Optimal design of fixed and variable costs in peer-to-peer insurance with heterogeneous risk

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<title>Optimal design of fixed and variable costs in peer-to-peer insurance with heterogeneous risk</title>
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<namePart>Chen, Ze</namePart>
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<namePart>Hu, Wentao</namePart>
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<abstract displayLabel="Summary">This paper studies the optimal design of peer-to-peer (P2P) insurance when heterogeneous participants jointly finance a common fund and purchase external insurance for tail risks. The total cost is decomposed into a fixed premium for outside coverage and a variable, potentially refundable deposit used for internal risk sharing. Using a mean-variance objective, the authors derive closed-form optimal sharing rules and characterize their properties, both with and without individual-rationality constraints. The paper also determines the optimal level of the common deposit and provides numerical illustrations. The results offer a rigorous foundation for designing equitable and efficient P2P insurance mechanisms in heterogeneous groups.</abstract>
<note type="statement of responsibility">Tim J. Boonen , Ze Chen and Wentao Hu</note>
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<topic>Mercado de seguros</topic>
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<topic>Peer to peer insurance</topic>
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<topic>Costes</topic>
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<topic>Equidad actuarial</topic>
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<topic>Cálculo actuarial</topic>
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<topic>Modelos matemáticos</topic>
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<topic>Matemática del seguro</topic>
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<title>Astin bulletin</title>
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<publisher>Belgium : ASTIN and AFIR Sections of the International Actuarial Association</publisher>
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<identifier type="issn">0515-0361</identifier>
<identifier type="local">MAP20077000420</identifier>
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<text>15/09/2025 Volume 55 Issue 3 - September 2025 , p. 721 - 746</text>
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