno de Finetti,…
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The paper begins with an introduction to the key elements of actuarial appraisal models. The role of…
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The study focuses on doctrinal and comparative research between positive law and Muslim law relating to life…
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Achieving growth in the Takaful insurance sector and breaking through into the mainstream might be easier said…
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This study is the first attempt to empirically investigate the determinants of corporate demand for Islamic insurance…
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Protection is as important as other basic needs as it ensures the continuity of the fulfillment of…
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Africa

La courbe des taux est un véritable outil d’appréciation de la valeur de l’argent à travers le…
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This paper analyzes the determinants of life insurance development on a panel of 20 countries in sub-Saharan…
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Insurance industry is becoming stronger as their capital base; new satellite offices and annualized premium income keep…
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L’article résume l’expérience marketing dans les compagnies d’assurance algériennes et analyse les possibilités d’application de cette discipline.…
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The African life insurance industry is one of great potential and contrasts. The South African market generates…
This article outlines the achievements of the African economy in the past decade noting the main drivers…
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Largely as a result of globalization, especially in the last decade, the African economy is witnessing a…
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Asia

As insurance is a social product and serve for the whole society, we want to know whether…
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Reinsurance contributes to the stability of insurance system but also presents to be a primary source of…
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Despite the long-standing political unrest that brought the country’s economy to a standstill in the first half…
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Incontournable, le marché chinois demeure difficile pour les assureurs étrangers, qui doivent notamment se soumettre à une…
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India needs a modern, transparent and progressive framework and a global reinsurance platform. One Insurance Vision has…
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The insurance aggregator is an inevitable development in Singapore. Though triggered by local regulatory requirements for life…
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The insurance industry in Singapore has weathered the global financial crisis well. While the global financial crisis…
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Asia Reinsurance Barometer

> Insurance Market
11/2013
Overall, reinsurance business sentiment in Asia is very strong, reflecting a relatively stable political environment, well-established regional…
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This research is to examine that most of the time investors do not prefer too highly profitable…
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Japanese life insurance companies hold a large amount of Japanese government bonds (JGBs) as long-term investments. Recently,…
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We analyse abnormal growth of premiums surrounding financial strength rating changes for a panel of life insurers…
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WTO and the Chinese Insurance Industry

> Insurance Market
07/2009
This paper provides information on the impact of the entry of foreign firms on a financial services…
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Foreign insurance companies in China 2012

> Insurance Market
12/2012
This 132 pages survey focuses on the strategic and emerging issues surrounding the expanding activities of foreign insurance…
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Europe

This article focuses on the life insurance industry in France and attempts to shed light on whether…
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European Risk and Insurance Report 2016

> Insurance Market
09/2016
Eighth edition of the FERMA European Risk and Insurance Report.   The Federation of European Risk Management…
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In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of…
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This article investigates efficiency and competition in the Dutch life insurance market by estimating unused scale economies…
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One of the most important phenomena of the last decade has been the convergence of the financial…
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L’introduction des canaux digitaux dans l’industrie de l’assurance, qui a été toujours fortement caractérisée par une distribution…
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Using state-of-the-art frontier efficiency methodologies, we study the efficiency and productivity of Swiss insurance companies in the…
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Cross-border Insurance in Europe

> Insurance Market
11/2014
This paper employs a new dataset to construct a comprehensive overview of cross-border insurance in the European…
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This paper investigates the cost efficiency and competitive behaviour of the non-life - or property and casualty…
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We analyze Strategic Groups in the German insurance market. We use cluster analysis to subdivide the Insurance…
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The goal of this paper is to investigate the implementation of multichannel strategies in the service sector…
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Technical Note on Insurance Sector on Italy

> Insurance Market
12/2013
This technical note of the International Monetary Fund covers the insurance sector supervised by IVASS, the Italian…
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The financial services industry has undergone significant regulatory change in the past two decades due to Basel…
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The UK insurance industry is the second largest in the world and plays a unique role in…
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The expert group "Insurance and Pensions" discussed the state-of-the-art of the (EU) insurance market with members of…
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MENA

This paper studies the causes of the low development of the insurance sector in the Middle East…
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North America

This research report concerns the resolution of insolvent property/casualty (P/C) insurers in the United States (U.S.). Part…
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The Affordable Care Act (ACA) significantly altered the regulation of health insurance in the United States, with…
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This Report describes the important role of the global reinsurance market in supporting the insurance industry in…
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Cassandra R. Cole,William L. Ferguson,Ryan B. Lee,Kathleen A. McCullough Draft July 2008
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South America

Empirical and theoretical analyses suggest that there is a positive relationship between financial development and economic growth.…
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The Chilean insurance regulatory agency, Superintendencia Valores y Seguros (SVS) has issued its first risk-based capital (RBC)…
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Empirical and theoretical analyses suggest that there is a positive relationship between financial development and economic growth.…
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While the real sector and governments (along with a few micro economists) have long recognized the core…
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Purchasing reinsurance reduces insurers’ insolvency risk by stabilizing loss experience, increasing capacity, limiting liability on specific risks,…
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This paper seeks first and foremost to provide a more detailed understanding of the role, benefits and…
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This paper investigates the relationship between insurance development and economic growth by employing GMM models on a…
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We study solvency of insurers in a comprehensive model where various economic factors affect the capital developments…
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The market-consistent value of insurance liabilities consists of the best-estimate prediction of the outstanding liabilities and a…
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This consultation seeks views on the Prudential Regulation Authority’s (PRA) draft supervisory statement (see below) which clarifies…
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Insurance companies exist by virtue of diversification of risks. This diversification can happen within lines of business…
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For solvency purposes insurance companies need to calculate so-called best-estimate reserves for outstanding loss liability cash flows…
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This paper deals with market exit issues in the insurance industry. It examines theoretical and practical aspects…
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Regular updates on the Reinsurance market published by Aon Benfield
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The Global Insurance Market Report (GIMAR) collects and reports data reflecting the performance of primary insurers and…
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Since the early 1980s, the OECD has collected and analysed data on insurance in OECD countries such as…
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Reinsurance insights published by Miller Insurance Services aims to bring topical and concise articles to the market. 
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Federal Insurance Office, U.S. Department of the Treasury
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Every year the Swiss Financial Market Supervisory Authority (FINMA) publishes a report on the activities of supervised…
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L’APREF is the French Professional Association for Reinsurance (Association des Professionnels de la Réassurance en France)
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 Insurance Europe is the European insurance and reinsurance federation.
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