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Universal Insurance and the Prospect Theory

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  • Mwenya, Mwenya

Abstract

In today’s insurance market there is a void that is any one person can have several insurance policies, this entails different providers, different payment schemes etc. There is an opportunity for an insurance company to unite all policies and create a universal insurance (UI) policy, an all in one so to speak. There is an argument that such an policy would be very complex and costly as it would require several specialists to analyse every facets of the purported policy. This need not be the case.

Suggested Citation

  • Mwenya, Mwenya, 2013. "Universal Insurance and the Prospect Theory," MPRA Paper 48203, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:48203
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    References listed on IDEAS

    as
    1. Charles Gore, 2010. "The global recession of 2009 in a long-term development perspective," Journal of International Development, John Wiley & Sons, Ltd., vol. 22(6), pages 714-738.
    2. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
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    More about this item

    Keywords

    Insurance; Prospect Theory; Banks;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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