As the prevalence of natural disasters increases around the world, adequate risk protection has become the subject of ample international policy attention, including in Europe. One natural thought experiment is to ask: what would it mean to close the protection gap for one specific climate risk - flood? ? In a new paper, Mario Bellia, Francesca Erica Di Girolamo, Andrea Pagano, and Marco Petracco Giudici - all from the European Commission - ask about the ramifications of expanding risk protection to cover coastal and river floods in all member states of the European Union (EU) to a minimum level. ? The authors' estimates suggest flood losses could exceed €33 billion in one year. Across the EU, coverage rates vary widely, with only a fraction of overall losses being covered under the status quo. As a result, floods (and any resulting insurer defaults) could lead to public finance losses of €27 billion. The authors estimate that an investment of €10.8 billion, a 58% increase, would be needed to harmonize insurance penetration levels to a minimum of 50% across the EU. These findings have important ramifications for policymakers, insurers, and individuals.? ? #climaterisk #flood #europe
Risk Management and Insurance Review
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Cincinnati，Ohio 484 ä½å…³æ³¨è€…
Sponsored by the American Risk and Insurance Association
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Risk Management and Insurance Review (RMIR) is a scholarly peer-reviewed publication dedicated to disseminating esteemed and high-caliber applied research, as well as well-reasoned opinions and discussions within the realm of risk and insurance. Sponsored by the American Risk and Insurance Association, RMIR presents a platform for the dissemination of knowledge pertinent to contemporary risk management and insurance policymaking. RMIR encompasses various sections tailored to accommodate different types of scholarly contributions. The "Feature Articles" section welcomes original research that showcases practical applications and applied methodologies. Submissions to this section may span theoretical, empirical, or conceptual realms and undergo rigorous anonymous peer-review evaluation. In the "Perspectives Articles" section, authors delve into providing fresh insights into existing research literature, business practices, and public policies. These articles may encompass scholarly surveys, historical analyses, or opinion pieces, all subject to the scrutiny of anonymous peer review. A distinctive feature of RMIR is its "Data Insights" section, which spotlights novel or underutilized sources of data relevant to contemporary risk management and insurance policymaking. These succinct papers offer a brief discussion of the data along with a concise analysis tailored for non-academic readers. Emphasizing the credibility and reliability of the data, authors elucidate its potential utility for policymaking and further research endeavors. Manuscripts submitted to the Data Insights section undergo an expedited anonymous peer-review process, with a strict word limit of 2,000 words, encouraging authors to succinctly present their main findings in the opening paragraphs. Annette Hofmann, Academic Director of the Lindner Center for Insurance and Risk Management with the University of Cincinnati is currently Editor-in-Chief.
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https://onlinelibrary.wiley.com/journal/15406296
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WJS, MLB and ESPN discuss the brutal 2024 White Sox season: The White Sox just avoided becoming the first team in baseball history to lose 60 games at home in one season!?A recent article in Risk Management and Insurance Review studies the winning percentage in Baseball analytics, proposing 1)??a model for in-season?EVOLUTION?of winning probability, derived from a dynamic Pythagorean exponent, 2) a mean-reversion for both historical teams after an initial period, as seen in both paths in the figure in the article in WSJ, 3)?an implied Pythagorean exponent, which for the White Sox after 120 losses is now computed to be ln(38/(38+120))/ln(486/804) = 2.831. This is much higher than the usually quoted 2 and the historical mean in the paper of roughly 2.2 for about 150 (1871-2022) years of data from the Lahman database WSJ: https://lnkd.in/giTtQ7SU MLB: https://lnkd.in/gJktCuAu ESPN: https://lnkd.in/gGan5dSH White-Sox data: https://lnkd.in/gMiXRcy8
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Our Fall 2024 Issue is here! Featured cutting-edge studies blend sports analytics, financial risk modeling, and corporate social responsibility, revealing innovative ways to manage risk and predict behavior. From analyzing fraudulent insurance claims to unveiling how banks disclose climate risks, they offer fresh insights into the evolving dynamics of risk finance, ethics, and environmental impact. Please read and share! https://lnkd.in/guXwNn7b
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Well deserved!
The Risk Management and Insurance Review (RMIR) best paper awards recognizes the best article published in the prior calendar year in the RMIR. The winner(s) receives an award certificate at the ARIA annual meeting. This year's winners are Carolyn Kousky (Environmental Defense Fund) and Noelwah Netusil (Reed College) for their paper, "Flood insurance literacy and flood risk knowledge: Evidence from Portland, Oregon†Risk Management and Insurance Review, 26(2), 175-201. Congratulations! #ARIA2024 #riskmanagement #insurance #risk #rmi #research #awards #floodinsurance ?
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Our Summer 2024 Special Issue on Health Insurance is out! We have dedicated this Special Issue to Patty Born, PhD, CIC to honor her 9 years of service to the journal from 2012-2021. Start reading the Special Issue here or subscribe: https://lnkd.in/dWECvYh For any questions, please reach out to Annette Hofmann, PhD.
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