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Exploring the link between financial literacy and business interruption insurance: evidence from Italian micro-enterprises The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2024-03-01 Ornella Ricci, Gianluca Santilli
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Infrastructure development in sub-Saharan African countries: does insurance matter? The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2024-02-14
Abstract The objective of this paper is to assess the contribution of insurance to infrastructure development in Sub-Saharan Africa. The researchers used a sample of 31 Sub-Saharan African countries from a panel of data observed over the period 2003–2020. The methodologies used in this paper are the Driscoll-Kraay and Panels Corrected Standard Error. The results show that insurance (life and non-life)
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The impact of the Russia–Ukraine war on the world’s largest listed insurance firms The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-06-30 António Miguel Martins, Pedro Correia, Ricardo Gouveia
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Distant relations: business interruption insurance and business closure insurance The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-06-07 Ulrich Stahl
This article looks at COVID-19-related issues in the context of commercial and industrial insurance cover taken out against the risk of infectious disease. The focus is on government action taken and regulation passed in the U.K. and in Germany, respectively, to redress the pandemic. The insurance market offers business interruption (BI) cover (in the U.K. and internationally) as well as business closure
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Providing pandemic business interruption coverage with double trigger cat bonds The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-05-30 André Schmitt, Sandrine Spaeter
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Greenfield foreign direct investments and insurance market diversification: a cross-country analysis The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-05-22 Bojan Srbinoski, Klime Poposki, W. Jean Kwon, Ksenija Dencic-Mihajlov
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COVID-19 off-label uses of medicines: the role of civil liability and regulation The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-05-19 Andrea Parziale
Physicians can prescribe medicines for different indications than the tested and authorised ones. Such ‘off-label’ uses expand therapeutic options but also create uncertainties. The COVID-19 pandemic triggered new off-label uses and, despite issues being reported in the literature, these have not resulted in substantial personal injury litigation in the EU. Against this backdrop, this article argues
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New advances on cyber risk and cyber insurance The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-05-17 Martin Boyer, Martin Eling
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Risk mitigation services in cyber insurance: optimal contract design and price structure The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-05-08 Gabriela Zeller, Matthias Scherer
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Modelling maximum cyber incident losses of German organisations: an empirical study and modified extreme value distribution approach The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-04-13 Bennet von Skarczinski, Mathias Raschke, Frank Teuteberg
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Assessing U.S. insurance firms' climate change impact and response The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-04-12 Aparna Gupta, Abena Owusu, Jue Wang
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Why banks insure structured commodity trade finance risk: evidence from a worldwide survey The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-04-12 Alexander Braun, Marius Fischer, Csilla Schreiber-Orosz
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English tort law and the pandemic: the dog that has not barked The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-04-08 David Howarth
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Business interruption insurance as a means of spreading pandemic-related losses The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-03-27 Piotr Tereszkiewicz
This article discusses business interruption insurance as a measure of spreading risk in the context of the COVID-19 pandemic. In drawing a picture of how business interruption insurance has been handled and governed to date by courts and regulators in the U.K., Australia and the U.S., the contribution is specifically concerned with providing tentative answers to two questions: first, whether the design
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The possibilities and limits of insurance as governance in insuring pandemics The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-03-21 Qihao He, Michael Faure, Chengwei Liu
Insurance can, as has clearly been indicated in the literature, play an important role in dealing with catastrophe risks, not only as a compensation mechanism but also as a mechanism to influence the behaviour of the insured. It is the concept known as ‘insurance as governance’. However, we argue that there are limited possibilities for this role as far as the insurance of pandemics is concerned. The
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Cyber loss model risk translates to premium mispricing and risk sensitivity The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-03-18 Gareth W. Peters, Matteo Malavasi, Georgy Sofronov, Pavel V. Shevchenko, Stefan Trück, Jiwook Jang
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How cyber insurance influences the ransomware payment decision: theory and evidence The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-03-09 Anna Cartwright, Edward Cartwright, Jamie MacColl, Gareth Mott, Sarah Turner, James Sullivan, Jason R. C. Nurse
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What is the potential of compensation funds for addressing COVID-related personal injury? The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-02-27 Jonas Knetsch, Kim Watts
The COVID-19 pandemic continues to present new challenges at the frontiers of social risk. Its significant societal impact has prompted the consideration of alternative frameworks like compensation funds to better allocate the risks and impacts of COVID-related injury. Although there has been discussion about the potential of alternative liability structures for vaccine-related injury, there has been
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Reinsuring pandemics: the role of government and public–private partnerships between reinsurers and governments The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-02-17 Senara Eggleton, Özlem Gürses
Pandemic-related business interruption (BI) losses are generally considered ‘uninsurable’ because, in order to pool sufficient premium revenue to meet valid claims, premiums would be unaffordable for the majority of policyholders. This paper explores whether and how such losses might be made insurable in the U.K. The authors consider post-pandemic governmental responses, including the role of the Financial
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Technology investments and firm performance under the wave of InsurTech The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-02-11 Vincent Y. L. Chang
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Coordination of cybersecurity risk management in the U.K. insurance sector The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-02-10 Paul Klumpes
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Capital issuances and premium growth in the property–liability insurance industry: evidence from the financial crisis and COVID-19 recession The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-01-28 Thomas R. Berry-Stölzle, Meghan Irene Esson
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Does the legalisation of cannabis for medicinal use impact private health insurer prescription drug expenditures? The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2023-01-17 Amanda C. Cook, E. Tice Sirmans, Brenda Wells
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Modelling and predicting enterprise-level cyber risks in the context of sparse data availability The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-12-10 Daniel Zängerle, Dirk Schiereck
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Insurance and enterprise: cyber insurance for ransomware The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-12-04 Tom Baker, Anja Shortland
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How default effects and decision timing affect annuity uptake and health consciousness The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-11-19 Franziska Unger, Martina Steul-Fischer, Nadine Gatzert
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Institutional determinants of insurance penetration in Africa The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-10-16 Mamadou Bah, Nelson Abila
This paper investigates the institutional determinants of insurance demand in Africa. We used a panel of 42 countries over the period 1996–2017. A system GMM approach was used for the estimations. Consistent with previous results, we find that institutional quality has positive and significant effects on insurance penetration in Africa. Specifically, regulatory quality, rule of law, control of corruption
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The ILS loss experience: natural catastrophe issues 2001–2020 The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-08-06 Morton Lane
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New technologies and data in insurance. The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-06-20 Isabelle Flückiger,Meryem Duygun
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Sustainable investing in the US and European insurance industry: a text mining analysis The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-05-31 Nadine Gatzert, Philipp Reichel
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Investment guarantees in financial products: an analysis of consumer preferences The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-05-03 Daliana Luca, Hato Schmeiser, Florian Schreiber
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On children’s motives to influence parents’ long-term care insurance purchase: evidence from Switzerland The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-05-03 Christophe Courbage, Guillem Montoliu-Montes, Joël Wagner
Long-term care (LTC) is not only a concern for elderly individuals but also for their adult children, as the latter often provide financial support and informal care to their elderly dependents. Adult children may therefore have strong incentives to have their parents purchase LTC insurance. Using data from a 2019 Swiss survey, this article first identifies a set of variables, including self-reported
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Explaining automated decision-making: a multinational study of the GDPR right to meaningful information The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-05-03 Jacob Dexe, Ulrik Franke, Kasia Söderlund, Niels van Berkel, Rikke Hagensby Jensen, Nea Lepinkäinen, Juho Vaiste
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Threshold effect for the life insurance industry: evidence from OECD countries The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-04-29 Ingrid-Mihaela Dragotă,Cosmin Octavian Cepoi,Lavinia Ştefan
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Diversification and Solvency II: the capital effect of portfolio swaps on non-life insurers The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-03-28 Barry Sheehan, Christian Humberg, Darren Shannon, Michael Fortmann, Stefan Materne
Diversification plays a pivotal role under the risk-based capital regime of Solvency II. The new rules reward large and well-diversified insurance companies with relatively low capital requirements compared to those of small and specialised nature. To enhance diversification, insurance companies can adjust their strategy by engaging in mergers and acquisitions or new market entries. Alternatively,
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Cyber risk and cybersecurity: a systematic review of data availability The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-02-17 Frank Cremer, Barry Sheehan, Michael Fortmann, Arash N. Kia, Martin Mullins, Finbarr Murphy, Stefan Materne
Cybercrime is estimated to have cost the global economy just under USD 1 trillion in 2020, indicating an increase of more than 50% since 2018. With the average cyber insurance claim rising from USD 145,000 in 2019 to USD 359,000 in 2020, there is a growing necessity for better cyber information sources, standardised databases, mandatory reporting and public awareness. This research analyses the extant
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On the (future) role of on-demand insurance: market landscape, business model and customer perception The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-02-07 Angela Zeier Röschmann, Matthias Erny, Joël Wagner
Over the last decade, digitisation and individualisation have fostered the development of on-demand services in many industries. In the insurance sector, technological progress brings new possibilities on how risks can be insured. This paper studies on-demand insurance and thereby takes three perspectives. First, we define on-demand insurance and study the current market landscape of offerings, leading
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Managing customer satisfaction: digital applications for insurance companies The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-02-07 Christian Eckert, Christof Neunsinger, Katrin Osterrieder
Customer satisfaction management is increasing in importance within the insurance industry. In particular, to define a customer-oriented strategy, installing digital applications based on technologies, e.g. including artificial intelligence or cloud computing, ranks among the major strategic challenges. Against this background, the aim of this paper is to take an integrated perspective on managing
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Framework for open insurance strategy: insights from a European study The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-02-02 Willem Standaert, Steve Muylle
While some consider open insurance to be a buzzword with more hype than substance, the underlying trend of open finance stimulates insurers to use digital technology to exchange data with third parties to realise process efficiencies and develop new products and channels. Based on a literature review and 30 interviews with industry experts in Europe, we define open insurance, identify its key drivers
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Solvency determinants: evidence from the Takaful insurance industry The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-01-09 Alokla, Jassem, Daynes, Arief, Pagas, Paraskevas, Tzouvanas, Panagiotis
This paper contributes to the nascent literature on Takaful by investigating the solvency determinants for Takaful firms in both the Gulf Cooperation Council (GCC) and Malaysian economies. Our main objective is to develop a deeper understanding of the solvency determinants of these firms. Using hand- collected microdata for the period 2011 to 2016 for 52 Takaful firms, we document that firm size and
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A dynamic analysis of the demand for life insurance during the 2008 financial crisis: evidence from the panel Survey of Consumer Finances The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-01-08 Wang, Ning
Prior research indicates a significant relation between life events and the demand for life insurance. This paper is the first study to relate the demand for life insurance to household portfolio holdings in a dynamic framework. The study examines changes in life insurance demand as a function of changes in household portfolio holdings and life events using panel data during the recent financial crisis
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Extreme events, climate risks and insurance The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2022-01-01 Christophe Courbage,Maryam Golnaraghi
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Factors influencing policyholders' acceptance of life settlements: a technology acceptance model The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-11-28 de Andrés-Sánchez, Jorge, González-Vila Puchades, Laura, Arias-Oliva, Mario
The most significant market for life settlements (LSs) is the U.S. LSs are not present in some European countries, such as Spain, and can therefore be seen as a novel and innovative financial service in those countries. This last consideration motivates this paper, which analyses the key factors, from the seller’s perspective, for the development of a secondary life insurance market through LSs in
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On the macrofinancial determinants of life and non-life insurance premiums The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-11-25 Hodula, Martin, Janků, Jan, Časta, Martin, Kučera, Adam
This paper tests potential determinants of the development of the insurance sector. Using a rich dataset for 24 European countries spanning two decades, we identify a set of macrofinancial factors that are the most robust predictors of growth of gross premiums in the life and non-life insurance sectors. We show that both life and non-life premiums co-move with the business cycle and are positively
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Earthquake loss and Solvency Capital Requirement calculation using a fault-specific catastrophe model The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-11-19 Deligiannakis, Georgios, Zimbidis, Alexandros, Papanikolaou, Ioannis
As of January 2016, the Solvency II Directive demands that all insurance companies in the EU perform a Solvency Capital Requirement (SCR) calculation. We propose an earthquake catastrophe model that calculates the SCR using an innovative hazard module. We test our model in the Attica region, which hosts 41.6% of the insured buildings in Greece. The results show a risk premium of 1.63% up to 3.16% for
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Examining insurance companies’ use of technology for innovation The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-11-16 Lanfranchi, Davide, Grassi, Laura
The insurance industry is innovating. Business models, services and processes are rapidly evolving, largely backed by technological developments. The particular historical context of COVID-19 provides a suitable case to understand the relevance of exploiting technology to react quickly to traditional and emerging risks. Focusing on the initiatives put in place by the most influential insurance companies
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Can risk rating increase the ability of voluntary deductibles to reduce moral hazard? The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-11-02 Antonini, M., van Kleef, R. C., Henriquez, J., Paolucci, F.
Several regulated health insurance markets include the option for consumers to choose a voluntary deductible. An important motive for this option is to reduce moral hazard. In return for a voluntary deductible, consumers receive a premium rebate, which is typically community rated. Under community rating, voluntary deductibles are particularly attractive for low-risk consumers. Since these people use
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Correction to: Fingerspitzengefühl The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-10-27 Briys, Eric
Risk aversion kicks in: the less risk averse the insured, the larger the deviation from full insurance, all else being equal. The original version of this paper was inadvertently published with an incorrect word in one sentence on page 255. The original article has been corrected. We apologise for any inconvenience caused to our readers.
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Correction to: Does private health insurance prevent the onset of critical illness and disability in a universal public insurance system? The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-10-28 Daehwan Kim,Dong-hwa Lee
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Crop insurance premium subsidy and irrigation water withdrawals in the western United States The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-10-25 Ghosh, Prasenjit N., Miao, Ruiqing, Malikov, Emir
We estimate the effects of the federal crop insurance premium subsidy on freshwater withdrawals for irrigation among U.S. counties to the west of the 100th meridian. Our results indicate that a 1% increase in premium subsidy leads to a 0.446% (about 475,901 acre-feet/year) and 0.673% (about 474,026 acre-feet/year) increase in total freshwater withdrawals for irrigation and fresh surface water withdrawals
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Does private health insurance prevent the onset of critical illness and disability in a universal public insurance system? The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-10-08 Kim, Daehwan, Lee, Dong-hwa
There are numerous studies investigating the effect of health insurance on healthcare utilisation, but there is little empirical evidence examining the effect of private health insurance on objective health outcomes in a universal public health system. Tracking each individual’s health status using panel data, we explore whether there is a difference in the probability of contracting a critical illness
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Financial development, life insurance and growth: Evidence from 17 European countries The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-10-06 Cheng, Su-Yin, Hou, Han
This study constructs a simple model to demonstrate that life insurance and financial development simultaneously affect economic growth. We provide empirical evidence on the model’s critical prediction. By analysing panel data for 17 advanced European countries from 1980 to 2015, the results show that the effect of private credit on real economic growth is negative in both the long and short run. The
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Insurance and wearables as tools in managing risk in sports: Determinants of technology take-up and propensity to insure and share data The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-10-06 Saliba, Brandon, Spiteri, Jonathan, Cortis, Dominic
Sports participants are actively adopting wearables to measure their performance but they can also be used to minimise and control risks. We investigate and compare the results of 272 runners and 265 soccer players to determine the current use of wearables as well as the propensity to purchase insurance services that are coupled with the wearable technology. This includes an inquiry into the factors
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Setting descriptive norm nudges to promote demand for insurance against increasing climate change risk The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-10-05 Robinson, Peter John, Botzen, W. J. Wouter
Natural disaster losses are projected to increase worldwide, in part due to climate change. As well as offering financial protection against the impacts of climate change, insurers can promote behavioural change by stimulating individuals’ preparedness choices. Norm nudges aim to improve preparedness for risks through information provision that appeals to social norms. Based on data collected in an
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Suspension of insurers’ dividends as a response to the COVID-19 crisis: evidence from the European insurance equity market The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-10-04 Jakubik, Petr, Teleu, Saida
The recent COVID-19 outbreak and significant increase in resulting global uncertainty poses many challenges to financial sectors. Many regulators took measures to safeguard the resilience of financial institutions by requesting postponements of dividend distributions until uncertainties about further development diminished. Specifically, on 2 April 2020, the European Insurance and Occupational Pensions
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Moral hazard in Australian private health insurance: the case of dental care services and extras cover The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-09-15 Nguyen, Lan, Worthington, Andrew C.
We assess ex post moral hazard in Australian private health insurance (PHI) relating to dental care services (so-called extras cover) using the longitudinal Household, Income and Labour Dynamics in Australia (HILDA) Survey. Cross-sectional probit regressions specify dental care use as a function of dental care demand and endogenous PHI policy holding, including self-assessed health condition, health
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Implications of bundled offerings for business development and competitive strategy in digital insurance The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-08-20 Fritzsche, Albrecht, Bohnert, Alexander
The ubiquitous availability of interconnected digital devices does not only change the kinds of risks that can be insured and the way insurance companies work, it also facilitates the formation of bundled offerings across different industrial sectors, including insurance as well as other products and services. We identify two distinct patterns in which such bundles change value creation in the insurance
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The relationship between net promoter score and insurers’ profitability: an empirical analysis at the customer level The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-06-08 Jonas R. Jahnert, Hato Schmeiser
This paper examines the relationship between customer satisfaction and profitability at the level of the individual customer. In many industries, investigations detect a positive, decreasing relationship between customer satisfaction and firm profitability. The insurance industry has rarely been the object of such investigations. Pooser and Browne (2018) started this discussion by examining U.S. insurers
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Risk transfer beyond reinsurance: the added value of CAT bonds The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-05-31 Tobias Götze, Marc Gürtler
Reinsurance and CAT bonds are two alternative risk management instruments used by insurance companies. Insurers should be indifferent between the two instruments in a perfect capital market. However, the theoretical literature suggests that insured risk characteristics and market imperfections may influence the effectiveness and efficiency of reinsurance relative to CAT bonds. CAT bonds may add value
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Cognitive abilities and long-term care insurance: evidence from European data The Geneva Papers on Risk and Insurance-Issues and Practice (IF 1.455) Pub Date : 2021-05-25 Katerina Gousia
Long-term care (LTC) is one of the largest financial risks faced by the elderly. Yet, it remains largely uninsured. This paper explores the relationship between cognitive abilities and private voluntary or supplementary long-term care insurance (LTCI) ownership as another possible factor contributing to the small size of the market. We used data from a European panel survey, which collects detailed