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Economics, Econometrics and Finance · Research topic

Open research questions in Insurance and Financial Risk Management

28 unresolved questions extracted from the limitations and future-work sections of 1,665 Insurance and Financial Risk Management papers in our library. Each links back to the study that raised it.

What the literature leaves open

  • In particular, the framework does not account for potential behavioural changes among households that might occur once they become aware that their capital level is approaching the threshold for cash transfer eligibility, which is a tendency that has been observed in other studies (see, for example, Firpo et al.

    Optimal cash transfers and microinsurance to reduce social protection costs · 2026 · DOI

  • Three operational the SGK should institutionalize a quarterly actuarial dashboard that monitors the monthly payment increase rate (C2) against premium inflows and triggers review when the gap exceeds a defined threshold. Second, targeted formalization campaigns should prioritize the self-employed (4/b) segment, whose contribution base (C5) proved the most volatile across quarters. Third, early-warning thresholds based on quarterly indicators should replace reliance on annual forecasts in fiscal planning. The robustness of these findings is reinforced by the strong convergence between the MOORA and TOPSIS rankings (Spearman ρ = 0.874) and by the stability of the top-ranked alternative under a ±25% perturbation of the dominant criterion. Ultimately, this research confirms that hybrid multi-criteria decision-making models offer a robust and reproducible analytical framework for evaluating social security schemes. The study is nonetheless subject to certain limitations that also delineate avenues for future research. The analysis is confined to the four quarters of a single year (2024) and to five performance indicators; broadening the temporal coverage to multiple years and incorporating additional social and demographic criteria would enhance the generalizability of the results. Future work could further address decision-making under economic uncertainty through fuzzy or interval-valued extensions of the CRITIC–MOORA framework, or integrate the "just transition" and climate-action metrics emphasized in recent ILO (2024) reports. Such periodic and objective analytical tools remain essential for policymakers navigating the complex labor transformations of the 21st century. 2418 Sosyal Güvenlik Uzmanları Derneği Sosyal Güvence Dergisi / Yıl:15 / Sayı:30 REFERENCES Alinezhad, A., & Khalili, J. (2019). New methods and applications in multiple attribute decision making (MADM). Springer. Atalay, Ç. (2025). Sosyal Güvenlik Kurumu hizmetlerinden memnuniyeti etkileyen faktörler: Bir genelleştirilmiş sıralı lojistik regresyon modeli. Sosyal Güvence, Özel Sayı, 131–161. https://doi.org/10.21441/sosyalguvence.1692278 Barr, N. (2004). The economics of the welfare state (4th ed.). Oxford University Press. Barr, N., & Diamond, P. (2006). The economics of pensions. Oxford Review of Economic Policy, 22(1), 15–39. https://doi.org/10.1093/oxrep/grj002 Brauers, W. K. M., & Zavadskas, E. K. (2006). The MOORA method and its application to privatization in a transition economy. Control and Cybernetics, 35, 445–469. Çalışma ve Sosyal Güvenlik Bakanlığı. (2024, Haziran). Çalışma hayatı istatistikleri aylık e-bülten: Haziran 2024. https://www.csgb.gov.tr/Media/fuub5jre/calismahayati-istatistikleri-aylik-e-bulten-haziran-2024.pdf Diakoulaki, D., Mavrotas, G., & Papayannakis, L. (1995). Determining objective weights in multiple criteria problems: The CRITIC method. Computers & Operations Research, 22(7), 763–770. https://doi.org/10.1016/0305-0548(94)00059-H Ecer, F. (2020). Çok kriterli karar verme: Geçmişten günümüze kapsamlı bir yaklaşım. Seçkin Yayıncılık. Erdoğan, N., & Ertuğrul, İ. (2025). Annual performance assessment of active internet banking users: Evaluation using TOPSIS and ARAS methods.

    Periodic Performance Analysis of Social Security Schemes in Türkiye: An Evaluation Using CRITIC, MOORA And TOPSIS Approaches · 2026 · DOI

  • The study is subject to the following limitations:  The analysis is based entirely on secondary data obtained from published sources.  The accuracy of the findings depends on the reliability of the published financial statements.  The study focuses only on Star Health Insurance and does not include comparisons with other insurance companies.  External factors such as economic conditions, regulatory changes, and market fluctuations are beyond the scope of the study.  The study covers a limited period of five years and may not fully capture long-term performance trends. IV. DATA ANALYSIS AND INTERPRETATION This section presents a detailed analysis and interpretation of the financial performance of Star Health Insurance Company Limited for the period from 2019-20 to 2023-24. The analysis is based on traditional financial performance indicators. The key variables examined include Gross Written Premium, Net Written Premium, Investment Income, Profit After Tax, Net Incurred Claims, and Capital Adequacy Ratio. The objective is to evaluate the growth, profitability, operational efficiency, and financial soundness of the company.

    Financial Performance of Star Health Insurance - A Study · 2026 · DOI

  • 5.2 The Z-score may be a useful early warning indicator for micro prudential supervision. In addition to being an indicator of the soundness of insurers simpler than those established in the current 246 INTERNATIONAL JOURNAL OF TECHNOLOGY, MANAGEMENT AND CONTEMPORARY STUDIES A PUBLICATION OF INSTITUT UNIVERSITAIRE NOBEL (IUN), TOGO EMAIL: [email protected] Volume-01 | Issue-01 | April, 2026 regulation, the information provided by this accounting-based measure may help analysts and investors obtain a better understanding of insurance firms’ risk factors. It is therefore recommended that the Z-score model be used for internal financial supervision use by insurance companies in Nigeria. 5.3 Implication of the Study (Theoretical, Practical, Managerial and Policy Implications) The Z-score may be a useful early warning indicator for micro-prudential supervision. In addition to being an indicator of the soundness of insurers simpler than those established in the current regulation, the information provided by this accounting-based measure may help analysts and investors obtain a better understanding of insurance firms’ risk factors.

    Exploring the Z-score Metrics in Determining the Financial Soundness of Insurance Firms in Nigeria · 2026 · DOI

  • The main limitation of the research is that it addresses only the Nigeria insurance sector, and consequently, the implications of the findings must be framed in this institutional context. However, the authors think that the results could be extrapolated to other countries. Areas/Suggestions for Further Studies 5.5 Future research should consider including different countries and analyzing the usefulness of aggregated insurer-level Z-scores for macro-prudential monitoring. ACKNOWLEDGEMENTS We acknowledged Dr Usman, Jankara J. A Deputy Commissioner (Technical) of the National Insurance Commission (NAICOM), for his support in getting much needed insurance industry data. FUNDING SOURCE IF ANY None. REFERENCES Alhassan, A.L. & Biekpe, N. (2022), “Competition and risk-taking behaviour in the non-life insurance market in South Africa”, The Geneva Papers on Risk and Insurance, Vol. 43, pp. 492-519, doi: 10. 1057/s41288-017-0074-z. Altuntas, M. & Rauch, J. (2017), “Concentration and financial stability in the property-liability insurance sector: global evidence”, The Journal of Risk Finance, Vol. 18, pp. 284-302, doi: 10. 1108/JRF-10-2016-0128. Arellano, M. & Bover, O. (1995), “Another look at the instrumental variable estimation of error components models”, Journal of Econometrics, Vol. 68, pp. 29-51, doi: 10.1016/0304- 4076(94) 01642-D. Baselga-Pascual, L., Trujillo-Ponce, A. & Cardone-Riportella, C. (2022), “Factors influencing bank risk in Europe: evidence from the financial crisis”, North American Journal of Economics and Finance, Vol. 34, pp. 138-166, doi: 10.1016/j.najef.2022.08.004. Beck, T. & Laeven, L. (2006), Resolution of Failed Banks by Deposit Insurers: Cross–country Evidence. Policy Research Working Paper 3920, World Bank, WA, DC. Blundell, R. & Bond, S. (1998), “Initial conditions and moment restrictions in dynamic panel data Journal of Econometrics, Vol. 87, pp. 115-143, doi: 10.1016/S0304- models”, 4076(98)00009-8. Bongini, P., Iwanicz-Drozdowska, M., Smaga, P. & Witkowski, B. (2018), “In search of a measure of banking sector distress: empirical study of CESEE banking sectors”, Risk Management, Vol. 20, pp. 242-257, doi: 10.1057/s41283-017-0031-y. 247 INTERNATIONAL JOURNAL OF TECHNOLOGY, MANAGEMENT AND CONTEMPORARY STUDIES A PUBLICATION OF INSTITUT UNIVERSITAIRE NOBEL (IUN), TOGO EMAIL: [email protected] Volume-01 | Issue-01 | April, 2026 Boyd, J.H., De Nicolo, G. & Jalal, A.M. (2016), Bank Risk-Taking and Competition Revisited: New Theory and New Evidence, Working Paper 06/297, International Monetary Fund, WA, DC Caporale, G.M., Cerrato, M. & Zhang, X.

    Exploring the Z-score Metrics in Determining the Financial Soundness of Insurance Firms in Nigeria · 2026 · DOI

  • First, monetary authorities should continue to prioritise price stability. Persistent inflation weakens real returns, increases claims costs and discourages long term investment in insurance equities. Second, interest rate policy should balance inflation control with the need to avoid excessive crowding out of equity investment. Third, exchange rate management should aim for credibility and reduced volatility rather than short lived administrative stability. Investors are more likely to price insurance stocks fairly when currency expectations are less uncertain. Fourth, insurance firms should strengthen asset liability management, reinsurance planning and inflation sensitive pricing models. Finally, NAICOM and the Nigerian Exchange should deepen disclosure standards for listed insurers, especially around claims development, investment portfolios, solvency and foreign currency exposure. Better disclosure would make the insurance index more investable and reduce the information discount currently attached to many insurance stocks.

    Macroeconomic Aggregates and Insurance Stock Returns in Nigeria, 1996 To 2025 Evidence from Listed Insurance Firms on the Nigerian Exchange · 2026 · DOI

  • This research presents a novel Discrete Event Simulation (DES) of the Lloyd's of London specialty insurance market, exploring complex market dynamics that have not been previously studied quantitatively.

    Exploring the Dynamics of the Specialty Insurance Market Using a Novel Discrete Event Simulation Framework: A Lloyd's of London Case Study · 2024 · DOI

  • After being imported into China for almost ten years,the development of DO liability insurance is in the initial stage and the effective demand of market is insufficient.

    Comparative Analysis on the System Factors of D&O Liability Insurance’s Demand Differences Between America and China · 2013

  • Court of Appeals for the Ninth Circuit, sitting en banc, held that a third-party insurer is a proper defendant in an ERISA action, and that potential liability under ERISA is not limited to the benefits plan itself or the designated plan administrator.

    Just Who Can You Sue? The Cyr Approach to Determining Proper Defendants in ERISA Actions · 2012

  • Recent multi‐product statistical studies of production in life insurance industries in North America and the UK have produced mixed findings with regard to economies of scale and scope.

    Estimates of Scale and Scope Economies in the New Zealand Life Insurance Industry · 2001 · DOI

  • Thus, the speed and strength of the transition from mandatory compliance to assets protection remain to be fully confirmed by more granular research.

    Disposable income and acquisition costs as drivers of CASCO insurance demand: an empirical analysis of the Polish market · 2026 · DOI

  • This indicates that approaches focusing only on response during crisis situations are insufficient and that risk-oriented disaster mitigation policies should be prioritized instead.

    RİSK TOPLUMUNDA SAKINIM POLİTİKASI: AFETLERE KARŞI ÖNLEYİCİ YAKLAŞIMLAR · 2026 · DOI

  • Originality/value/contribution – Analysis of the efficiency of insurance companies from the information technology perspective is rare in the academic literature, and this issue has not been investigated using a sample of Croatian insurers.

    The relationship between the digital maturity and efficiency of Croatian non life insurers: Exploratory research · 2024 · DOI

  • While there are several studies regarding the efficiency of Indian general insurance companies, the field of profit efficiency remains unexplored till date.

    Profit Benchmarking of Indian General Insurance Companies · 2021

  • There is, however, limited research on insurance fraud and a particular species of such fraud which has become known as ‘cash-for-crash’ fraud in the United Kingdom.

    Just about everybody doing the business? Explaining ‘cash-for-crash’ insurance fraud in the United Kingdom · 2016 · DOI

  • Based on the results documented by previous studies, we argue that neither the existence nor magnitude can be easily assessed without a lack of consensus.

    "Asymmetric Information In Insurance Field: Some General Considerations " · 2013 · DOI

  • The results of our analysis hold regardless of whether the insurance market is perfectly competitive or not, implying that solely reforming the currently imperfect insurance market is insufficient to achieve the efficient outcome in cyber security risk management.

    Cyber Security Risk Management: Public Policy Implications of Correlated Risk, Imperfect Ability to Prove Loss, and Observability of Self‐Protection · 2010 · DOI

  • The focus on actuarial tables and rating systems by state regulators is insufficient to ensure that protected groups are not discriminated against by the insurance industry.

    The Shifting Rhetoric of Insurance Denial · 2000 · DOI

  • The theory of fuzzy logic was developed in the 1970s to improve the accuracy and efficiency of expert systems, and through it, one can account for vague notions whose boundaries are not clearly defined.

    Insurance Rate Changing: A Fuzzy Logic Approach · 1996 · DOI

  • Whether such a situation is conducive to mature bargaining relationships in an industry where stable labor- management relations are difficult at best remains to be seen.

    Employers strike insurance∗ · 1971 · DOI

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28 open questions have been extracted from the limitations and future-work passages of 1,665 Insurance and Financial Risk Management papers in our library. Each one below links back to the study that raised it, so you can read the original claim in context.

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