Universal life policies are the most popular insurance contract design in theUnited States. They have either a level death benefit paying a fixed faceamount, or an increasing death benefit, which additionally pays the availablecash value, and both types include the option to switch from one to...

The financial services industry has undergone significant regulatory change in thepast two decades due to Basel II (banking) and Solvency II (insurance). Even though these promulgations are focused on European institutions, their influenceextends around the globe. An important dimension of this...

Cummins et al. (1994) provide a conceptual framework for policymakers to use in analyzing risk-based capital systems. Based on their framework, this article provides an overview and critical analysis of risk-based capital requirements, with a focus on property/casualty insurance, as implemented...

This paper analyzes price competition in the German motor insurance market since 1994 and looks for evidence to back up a claim frequently found in the trade literature—that there have been two recent price wars in this industry, the first in 1996–1999, the second in 2005–2006. In a first...