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Old risks-new solutions, or is it the other way around?
Events like the Multilateral Investment Guarantee Agency (MIGA), Georgetown symposium demonstrate that there is much to be learned through the sharing of experiences and thinking together about the critical issues that confront our industry as well as new products and ideas. MIGA opened a new Asian hub in Singapore with underwriters in Hong Kong SAR, China and business development staff in Beijing and Tokyo. This hub aims to capitalize on Asian emerging as a new center of outbound investment growth. We have seen a growing base of investors in China as well as other Asian countries looking to go into the challenging market. MIGA also opened a business development office in Paris, which will focus on new business opportunities in Europe as well as the Middle East and North Africa. We view both of these hubs as providing an excellent opportunity for MIGA to support the economic growth of low-income countries through providing the support to South-South investments. Providing political risk insurance (PRI) for outbound investment from the rich and other middle-income countries has become more important as the level of Foreign Direct Investment (FDI) growth from these countries has increased.
eBook
International Political Risk Management
'International Political Risk Management: Looking to the Future' is the third in a series of volumes based on the MIGA-Georgetown University Symposium in International Political Risk Management.Like its predecessors, this volume offers expert assessments of needs, trends, and challenges in the international political risk insurance industry.
eBook
Social distancing game and insurance investment in a pandemic
We consider a heterogeneous Susceptible–Infected–Recovered epidemic model, calibrated to the COVID-19 pandemic characteristics. We study the equilibrium of a voluntary social distancing game on a network of individuals subject to epidemic risk. We quantify the absolute and relative utility gaps across age cohorts. We further introduce life insurance in the model, which serves to mitigate the loss in the severe individual outcomes. We find that in most cases, insurance decreases the risk of contagion in the network because more individuals can be incentivized to self-isolate. On the other hand, in the case when the insurer does not have sufficient information on the self-isolation strategy of the individual, insurance can introduce moral hazard. We find that when premiums cannot be sufficiently differentiated, individuals may choose not to socially distance. This illustrates the importance of disclosing self-isolation strategies to the insurer, or inferring these strategies for the various types. Partial monitoring of social distancing strategy can mitigate the two problems of moral hazard and adverse selection.
Journal Article
International Political Risk Management, 4
This volume is the latest in a series based on the MIGA (Multilateral Investment Guarantee Agency)-Georgetown University Symposium on International Political Risk Management, with contributions from experts from the international investment, finance, insurance, and legal fields. Highlights include a treatment of regulatory risk in emerging markets by three distinguished lawyers, a proposal for a new type of war risk insurance coverage, the examination of the risk management needs of the international power sector from both legal and user perspectives, and a discussion of the future of the international investment insurance industry by leading private and public sector industry representatives.
eBook
Household Wealth and Individuals’ Mental Health: Evidence from the 2012–2018 China Family Panel Survey
Based on the data from the 2012–2018 China Family Panel Survey, this study examines the impact of household wealth on individuals’ mental health using a two-way fixed effects model. The findings indicate that household wealth exerts a significant positive effect on individuals’ mental health. Furthermore, this study shows that the impact of household wealth on individuals’ mental health is nonlinear but inverted U-shaped. Considering the possible endogeneity problem, this study further examines the effect of household wealth on residents’ mental health using two-stage least squares, and the conclusions remain robust. The results of the heterogeneity analysis indicate that household wealth has a greater impact on the mental health of residents in the low-education group and western region. Furthermore, the results of the mechanisms reveal that household wealth affects mental health by influencing insurance investment and individuals’ labor supply. Moreover, this study finds that household wealth affects individuals’ mental health not only in the short term but also in the medium and long terms. This study provides policy implications for the government toward improving individuals’ mental health.
Journal Article
Interest rate risk of life insurers: Evidence from accounting data
Life insurers are exposed to interest rate risk as their liability side is typically more sensitive to interest rate changes than their asset side. This paper explores why insurers assume this risk using a new accounting-based method to measure the interest rate sensitivity of assets and liabilities. Calculation at the insurer level yields a wide duration gap with pronounced heterogeneity in the cross-section. This could be explained by alternative investment strategies, such as asset insulation, which are at odds with interest rate risk management. Using a 2014–2018 panel, factors associated with interest rate risk support this view.
Journal Article