TY  - JOUR
A1  - Eisen, Roland
T1  - Vulnerability and mutual insurance
T2  - The Geneva papers on risk and insurance - issues and practice
N2  - Vulnerability comes, according to Orio Giarini, with two risks: human-made risks, also called entrepreneurial risks, and natural or pure risks such as accidents and earthquakes. Both types of risk are growing in dimension and are increasingly interrelated. To control the vulnerability, sophisticated insurance products are called for. Here, mutual insurance is relevant, in particular when risks are large, probabilities uncertain or unknown, and events interrelated or correlated. In this paper the following three examples are discussed and the advantages of mutual insurance are shown: unknown probabilities connected with unforeseeable events, correlated risks and macroeconomic or demographic risks.
KW  - Mutuality principle
KW  - Unknown probabilities
KW  - Correlated risks
KW  - Macroeconomic risks
Y1  - 2021
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/79334
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-793344
SN  - 1468-0440
SN  - 2311-0112
N1  - Open Access funding enabled and organized by Projekt DEAL.
VL  - 46
IS  - 2
SP  - 224
EP  - 235
PB  - Palgrave Macmillan
CY  - Basingstoke
ER  -