We study blockchain adoption in insurance–reinsurance markets. We consider operational costs related to claim verification and record-keeping. Traditionally, the majority of these costs scale linearly with the volume of claims. Instead, with a consortium blockchain these costs, per firm, become independent of claim volume and decrease with the adoption rate since they are distributed. In a consortium of insurance firms, we quantify how the equilibrium adoption decisions depend on the reinsurance contract characteristics, the risk aversion of insurance companies, the distributions of their potential losses and the blockchain cost structure. Under the optimal contract, the reinsurance firm internalizes the benefits of adoption on other insurance firms, thereby acting as a central planner. We then characterize the adoption gap between decentralized (Nash) and centralized blockchain consortia.

中文翻译：

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区块链采用和最佳再保险设计

我们研究保险-再保险市场中区块链的采用。我们考虑与索赔验证和记录保存相关的运营成本。传统上，大部分成本与索赔数量呈线性关系。相反，通过联盟区块链，每个公司的这些成本变得独立于索赔数量，并且由于它们是分布式的，因此随着采用率的增加而降低。在保险公司联盟中，我们量化均衡采用决策如何取决于再保险合同特征、保险公司的风险规避、潜在损失的分布和区块链成本结构。在最优合同下，再保险公司将采用其他保险公司的好处内部化，从而充当中央计划者。然后，我们描述了去中心化（纳什）和中心化区块链联盟之间的采用差距。