ARTICLES ÉVALUÉS

TOWARDS AN ECONOMIC THEORY OF THE LIMITS OF INSURABILITY
by Christian Gollier

UNE MESURE EMPIRIQUE DES DÉTERMINANTS QUI AFFECTENT LA GESTION DES RISQUES DES ENTREPRISES NON FINANCIÈRES
par Georges Dionne et Martin Garand
 

ARTICLES GÉNÉRAUX

LES LIMITES DE LA BONNE FOI DANS LES CONTRATS : L’ASSURANCE, UN CAS PARTICULIER
par Odette Jobin-Laberge

LA RÉGIE D’ENTREPRISE ET LE RÔLE ÉVOLUTIF DU CONSEIL D’ADMINISTRATION ET DE SES MEMBRES
par Robert Després

LE BALANCEMENT ENTRE INTÉGRATION ET EXTERNALISATION DANS LES ALLIANCES STRATÉGIQUES DU TYPE COMPLÉMENTAIRE DÉSÉQUILIBRÉ
par Bertrand Venard

LES TREMBLEMENTS DE TERRE : UN RISQUE LATENT MAIS BIEN RÉEL
par Laurent Arsenault
 

Chroniques

FAITS D'ACTUALITÉ
par Rémi Moreau

CHRONIQUE ACTUARIELLE
par divers collaborateurs du Groupe-conseil AON

ÉTUDES TECHNIQUES
par Rémi Moreau

GARANTIES PARTICULIÈRES
par Rémi Moreau

CHRONIQUE DE DOCUMENTATION
par Rémi Moreau

THE INTERNET SURFER PAGE
 
BEAZLEY

TOWARDS AN ECONOMIC THEORY OF THE LIMITS OF INSURABILITY
by Christian Gollier

In an Arrow-Debreu economy, all risks are shared efficiently at equilibrium. This result is in contradiction with the fact that many risks are not insured, and that others are covered only through a non-market system. This is the case for many risks associated to environment, technology, human capital. In this paper, we review the different arguments that have been developed during the last twenty years by economists to explain the limits of insurability by competitive markets. In addition to transactions costs, adverse selection and (ex ante and ex post) moral hazard, we examine arguments based on the size of losses, on low probabilities, on limited liability, on ambiguity and on some dynamic aspects of risk management.

Keywords: Insurability, regulation of insurance, catastrophic risk, environmental risk, social security.
 
 

UNE MESURE EMPIRIQUE DES DÉTERMINANTS QUI AFFECTENT LA GESTION DES RISQUES DES ENTREPRISES NON FINANCIÈRES
par Georges Dionne et Martin Garand

The goal of this article is to isolate the significant determinants that affect the decision of non-financial firms to hedge their risks. Our application is for the gold mining industry in North America. We show that many factors related to maximizing firm’s are significant, contrary to other studies in the literature which obtained that, practically, only managerial risk aversion factors were the most significant.
 
 

LES LIMITES DE LA BONNE FOI DANS LES CONTRATS: L’ASSURANCE, UN CAS PARTICULIER
par Odette Jobin-Laberge

We are grateful to the author, who has kindly accepted to give us her timely comments, firstly, on the concept of good faith as regards insurance contracts and, secondly, on the concept’s limitations, as reflected in a number of court decisions. She briefly describes the notion of good faith and its contrary, bad faith. She then cites some examples of insurance cases which have tested the limits of good faith with regard to: (1) the initial representation of the risks; (2) the insurance claims in dispute; and (3) the insurer’s duty to defend. The author also glances at the policyholder’s right to claim extra-judicial fees in any action against the insurer to recover for any loss covered under the insurance contract.
 
 

LA RÉGIE D’ENTREPRISE ET LE RÔLE ÉVOLUTIF DU CONSEIL D’ADMINISTRATION ET DE SES MEMBRES
par Robert Després

The author first summarizes the abundant international literature on corporate management principles designed to improve the organization and performance of board of directors. He then describes the evolving role of the board of directors on the angle of its powers, duties and responsibilities of the members and the committees of the board. He also looks at the methods used by boards to monitor the performance of top executives and directors: notably the internal control. In conclusion, he highlights the current trends in the development of corporate governance.
 

LE BALANCEMENT ENTRE INTÉGRATION ET EXTERNALISATION DANS LES ALLIANCES STRATÉGIQUES DU TYPE COMPLÉMENTAIRE DÉSÉQUILIBRÉ
par Bertrand Venard

The purpose of the paper is to highlight the permanent «swing» which exists between market and hierarchy, in a continuous balancing, in taking into account the case of the insurance industry in France.
 

LES TREMBLEMENTS DE TERRE: UN RISQUE LATENT MAIS BIEN RÉEL
par Laurent Arsenault

The earthquake risk and its individual and social process are a typical illustration of risk management problem where the actual importance is systematically under-estimated by the most vulnerable potential victims.

In this article, the author presents methods of modeling and measuring elements associated with the risk of earthquakes, knowledge of the latest techniques fir preventing and controlling damages, specific techniques of structural re-enforcement, non structural damages, (equipment and contents of buildings), and efforts by insurance industry to seek ways of promoting public readiness in the event of an earthquake.