Academic Journals,
   Prizes and Grants

The Geneva Association’s academic networks, prizes and
  grants support the diffusion of research in insurance by
    academics and industry professionals.

Academic Journals,
 Prizes and Grants

The Geneva Association’s academic networks, prizes
  and grants support the diffusion of research in
    insurance by academics and industry professionals.

Academic Journals,
Prizes and Grants

The Geneva Association’s academic networks, prizes and grants support the diffusion of research in insurance by academics and industry professionals.

Academic Journals

The Geneva Association started publishing The Geneva Papers on Risk and Insurance in 1976. Since its inception by the Association’s first president, Professor Raymond Barre, the journal has continued to have two objectives: 1) to help elaborate and confront key strategic issues for the insurance sector; and 2) to stimulate a constructive dialogue between the insurance sector and its social and economic partners.

Since 1990 The Geneva Papers has been published under two series: The Geneva Papers on Risk and Insurance—Issues and Practice and The Geneva Papers on Risk and Insurance Theory, later to become The Geneva Risk and Insurance Review. The journals are peer-reviewed and published by Palgrave Macmillan. The Geneva Association’s members and other registered readers enjoy access to the journals online and advance online publication (AOP) ahead of print. After three years, online articles become available to the public.

The Geneva Papers on Risk and Insurance—Issues and Practice

The journal strives to improve the scientific knowledge of the insurance industry. The editor-in-chief is Professor Christophe Courbage who, assisted by the editorial board, assesses the quality of submissions, determines their potential contribution to both the industry and the academic community and organises the peer-review process. The journal, published quarterly, is essential reading for academics and researchers in insurance, insurance industry executives and professionals in other spheres of business who are searching for deeper insight into strategic options for their sector. It bridges the gap between these groups, highlighting overlapping areas of interest and providing mutually beneficial research and dialogue.

The following issues have been published since April 2018:

Volume 43, Issue 2 (April 2018) Special Issue on Cyber Risks and Insurance

Edited by Martin Eling, this special issue reflects on the current state of research by covering numerous disciplines and industries in the field of cyber risk, ranging from cyber risk management to cyber risk insurance. It includes articles on emerging IT risks, perception of cyber risks, improving cyber risk management, corporate cyber risk and insurance decision making.

Perceptions of Corporate Cyber Risks and Insurance Decision-Making

Excerpt from the Special Issue on Cyber Risks and Insurance

Authors Guido de Smidt and Wouter Botzen present an analysis of individual perceptions of cyber risks amongst professional decision makers. Their study finds that behavioural factors—e.g. a threshold level of concern, degree of worry and trust in one’s own organisation’s capabilities—influence individuals to overestimate the probability of a successful cyberattack and underestimate the financial impact. This means that people perceive the expected value of losses from a cyberattack to be high relative to the cost of cyber risk insurance. Smidt and Botzen’s research results indicate that professional decision makers actually deviate from a value-based decision making process by being reluctant to insure for cyber risk.

Volume 43, Issue 3 (July 2018)

This issue includes articles on the impact of digitalization on the insurability of risks, the determinants of the demand for political risk insurance, the effect of Solvency II on the asset management of insurance companies and trust in pension providers, as well as competition in South Africa’s insurance market, asymmetric information in China’s automobile insurance market and moral hazard in the Tunisian automobile insurance market.

Volume 43, Issue 4 (October 2018) Special Issue on Insurance and Regulation

Edited by Professor Helmut Gründl from Goethe University Frankfurt, this special issue focuses on solvency regulation and the impact of the International Financial Reporting Standard on European insurers. It also looks at the Insurance Distribution Directive—in particular, the impact of its implementation and the possibility of applying its rules beyond the European Union.

Cross-Border Insurance Groups: Towards a Comprehensive Supervision Under Solvency II

Excerpt from the Special Issue on Insurance and Regulation

This paper, prepared by Pierpaolo Marano and Michele Siri, explores the Solvency II standards for EU supervision of insurance groups operating across borders as detailed by the guidelines issued by the European Insurance and Occupational Pensions Authority (EIOPA). It analyses cooperation between supervisory authorities. Marano and Siri argue that the colleges of supervisors should, as part of their mandate, define and implement a common principle of group interest to administer the governance system of cross-border insurance groups. The authors suggest that the supervision of colleges should also encompass the distribution of insurance products.

Volume 44, Issue 1 (January 2019)

This issue includes articles on the role of education in life insurance purchase, the digitalization of the insurance industry, the institutional drivers of life insurance consumption in Europe, the consumption of life and health insurance in China, economies of scale of Ghanaian insurers and how private sector participation improves retirement preparation in China.


The Geneva Risk and Insurance Review

The Geneva Risk and Insurance Review targets academics and economics scholars and is published by Palgrave Macmillan in annual volumes of two issues. Its purpose is to support and encourage research in all aspects of the economics of risk, uncertainty, insurance and related disciplines by providing a forum for the scholarly exchange of findings and opinions.

The editors-in-chief are Professor Michael Hoy of the Department of Economics and Finance, College of Management and Economics, University of Guelph and, since January 2019, Professor Alexander Mürmann of the Institute for Finance, Banking and Insurance of the Vienna University of Economics and Businesss.

The Geneva Risk and Insurance Review is also the official journal of the European Group of Risk and Insurance Economists (EGRIE).

The following issues have been published since April 2018:

Volume 43, Issue 2 (September 2018)

The articles in this issue present various insurance solutions to protect individuals against longevity risks, health risks and climatic risks. It addresses topics such as enhancing risk management for an ageing world, the design of optimal health insurance contracts under ex post moral hazard and weather index insurance for rice crops in Indonesia.

Volume 44, Issue 1 (March 2019)

This issue includes articles on optimal taxation in non-life insurance markets, the impact of economic conditions on individual and managerial risk taking, the urbanisation of areas exposed to natural disasters, land use and insurance policies and insurer commitment and dynamic pricing patterns.

Awards and Grants

The Geneva Association Research Grant

The Geneva Association awards an annual research grant of CHF 10,000 for the winning submission—usually a doctoral thesis or research paper concerned with the field of risk and insurance economics. To date the grant has been awarded to research initiatives dealing with climate change and public health, cyber risk and factors that have influenced the structural evolution of the insurance industry, amongst other areas.

The winner of The Geneva Association Research Grant 2019 is Chenyuan Liu, a PhD student at the Risk and Insurance Department of the Wisconsin School of Business (University of Wisconsin–Madison) for her research on the design of health insurance plans in the digital market. Liu uses the U.S. insurance exchanges (HealthCare.gov) to investigate some of the purchase behaviour effects of online platforms. The online aspect of the marketplace, as well as the requirements for similarity across products, offer opportunities to uncover ways of making health insurance purchase behaviour more effective and efficient, both within the U.S and beyond.

The Ernst Meyer Prize

The Geneva Association awards the prestigious Ernst Meyer Prize, worth CHF 5,000, for a doctoral thesis which makes a significant and original contribution to the study of risk and insurance economics.

The 2018 winner was Francisco Ceballos from Georg-August University Göttingen for his PhD dissertation Demand and Design Considerations for Smallholder Farmers’ Weather Index Insurance Products. The dissertation (presented in 2017) discusses topics which determine the demand for product design of index insurance instruments for smallholder farmers.

Ceballos indicates that most existing index insurance products are characterised by a relatively rigid payout structure. This design issue is a one-size-fits-all structure that, although convenient, represents a standard risk profile and ignores considerable heterogeneity in agricultural risk profiles that potentially lowers the product’s worth for many farmers.

The findings underscore the need to provide flexibility when implementing index-based tools for hedging agricultural risks.

Shin Research Excellence Award

The Shin Research Excellence Award is supported by Kyobo Life Insurance Company and jointly offered by The Geneva Association and the International Insurance Society (IIS). The award promotes original research that has a direct, practical influence on business operations and operational business issues in the insurance industry.

The winners of the 2018 award were Alexander Bohnert, Albrecht Fritzsche and Shirley Gregor for their paper Digital Agendas in the Insurance Industry: The Importance of Comprehensive Approaches. The winners received USD 5,000 and were invited to present their work during the IIS Global Insurance Forum in Berlin on 8–11 July 2018, which was attended by more than 500 senior insurance leaders. Their work was published in The Geneva Papers on Risk and Insurance—Issues and Practice, Volume 44, Issue 1, January 2019.

SCOR–EGRIE Young Economist Best Paper Award

The SCOR–EGRIE Young Economist Best Paper Award, with prize money of EUR 2,000, was created by SCOR, the Institut d’Economie Industrielle (IDEI) and the University of Paris-Dauphine to honour outstanding research presented by a young economist at the EGRIE annual seminar. In 2018, the scientific committee of the seminar selected Wanda Mimra, Janina Nemitz and Christian Waibel for their article Voluntary Pooling of Genetic Risk: A Health Insurance Experiment.

Alexander Bohnert and Albrecht Fritzsche (center) and Shirley Gregor (in absentia) receive the Shin Research Excellence Award at the IIS Global Insurance Forum, with Shin Chang-Jae, Chairman and CEO of Kyobo Life Insurance, and Mike Morrissey, President and CEO of the International Insurance Society

SCOR–Geneva Risk and Insurance Review Best Paper Award

Also created by SCOR, the IDEI and the University of Paris-Dauphine, the award recognises the best paper of the year published in The Geneva Risk and Insurance Review. The 2018 award of EUR 1,000 went to Justina Klimaviciute for her paper Long-Term Care Insurance and Intra-family Moral Hazard: Fixed vs Proportional Insurance Benefits, published in The Geneva Risk and Insurance Review, Volume 42, Issue 2, September 2017.


ACADEMIC NETWORKS

45th Seminar of the European Group of Risk and Insurance Economists

The 2018 European Group of Risk and Insurance Economists (EGRIE) took place in Nuremberg on 17–19 September 2018. The topics covered included risk classification in insurance, financial literacy and insurance demand, the markets for long-term care insurance and annuities, systemic risk, cyber risk, insurance purchase and portfolio decision, life insurance investment behaviour, adverse selection and moral hazard in insurance markets. Professor Glenn Harrison of Georgia State University delivered the 30th Geneva Risk Economics Lecture, addressing the behavioural welfare economics of insurance.