期刊Journal of Risk and Insurance 2025年92卷第4期目录及摘要｜保险学术前沿

Core Insights - The article discusses the differences in investment strategies between European and American insurance companies during market contractions, highlighting a pro-cyclical shift towards lower credit risk assets initially, followed by a counter-cyclical investment behavior in Europe favoring high-yield instruments as crises persist [2][5][6]. Group 1: Investment Strategies - European insurers exhibit a pro-cyclical shift towards lower credit risk assets in the first month of market contraction, followed by a counter-cyclical investment behavior favoring high-yield instruments as the crisis continues [5][6]. - In contrast, American insurers do not display this counter-cyclical behavior, indicating a significant difference in investment strategies between the two regions [5][6]. Group 2: Risk Disclosure and Management - Publicly reported solvency ratios of life insurers in Germany influence premium growth and surrender rates, suggesting that public risk disclosure can enhance market discipline [8][9]. - Insurers tend to improve their solvency ratios after experiencing a decline in the previous year, indicating a responsive risk management approach to maintain higher solvency ratios [8][9]. Group 3: Systemic Risk Analysis - The systemic risk of globally systemically important banks (G-SIBs) is driven by various shocks, while the systemic risk of globally systemically important insurers (G-SIIs) is primarily influenced by the COVID-19 pandemic [11][12]. - There is a bidirectional causal relationship between the systemic risks of G-SIBs and G-SIIs, highlighting the interconnectedness of these financial institutions [11][12]. Group 4: Product Innovation - The variable annuities market has seen an increase in complexity, with a pattern where "virtuous" innovations are followed by "obfuscating" innovations that add complexity without clear consumer benefits [13][14]. Group 5: Longevity Risk Hedging - A dynamic longevity risk hedging strategy is proposed for group self-annuity schemes, which aims to smooth survival benefit profiles while addressing population basis risk [15][16][17]. Group 6: Insurance Accounting Valuation - The relationship between stock prices and insurance accounting is analyzed, revealing that fair value measurements under Solvency II have a stronger association with stock prices compared to historical cost measurements [19][20].