In this paper, we first construct a cyber risk consciousness score using a text mining algorithm, applied to annual reports of large‐ and mid‐cap US banks and insurers from 2011 to 2018. We next categorize the firms' cyber risk management based on keywords to study determinants and...

This study examines spillover effects following Volkswagen's admission of emissions cheating. We first estimate initial operational losses of 8.45% of Volkswagen's equity market capitalization on the date before the announcement, reputational losses up to five times these losses, and significant...

In this paper, we study the awareness of European and U.S. insurance companies of climate-related risks and opportunities using a respective indicator from the Refinitiv Eikon database that uses reporting data. Based on this, we examine the determinants and value of the awareness of business...

Die Risikowahrnehmung von Bürgern und Verbrauchern weicht aufgrund von psychologischen Verzerrungseffekten in vielen Fällen deutlich von den realen Risiken ab, was zu "irrationalen" Entscheidungen und ungeeignetem Vorsorgen und Versichern führen kann. Ziel der Studie ist es, solche...

Among the trends impacting most industries are new mobility concepts, digitalization, urbanization, rising environmental awareness, and demographic change. The automobile insurance industry, in particular, is strongly affected by new mobility concepts, including autonomous, shared, and electric...

The aim of this paper is to investigate customer preferences for certain company characteristics when purchasing life insurance products. We focus on ratings provided by aggregators, namely financial strength, sustainability, service quality, and type of customer touchpoint (online vs. in...

This paper uses a text mining analysis to study the development of sustainable investing in the European and US insurance industry as reflected in their public reports from 2013 to 2018. The sample comprises 1215 annual, sustainability- and investment-related documents of 77 firms. We develop a...

Annuities provide a lifelong income stream and can therefore help individuals to mitigate the risk of outliving their savings, a highly topical issue in the context of increasing life expectancies. Given that real-world annuitization rates remain relatively low, we investigate the influence of...

The aim of this paper is to examine the impact of dependencies between climate transition and physical risks on the default probability and profitability of a non-life insurer focusing on the scenario of a delayed and sudden transition. Toward this end, we suggest a simplified modeling approach...

The aim of this paper is to investigate the relevance of sustainable product attributes as compared to ongoing costs and risk–return profiles when individuals choose funds underlying unit-linked life insurances. Regarding sustainability attributes, we focus on the product classification...