Acknowledgment
We are grateful for the help and support of John de Zwart and of Nick Celakoski and his team over the course of this research. This paper also benefited from the comments of Dr. Katja Hanewald, Ola Olaosebikan, Prof. Joan Schmit, and Vineet Upreti, and the participants of the 2012 Asia Pacific Risk and Insurance Association Conference, 2012 American Risk and Insurance Association Annual Meeting, and 2012 European Actuarial Journal Conference for their comments and suggestions. However, the usual disclaimer applies. Fig. 6. Trauma insurance risk–return analysis.