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Hail risk is among the most challenging perils to insure and property damage due to hailstones has been on the top of the list of annual claims for most non‐life insurers. In this article, we present a simple yet flexible statistical model for insurers to assess and manage hail risks from two aspects: analysing the insurance claims arrival pattern upon occurrence of a hailstorm and quantifying the...
In property insurance, a contract often provides the policyholder with protection against damages to the insured properties that arise from a variety of perils. We propose a multivariate framework for pricing property insurance contracts with multiperil coverage in a longitudinal context. Specifically, a two‐part model is employed to accommodate the excess of 0s and heavy tails in the insurance loss...
We examine the average cost function for property and casualty insurers. The cost function describes the relationship between a firm's minimum production cost and outputs. A comparison of cost functions could shed light on the relative cost efficiency of individual firms, which is of interest to many market participants and has been given extensive attention in the insurance industry. To identify...
We study whether individuals' private information on health risk affects their medical care utilization. The presence of such information asymmetry is critical to the optimal payment design in healthcare systems. To do so, we examine the relationship between self‐perceived health status and healthcare expenditures. Because of simultaneity, we employ a copula regression to model jointly the mixed outcomes,...
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