Handbook of Insurance by Dionne, Georges;

Short description:

What a pleasure it is to discover the second edition of the Handbook of Insurance, twelve years after the first! Many key concepts at the core of risk, uncertainty and insurance economics have been further refined, reassessed, and reanalyzed. New issues have emerged, including systemic risk, longevity risk, long-term care, the corporate governance of insurance companies, capital allocation within insurance companies and alternative risk transfer devices. I have a simple wish: that this handbook be diffused to as wide an audience as possible, both in academic and professional spheres.

Denis Kessler
Chairman and CEO of SCOR

This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance 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, 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. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products, and social insurance.

This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.

Long description:

This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance 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, 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. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products and social insurance.

This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.

What a pleasure it is to discover the second edition of the Handbook of Insurance, twelve years after the first! Many key concepts at the core of risk, uncertainty and insurance economics have been further refined, reassessed, and reanalyzed. New issues have emerged, including systemic risk, longevity risk, long-term care, the corporate governance of insurance companies, capital allocation within insurance companies and alternative risk transfer devices. I have a simple wish: that this handbook be diffused to as wide an audience as possible, both in academic and professional spheres.

Denis Kessler
Chairman and CEO of SCOR

Table of Contents:

Preface.- Introduction.- Part 1: History.- Developments in Risk and Insurance Economics: the Past 40 Years.- Part 2 : Risk and Insurance Theory Without Information Problems.- Higher-Order Risk Attitudes.- Non-Expected Utility and the Robustness of the Classical Insurance Paradigm.- The Economics of Optimal Insurance Design.- The Effects of Changes in Risk on Risk Taking: A Survey.- Risk Measures and Dependence Modeling.- The Theory of Insurance Demand.-Prevention and Precaution.- Part 3 : Asymmetric Information: Theory.- Optimal Insurance Contracts under Moral Hazard.- Adverse Selection in Insurance Contracting.- The Theory of Risk Classification.- The Economics of Liability Insurance.- Economic Analysis of Insurance Fraud.- Part 4: Asymmetric Information: Empirical Analysis.- Asymmetric Information in Insurance Markets: Predictions and Tests.- The Empirical Measure of Information Problems with Emphasis on Insurance Fraud and Dynamic Data.- Workers? Compensation: Occupational Injury Insurance?s Influence on the Workplace.- Experience Rating in Non-Life Insurance.- Part 5 : Risk Management.- On the Demand for Corporate Insurance ? Creating Value.- Managing Catastrophic Risks through Redesigned Insurance: Challenges and Opportunities.- Innovations in Insurance Markets: Hybrid and Securitized Risk-Transfer Solutions.- Risk Sharing and Pricing in the Reinsurance Market.- Part 6 : Insurance Pricing.- Financial Pricing of Insurance.- Insurance Price Volatility and Underwriting Cycles.- Part 7 : Industrial Organization of Insurance Markets.- On the Choice of Organizational Form: Theory and Evidence from the Insurance Industry.- Insurance Distribution.- Corporate Governance in the Insurance Industry: A Synthesis.- Systemic Risk and the Insurance Industry.- Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency and Productivity Methods.- Capital Allocation and its Discontents.- Capital and RisksInterrelationships in the Life and Health Insurance Industries: Theories and Applications.- Insurance Market Regulation: Catastrophe Risk, Competition, and Systemic Risk.- Insurance Markets in Developing Countries: Economic Importance and Retention Capacity.- Part 8: Health and Long-Term Care Insurance, Longevity Risk, Life Insurance, and Social Insurance.- Health Insurance in the United States.- Longevity Risk and Hedging Solutions.- Long-Term Care Insurance.- New Life Insurance Financial Products.- The Division of Labor Between Private and Social Insurance.