Answers are grounded in this paper and cite their sources.
Greg Niehaus, Steven V. Mann, The Trading of Underwriting Risk: An Analysis of Insurance Futures Contracts and Reinsurance, The Journal of Risk and Insurance, Vol. 59, No. 4, Symposium on Insurance Futures (Dec., 1992), pp. 601-627
No takes yet. Share an insight, caveat, or question.
Niehaus et al. (1992) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: