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Risks
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Risk Analysis in Insurance and Pensions
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Risk Analysis in Insurance and Pensions

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: closed (28 February 2025) | Viewed by 3262

Special Issue Editor

Dr. Alexandra Dias

E-Mail Website
Guest Editor
University of York Management School, University of York, YO10 5DD York, UK
Interests: finance; insurance; quantitative risk management; dependence modelling; multivariate analysis; extreme-values
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

With climate change entering our doors and the nature of insurance markets changing, the study of risk in insurance has become ever more challenging. In addition, changes in mortality, migration, and working patterns all contribute to putting stress on individuals, institutions, and governments, with consequences in all areas of insurance and pensions.

The study of risk in insurance is, in its essence, multidisciplinary. In this Special Issue, we invite researchers to share their work, either theoretical or empirical, on risk analysis in insurance and pensions, presenting different perspectives and addressing questions in different areas, including actuarial and statistical methodology; the financial economics of insurance and pensions; social insurance; decentralized insurance; and sustainable insurance.

Dr. Alexandra Dias
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Risks is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • actuarial risk
  • insurance risk
  • financial risk
  • risk management
  • risk analysis
  • insurance economics

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Published Papers (4 papers)

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Research

32 pages, 1601 KiB  
Article
Assessing Vertical Equity in Defined Benefit Pension Plans: An Application to Switzerland
by Tanja Kirn and Gijs Dekkers
Risks 2025, 13(5), 89; https://doi.org/10.3390/risks13050089 - 8 May 2025
Viewed by 254
Abstract
This paper establishes a theoretical link between actuarial neutrality and the Oaxaca–Blinder decomposition to empirically assess vertical equity in public defined-benefit schemes. We demonstrate how this approach can be generalized to non-linear functions, point systems, and notional accounts. We use an aligned dynamic [...] Read more.
This paper establishes a theoretical link between actuarial neutrality and the Oaxaca–Blinder decomposition to empirically assess vertical equity in public defined-benefit schemes. We demonstrate how this approach can be generalized to non-linear functions, point systems, and notional accounts. We use an aligned dynamic microsimulation model to apply this method to the first pillar of the Swiss pension system and highlight the following three key effects: (1) the impact of the accrual rate on vertical equity; (2) the assessment of actuarial neutrality through the comparison of migrants with the non-migrant population; and (3) vertical equity across marital statuses. Our findings indicate that changing societal trends, such as increased migration, female labor participation, and the rise in non-marital unions, may alter the extent of vertical equity. This has significant implications for actuarial risk management, as a higher degree of vertical equity is associated with increased pension expenses, thereby raising the financial sustainability risk of the pension system. Future research should explore these dynamics to ensure that pension systems remain both equitable and financially sustainable in the face of evolving societal trends. Full article
(This article belongs to the Special Issue Risk Analysis in Insurance and Pensions)
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23 pages, 515 KiB  
Article
Copula-Based Risk Aggregation and the Significance of Reinsurance
by Alexandra Dias, Isaudin Ismail and Aihua Zhang
Risks 2025, 13(3), 44; https://doi.org/10.3390/risks13030044 - 26 Feb 2025
Viewed by 935
Abstract
Insurance companies need to calculate solvency capital requirements in order to ensure that they can meet their future obligations to policyholders and beneficiaries. The solvency capital requirement is a risk management tool essential for addressing extreme catastrophic events that result in a high [...] Read more.
Insurance companies need to calculate solvency capital requirements in order to ensure that they can meet their future obligations to policyholders and beneficiaries. The solvency capital requirement is a risk management tool essential for addressing extreme catastrophic events that result in a high number of possibly interdependent claims. This paper studies the problem of aggregating the risks coming from several insurance business lines and analyses the effect of reinsurance on the level of risk. Our starting point is to use a hierarchical risk aggregation method which was initially based on two-dimensional elliptical copulas. We then propose the use of copulas from the Archimedean family and a mixture of different copulas. Our results show that a mixture of copulas can provide a better fit to the data than an individual copula and consequently avoid over- or underestimation of the capital requirement of an insurance company. We also investigate the significance of reinsurance in reducing the insurance company’s business risk and its effect on diversification. The results show that reinsurance does not always reduce the level of risk, but can also reduce the effect of diversification for insurance companies with multiple business lines. Full article
(This article belongs to the Special Issue Risk Analysis in Insurance and Pensions)
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18 pages, 378 KiB  
Article
Insurers’ Loss Portfolio Similarity and Climate Risk Insurance Cost: A Spatial Analysis of US Homeowners Insurance Market
by Tao Sun
Risks 2025, 13(2), 36; https://doi.org/10.3390/risks13020036 - 18 Feb 2025
Viewed by 416
Abstract
This study examines the geographical spillover of the state-level average homeowners insurance cost for 48 US contiguous states. We estimate a panel spatial Durbin model with state and year fixed effect for data between 2001 and 2018. We found a significant positive spillover [...] Read more.
This study examines the geographical spillover of the state-level average homeowners insurance cost for 48 US contiguous states. We estimate a panel spatial Durbin model with state and year fixed effect for data between 2001 and 2018. We found a significant positive spillover of average homeowners insurance cost as indicated by a large spatial autoregressive coefficient in the baseline model. We also found a positive relationship between underwriters’ loss portfolio similarity and the average homeowners insurance cost. We conduct several robustness tests and show that the baseline results are robust if against potential biases due to heterogenous state-level insurance regulation, an alternatively defined spatial weighting matrix, and the usage of average homeowners cost for the dominant policy form (the HO3 policy). We also adopt the generalized spatial two-step least squares to mitigate the bias due to endogenous explanatory variables and find that the results are consistent with these reported for the baseline model. Full article
(This article belongs to the Special Issue Risk Analysis in Insurance and Pensions)
19 pages, 1583 KiB  
Article
Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence
by Ramona Rupeika-Apoga and Janis Priede
Risks 2025, 13(2), 30; https://doi.org/10.3390/risks13020030 - 8 Feb 2025
Viewed by 879
Abstract
This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying categorical data analysis methods, including [...] Read more.
This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying categorical data analysis methods, including chi-square tests and Cramér’s V, the findings revealed that a higher financial literacy and confidence in financial advisers are significantly associated with greater retirement preparedness. The ownership of financial products, particularly among active investors, is also strongly correlated with improved retirement outcomes. These results highlight the importance of financial education, accessible advisory services, and policies promoting financial literacy and product ownership to mitigate retirement risks and enhance financial security in the Baltic region. Full article
(This article belongs to the Special Issue Risk Analysis in Insurance and Pensions)
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