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 …

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 …

assumptions of full annuitization and deterministic health. Our framework can value the prevention of mortality and of illness … illness can significantly increase the value of statistical life, helping to reconcile theory with empirical findings that … add $127 billion to the value of a one percent decline in future mortality …

markets, focusing on the US, the UK, and Japan. Our results help assess the extent to which life insurers can hedge mortality …

household's mortality risk itself to be stochastic. Annuities still help to hedge longevity risk, but they are now subject to …

choice model which integrates uninsurable labor income and asymmetric mortality expectations. Our model generates optimal …

test whether consumers make systematic mistakes in perceiving their mortality risks. We implement this test using data from … mortality risk, and one with consumers who are misguided about their life expectancy, and find that our data are most consistent …

Conventional theory for private information of adverse selection predicts a positive correlation between insurance … information on mortality risk. The reason for this contradictory result is the existence of multiple dimensions of private … on mortality risk. A mixture density model is applied to disentangle these two effects …