We present an approach to capture group-level diversification using legally binding capital and risk transfer instruments. The approach is used by the Swiss Solvency Test to quantify both group-level capital requirements and capital requirements for subsidiaries of insurance groups. The Geneva...

Part 1 History - Developments in risk and insurance economics: The past 50 years -- Part 2 Climate risk protection - Fifty years of US natural disaster insurance policy -- Climate risk and insurance -- Household financial resilience after severe climate events: The role of insurance -- Insuring...

Preface -- Introduction -- Part 1: History -- Developments in Risk and Insurance Economics: the Past 40 Years -- Part 2 : Risk and Insurance Theory Without Information Problems -- Higher-Order Risk Attitudes -- Non-Expected Utility and the Robustness of the Classical Insurance Paradigm -- The...