INSURANCE: MATHEMATICS & ECONOMICS Editorial board Honorary Founding Editor: H.U. Gerber Ecole des Etudes Commerciales, Université de Lausanne, 1015 Lausanne-Dorigny, Switzerland Editors: H. Albrecher M.J. Goovaerts E.S.W. Shiu University of Lausanne, Lausanne, Switzerland CRIS, Actuarial Science, K.U. Leuven, Naamsestraat 69, B-3000 Leuven, Belgium University of Iowa, Department of Statistics and Actuarial Science, Iowa City, IA 52242, USA Managing Editor: R. Kaas Advisory Editors: P.P. Boyle A.F. Shapiro J.L. Teugels Associate Editors: M.L. Centeno B. Chen M. Denuit J. Dhaene D.C.M. Dickson P. Embrechts E.W. Frees J. Garrido Ö.L. Gebizlioglu M. Hardy C. Hipp T. Hu D.G. Konstantinides R.J.A. Laeven X.S. Lin S. Loisel E. Marceau R. Nelsen K.W. Ng R. Norberg E. Pitacco G. Pitselis H. Schlesinger Q. Tang G.C. Taylor A. Tsanakas E. Valdez R. Verrall H. Waters G. Willmot J.-A. Yan H. Yang V.R. Young Universiteit van Amsterdam, Instituut voor Actuariaat en Econometrie, Roetersstraat 11, 1018 WB Amsterdam, The Netherlands. Email: insmathecon@gmail.com University of Waterloo, Waterloo, ON, Canada The Pennsylvania State University, University Park, PA, USA Catholic University of Leuven, Heverlee, Belgium ISEG, Universidade Técnica de Lisboa, Lisboa, Portugal Tsinghua University, Beijing, China Université Catholique de Louvain, Louvain-la-Neuve, Belgium Catholic University of Leuven, Leuven, Belgium University of Melbourne, Parkville, VIC, Australia ETH-Zentrum, Zürich, Switzerland University of Wisconsin School of Business, Madison, WI, USA Concordia University, Montreal, Canada Ankara University, Ankara, Turkey University of Waterloo, Waterloo, ON, Canada University of Karlsruhe, Karlsruhe, Germany University of Science and Technology of China, Anhui, China University of the Aegean, Samos, Greece Tilburg University, Tilburg, The Netherlands University of Toronto, Toronto, ON, Canada University of Lyon, Lyon, France Université Laval, Québec, Canada Lewis and Clark College, Portland, OR, USA The University of Hong Kong, Hong Kong London School of Economics, London, UK Universita degli Studi di Trieste, Trieste, Italy University of Piraeus, Piraeus, Greece University of Alabama, Tuscaloosa, AL, USA The University of Iowa, Iowa City, IA, USA Taylor Fry Consulting Actuaries, Sydney, Australia City University of London, London, UK University of Connecticut, Storrs, CT, USA City University of London, London, UK Heriot-Watt University, Edinburgh, Scotland University of Waterloo, Ontario, Canada Chinese Academy of Sciences, Beijing, China The University of Hong Kong, Hong Kong University of Michigan, Ann Arbor, MI, USA