Publication: Optimal insurance design under limited liability
Optimal insurance design under limited liability
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Bergesio, A., Koch Medina, P., & Munari, C. (2025). Optimal insurance design under limited liability. The Journal of Risk and Insurance, 92(4), 1122–1142. https://doi.org/10.1111/jori.70016
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We study optimal demand for insurance in a classical expected utility setting where the insured party has limited liability and has access to three different types of progressively more restrictive contracts. At one end, with no restrictions on the indemnity schedule, it is optimal to fully insure certain losses while leaving others uninsured. At the other end, if indemnity schedules and retained losses are assumed to be increasing functions of the underlying loss, the optimal insurance policies are shown to be capped deductibles. For
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Bergesio, A., Koch Medina, P., & Munari, C. (2025). Optimal insurance design under limited liability. The Journal of Risk and Insurance, 92(4), 1122–1142. https://doi.org/10.1111/jori.70016
