... © Emerald Group Publishing Limited 2015 Alternative risk transfer Disability insurance Markov renewal process Multi-state models Securitization During the past decade, the demand for disability insurance policies has risen globally, partly because these policies have been...

...Nadine Gatzert; Hato Schmeiser Purpose The purpose of this paper is to provide a detailed analysis of industry loss warranties (ILWs), an alternative risk transfer instrument which has become increasingly popular throughout the last few years. Design/methodology/approach The authors first...