Strict liability is widely seen as the most suitable way to govern highly risky activities, such as environmentally dangerous production or genetic engineering. The reason which is usually given for applying strict liability to these areas, is that not only efficient care is supposed to be...

The present paper analyzes the demand for insurance when the insurer has incomplete information about types of potential customers. We assume that customers´ risk preferences cannot be distinguished by the insurer. Therefore, the standard result in insurance economics that the insurer...

The paper deals with the so called external moral hazard. This problem occurs, when-ever insurance companies bear the repair costs of the insured in the case of a damage. The insurance coverage results in a decrease of the price elasticity of demand and therefore in higher prices for repair...

In dieser Arbeit wird das Konzept einer wertorientierten Steuerung von Lebensversicherungsunternehmen basierend auf stochastischen Prozessen vorgestellt. Dabei werden die stochastischen Prozesse dazu verwendet, die zufälligen wertbestimmenden Parameter der Unternehmensbewertung zu modellieren....

This article deals with the impact of intermediaries on insurance market transparency and performance. In a market exhibiting product differentiation and coexistence of perfectly and imperfectly informed consumers, competition among insurers leads to non-existence of a pure-strategy market...

Catastrophe bonds (cat bonds) often use index triggers, such as, for instance, parametric descriptions of a catastrophe. This implies the problem of the so-called basis risk, resulting from the fact that, in contrast to traditional reinsurance, this kind of coverage cannot be a perfect hedge for...

Dramatic events in the recent past have drawn attention to catastrophe risk management problems. The devastating terrorist attacks of September 11th, 2001 incurred the highest insured losses to date. Furthermore, a trend of increasing losses from natural catastrophes appears to be observable...

Die Hochwasserkatastrophe im August dieses Jahres hat deutlich gezeigt, welches Schadenspotential Naturkatastrophen auch in Europa haben. Sollten solche Schäden in Deutschland weiterhin durch staatliche Ad-hoc-Hilfen und private Spenden behoben werden? Oder sollte eine Zwangsversicherung gegen...

Das Krankenversicherungssystem in Deutschland ist seit Jahren in der Kritik. Reformbedarf besteht sowohl bei der Gesetzlichen als auch bei der Privaten Krankenversicherung. Ist ein einheitlicher Versicherungsmarkt die Lösung? Peter Oberender und Jürgen Zerth, Universität Bayreuth, sehen in...