With the rapid development of artificial intelligence/machine learning technologies and insurers’ extensive use of Big Data, a growing concern is that insurance companies can use proxies or develop more complex and opaque algorithms to discriminate against policyholders. A grey area has...

While the traditional role of insurers is to provide protection against idiosyncratic risks of individuals, insurers themselves face substantial uncertainties due to aggregate shocks. To prevent insurers from passing through aggregate risks to consumers, governments have increasingly adopted...