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Group 6: Insurance

Group 6: Insurance. David Durbin Craig Fox Paul Freeman Carl Hedde Howard Kunreuther Joan Lamm Tenant Alexander Murmann Mark Pauly Kent Smetters Kim Staking Elke Weber. Dynamics of Insurance and Reinsurance Markets Under Conditions of Ambiguity. * Demand for insurance & reinsurance

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Group 6: Insurance

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  1. Group 6: Insurance David Durbin Craig Fox Paul Freeman Carl Hedde Howard Kunreuther Joan Lamm Tenant Alexander Murmann Mark Pauly Kent Smetters Kim Staking Elke Weber

  2. Dynamics of Insurance and Reinsurance Markets Under Conditions of Ambiguity * Demand for insurance & reinsurance * Supply of insurance & reinsurance * Market learning

  3. Markets with Ambiguity * Terrorism * Environmental hazards * Developing nations

  4. Participants * Insurers/Reinsurers * Behavioral Decision Theorists * Economists * Legal Scholars/Lawyers * Government representatives/regulators * Financial institutions * Experts in historical insurance crises

  5. Demand for insurance & reinsurance * What factors influence consumers’ perception of risk, and their attitudes toward ambiguity? * What factors influence institutional investors’ willingness to purchase catastrophe bonds? * Why do so few individuals and businesses in developing countries purchase insurance?

  6. Supply of insurance & reinsurance * Why are insurers reluctant to underwrite novel risks following a catastrophe? * Are there relevant principal-agent issues? * What are the legal constraints? * How can insurance companies more effectively hedge the risks they face? * What is the appropriate role of Gov’t?

  7. Market Learning * Why does the market price of insurance typically rise precipitously following EE, then fall off? * In what ways can we accelerate learning so that markets reach equilibrium more rapidly? * Is there potential for learning across crises? Do cycles get shorter?

  8. Consensus of Group Locate conference in Bermuda!

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