Natural catastrophes attract regularly the attention of media and have become a source of public concern. From a financial viewpoint, natural catastrophes represent idiosyncratic risks,diversifiable at the world level. But for reasons analyzed in this pap er reinsurance markets are unable to...

In 2003, Swiss Re introduced a mortality-based security designed to hedge excessive mortality changes for its life book of business. The concern was apparently brevity risk, i.e., the risk of premature death. The brevity risk due to a pandemic is similar to the property risk associated with...

In our article we consider insurance as a means of allocating terrorism risk. Terrorism poses asignificant challenge for insurers worldwide. In terms of possible losses it fits into the samecategory as earthquakes and hurricanes. Yet as a result of the uncertainty surrounding theserisks private...

Many economic and econometric applications require the integration of functions lacking a closed form antiderivative, which is therefore a task that can only be solved by numerical methods. We propose a new family of probability densities that can be used as substitutes and have the property of...

The Legal Limits to Insurable Risk, Transactional Insurance Products,Legal and Regulatory Issues in Europe, Open Discussion...

The growing interconnections beween people, markets, and networks

Help to improve understanding of CC impacts i.e. High quality in risk measurement and risk assessment (GEO). Use knowledge to turn risk into value/generate opportunities from CC. Development of New products and Services: innovative solutions, risk transfer schemes complementary to traditional...

First, we must insist that the "Best Science" is informing our understanding of the future risks, and how these risks are apportioned across different geographies and amongst different stakeholders. We need for this science to be both objective and robust as there are significant uncertainties...

Financial firms have a vast array of possible investments to choose from and products to sell. The financial market changes fast and in the future will likely look very different than in the past. Risk Management in general has the tendency to lag behind these innovation since it is often much...

Primary responsibility for risk and risk management with the business, Responsibility for risk management assigned to individual "risk owners", Support to and control of the business by specialized expert functions...