The Expected Shortfall (ES) is one of the most important regulatory risk measures in finance, insurance, and statistics …. Meanwhile, there is large literature on insurance design with ES as an objective or a constraint. A visible gap is to justify … the special role of ES in insurance and actuarial science. To fill this gap, we study characterization of risk measures …

politics of “crisis insurance” programs. The analysis helps explain why ex-post insurance is popular, why it tends to be … eliminated, through appropriate standing polices for ex post funding of crisis insurance …

insurance payment resulting from an optimal contract in presence of moral hazard. We show that, in most cases, the tax generates … a disincentive for the risk averse insured to provide sufficient effort at maintaining care, hence increasing insurance … only in cases where the cost of effort is low and the perceived insurance quality is very high. …

Existence of pure strategy equilibria is studied in insurance markets that exhibit both ex ante adverse selection of …