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

Jean-François Outreville
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Jean-François Outreville: INSEEC Business School, 63, Boulevard Exelmans, 75016 Paris, France

The Geneva Papers on Risk and Insurance - Issues and Practice, 2014, vol. 39, issue 4, 768-781

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.

Date: 2014
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