Purpose – The purpose of this paper is to transfer the concept of market‐consistent embedded value (MCEV) from life to non‐life insurance. This is an important undertaking since differences in management techniques between life and non‐life insurance make management at the group level...

Purpose – The purpose of this paper is to present a simulation‐based approach for modeling multi‐year non‐life insurance risk in internal risk models. Strategic management in an insurance company requires a multi‐year time horizon for economic decision making, for example, in the...

Purpose This paper aims to provide an overview of the main research topics in the emerging fields of cyber risk and cyber risk insurance. The paper also illustrates future research directions, from both academic and practical points of view. Design/methodology/approach The authors conduct a...

Purpose – The purpose of this paper is to illustrate the importance of modeling parameter risk in premium risk, especially when data are scarce and a multi‐year projection horizon is considered. Internal risk models often integrate both process and parameter risks in modeling reserve risk,...

Purpose – The purpose of this paper is to review research on lapse in life insurance and to outline potential new areas of research in this field. Design/methodology/approach – The authors consider theoretical lapse rate models as well as empirical research on life insurance lapse and...