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Towards socially responsible (re)insurance underwriting practices: readily available ‘big data’ contributions to optimize catastrophe risk management

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  • Zvezdov, Ivelin

Abstract

Today's advances in big data technologies readily allow for storing large inter-dependent data sets of historical and modeled natural hazard and financial data and unifying their granularity and accuracy with common geo-spatial and risk-type record identifiers. This is a significant component at both single insurance account, and even more so at the larger multi-policy portfolio scale for enabling optimal and socially responsible insurance underwriting practices. This supports insurance risk transfers by creating more accurate and all-uncertainty encompassing pricing techniques, and exposes these techniques and methodologies to all market players, including insurance policy holders via transparent statistical and actuarial principles.

Suggested Citation

  • Zvezdov, Ivelin, 2016. "Towards socially responsible (re)insurance underwriting practices: readily available ‘big data’ contributions to optimize catastrophe risk management," MPRA Paper 75312, University Library of Munich, Germany, revised 04 Nov 2016.
    • Handle: RePEc:pra:mprapa:75312
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    More about this item

    Keywords

    Big Data; (Re)Insurance Premium Pricing; Sustainable (Re)Insurance Principles;
    All these keywords.

    JEL classification:

    • D0 - Microeconomics - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • G0 - Financial Economics - - General
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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