Georges Dionne - Böcker

In the 1970's, the research agenda in insurance was dominated by optimal insurance coverage, security design, and equilibrium under conditions of imperfect information.

Motor vehicle accidents are still a leading cause of death, even if the trend has somewhat declined over the past 20 years. The assessment of driving risks is a common concern for road transportation safety and the automobile insurance industry. This text is for people concerned about road crashes (prevention and compensation) and about the insurance problems they pose; namely private and public institutional authorities, consultants, administrators, practitioners, and researchers. The book presents contributions related to motor vehicle insurance and road safety. All papers have been evaluated by external referees. Four subjects are covered: automobile insurance pricing, risks and asymmetric information; insurance fraud; licensing policies, evaluation and risks with young drivers; and insurance regulation.

This book offers a basic reference, new material and teaching supplements to graduate students and researchers in economics, finance and insurance. The book is divided into two main parts. Part 1 contains six survey articles on different subjects that represent significant developments over the past years: optimality of insurance contracting, liability insurance, moral hazard, adverse selection, insurance pricing and econometric estimation of accident distributions. Part 2 extends the recent literature by presenting fourteen essays one different subjects of current research in: (a) the theory of insurance economics covering nonlinear expected utility, prudence, deviant beliefs, incomplete markets, increases in risk, ambiguity; (b) problems of information including moral hazard and competitive markets, adverse selection and probationary periods, incomplete information and risk categorization, and (c) empirical studies on workers' compensation, adverse selection and the effects of no-fault in automobile insurance. Each paper is presented with an abstract and keywords, and can be read independently of the other contributions in the volume.

Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.

An updated review of the theories and applications of corporate risk managementAfter the financial crisis of 2008, issues concerning corporate risk management arose that demand new levels of oversight. Corporate Risk Management is an important guide to the topic that puts the focus on the corporate finance dimension of risk management. The author—a noted expert on the topic—presents several theoretical models appropriate for various industries and empirically verifies theoretical propositions. The book also proposes statistical modeling that can evaluate the importance of different risks and their variations according to economic cycles.The book provides an analysis of default, liquidity, and operational risks as well as the failures of LTCM, ENRON, and financial institutions that occurred during the financial crisis. The author also explores Conditional Value at Risk (CVaR), which is central to the debate on the measurement of market risk under Basel III. This important book: Includes a comprehensive review of the aspects of corporate risk managementPresents statistical modeling that addresses recent risk management issuesContains an analysis of risk management failures that lead to the 2008 financial crisisOffers a must-have resource from author Georges Dionne the former editor of The Journal of Risk and InsuranceCorporate Risk Management provides a modern empirical analysis of corporate risk management across industries. It is designed for use by risk management professionals, academics, and graduate students.

Motor vehicle accidents are still a leading cause of death, even if the trend has somewhat declined over the past 20 years. Indeed, motor vehicle accidents are a significant cause of death in comparison with air and space transport accidents, homicides and even HIV infections, causes which are more often highlighted in the media. As shown in this book, motor vehicle accidents are particularly damaging to very young drivers. The assessment of driving risks is a common concern for road transportation safety and the automobile insurance industry. In both cases, there is an awareness of the great losses resulting from the deaths, injuries and property damage caused by traffic accidents. Research is essential to counteract this public health threat, to assess the success or failure of countermeasures, and to solve the problems it generates in the insurance industry. This book is for people concerned about road crashes (prevention and compensation) and about the insurance problems they pose - namely private and public institutional authorities, consultants, administrators, practitioners, and researchers interested in sharing the authors' experience in this domain. The book presents original contributions related to motor vehicle insurance and road safety. All papers have been evaluated by external referees. Four subjects are covered: 1) Automobile Insurance Pricing, Risks and Asymmetric Information; 2) Insurance Fraud; 3) Young Drivers: Licensing Policies, Evaluation and Risks; and 4) Road Insurance Regulation.

The Handbook of Insurance reviews the last fifty years of research developments in insurance economics and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants, and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, insurance fraud, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets, and other insurance market applications. The new edition covers many topics that have risen in importance since the 2nd edition, such as climate risk, pandemic risk, insurtech, digital insurance, cyber risk, behavioral economics, Solvency II, corporate governance, enterprise risk management, and machine learning.This edition of the Handbook contains 17 new chapters. Each of the chapters is written by leading international authorities in risk and insurance research. All contributions are peer reviewed, and each chapter can be read independently of the others. It is a tour de force to provide to the insurance industry and its stakeholders a structured, complete, intelligent and critical synthesis of insurance economics in the twenty-first century. This is what you have in your hands.  This third edition of the Handbook of Insurance should be the bible to anyone who wants to have a deep understanding of the complex challenges faced by insurance and reinsurance markets to create the large social value of risk sharing and risk diversification.Christian Gollier, Director of the Toulouse School of Economics This collective work not only offers a remarkable synthesis of cutting-edge research in insurance economics but also provides a rare resource, both comprehensive and authoritative, for professionals seeking a deeper understanding of insurance industry fundamentals and emerging trends. The content of the Handbook reflects the richness and dynamics of the field and underlines the many facets involved in better understanding how insurance works and contributes to society.Jad Ariss, Managing director, The Geneva Association

The Handbook of Insurance reviews the last fifty years of research developments in insurance economics and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants, and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, insurance fraud, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets, and other insurance market applications. The new edition covers many topics that have risen in importance since the 2nd edition, such as climate risk, pandemic risk, insurtech, digital insurance, cyber risk, behavioral economics, Solvency II, corporate governance, enterprise risk management, and machine learning.This edition of the Handbook contains 20 new chapters. Each of the chapters is written by leading international authorities in risk and insurance research. All contributions are peer reviewed, and each chapter can be read independently of the others. It is a tour de force to provide to the insurance industry and its stakeholders a structured, complete, intelligent and critical synthesis of insurance economics in the twenty-first century. This is what you have in your hands.  This third edition of the Handbook of Insurance should be the bible to anyone who wants to have a deep understanding of the complex challenges faced by insurance and reinsurance markets to create the large social value of risk sharing and risk diversification.Christian Gollier, Director of the Toulouse School of Economics This collective work not only offers a remarkable synthesis of cutting-edge research in insurance economics but also provides a rare resource, both comprehensive and authoritative, for professionals seeking a deeper understanding of insurance industry fundamentals and emerging trends. The content of the Handbook reflects the richness and dynamics of the field and underlines the many facets involved in better understanding how insurance works and contributes to society.Jad Ariss, Managing director, The Geneva Association

This book offers a basic reference, new material and teaching supplements to graduate students and researchers in economics, finance and insurance. The book is divided into two main parts. Part I contains six survey articles on different subjects that represent significant developments over the past years: optimality of insurance contracting, liability insurance, moral hazard, adverse selection, insurance pricing and econometric estimation of accident distributions. Part 2 extends the recent literature by presenting fourteen essays on different subjects of current research in: (a) the theory of insurance economics covering nonlinear expected utility, prudence, deviant beliefs, incomplete markets, increases in risk, ambiguity; (b) problems of information including moral hazard and competitive markets, adverse selection and probationary periods, incomplete information and risk categorization; and (c) empirical studies on workers' compensation, adverse selection and the effects of no-fault in automobile insurance. Each paper is presented with an abstract and keywords, and can be read independently of the other contributions in the volume.