supply of intermediary capital is perfectly elastic. We take the US catastrophe reinsurance market as an example, using … results suggest that the price of reinsurance generally exceeds fair' values, particularly in the aftermath of large events …

with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other … relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses …, especially after cat events. We then examine clinical evidence to understand why the theory fails. Specifically, we examine …

with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other … relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses …, especially after cat events. We then examine clinical evidence to understand why the theory fails. Specifically, we examine …

transferring risk are being explored. The paper studies several recent transactions by USAA which use reinsurance capacity from … demonstrate that both features deviate from what theory would predict, yet are characteristic of many transactions, not simply …

with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other … relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses …, especially after cat events. We then examine clinical evidence to understand why the theory fails. Specifically, we examine …

This paper examines the optimal design of insurance and reinsurance policies. We first consider reinsurance for … catastrophes: risks which are large for any one insurer but not for the reinsurance market as a whole. Reinsurance for catastrophes … public optimal reinsurance employs a deductible-style deductible-style excess-of-loss policy, and when is is private but the …

Two of the three elements of the ACA's “premium stabilization program,” reinsurance and risk corridors, are set to … adjustment model itself are mathematically equivalent to a conventional actuarially fair reinsurance policy. Furthermore, closely … related modifications of the transfer formula or the risk adjustment model can improve on conventional reinsurance by figuring …

the linear approach to dynamic programming by using ideas from approximation theory to avoid inefficient discretization …