Journal

Asia-Pacific Journal of Risk and Insurance

The Official Journal of the Asia-Pacific Risk and Insurance Association

Editors-in-Chief: Sankarshan Basu and Hua Chen

Language: English

First published: June 20, 2005

Publication Frequency: 2 issues per year

View latest issue

Published by

Become an author with De Gruyter Brill

Submit Manuscript Author Information Explore this Subject

About this journal

Objective
As the official journal of the Asia-Pacific Risk and Insurance Association, the Asia-Pacific Journal of Risk and Insurance (APJRI) focuses on risk management and insurance issues of importance to the Asia-Pacific region. An interdisciplinary publication, APJRI facilitates the exchange of research in risk and insurance mathematics, economics, finance, and corporate practice. The journal welcomes theoretical and applied research papers on a variety of specific topics.

Topics

Actuarial pricing and reserving
Insurance operations
Economics and regulation
Corporate/enterprise risk management and finance
Catastrophe risk
Social insurance and employee benefits
Local/regional/international insurance markets

Article formats
Original research articles / commentary pieces / book reviews

Information on submission process

Submit Article

Your Benefits

Your Benefits:

Strict selection of research articles
Editorial board recognized globally
Interdisciplinary approach to the topics of the journal
Over a hundred pages of original research articles
Practical applications of published research

History

Two issues/year
Content available since 2005 (Volume 1, Issue 1)
ISSN: 2153-3792

Requires Authentication Unlicensed
Licensed

Modeling Insurance Claim Count Dynamics using Regime-Switching INGARCH Model

September 15, 2025

Zabibu Afazali, Bård Støve, Saint Kizito Omala, Juma Kasozi

Download PDF

This paper analyzes insurance claim count data using a Regime-Switching Integer-Valued Generalized Autoregressive Conditional Heteroscedasticity (RS-INGARCH) model. Weekly claim counts from a Ugandan insurance company, spanning 2020–2024 and covering Motor Private and Motor Commercial lines of business, are used. The study examines both the COVID-19 period (March 2020–January 2022) and the post-COVID-19 period, which saw major structural shifts in claims. The RS-INGARCH model outperforms benchmark models such as the Integer-Valued Autoregressive (INAR) and single-regime INGARCH models, based on Akaike Information Criterion (AIC), Bayesian Information Criterion (BIC), Mean Squared Error (MSE), and out-of-sample forecasting accuracy. Performance gains were especially notable when the COVID-19 period was included, suggesting the RS-INGARCH(1,1) model better captures abrupt changes in claim dynamics. The Autocorrelation Function (ACF) plots and Ljung–Box test confirms reduced residual autocorrelation under RS-INGARCH(1,1), and the INGARCH(1,1) specification performed best among alternative lag choices. A two-regime specification was preferred over three regimes, as the latter introduced instability and overfitting due to limited data in infrequent regimes. The study recommends RS-INGARCH(1,1) models for forecasting and risk evaluation during periods of structural change, especially in emerging insurance markets.
Requires Authentication Unlicensed
Licensed

A Competitive Model of Rating for Insurance Premium Discount under Observable Efforts

July 7, 2025

Mahito Okura

Download PDF

Experience rating (called “claim experience rating (CER)” in this study), which provides insurance premium discounts without any claims, is widely known. In line with advances in IT, insurance firms can also introduce a new rating (called “effort experience rating (EER)” in this study), which provides insurance premium discounts in an effort to lower the accident probability. This study aims to investigate the rating that is in equilibrium in the competitive market. In particular, we discuss the possibility of asymmetric outcomes in insurance firms choosing different ratings and the critical factor in deciding the ratings of insurance firms. Our main result is that the maximum disutility level for making an effort is a critical factor to decide the ratings of insurance firms and asymmetric outcomes are achieved when it is not high.
Requires Authentication Unlicensed
Licensed

Exploring the Connection Between Captive Insurance and Cash Flow: Evidence from S&P Global 100 Companies

May 23, 2025

David Russell, Jiun-Lin Chen, Mu-Sheng “Shane” Chang

Download PDF

A captive insurance subsidiary (or captive for short) has been increasingly accepted as a valid risk management solution, formed primarily to insure the loss exposures of its parent company. This study assesses the effect of captive formation on cash flow from an international perspective based on the 2020 S&P Global 100 index constituents. As a wholly-owned insurance company that underwrites the risks faced by its parent company, a captive performs a dual purpose of self-insurance and mutualization that theoretically helps improve cash flow because recaptured premiums can be retained within the corporate structure and efficiently invested. However, our empirical results fall short of evidence to endorse the recent assertion that captives produce better cash flow, implying that recaptured premiums do increase cash hoard under captives at a given point in time, but do not necessarily lead to improved cash flow on an annual basis at the corporate level. In all, our analysis suggests that the financial incentives to form captives may lie not in increasing shareholder value, but in serving corporate risk-financing needs, addressing perceptions of high commercial premiums and maximizing managerial preferences.
Requires Authentication Unlicensed
Licensed

Human Resource Risk Reporting in the European Union, India, and the U.S.

May 22, 2025

Thomas Berger, Niels Olaf Angermüller

Download PDF

Human resources (HR) are a driver and a risk factor for achieving business objectives. HR risks therefore should form part of risk management to derive the realistic risk exposure of a company. As companies have to inform the public of their relevant risks, HR risks should also be disclosed if they are relevant. However, evidence from existing studies shows that HR risks are not gaining the same attention as other risks, e.g. financial risks. This also stems from the fact that as of today there are no widely accepted conceptualizations for HR risk management and only little empirical evidence on the prevalence of HR risks. We therefore analyzed the annual report of listed companies from the EURO STOXX 50 from the European Union, Nifty 50 from India and Dow Jones Industrial Average from the US. We found that 87 companies mention risks in the area of HR, mainly from recruiting, retention and development. One interesting finding of our study is that companies, which apply the COSO enterprise risk management standard, are far more likely to disclose HR risks. Our study also provides a basis for categorizing HR risks for further conceptualizations.
Requires Authentication Unlicensed
Licensed

Are Publicly Funded Health Insurance Schemes Leading Towards Better Healthcare Utilization and Quality of Life? A Case Study from India

January 1, 2000

Shashi Kant Sharma, Subir Sen

Download PDF

India introduced a new healthcare scheme, the Pradhan Mantri Jan Arogya Yojana (PMJAY), in 2018, which has been in effect since 2019. This scheme aims to achieve universal health coverage and supports the catastrophic Out-of-Pocket Expenditure (OOPE) of below poverty line population in Indian states. This study assesses the impact of PMJAY in two selected districts of the Indian state of Bihar considering a sample of 324 respondents. Propensity score matching (PSM) and entropy balancing (EB) are two widely used methods to ensure the robustness of impact assessment exercises. The EB method is considered relatively robust and therefore, we use and compare both. The average effect of PMJAY on the beneficiaries using EB shows a significant rise in healthcare utilization; the values are 2.51, 0.79 and 0.36 for OPD visits, hospitalizations, and surgeries, respectively. Our sample consists of 22 percent PMJAY-beneficiaries. The findings highlight the scheme’s potential to improve healthcare access and outcomes for the vulnerable population. Beneficiaries have reported better post-hospitalization quality of life and are more likely to return to work regularly after treatment. These insights may assist policymakers in further improving their effectiveness by raising awareness among the eligible households, as there are still barriers to enrollment and information asymmetries with regard to utilization.
Requires Authentication Unlicensed
Licensed

The Liability Insurance Consumption Spiral: Evidence from Chinese Cities

January 1, 2000

Douglas Bujakowski

Download PDF

Liability insurance is a vital source of financial protection and risk management for individuals and organizations. However, its widespread adoption carries certain unintended consequences, including the amplification of liability risks for uninsured and underinsured populations. This may result in a liability insurance consumption spiral, where purchases by some incentivize others to follow suit. The current study provides the first empirical tests of the consumption spiral hypothesis. Using data from 280 Chinese cities over an eight-year period (2011–2018), we find evidence that liability insurance purchases influence those in nearby geographic units and subsequent time periods. These knock-on effects are substantial and support the notion that purchase decisions are positively correlated. Additionally, our results reveal a key externality of liability insurance markets and the ways in which consumption diffuses across space and time.

Special Issue: History of Insurance in a Global Perspective & 2022 APRIA Best Paper Award

Special Issue: Sustainable Growth in the Risk Society, Guest Edited by Joelle H. Fong

Issue 1

Issue 2

New Solutions in Risk Management

Longevity Risk and Capital Markets

Submit

You can easily submit your manuscript online. Simply go to https://mc.manuscriptcentral.com/dgapjri and you will be guided through the entire submission and publishing process.
Prepare your manuscript according to the Instructions for Authors and Submission Checklist.
Asia-Pacific Journal of Risk & Insurance (APJRI) follows Tier 1 of our Data Sharing Policy. Authors are required to provide a data availability statement. Please refer to the Data Sharing Policy for guidance on how to write a data availability statement.
As a condition of submission, the Template for Ethical and Legal Declarations must be customized by the submitting author on behalf of all others and uploaded as a separate Word file.
If you have any general questions please visit our FAQ page for authors.

Your benefits of publishing with us

Easy-to-use online submission, peer review, and publication system
Insightful reviews
Top-notch editorial board making its best for the quality of published papers
Wide indexation
All papers published online first on De Gruyter’s online platform Reference Global
High quality manuscript processing through Thomson Reuters ScholarOne
Every article easily discoverable because of Search Engine Optimization (SEO) and comprehensive abstracting and indexing services
Secure archiving by De Gruyter and the independent archiving service Portico
Professional sales and marketing activities

Submission process

Submission of your paper via our submission management tool (you will be guided through every step of the submission process).
Please, go to Online Submission of Manuscripts and create an account. Then you will be guided through the submission process
In case of any problems, the assistance of editors is provided

Please note

Manuscripts must be written in clear and concise English
Before submitting your article please have a look at our Ethical Guidelines and our Copyright Transfer Agreement
Once your article is accepted you have the option to publish it open access
Our Repository Policy allows you to distribute 30 PDF copies of your published article to colleagues (the PDF has to include the information that it is an author's copy). Please also feel free to distribute the link to the online abstract
If you have any general questions please visit our FAQ page for authors

We look forward to receiving your manuscript!

Co-Editors-in-Chief
Sankarshan Basu, India Institute of Management Bangalore, India
Hua Chen, University of Hawai'i at Mānoa, USA

Associate Editors
David Blake, University of London, United Kingdom
Tim Boonen, University of Hong Kong, Hong Kong, China
Patricia Born, Florida State University, USA
Georges Dionne, HEC Montréal, Canada
Martin Grace, University of Iowa, USA
Wen-Yen Hsu, Feng Chia University, Taiwan
Hongjoo Jung, Sungkyunkwan University, South Korea
Shinichi Kamiya, Nanyang Technological University, Singapore
Anastasia Kartasheva, University of St. Gallen, Switzerland
Anne Kleffner, University of Calgary, Canada
Gene Lai, University of North Carolina at Charlotte, USA
Tyler Leverty, University of Wisconsin - Madison, USA
Andreas Milidonis, University of Cyprus, Cyprus
Sojung Park, Seoul National University, South Korea
Johnny Siu-Hang Li, Chinese University of Hong Kong, Hong Kong, China
Yijia Lin, University of Nebraska - Lincoln, USA
Mahito Okura, Doshisha Women's College of Liberal Arts, Japan
Andreas Richter, Ludwig Maximilian University of Munich, Germany
Subir Sen, Indian Institute of Technology Roorkee, India
Pavel Shevchenko, Macquarie University, Australia
Tianxiang Shi, Temple University, USA
Hazel Bateman, University of New South Wales, Australia
Yuantao Xie, University of International Business and Economics, China
Sharon Yang, National Chengchi University, Taiwan
Wei Zheng, Peking University, China

Asia-Pacific Journal of Risk and Insurance is covered by the following services:

ABDC Journal Quality List
Baidu Scholar
Bibliography of Asian Studies
Cabells Journalytics
CNKI Scholar (China National Knowledge Infrastructure)
CNPIEC - cnpLINKer
Dimensions
EBSCO (relevant databases)
EBSCO Discovery Service
EconBiz
EconLit
ERIH PLUS (European Reference Index for the Humanities and Social Sciences)
Genamics JournalSeek
Google Scholar
Index Islamicus
J-Gate
JournalGuide
Naver Academic
Naviga (Softweco)
Norwegian Register for Scientific Journals, Series and Publishers
Primo Central (ExLibris)
ProQuest (relevant databases)
Publons
QOAM (Quality Open Access Market)
ReadCube
RePEc (Research Papers in Economics): IDEAS, EconPapers
ScienceON (Korea Institute of Science and Technology Information)
Scilit
Semantic Scholar
Sherpa/RoMEO
Summon (ProQuest)
TDNet
UGC (University Grants Commission) Approved List of Journals
Ulrich's Periodicals Directory/ulrichsweb
WanFang Data
WorldCat (OCLC)
X-MOL
Yewno Discover

Journal information

Additional information

eISSN:

2153-3792

Language:

English

Publisher:

De Gruyter

Additional information

First published:

June 20, 2005

Publication Frequency:

2 issues per year

eISSN: 2153-3792

Audience(s) for this journal

researchers and practitioners interested in risk management and insurance issues of importance to the Asia-Pacific region

Asia-Pacific Journal of Risk and Insurance

Overview

About this journal

Your Benefits

History

Ahead of Publication / Just Accepted

Issues

Submit

Editorial

Abstracting and Indexing

Supplementary Materials

Supplementary Materials

Topics

Topics

External Links

Bibliographic data