Vulnerability and mutual insurance
- 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.
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| Author: | Roland EisenGND |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-793344 |
| DOI: | https://doi.org/10.1057/s41288-021-00217-7 |
| ISSN: | 1468-0440 |
| ISSN: | 2311-0112 |
| Parent Title (English): | The Geneva papers on risk and insurance - issues and practice |
| Publisher: | Palgrave Macmillan |
| Place of publication: | Basingstoke |
| Document Type: | Article |
| Language: | English |
| Date of Publication (online): | 2021/04/22 |
| Date of first Publication: | 2021/04/22 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2023/11/07 |
| Tag: | Correlated risks; Macroeconomic risks; Mutuality principle; Unknown probabilities |
| Volume: | 46 |
| Issue: | 2 |
| Page Number: | 12 |
| First Page: | 224 |
| Last Page: | 235 |
| Note: | Open Access funding enabled and organized by Projekt DEAL. |
| Institutes: | Wirtschaftswissenschaften |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Licence (German): |  Creative Commons - CC BY - Namensnennung 4.0 International |
