the insurance sector. The downside risk of insurers is explicitly modelled by common and idiosyncratic risk factors. Since … results point to a relatively low insurance sector wide risk. Dependence among insurers is higher than among reinsurers. … reinsurance is important for the capacity of insurers, we measure risk dependence among European insurers and reinsurers. The …

This paper presents a new axiomatic characterization of risk measures that are additive for independent random … variables. In contrast to previous work, we include an axiom that guarantees monotonicity of the risk measure. Furthermore, the …. The risk measure characterized can be regarded as a mixed exponential premium. …

This paper empirically analyzes moral hazard in car insurance using a dynamic theory of an insuree's dynamic risk (ex … ante moral hazard) and claim (ex post moral hazard) choices and Dutch longitudinal micro data. We use the theory to …

We study the dependence between the downside risk of European banks and insurers. Since the downside risk of banks and … insurers differs, an interesting question from a supervisory point of view is the risk reduction that derives from … of the risk distribution. This measure is estimated and indicates better diversification benefits for conglomerates …

defined insurance and non-insurance markets based on the initial loss size, we develop theory to show that insurers with buyer … our theory and find support. Monopolistic insurer-subjects in non-insurance markets increase loss sizes to establish … markets with small initial loss sizes, insurers may try to raise these in order to create demand for insurance. After having …

insurance premia. With exclusion, not only the insurance against the fundamental risk, but also against future bad news about …We study the existence of a profitable unemployment insurance market in a dynamic economy with adverse selection …. Repeated interactions make it possible to threaten workers with exclusion from future insurance benefits after a default on …

worker buys an insurance, which gives a constant income and retirement benefits in exchange for the total output. The level …

Financial risk management is difficult at the best of times, but especially so in the presence of economic uncertainty … and financial crises. The purpose of this special issue on "Advances in Financial Risk Management and Economic Policy … methods have contributed significantly to the analysis of financial risk management when there is economic uncertainty …