The Expected Shortfall (ES) is one of the most important regulatory risk measures in finance, insurance, and statistics, which has recently been characterized via sets of axioms from perspectives of portfolio risk management and statistics. Meanwhile, there is large literature on insurance...

The following paper discusses the challenge between risk and return in the context of the industrial insurance market in Germany. The industrial insurance market is highly competitive. Companies have to cope with low premium levels and high losses resulting in high underwriting deficits....