Vulnerability and mutual insurance

Abstract Vulnerability comes, according to Orio Giarini, with two risks: human-made risks, also called entrepreneurial and natural or pure risks such as accidents earthquakes. Both types of risk are growing in dimension increasingly interrelated. To control the vulnerability, sophisticated insurance products for. Here, mutual is relevant, particular when large, probabilities uncertain unknown, events interrelated correlated. In this paper following three examples discussed advantages shown: unknown connected unforeseeable events, correlated macroeconomic demographic risks.