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This study analyzes insurance claim processing delays due to limited capacity and backlogs. It proposes optimal capacity selection to minimize costs by accounting for delay-adjusted and fixed settlement costs, supported by theoretical insights and a large-scale numerical study to demonstrate practical application.
The lack of risk transfer stems from structural forces that deter innovation in insurance policies, leading to inefficient risk management and hindering market development. Policy responses can help address these issues.
This study explores large-scale, technology-driven consumer fraud over the next decade, offering four forward-looking scenarios. Using trends, scenarios, and narratives, feedback was gathered to identify strategies for tackling fraud. A systems approach modeled criminal and anti-fraud systems, leading to key "challenge" themes to guide future anti-fraud efforts.
Climate change poses financial risks to institutions. Quantifying these risks is difficult, limiting mitigation efforts. Scenario analysis helps assess risks by extending macro-climate scenarios to asset-level analysis. Despite advancements, limitations remain in applying this approach to financial modeling.
This study develops a new method to estimate U.S. homeowners insurance coverage and premiums, revealing significant under-insurance, especially among vulnerable borrowers in high-risk areas. It highlights the role of rising premiums and behavioral inertia in under-insurance, with potential impacts on mortgage and real estate markets.
Social media accelerates information spread, but also enables misinformation, risking bank runs and failures. This article examines the dangers of false information in banking, compares regulations in securities markets, and proposes regulatory and legislative solutions to protect insured depository institutions, evaluating their feasibility.
Organizations rely on complex supply chains, which, while efficient, introduce vulnerabilities. To ensure continuity and align with business strategy, companies must develop robust Supply Risk Management Capability Processes. This process enables proactive identification, assessment, and mitigation of potential disruptions, protecting operational continuity and financial performance. The article offers a detailed guide.
This paper develops a k-generation risk contagion model in a tree-shaped network for cyber insurance pricing. It accounts for contagion location and security level heterogeneity. Using Bayesian network principles, it derives mean and variance of aggregate losses, aiding accurate cyber insurance pricing. Key findings benefit risk managers and insurers.
This paper examines the rise of algorithmic harms from AI, such as privacy erosion and inequality, exacerbated by accountability gaps and algorithmic opacity. It critiques existing legal frameworks in the US, EU, and Japan as insufficient, and proposes refined impact assessments, individual rights, and disclosure duties to enhance AI governance and mitigate harms.
Interdependent economic shocks, modeled through a two-sector approach (banks and insurers), impact the financial system by amplifying initial shocks via feedback mechanisms. Stress tests on UK data show improved profit expectations and reduced tail losses post-COVID-19, with insurers more vulnerable to credit risks and banks to fire sale losses.