Reinsurance is a transaction insurance firms use to hedge risk. Existing studies have only investigated the demand for reinsurance. Thus, we do not have direct evidence on whether the use of reinsurance creates value. Our study provides this evidence. We find a positive relation between the use...

This article applies the concept of prudence to develop the characteristics of responsible risk modeling practices in the insurance industry. A critical evaluation of the risk modeling process suggests that ethical judgments are emergent rather than static, vague rather than clear, particular...

This handbook examines the latest techniques and strategies that are used to unlock the risk transfer capacity of global financial and capital markets. Taking the financial crisis and global recession into account, it frames and contextualises non-traditional risk transfer tools created over the...

Foreword -- Contents -- List of Figures -- List of Tables -- 1: Introduction -- Part I: Risk Management Strategies and Perspectives -- 2: A Theoretical Perspective on Risk Management -- 2.1 Introduction -- 2.2 Why Should a Firm Manage Risks? -- 2.2.1 A Point of Departure: Risk Neutral Owner and...