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Recent Research Developments Affecting Nonlife Insurance—The CAS Risk Premium Project 2011 Update

Authors


  • The author is grateful for all the comments received, especially by the Committee on the Theory of Risk (COTOR) of the Casualty Actuarial Society. The author also thanks for the financial support received by the Casualty Actuarial Society and Christian Biener for his research support. Special thanks go to Richard Derrig. This article was subject to double-blind peer review.

Abstract

This article summarizes the results of the 2011 Risk Premium Project (RPP) continual update. The aim of RPP is to review the actuarial and finance literature on the theory and empirics of risk assessment for property–casualty insurance. We find that behavioral insurance and new instruments of alternative risk transfer are popular fields of research in nonlife insurance. Capital allocation and enterprise risk management, too, are currently very important research topics. Moreover, the financial crisis has stimulated new work on corporate governance and insurance.

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