This paper proposes a Conditional Value-at-Risk Minimization (CVaRM) approach to optimize an insurer's product mix. By incorporating the natural hedging strategy of Cox and Lin (2007) and the two-factor stochastic mortality model of Cairns et al. (2006b), we calculate an optimize product mix...

This paper explores the impact of deregulation of licensing on an oligopoly insurance market. We show that deregulation of licensing in a Stackelberg-type oligopoly market may not have any impact on the leader’s output if the number of firms increases but the market structure remains. On the...

Using information on timing and number of claims in a unique data set pertaining to comprehensive automobile insurance with the increasing deductible provision in Taiwan, the authors provide new evidence for moral hazard. Time-varying correlations between the choice of the insurance coverage and...

Using firm-level data from the Internal Revenue Service Form 5500, this paper provides new evidence of the substitution and supplemental effects between 401(k) plans and other employers' pension plans for longstanding firms. By comparing employers' pension plan choices between 1985 and 1996, we...

Using unique bancassurance data from Taiwan, we examine whether banks improve their scope economies by engaging in bancassurance activities. We adopt an econometric approach to identify the relation between economies of scope and bancassurance. The empirical results show that higher involvement...

This article investigates the natural hedging strategy to deal with longevity risks for life insurance companies. We propose an immunization model that incorporates a stochastic mortality dynamic to calculate the optimal life insurance-annuity product mix ratio to hedge against longevity risks....

This paper seeks to determine whether governments should intervene in the private annuity market by directly providing public insurance in the form of annuities when both the government and the insurance companies could default. It is found that, although the government could default,...

type="main" xml:lang="en" <title type="main">Abstract</title> <p>We present evidence to support the existence of opportunistic fraud in the automobile theft insurance market in Taiwan. After encountering a typhoon hit, the insured who purchase automobile theft insurance but do not purchase typhoon/flood insurance tend to...</p>