In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country...

The standard economic analysis of the insured-insurer relationship under moral hazard postulates a simplistic setup that hardly explains the many features of an insurance contract. We extend this setup to include the situation that the insured was facing at the time of the accident and the...

Under Solvency II, corporate governance requirements are a complementary, but nonetheless essential, element to build a sound regulatory framework for insurance undertakings, also to address risks not specifically mitigated by the sole solvency capital requirements. After recalling the...

In Reaktion auf die jüngste Finanzmarktkrise und der damit verbundenen erhöhten Nachfrage nach guter, verantwortungsvoller Unternehmensführung wurde eine Vielzahl an Empfehlungen und gesetzlichen Reformen erlassen. Dabei ist ein äusserst beunruhigender Trend zu beobachten, nämlich dass...

This dissertation consists of four parts, focusing on alternative investments, catastrophe risk, and asset pricing in an insurance context. Several financial instruments (i.e., funds, options, and stocks) are analyzed with different perspectives on an insurer's balance sheet. The first part...

Die vorliegende Dissertation besteht aus vier Teilen, die sich mit den Themen Alternative Investments, Katastrophenrisiko und Asset Pricing im Versicherungskontext auseinandersetzen. Mithilfe verschiedener Finanzinstrumente (Aktien, Fonds und Optionen) wird die Bilanz eines...

This paper develops a tractable human capital model with limited enforceability of contracts. The model economy is populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk-free physical capital and risky human capital. Households have...

This paper develops a tractable human capital model with limited enforceability of contracts. The model economy is populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk-free physical capital and risky human capital. Households have...

Flood insurance helps to cope with the risk of flooding, but take-up rates are relatively low. Insurance density could rise if index-based insurance (IBI) were provided as an alternative to traditional damage-based insurance (DBI). We analyze whether there is potential for private demand for IBI...

The current macro-economic and financial conditions remain extremely challenging for the European insurance sector. Under the ongoing low yield environment insurers are changing their business models and looking for new investment and business opportunities to improve their profitability and the...

Basierend auf Erkenntnissen aus der Organisations- und Sicherheitskulturforschung sowie Erkenntnissen aus der Versicherungswissenschaft und Risikomanagementforschung wird der Begriff Risikokultur konzeptualisiert. Angesichts der in der Praxis häufig erhobenen Forderung nach einer gesunden oder...

In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country...

We use a two factor model of life insurer stock returns to measure interest rate risk at U.S. and U.K. insurers. Our estimates show that interest rate risk among U.S. life insurers increased as interest rates decreased to historically low levels in recent years. For life insurers in the U.K., in...

In insurance and related industries including healthcare, it is common to have several outcome measures that the analyst wishes to understand using explanatory variables. For example, in automobile insurance, an accident may result in payments for damage to one's own vehicle, damage to another...

Despite plausible mechanisms, little research has evaluated potential changes in health behaviors as a result of the Medicaid expansions of the 1980s and 1990s. In this paper, we provide the first national study of the effects of Medicaid on health behaviors for pregnant women, which is a group...

Job displacement in the U.S. is a serious threat to the earnings of long-tenured workers, through both (i) unemployment spells and (ii) reduced reemployment wages. Although full insurance requires both unemployment benefits and wage insurance, supply difficulties limit actual-loss insurance, and...

Background: There is considerable interest in exploring the potential of social health insurance in Africa where a number of countries are currently experimenting with different approaches. Since these schemes have been introduced recently and are continuously evolving, it is important to...

Die vorliegende Dissertation hat den Einsatz von CRM im Vertrieb der Schweizer Assekuranz zum Inhalt. Mittels drei Teiluntersuchungen wurde anhand des Falles "AXA Winterthur" die CRM-Akzeptanz, der CRM-Einsatz sowie der Einfluss von CRM auf die Performance von Aussendienstmitarbeitern...

Funeral Aid Associations (FAAs) in Northeast Thailand offer micro funeral insurance at affordable premium levels while they barely risk-rate potential members. Due to the set-up of FAAs, high-risk individuals have a monetary incentive to join the insurance. Compared to many other micro insurance...

In this paper we consider the problem of allocating scarce resources in a divisionalized company; the resources are made available by the headquarters and requested by profit centers (PCs). This problem was observed at a large german insurance company (LAGIC). Currently, the resources are...

Die vorliegende Dissertationsschrift besteht aus vier Kapiteln und adressiert Kernfragen in den Bereichen Versicherungstransaktionen (Teil I und IV) sowie Versicherungsbetrieb und -strategien (Teil II und III). Die aufgeworfenen Forschungsfragen sind sowohl für die akademische Forschung als...

Half of U.S. 50-year-olds will experience a nursing home (NH) stay before they die, and a sizeable fraction will incur out-of-pocket expenses in excess of $200,000. Given the extent of NH risk, it is surprising that only about 10 percent of individuals over age 62 have private long-term care...

This paper develops a tractable human capital model with limited enforceability of contracts. The model economy is populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk-free physical capital and risky human capital. Households have...

In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country...

" Continuous-Time Models in Corporate Finance synthesizes four decades of research to show how stochastic calculus can be used in corporate finance. Combining mathematical rigor with economic intuition, Santiago Moreno-Bromberg and Jean-Charles Rochet analyze corporate decisions such as dividend...