1 RECENT RESEARCH DEVELOPMENTS AFFECTING NON-LIFE INSURANCE— THE CAS RISK PREMIUM PROJECT 2013 UPDATE

date, a yearly review of actuarial and finance literature on the theory and empirics of risk assessment for property-casualty insurance. The literature review reveals a broad variety of topics, with a strong leaning toward catastrophe risk, market efficiency, and new valuation techniques. Within the field of catastrophe risk, the role of weather and climate-related risks for the insurance sector is reviewed, and both the threats as well as the opportunities arising from the changing risk landscape are discussed. 1. Background Initiated by the Committee on Theory of Risk (COTOR) of the Casualty Actuarial Society (CAS), the Risk Premium Project (RPP) aims to provide a structured summary of new contri-butions, both theoretical and empirical, on risk assessment of property-casualty insurance companies. The project began in 2000 with a review of the actuarial and finance research conducted until then (RPP I; see Cummins et al., 2000). The growth of research in finance and actuarial science led to a follow-up review of research between 2000 and 2010, culminat-ing in RPP II (see Eling and Schmeiser, 2010). Since then, RPP has issued annual updates of the literature review and research findings (see Eling, 2013 and Biener and Eling, 2013, fo