On-site visits to financial service firms were conducted to review and evaluate their risk
management systems. In the insurance sector, this evaluation covered prominent life/health and …

The choice of financial structure is appropriately viewed as a complex, multidimensional
decision by insurer management. Specific attention is given to traditional theories regarding …

In this study a real price index is created for whole life insurance sold in the United States
from 1953 to 1979. New purchases of whole life insurance are shown to be negatively related …

Insurance industries in a growing number of countries are experimenting with indexed life
insurance policies, in an effort to mitigate the value erosion produced by inflation. The present …

At large financial institutions, operational risk is gaining the same importance as market and
credit risk in the capital calculation. Although scenario analysis is an important tool for …

Through the past year, on-site visits to financial service firms were conducted by a team of
researchers from the Wharton Financial Institutions Center to review and evaluate their risk …

We focus on the decumulation decision that faces an individual upon entering retirement,
and seek a rational set of choices for an individual who receives a lump-sum settlement from …

One of the fundamental tenets of financial economics is that insurance companies, just as
other financial and non-financial firms, have a very strong incentive to maximize current …

Return distributions in general and interest rates in particular have been observed to exhibit
skewness and kurtosis that cannot be explained by the (log)normal distribution. Using g‐and…

Recently much attention has been given to the approaches insurers undertake in valuing their
liabilities and assets. For example, in 1994 the American Academy of Actuaries created a …