Publications des institutions partenaires
Digitale Disruption in der Versicherungswirtschaft: Von der Verteidigung des Geschäftsmodells bis zur Auflösung der Branche
In der jüngeren Vergangenheit konnten gravierende Marktveränderungen wie die Finanz- und Wirtschaftskrise oder die Niedrigzinsphase von den Versicherungskonzernen vergleichsweise gut gemeistert werden. Die sich nun beschleunigende Digitalisie-rung der Märkte scheint in den Vorstandsetagen der Assekuranz jedoch eine Ratlosigkeit hervorzurufen, erfordert sie doch eine tiefgreifende...
Institution partenaire
Deutsch / 28/02/2017
The Structure of the Global Reinsurance Market: An Analysis of Efficiency, Scale, and Scope
We estimate economies of scale and scope as well as cost and revenue efficiency to explain the structure of the global reinsurance market, where large reinsurers dominate but both diversified and specialized reinsurers are competitive. The costs and benefits of size and product diversification are particularly relevant to the reinsurance industry, as risk diversification is central...
Institution partenaire
English / 01/01/2017
Contract Nonperformance Risk and Ambiguity in Insurance Markets
Insurance contracts may fail to perform, leading to a total or partial default on valid claims. We extend models of such probabilistic insurance to allow for ambiguity in contract nonperformance risk, and derive formally that mean-preserving ambiguity reduces demand. The results of a field lab experiment are consistent with this logic. In particular, we find that a 10 percent...
Institution partenaire
English / 01/01/2017
Über Customer Journeys zum Kundenerlebnis
Kunden haben
heute unzählige
Möglichkeiten, um
Interaktionen mit
ihrem Versicherer
auszugestalten. In
eben diesen Austauschsituationen
wird das ansonsten
kaum greifbare
Versicherungsprodukt
für Kunden
erst erlebbar. Es ist
daher für Versicherer von strategischer
Relevanz, die Customer Journeys (...
Institution partenaire
Deutsch / 01/11/2016
Pricing of Catastrophe Risk and the Implied Volatility Smile
Property-casualty (P&C) insurers are exposed to rare but severe natural disasters. This paper analyzes the relation between catastrophe risk and the implied volatility smile of insurance stock options. We find that the slope is significantly steeper compared to non-financials and other financial institutions. We show that this effect has increased over time, suggesting a higher...
Institution partenaire
English / 22/07/2016
The Determinants of Efficiency and Productivity in the Swiss Insurance Industry
Using state-of-the-art frontier efficiency methodologies, we study the efficiency and productivity of Swiss insurance companies in the life, property/casualty, and reinsurance sectors from 1997-2013. In this context, we provide the first empirical analysis of internationalization strategies of insurance companies, a topic of high interest in the business and economics literature, but...
Institution partenaire
English / 16/01/2016
Basel III versus Solvency II: An Analysis of Regulatory Consistency under the New Capital Standards, Presentation at the 50th Annual Meeting of the Western Risk and Insurance Association (WRIA) (Maui, USA)
Institution partenaire
English / 03/01/2016
The Roles of Industry Idiosyncrasy, Cost Efficiency, and Risk in Internationalization: Evidence From the Insurance Industry
A central matter of dispute in the internationalization literature is the existence and shape of a systematic relationship between the degree of internationalization and firm performance (I-P relationship). Considering the global insurance industry, we show that the I-P relationship depends on the industry's idiosyncrasies and on the geographical scope of internationalization....
Institution partenaire
English / 01/01/2016
Big Brother kommt per E-Mail : Das "Sankt Galler Privacy Interaction Framework" am Beispiel des E-Mail-Trackings erklärt
Institution partenaire
Deutsch / 13/05/2015
Asset Pricing of Financial Institutions: The Cross-Section of Expected Stock Returns in the Property/Liability Insurance Industry
Insurance companies are important financial institutions exposed to natural and man-made disasters. We conduct a comprehensive examination of existing asset pricing models in the US insurance universe (1988-2013) and propose an insurance-specific asset pricing model. We find that extant asset pricing models fail to explain the cross-section of insurance stock returns. Instead, we...
Institution partenaire
English / 01/01/2015
Insurability of Cyber Risk: An Empirical Analysis
This paper discusses the adequacy of insurance for managing cyber risk. To this end, we extract 994 cases of cyber losses from an operational risk database and analyse their statistical properties. Based on the empirical results and recent literature, we investigate the insurability of cyber risk by systematically reviewing the set of criteria introduced by Berliner (1982). Our...
Institution partenaire
Deutsch / 01/01/2015
2050: Megatrends : Alltagswelten, Zukunftsmärkte
Die Zukunft kann niemand vorhersehen. Sie bleibt in der Gegenwart nicht umfänglich fassbar. Sie entgleitet dem Beobachter in dem Moment, in dem er sie festhalten will. Die Zukunft ist Folge der Komplexität des menschlichen Zusammenlebens. Bis in das Jahr 2050 kann alles passieren. Die Spielkarten werden dauernd neu gemischt. In diesem Zustand des Suchens und Deutens können...
Institution partenaire
Deutsch / 01/01/2015
Big Data in der Versicherungswirtschaft
Das Management von Risiken bedingt eine umfassende Auseinandersetzung mit statistischen Wahrscheinlichkeiten, Erfahrungswerten und möglichen Auswirkungen. Insofern ist das Potenzial von Big Data für die Versicherungswirtschaft kaum hoch genug einzuschätzen. Dem steht die gesellschaftliche Dimension entgegen: Führt die fortschreitende Individualisierung der Risikobetrachtung nicht zu...
Institution partenaire
Deutsch / 19/05/2014
The Determinants of Microinsurance Demand
The purpose of this article is to structure the extant knowledge on the determinants of microinsurance demand in a manner that achieves several outcomes. First is to offer a specific economic structure to the review through use of Outreville's insurance demand framework. Second is to identify key questions that arise out of structuring the material in this way. In particular, we...
Institution partenaire
English / 11/04/2014
Re-Setting the Stage for Privacy : A Multi-Layered Privacy Interaction Framework and Its Application
This book chapter develops a mulit-layered privacy interaction framework to account for the social embeddedness of online privacy. Drawing on Urie Bronfenbrenner's ecological systems theory, we analyze informational privacy on the Internet on four layers: the micro-system, the exo-system, the meso-system and the macro-system. The micro-system encompasses the individual and its...
Institution partenaire
English / 01/01/2014
Between-Group Adverse Selection: Evidence from Group Critical Illness Insurance
This paper demonstrates the presence of adverse selection in the group insurance market for policies that allow no individual choice. As a "conventional wisdom," group insurance mitigates adverse selection, since individual choice is minimized and group losses have less variability than individual losses. We complement this "conventional wisdom" by analyzing a...
Institution partenaire
English / 01/01/2014
Wirksamkeit und Effizienz der Regulierung in der deutschsprachigen Assekuranz : Eine juristische und ökonomische Analyse
Institution partenaire
Deutsch / 01/01/2014
Basis Risk, Procyclicality, and Systemic risk in the Solvency II Equity Risk Module
This paper analyzes the equity risk module of Solvency II, the new regulatory framework in the European Union. The equity risk module contains a symmetric adjustment mechanism called equity dampener which shall reduce procyclicality of capital requirements and thus systemic risk in the insurance sector. We critically review the equity risk module in three steps: we first analyze the...
Institution partenaire
English / 01/01/2014
Costs and Benefits of Financial Regulation - An Empirical Assessment for Insurance Companies
We empirically analyze the costs and benefits of financial regulation based on a survey of 76 insurers from Austria, Germany and Switzerland. Our analysis includes both established and new empirical measures for regulatory costs and benefits. This is the first paper that tries to take costs and benefits combined into account using a latent class regression with covariates. Another...
Institution partenaire
English / 01/01/2014
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