Annual Seminars


44th Seminar, London, 18-20 September 2017


The 44th Seminar of the European Group of Risk and Insurance Economists (EGRIE) will take place in London, UK, on September 18-20, 2017.

Enrico Biffis is the local organiser.

On the occasion of the seminar, the 29th Geneva Risk Economics Lecture will be delivered by Olivia Mitchell.

The scientific programme committee for this meeting is composed of Richard Watt (chairman), Annette Hofmann and Martin Eling.


Registration and program

To access more detailed information regarding conference registration, accomodation, etc., please follow this link.

The registration deadline is Friday 1. September 2017. To register for the seminar, please follow this link.

Please note that EGRIE members pay a reduced registration fee (25€ instead of 125€).

For more information on the conference program, please follow this link.

To access the tentative scientific program, please follow this link.


Scientific Program and Papers


September 18th          
9:15-10:30   Geneva Risk Economics Lecture (Chair: Alexander Muermann)
    Olivia Mitchell      
    "Developments for Retirement Products in an Ageing World"
    (Discussant: Monika Buetler)      
11:00-12:30   Session A1 (Chair: A. Muermann)     Session A2 (Chair: C. Courbage)
    G. Dionne, Y. Liu     A. Bostian, C. Heinzel,
    “Effects of insurance incentives on road safety. Evidence from a natural experiment in China”     “Comparative precautionary saving under higher-order risk and recursive utility”
    (Discussant: P. Zweifel)     (Discussant: R. Huang)
    Y. Deng, K. Wang, T. Wang, H. Zheng     D. Crainich, R. Peter
    “Private information in automobile insurance market - revealed by driving record in telematics”     “On the interaction between the demand for saving and the demand for risk reduction”
    (Discussant: G. Dionne)      (Discussant: Y. Osaki)
13:30-15:30   Session B1 (Chair: R. Rees)     Session B2 (Chair: R. Watt)
    M. Hoy, A. Mirza, A. Sadanand     N. Argyris, J. Jaspersen, A. Richter
    “Guaranteed renewable life insurance under demand uncertainty”     “Risk aversion in additive multivariate utility functions”
    (Discussant: R. Bourlès)     (Discussant: P. Picard)
    D. Rowell, P. Zweifel     L. Liu, J. Meyer, A. Rettenmaier, T. Saving
    “Separating equilibria in insurance markets: A new theoretical perspective”     “Risk and risk aversion effects in contests with contingent payments”
    (Discussant: W. Mimra)     (Discussant: N. Treich)
    M. Browne, I. Gemmo, H. Gründl     C. Kubitza, F. Regele
    Transparency aversion and insurance market equilibria“    

“Persistency of insurance activities and financial stability”

    (Discussant: M. Kraft)      
16:00-17:30   Session C1 (Chair: S. Krummaker)     Session C2 (Chair: C. Bernard)
    M. Browne, A. Hofmann, A. Richter, S. Roth, P. Steinorth     R. Bourlès, D. Henriet, B. Sinclair-Desgagne
    Peer effects in risk taking: Evidence from Germany     “Safeguards and incentives”
    (Discussant: K. Wang)     (Discussant: M. Hoy)
    C. Courbage, G. Montoliu, B. Rey     T. Boonen
    “How vulnerable is risk aversion to wealth, health and other risks? An empirical analysis for Europe”     “Equilibrium recoveries in insurance markets with limited liability”
    (Discussant: G. Millo)      (Discussant: R. Rogalla)
September 19th          
9:00-10:30   Session D1 (Chair: E. Biffis)     Session D2 (Chair: P. Zweifel)
     L. Berger, V. Bossetti     C. Courbage, H. Louberge, B. Rey
    “What is behind ambiguity aversion?”     “On the properties of non-monetary measures for risk“
    (Discussant: F. Pannequin)     (Discussant: R. Eisen)
    F. Pannequin, M. Ropaul     R. Huang, L. Tzeng, L. Zhao
    “Self insurance and liability insurance under one-sided ambiguity”     “Between Nth and N+1th degree stochastic dominance“
    (Discussant: D. Crainich)      (Discussant: A. Snow)
11:00-12:30   Session E1 (Chair: A. Hofmann)     Session E2 (Chair: K. Crocker)
     M. Hanselmann      P. Picard
    “Ratings on online health insurance marketplaces: A two-edged sword?”     “Splitting Risks in Insurance Marketswith Adverse Selection"
    (Discussant: T. Boonen)     (Discussant: Y. Yao)
     Y. Fujii, Y. Osaki     B. Davies, R. Watt
    “The willingness to pay for health improvements under comorbidity ambiguity“     “Bundling and Insurance of independent risks”
    (Discussant: D. Pooser)     (Discussant: A. Braun)
13:30-15:30   Session F1 (Chair: D. Eckles)     Session F2 (Chair: G. Dionne)
    C. Kubitza     C. Bernard, T. Moenig
    “Consumer welfare when firms face parameter uncertainty about costs”     “Where less is more: Reducing variable annuity fees to benefit policyholder and insurer”
    (Discussant: S. Ebert)      (Discussant: G. Montoliu)
    B. Heidler, J. Jaspersen, D. Lohmaier, D. Pooser, A. Richter       G. Cenedese, P. Della Corte, T. Wang  
    “Managerial discretion and variable risk preferences”    

“Currency mispricing and dealer balance sheets“

    (Discussant: S. Krummaker)      
    S. Ebert     M. Chaderina, A. Muermann, C. Schuech
    “Decision making when things are only a matter of time”     “Which bonds to sell in fire sales? Liquidity versus commonality of holdings”
     (Discussant: F. Papakonstatinou)     (Discussant: C. Kubitza)
September 20th          
9:00-10:30   Session H1 (Chair: S. Dickinson)     Session H2 (Chair: D. Michaelides)
     C. Lepore, M. Tanaka, D. Humphrey, S. Kallol     P. Zweifel

“How does the regulatory valuation regime affect life insurance investment behavior?”

    “Solvency regulation of insurance mark III. Will it make a difference?”
          (Discussant: R. Rees)
    D. Cummins, F. Irresberger, Y. Peng, M. Weiss     R. Maurer, O. Mitchell, R. Rogalla, T. Schimetschek
    “Shadow Insurance and Systemic Risk”     “Optimal social security claiming behaviour under lump sum incentives: theory and evidence”
    (Discussant: C. Kubitza)     (Discussant: A. Michaelides)
11:00-12:30   Session I1 (Chair: F. Papakonstantinou)     Session I2 (Chair: A. Snow)
     Y. Yao, J. Schmit, J. Shi     N. Treich, Y. Yang
    “Promoting sustainability for micro health insurer. A risk adjusted subsidy approach for maternal healthcare service”     “Public safety under imperfect taxation”
     (Discussant: W. Schnell)     (Discussant: L. Liu)
    M. Eling, W. Schnell     R. Rees, F. Fossen, D. Rostam, V. Steiner
    “Extreme cyber risks and the non-diversification trap”     “How do entrepreneurial portfolios respond to income taxation?”
    (Discussant: M. Archayya)     (Discussant: D. Rowell)