Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/287726 
Authors: 
Year of Publication: 
2021
Citation: 
[Journal:] The Geneva Papers on Risk and Insurance - Issues and Practice [ISSN:] 1468-0440 [Volume:] 46 [Issue:] 2 [Publisher:] Palgrave Macmillan UK [Place:] London [Year:] 2021 [Pages:] 224-235
Publisher: 
Palgrave Macmillan UK, London
Abstract: 
Vulnerability comes, according to Orio Giarini, with two risks: human-made risks, also called entrepreneurial risks, and natural or pure risks such as accidents and earthquakes. Both types of risk are growing in dimension and are increasingly interrelated. To control the vulnerability, sophisticated insurance products are called for. Here, mutual insurance is relevant, in particular when risks are large, probabilities uncertain or unknown, and events interrelated or correlated. In this paper the following three examples are discussed and the advantages of mutual insurance are shown: unknown probabilities connected with unforeseeable events, correlated risks and macroeconomic or demographic risks.
Subjects: 
Mutuality principle
Unknown probabilities
Correlated risks
Macroeconomic risks
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article
Document Version: 
Published Version

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