Updated on 2024/02/28


Faculty of Commerce, School of Commerce
Job title
Associate Professor

Professional Memberships

  • 2015.01

    The Japanese Society of Insurance Science

  • 1989.02

    Fellow of Institute of Actuaries of Japan



  • How do floods affect insurance demand? Evidence from flood insurance take-up in Japan

    Jie Shao, Akio Hoshino, Satoshi Nakaide

    International Journal of Disaster Risk Reduction   83  2022.12

     View Summary

    This study examines the hypothetical impact of floods on people's flood insurance purchase decisions, and how this impact may differ among people with different socioeconomic, geographic, and financial literacy characteristics. We find a significant yet short-lived (1-year) impact of floods on people's demand for flood insurance at an ecological level (prefectures). Different aspects of flood damage have different impacts on flood insurance take-up, with human casualties having the greatest impact on people's perception of flood risk. We also find that groups with different socioeconomic characteristics, such as age, education, and insurance agent density, react differently to floods concerning insurance purchases. We confirm a positive relationship between objective risk exposure and people's perception of the flood experience. Finally, an analysis of the Financial Literacy Survey demonstrates the impact of three cognitive biases (loss aversion, myopic, herding) on flood insurance take-up. These findings provide empirical evidence for various psychological and behavioral theories, and important policy references for countries aiming to develop flood insurance in the future.


  • リスク選好に関する一考察 : 純粋,投機的,射幸的の3種のリスクにおけるリスク・プレミアムの水準

    星野 明雄

    保険学雑誌 = Journal of insurance science / 日本保険学会 編   ( 659 ) 327 - 355  2022.12

  • Petersberg's Paradox Revisited

    Akio Hoshino

      ( 116 ) 34 - 45  2021.09

    Authorship:Lead author, Last author, Corresponding author

  • Impact of Automated Driving Technology on Japanese Automobile Insurance Market

    Akio Hoshino

    The Korean-Japanese Journal of Economics and Management Studies   92   123 - 141  2021.09  [Refereed]

    Authorship:Lead author, Last author, Corresponding author

  • 「A Study of Risk Preference: The Shape of Utility Functions for Three Different Types of Risk.」

    Akio Hoshino

    Journal of International Trade and Insurance   22 ( 4 ) 75 - 90  2021.09  [Refereed]

    Authorship:Lead author, Last author, Corresponding author

  • Psychology of Insurance Customers : How Contemplation on Insurance Provokes Procrastination

    Journal of insurance   72   167 - 194  2020

  • 新型自動車保険TAP開発について

    星野 明雄

    損害保険研究   61 ( 1 ) 95 - 135  1999.05

    Authorship:Last author, Corresponding author


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Books and Other Publications

  • アクチュアリー数理の基礎「数学」

    星野, 明雄

    成文堂  2023.11 ISBN: 9784792342692

  • 保険商品開発の理論

    星野 明雄( Part: Sole author)

    保険毎日新聞社  2022.01 ISBN: 9784892934452


  • A Study on Risk Preference -Risk Premiums for Pure, Speculative and Lottery Risk

    Hoshino Akio

    Hokengakuzasshi (JOURNAL of INSURANCE SCIENCE)   2022 ( 659 ) 659_327 - 659_355  2022.12




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  • Faculty of Commerce   Graduate School of Accountancy

Research Institute

  • 2022

    Research Institute of Business Administration   Concurrent Researcher

Internal Special Research Projects

  • リスク選好理論のフレームワーク構築と選好度の定量的評価


     View Summary

    This study proposes a framework to explainpeople's risk preferences in a consistent manner and aims to quantitativelyevaluate risk preferences using this framework. The framework divides risk into threecategories: pure risk, speculative risk, and lottery risk. This explains theseemingly contradictory mix of risk-averse preferences for insurance andrisk-loving preferences for lotteries. The research plan is to conduct multiplesurveys over a two-year period and to measure the risk premium for each of thethree categories. This year's objectives were (1) to examinethe design of the survey, particularly the ease of understanding the survey questions by respondents,(2) to verify the validity of the method by conducting the first round of the survey,and (3) to obtain 1,000 valid responses.As of the end of March, (1) to (3) above progressedas expected. In FY2023, we plan to analyze the dataobtained from the first survey and measure the risk premium, design and conductthe second and subsequent surveys, analyze the data, and publish the results inforeign or domestic journals.