Research trends in insurance risk from 2000–2022: A bibliometric analysis of the literature

Abstract

This paper aims to document and synthesize research trends in the domain of “insurance risk” over the past 20 years through bibliometric analysis (Hallinger, 2019) of 894 Scopus keyword-based reviews. Publications on insurance risk predominately originate from the United States (U.S.) and China. The most co-cited papers over the past 20 years were published in Insurance: Mathematics and Economics. The journal co-citation analysis (JCA) map identified three main journal fields: finance and risk management, mathematics and statistics, and actuarial science. The authors’ co citation map reveals the intellectual structure of the insurance risk knowledge base, resulting in three leading “schools of thought”: risk management, mathematical and model, and actuarial science. Gerber, H. U. and Tang, Q. are the top scholars in their schools of thought. Recent efforts have focused on processes and technology, as gathering and analyzing a large volume of data requires artificial intelligence-based (AI-based) technologies to support efficient data-driven decisions (Tournas & Bowman, 2021). This helps in developing a robust and faster process for revenue and profit strategies. Considering the structure of the intellectual themes could be beneficial as part of insurance risk businesses and their strategic decisions for future achievements and further improvements.