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Asia-Pacific Journal of Risk and Insurance

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

Editor-in-Chief: W. Jean Kwon

Language: English

First published: June 20, 2005

Publication Frequency: 2 issues per year

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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

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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

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Modeling Insurance Claim Count Dynamics using Regime-Switching INGARCH Model

September 15, 2025

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

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

July 25, 2025

Shashi Kant Sharma, Subir Sen

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

July 7, 2025

Mahito Okura

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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.
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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

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

May 22, 2025

Thomas Berger, Niels Olaf Angermüller

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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.

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

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Editor-in-Chief
W. Jean Kwon; St. John’s University, New York, USA

Book Review Editor
Andreas Richter; Ludwig-Maximilians-University Munich; Munich, Germany

Associate Editors
Shih-Chieh Bill Chang; National Chengchi University; Taipei, Taiwan
Renbao Chen; National University of Singapore; Singapore
J. David Cummins; Temple University; Philadelphia, USA
Gerard Dickinson; City University of London; London, United Kingdom
Georges Dionne; HEC Montréal; Montréal, Canada
Christian Gollier; University of Toulouse; Toulouse, France
Martin Grace; Temple University; Philadelphia, USA
Hunsoo Kim; SoonChunHyang University; Asan, Korea
Howard Kunreuther; University of Pennsylvania; Philadelphia, USA
Gene Lai; University of North Carolina, Charlotte, USA
Jackie Li, Monash University, Melbourne, Australia
Wondon Lee; Daegu University; Daegu, Korea
Piman Limpaphayom; Chulalongkorn University; Bangkok, Thailand
Richard MacMinn (Ret.); Illinois State University, Normal, USA
Yasushi Morimiya (Ret.); Meiji University; Tokyo, Japan
Harry Panjer (Ret.); University of Waterloo; Waterloo, Canada
Jochen Ruß; Institut für Finanz und Aktuarwissenschaften; Ulm, Germany
S. Hun Seog; Seoul National University; Seoul, Korea
Michael Sherris; University of New South Wales; Sydney, Australia
Qixiang Sun; Peking University; Beijing, China
Larry Tzeng; National Taiwan University; Taipei, Taiwan
Kip Viscusi; Vanderbilt University, Nashville, USA
Zhigang Xie; Shanghai University of Finance and Economics; Shanghai, China
Wei Zheng; Peking University; Beijing, China

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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

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History

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