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The Meaning of Risk? Insights from The Geneva Risk and Insurance Review

  • Jean-François Outreville
Original Article

Abstract

The Geneva Association and European Group of Risk and Insurance Economists, through publications like The Geneva Risk and Insurance Review, serve as a catalyst for progress in the understanding of risk and insurance matters. The purpose of this paper is to review and summarise some of the papers published in 2012 and 2013 that could help us to understand what risk is and the implications for the insurance industry. Although the idea of risk may be difficult to conceptualise, risk is of considerable importance for the functioning of all economies and economic agents. Risk aversion, adverse selection, asymmetric information and the performance of insurance markets are important issues that are regularly discussed in the review. These issues are of particular relevance for insurers and the proper functioning of insurance markets.

Keywords

risk and uncertainty asymmetric information insurance 

Notes

Acknowledgements

The author was visiting the University of Turin with financial support from ICER while he was writing this paper.

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Copyright information

© The International Association for the Study of Insurance Economics 2014

Authors and Affiliations

  • Jean-François Outreville
    • 1
  1. 1.INSEEC Business SchoolParisFrance

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