2017-2018
ANNUAL REPORT

Academic Journals,
Prizes and Grants

The Geneva Association supports
excellence in research that
expands the understanding
of insurance economics
and the financial
consequences
of risk.

Academic
Journals,
Prizes and
Grants

The Geneva Association
supports excellence
in research that
expands the
understanding of
insurance economics
and the financial
consequences
of risk.

Academic Journals, Prizes and Grants

The Geneva Association supports excellence in research that expands the understanding of insurance economics and the financial consequences of risk.

Academic networks

The Geneva Association’s academic networks, prizes and grants support the diffusion of research in insurance by both academics and industry professionals.

44th Seminar of the European Group of Risk and Insurance Economists

The 2017 European Group of Risk and Insurance Economists (EGRIE) took place in London on 16-18 September 2017 and touched upon a wide range of issues, including insurance incentives on road safety, online health insurance marketplaces, systemic risk, cyber risks, life insurance investment behaviour, variable annuities, guaranteed renewable life insurance, adverse selection and moral hazard in insurance markets. Prof. Olivia Mitchell of the Wharton School delivered the 29th Geneva Risk Economics Lecture, which elaborated on the topic of retirement products in an ageing world.

Academic journals

The Geneva Association started publishing The Geneva Papers on Risk and Insurance in 1976. Since its inception by the Association’s first president, Prof. Raymond Barre, the intent of the journal is twofold: i) to be the voice of the insurance sector at the highest global level to help elaborate and confront key strategic issues for the sector; and ii) to stimulate a constructive dialogue between insurance and its social and economic partners.

Since 1990, the Geneva Papers has been published under two series: The Geneva Papers on Risk and Insurance—Issues and Practice and The Geneva Papers on Risk and Insurance Theory, later to become The Geneva Risk and Insurance Review.

The journals are peer-reviewed and published by Palgrave Macmillan. Online access to both journals provides our members and other users with advance online publication (AOP)—definitive, citable versions of papers (complete with digital object identifier, or DOI) available online ahead of print. Articles older than three years are publicly available online.

The Geneva Papers on Risk and Insurance—Issues and Practice

The Geneva Papers on Risk and Insurance—Issues and Practice publishes papers aimed at improving the scientific knowledge of the insurance industry. The Editor-in-Chief is Prof. Christophe Courbage who, assisted by the Editorial Board, assesses the quality of submissions, determines their potential contribution to the industry and organises the peer-review process. The publication, published quarterly, is essential reading for academics and researchers in insurance, insurance industry executives, and other professionals who are searching for deeper insight into the strategic options for their sector. It bridges the gap between these groups, highlighting overlapping areas of interest and providing mutually beneficial research and dialogue.

The Geneva Papers on Risk and Insurance—Issues and Practice is displaying healthy growth with a five-year impact factor of 0.645 according to the latest edition of the Thomson Reuters Journal Citation Reports®.

The following issues have been published since April 2017.

Volume 42, Issue 2 (April 2017) Special Issue on Risk Sharing and Catastrophic Events

This special issue, edited by Jeroen van Aerts, Reimund Schwarze and Gert G. Wagner, was prepared in connection with the 16th Joint Seminar of the European Association of Law and Economics and The Geneva Association, which took place in Berlin in June 2015 and covered risk sharing and catastrophic event topics. The publication also commemorates the work of the founding father of these joint seminars, Göran Skogh, whose 2008 paper was a seminal influence on the theory of risk sharing and insurance.

Volume 42, Issue 3 (July 2017) Special Issue on Pension Financing and Insurance

Edited by Antony Webb and Teresa Ghilarducci, this special issue focuses on how to improve the second pillar of occupational pensions. It also investigates how increases in labour supply affect wages, and it contributes to an understanding of how the fourth pillar—working in older age—can enhance retirement income security. Finally, it examines trends in socio-economic mortality differentials and assesses the distributive effects of proposed reforms to social insurance programmes.

Volume 42, Issue 4 (October 2017) Special Issue on Extreme Events and Climate Risks

This special issue, edited by Maryam Golnaraghi and Olivier Mahul, is a collaboration between The World Bank and The Geneva Association that aims to foster better knowledge and innovative ideas on the development of effective, affordable and sustainable disaster risk financing strategies.

Volume 43, Issue 1 (January 2018)

This issue includes articles on the role of education in life insurance purchase, the new Chinese risk-oriented regulatory framework, the NatCat protection gap, bank insurance risk spillovers, asymmetric information in disability insurance and the efficiency of Argentinian non-life insurance market.

The Geneva Risk and Insurance Review

The Geneva Risk and Insurance Review targets academics and university scholars in economics. The Review is published by Palgrave Macmillan in annual volumes of two issues. Its purpose is to support and encourage research in the economics of risk, uncertainty, insurance and related institutions by providing a forum for the scholarly exchange of findings and opinions.

The Editors-in-Chief are Prof. Michael Hoy of the Department of Economics and Finance, College of Management and Economics, University of Guelph and, since January 2015, Prof. Nicolas Treich of the Toulouse School of Economics.

The Geneva Risk and Insurance Review is also the official journal of EGRIE.

The following issues have been published since April 2016

Volume 42, Issue 2 (September 2017)

This issue publishes articles featuring various aspects of insurance markets. It addresses topics such as how to incentivise the purchase of long-term care insurance, the impacts of heuristics on insurance purchase, the role of screening mechanisms in automobile insurance, and the phenomena of advantageous selection in insurance markets.

Volume 43, Issue 1 (March 2018)

This issue features articles dealing with topics including the welfare effect of insurance, precautionary saving in the face of increasing risks, ambiguity and the value of information in decision making, higher-order non-monetary measures for risks, and new methods to compare risks.

Awards and grants

The Geneva Association Research Grant

The Geneva Association awards an annual CHF 10,000 research grant for submissions—usually doctoral theses carried out in the field of risk and insurance economics or a research paper in that field. Research topics such as cyber risk, climate change and public health, and the impact of demand conditions and technological change on the structural evolution of the insurance industry, amongst others, have been awarded the grant in the past.

The winner of The Geneva Association Research Grant 2018 is Gert Meyers, a PhD student at the Life Sciences & Society Lab, Centre for Sociological Research, KU Leuven, for his research on big data and insurance. The objective of his research is to understand if and how practices of big data-enabled personalisation in insurance reconfigure the roles and responsibilities of insurers and insureds, and envision what the effects of these developments mean for solidarity in future insurance markets.

The Ernst Meyer Prize

The Geneva Association awards the prestigious Ernst Meyer Prize annually for university research work in the form of a doctoral thesis which makes a significant and original contribution to the study of risk and insurance economics. The prize is worth CHF 5,000.

The winner of the Ernst Meyer Prize awarded in 2017 for his work presented the previous year, is Arnaud Goussebaile of University Paris-Saclay, for his PhD dissertation on Prevention and Insurance of Natural Disasters. The thesis, by modelling individual behaviours, markets and public policies, suggests innovative prevention actions and insurance mechanisms that can efficiently mitigate wealth shocks for economic groups exposed to natural disasters.

Shin Research Excellence Award

The International Insurance Society (IIS) and The Geneva Association jointly present the Shin Research Excellence Award, designed to foster original research in the insurance area by examining subjects which directly influence business operations and operational business issues on a practical level. The IIS and The Geneva Association announced in May 2017 the winners of the award, which is endowed by Kyobo Life Insurance Company.

The winners were Thomas Holzheu and Ginger Turner of Swiss Re for their paper on The Natural Catastrophe Protection Gap. The winners were awarded USD 5,000 and invited to present their work during the IIS Global Insurance Forum in London on 17-20 July 2017, attended by more than 500 senior insurance leaders from around the globe. Their work was published in The Geneva Papers on Risk and Insurance—Issues and Practice Volume 43, Issue 1, January 2018.

Thomas Holzheu and Ginger Turner receive the Shin Research Excellence Award at the IIS Global Insurance Forum, with Shin Chang-jae, Chairman and CEO of Kyobo Life Insurance Company, and Anna Maria D’Hulster, Secretary General of The Geneva Association

SCOR–EGRIE Young Economist Best Paper Award

This prize was created by SCOR, the Institut d’Economie Industrielle (IDEI) and the University of Paris-Dauphine to honour outstanding research presented by a young economist at the EGRIE annual seminar. The award, endowed with EUR 2,000, is presented to the best paper from those accepted by the scientific committee of the seminar.

The 2017 SCOR–EGRIE Young Economist Best Paper Award went to Sebastian Ebert for his article Decision Making When Things Are Only a Matter of Time.

SCOR–Geneva Risk and Insurance Review Best Paper Award

Also created by SCOR, the IDEI and the University of Paris-Dauphine, the award recognises the best paper of the year published in The Geneva Risk and Insurance Review. The winner is presented with a grant of EUR 1,000. The 2016 award went to Michel Denuit, Louis Eeckhoudt, Liqun Liu and Jack Meyer for their paper Tradeoffs for Downside Risk-Averse Decision-Makers and the Self-Protection Decision, published in The Geneva Risk and Insurance Review, Volume 41, Issue 1, March 2016.