manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …

supply of intermediary capital is perfectly elastic. We take the US catastrophe reinsurance market as an example, using … results suggest that the price of reinsurance generally exceeds fair' values, particularly in the aftermath of large events …

with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other … relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses …, especially after cat events. We then examine clinical evidence to understand why the theory fails. Specifically, we examine …

with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other … relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses …, especially after cat events. We then examine clinical evidence to understand why the theory fails. Specifically, we examine …

transferring risk are being explored. The paper studies several recent transactions by USAA which use reinsurance capacity from … demonstrate that both features deviate from what theory would predict, yet are characteristic of many transactions, not simply …

with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other … relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses …, especially after cat events. We then examine clinical evidence to understand why the theory fails. Specifically, we examine …

distributed through the insurance and reinsurance systems. However, because insurance companies tend to share relatively small … amounts of their cat exposures and because insurance companies' capital is threatened by large event, these risks are now …

This paper examines the optimal design of insurance and reinsurance policies. We first consider reinsurance for …. Premium risk emerges as an important part of risk, which reinsurance and primary insurance markets do not adequately diversify.quot … catastrophes: risks which are large for any one insurer but not for the reinsurance market as a whole. Reinsurance for catastrophes …

with expected inflation. Given the importance of this adjustment for questions of both monetary theory and monetary policy … nominal interest rates and expected price inflation, portfolio behavior is the most plausibly flexible in the short run. Since … important lenders' portfolio behavior can be in bringing about the adjustment of interest rates which Fisher's theory associates …

Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear … some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such … insurance company in effect serves as a retailer to homeowners of short positions in real estate futures markets or of put …