Research outputs
2026
When cyber space trembles, do markets follow?
2025
Optimal Cash Transfers and Microinsurance to Reduce Social Protection Costs
Exposing gender bias in the mathematics and operational research professions
Tako, A. A., & Constantinescu, C. (2025). Exposing gender bias in the mathematics and operational research professions. IMA JOURNAL OF MANAGEMENT MATHEMATICS, 36(3). doi:10.1093/imaman/dpaf021
Evaluating Transition Rules for Enhancing Fairness in Bonus-Malus Systems: An Application to the Saudi Arabian Auto Insurance Market
Alyafie, A., Constantinescu, C., & Yslas, J. (2025). Evaluating Transition Rules for Enhancing Fairness in Bonus-Malus Systems: An Application to the Saudi Arabian Auto Insurance Market. RISKS, 13(1). doi:10.3390/risks13010018
Subsidizing Inclusive Insurance to Reduce Poverty
Flores-Contro, J. M., Henshaw, K., Loke, S. -H., Arnold, S., & Constantinescu, C. (2025). Subsidizing Inclusive Insurance to Reduce Poverty. NORTH AMERICAN ACTUARIAL JOURNAL, 29(1), 44-73. doi:10.1080/10920277.2024.2311673
The impact of inclusive insurance
Constantinescu, C., Ferrara, I., & Arnold, S. (2025). The impact of inclusive insurance. ILO. doi:10.54394/yuce6290
2024
Special Issue “Interplay Between Financial and Actuarial Mathematics II”
Constantinescu, C., & Eisenberg, J. (2024). Special Issue “Interplay Between Financial and Actuarial Mathematics II”. Risks, 12(11), 177. doi:10.3390/risks12110177
Extreme analysis of typhoons disaster in mainland China with insurance management
Hu, K., Wang, R., Xu, J., Constantinescu, C., Chen, Y., & Ling, C. (2024). Extreme analysis of typhoons disaster in mainland China with insurance management. International Journal of Disaster Risk Reduction, 106, 104411. doi:10.1016/j.ijdrr.2024.104411
Ruin Probabilities with a Risk Management Perspective
Wang, J. (2024, January 26). Ruin Probabilities with a Risk Management Perspective.
A stochastic model of group wealth responses to insurance mechanisms in low-income communities
Henshaw, K., Mandjes, M., & Constantinescu, C. (2023). A stochastic model of group wealth responses to insurance mechanisms in low-income communities. Scandinavian Actuarial Journal. doi:10.1080/03461238.2023.2251197
2023
An Investigation into the Existence of Broken-Heart Syndrome in Ghana
Henshaw, K., Constantinescu, C., & Menoukeu-Pamen, O. (n.d.). An Investigation into the Existence of Broken-Heart Syndrome in Ghana. Ghana. doi:10.17638/datacat.liverpool.ac.uk/2543
CAS Research Review Q&A: Analysis of The Current Saudi Arabian No-Claim Discount System
Alyafie, A., Constantinescu, C., & Yslas, J. (2023). CAS Research Review Q&A: Analysis of The Current Saudi Arabian No-Claim Discount System. [The Casualty Actuarial Society Roundtable]. Retrieved from https://blog.casact.org/
An Analysis of the Current Saudi Arabian No-Claim Discount System and Its Adaptability For Novice Women Drivers
Alyafie, A., Constantinescu, C., & Yslas Altamirano, J. (2023). An Analysis of the Current Saudi Arabian No-Claim Discount Systemand Its Adaptability For Novice Women Drivers. CAS E-Forum.
Asymptototic Expected Utility of Dividend Payments in a Classical Collective Risk Process
Baran, S., Constantinescu, C., & Palmowski, Z. (2023). Asymptototic Expected Utility of Dividend Payments in a Classical Collective Risk Process. Risks, 11(4), 64. doi:10.3390/risks11040064
Continuing <i>Risks</i>
Constantinescu, C., Guillen, M., & Steffensen, M. (2023). Continuing <i>Risks</i>. RISKS, 11(1). doi:10.3390/risks11010010
Dependence Modelling of Lifetimes in Egyptian Families
Henshaw, K., Hana, W., Constantinescu, C., & Khalil, D. (2023). Dependence Modelling of Lifetimes in Egyptian Families. Risks, 11(1), 18. doi:10.3390/risks11010018
2022
Effect of Stop-Loss Reinsurance on Primary Insurer Solvency
Constantinescu, C., Dias, A., Li, B., Šiška, D., & Wang, S. (2022). Effect of Stop-Loss Reinsurance on Primary Insurer Solvency. Risks, 10(10), 193. doi:10.3390/risks10100193
An application of risk theory to mortgage lending
Akahori, J., Constantinescu, C., Imamura, Y., & Pham, H. (2022). An application of risk theory to mortgage lending. Scandinavian Actuarial Journal, 2022(5), 447-469. doi:10.1080/03461238.2021.1995781
First passage times over stochastic boundaries for subdiffusive processes
Constantinescu, C., Loeffen, R., & Patie, P. (2022). First passage times over stochastic boundaries for subdiffusive processes. Transactions of the American Mathematical Society, 375(3), 1629-1652. doi:10.1090/tran/8534
2021
How much we gain by surplus-dependent premiums -- asymptotic analysis of ruin probability
Wang, J., Palmowski, Z., & Constantinescu, C. (2021). How Much We Gain by Surplus-Dependent Premiums-Asymptotic Analysis of Ruin Probability. RISKS, 9(9). doi:10.3390/risks9090157
Special Issue “Interplay between Financial and Actuarial Mathematics”
Constantinescu, C., & Eisenberg, J. (2021). Special Issue "Interplay between Financial and Actuarial Mathematics". RISKS, 9(8). doi:10.3390/risks9080139
On the risk consistency and monotonicity of ruin theory
Assa, H., & Constantinescu, C. (2021). On the risk consistency and monotonicity of ruin theory. European Actuarial Journal. doi:10.1007/s13385-021-00272-3
A Machine Learning Approach for Micro-Credit Scoring
Ampountolas, A., Nyarko Nde, T., Date, P., & Constantinescu, C. (2021). A Machine Learning Approach for Micro-Credit Scoring. RISKS, 9(3). doi:10.3390/risks9030050
Rethinking Flood Risk Management
Henshaw, K., & Constantinescu, C. (2021). Rethinking Flood Risk Management. [Environment Journal online]. Retrieved from https://environmentjournal.online/articles/rethinking-flood-risk-management/
On the risk of credibility premium rules
Asmussen, S., Constantinescu, C., & Thogersen, J. (2021). On the risk of credibility premium rules. SCANDINAVIAN ACTUARIAL JOURNAL, 2021(10), 866-889. doi:10.1080/03461238.2021.1895298
2020
ON FLOOD RISK MANAGEMENT ACROSS SOCIO-ECONOMIC ENVIRONMENTS
Ni, W., Henshaw, K., Zhu, W., Wang, J., Hu, M., & Constantinescu, C. (2020). ON FLOOD RISK MANAGEMENT ACROSS SOCIO-ECONOMIC ENVIRONMENTS. ANALES DEL INSTITUTO DE ACTUARIOS ESPANOLES, (26), 71-102. doi:10.26360/2020_4
First Quarter Chronicle of COVID-19: An Attempt to Measure Governments’ Responses
Şahin, Ş., Boado-Penas, M. D. C., Constantinescu, C., Eisenberg, J., Henshaw, K., Hu, M., . . . Zhu, W. (2020). First Quarter Chronicle of COVID-19: An Attempt to Measure Governments’ Responses. Risks, 8(4), 115. doi:10.3390/risks8040115
Lonely hearts: the effect of spousal death on mortality
Henshaw, K., Constantinescu, C., & Menoukeu Pamen, O. (2020). Lonely hearts: the effect of spousal death on mortality. [The Actuary Magazine]. Retrieved from https://www.theactuary.com/
Itô calculus for Cramér-Lundberg model
Akahori, J., Constantinescu, C., & Miyagi, K. (2020). Itô calculus for Cramér-Lundberg model. JSIAM Letters, 12(0), 25-28. doi:10.14495/jsiaml.12.25
A ruin model with a resampled environment
Constantinescu, C., Delsing, G., Mandjes, M., & Nandayapa, L. R. (2020). A ruin model with a resampled environment. SCANDINAVIAN ACTUARIAL JOURNAL, 2020(4), 323-341. doi:10.1080/03461238.2019.1667424
Dynamics of drainage under stochastic rainfall in river networks
Ramirez, J. M., & Constantinescu, C. (2020). Dynamics of drainage under stochastic rainfall in river networks. Stochastics and Dynamics. doi:10.1142/S0219493720500422
Stochastic Mortality Modelling for Dependent Coupled Lives
Henshaw, K., Constantinescu, C., & Menoukeu Pamen, O. (2020). Stochastic Mortality Modelling for Dependent Coupled Lives. Risks, 8(1), 17. doi:10.3390/risks8010017
2019
An application of fractional differential equations to risk theory
Constantinescu-Loeffen, D. C., Ramirez, J. M., & Zhu, W. (2019). An application of fractional differential equations to risk theory. Finance and Stochastics, 23, 1001-1024. doi:10.1007/s00780-019-00400-8
Probability of ruin in discrete insurance risk model with dependent Pareto claims
Constantinescu, C. D., Kozubowski, T. J., & Qian, H. H. (2019). Probability of ruin in discrete insurance risk model with dependent Pareto claims. DEPENDENCE MODELING, 7(1), 215-233. doi:10.1515/demo-2019-0011
Ruin Probability in Dependent Risk Models
Qian, H. (2019). Ruin Probability in Dependent Risk Models. (University of Liverpool).
2018
Optimal Reinsurance-Investment Strategy Under Risks of Interest Rate, Exchange Rate and Inflation
Guo, C., Zhuo, X., Constantinescu, C., & Pamen, O. M. (2018). Optimal Reinsurance-Investment Strategy Under Risks of Interest Rate, Exchange Rate and Inflation. METHODOLOGY AND COMPUTING IN APPLIED PROBABILITY, 20(4), 1477-1502. doi:10.1007/s11009-018-9630-7
Foreword by the Guest Editors of the RARE special issue
Constantinescu, C., Hashorva, E., & Kratz, M. (2018). Foreword by the Guest Editors of the RARE special issue. ANNALS OF ACTUARIAL SCIENCE, 12(2), 209-210. doi:10.1017/S1748499518000246
Ruin probabilities in classical risk models with gamma claims
Constantinescu, D. C., Samorodnitsky, G., & Zhu, W. E. I. (2018). Ruin probabilities in classical risk models with gamma claims. Scandinavian Actuarial Journal, 2018(7), 555-575. doi:10.1080/03461238.2017.1402817
Fractional Differential Equations in Risk Theory
Zhu, W. (2018). Fractional Differential Equations in Risk Theory. (University of Liverpool).
2016
Ruin Probabilities with Dependence on the Number of Claims within a Fixed Time Window
Constantinescu, C., Dai, S., Ni, W., & Palmowski, Z. (2016). Ruin Probabilities with Dependence on the Number of Claims within a Fixed Time Window. RISKS, 4(2). doi:10.3390/risks4020017
Bonus-malus in insurance portfolios
Ni, W. (2016). Bonus-malus in insurance portfolios. (PhD Thesis, University of Liverpool).
2015
Risk models with premiums adjusted to claims number
Li, B., Ni, W., & Constantinescu, C. (2015). Risk models with premiums adjusted to claims number. Insurance: Mathematics and Economics, 65, 94-102. doi:10.1016/j.insmatheco.2015.09.001
2014
Bonus–Malus systems with Weibull distributed claim severities
Ni, W., Constantinescu, C., & Pantelous, A. A. (2014). Bonus–Malus systems with Weibull distributed claim severities. Annals of Actuarial Science, 8(02), 217-233. doi:10.1017/S1748499514000062
'The tax identity for Markov additive risk processes'
Albrecher, H., Avram, F., Constantinescu, C., & Ivanovs, J. (2014). 'The tax identity for Markov additive risk processes'. Methodology and Computing in Applied Probability, 16, 245-258. doi:10.1007/s11009-012-9310-y
Bonus-Malus Systems with Hybrid Claim Severity Distributions
Ni, W., Li, B., Constantinescu, C., & Pantelous, A. A. (2014). Bonus-Malus Systems with Hybrid Claim Severity Distributions. In Vulnerability, Uncertainty, and Risk (pp. 1234-1244). American Society of Civil Engineers. doi:10.1061/9780784413609.124
2013
Ruin Theory Starter Kit #1
Constantinescu, C., & Lo, J. (2013). Ruin Theory Starter Kit #1. In GIRO40 Shaping our future: evolve or revolve? (pp. 3-13). Edinburgh: Institute and Faculty of Actuaries.
Ruin probabilities in models with a Markov chain dependence structure
Constantinescu, C., Kortschak, D., & Maume-Deschamps, V. (2013). Ruin probabilities in models with a Markov chain dependence structure. SCANDINAVIAN ACTUARIAL JOURNAL, 2013(6), 453-476. doi:10.1080/03461238.2011.627745
Exact and Asymptotic Results for Insurance Risk Models with Surplus-dependent Premiums
Albrecher, H., Constantinescu, C., Palmowski, Z., Regensburger, G., & Rosenkranz, M. (2013). EXACT AND ASYMPTOTIC RESULTS FOR INSURANCE RISK MODELS WITH SURPLUS-DEPENDENT PREMIUMS. SIAM JOURNAL ON APPLIED MATHEMATICS, 73(1), 47-66. doi:10.1137/110852000
2012
Asymptotic results for renewal risk models with risky investments
Albrecher, H., Constantinescu, C., & Thomann, E. (2012). Asymptotic results for renewal risk models with risky investments. STOCHASTIC PROCESSES AND THEIR APPLICATIONS, 122(11), 3767-3789. doi:10.1016/j.spa.2012.05.017
Risk processes with dependence and premium adjusted to solvency targets
Constantinescu, C., Maume-Deschamps, V., & Norberg, R. (2012). Risk processes with dependence and premium adjusted to solvency targets. European Actuarial Journal, 2(1), 1-20. doi:10.1007/s13385-012-0046-4
2011
Archimedean copulas in finite and infinite dimensions-with application to ruin problems
Constantinescu, C., Hashorva, E., & Ji, L. (2011). Archimedean copulas in finite and infinite dimensions-with application to ruin problems. INSURANCE MATHEMATICS & ECONOMICS, 49(3), 487-495. doi:10.1016/j.insmatheco.2011.08.006
Explicit ruin formulas for models with dependence among risks
Albrechera, H., Constantinescu, C., & Loisel, S. (2011). Explicit ruin formulas for models with dependence among risks. INSURANCE MATHEMATICS & ECONOMICS, 48(2), 265-270. doi:10.1016/j.insmatheco.2010.11.007
2010
An algebraic operator approach to the analysis of Gerber-Shiu functions
Albrecher, H., Constantinescu, C., Pirsic, G., Regensburger, G., & Rosenkranz, M. (2010). An algebraic operator approach to the analysis of Gerber-Shiu functions. INSURANCE MATHEMATICS & ECONOMICS, 46(1), 42-51. doi:10.1016/j.insmatheco.2009.02.002
Editorial for the special issue on Gerber-Shiu functions
Albrecher, H., Constantinescu, C., & Garrido, J. (2010). Editorial for the special issue on Gerber-Shiu functions. INSURANCE MATHEMATICS & ECONOMICS, 46(1), 1-2. doi:10.1016/j.insmatheco.2009.10.004
'About ruin theory'
Constantinescu, C. (2010). 'About ruin theory'. [Paper].