Linfeng Zhang, PhD, ASA

selected publications

1. 

   Cyber risk assessment for capital management

   Wing Fung Chong, Runhuan Feng, Hins Hu, and Linfeng Zhang

   Journal of Risk and Insurance 2025

   Bib HTML

   @article{chong_cyber_2025,
     author = {Chong, Wing Fung and Feng, Runhuan and Hu, Hins and Zhang, Linfeng},
     title = {Cyber risk assessment for capital management},
     journal = {Journal of Risk and Insurance},
     volume = {92},
     number = {2},
     pages = {424-471},
     doi = {https://doi.org/10.1111/jori.12504},
     year = {2025}
   }

2. 

   Incident-specific cyber insurance

   Wing Fung Chong, Daniël Linders, Zhiyu Quan, and Linfeng Zhang

   2025

   Abs Bib HTML

   Abstract In today’s insurance market, numerous cyber insurance products provide bundled coverage for losses resulting from different cyber events, including data breaches and ransomware attacks. Every category of incident has its own specific coverage limit and deductible. Although this gives prospective cyber insurance buyers more flexibility in customizing the coverage and better manages the risk exposures of sellers, it complicates the decision-making process in determining the optimal amount of risks to retain and transfer for both parties. This article aims to build an economic foundation for these incident-specific cyber insurance products with a focus on how incident-specific indemnities should be designed for achieving Pareto optimality for both the insurance seller and the buyer. Real data on cyber incidents are used to illustrate the feasibility of this approach. Several implementation improvement methods for practicality are also discussed.

   @article{chong_incident-specific_2025,
     title = {Incident-specific cyber insurance},
     volume = {55},
     doi = {10.1017/asb.2025.9},
     pages = {395--425},
     number = {2},
     journaltitle = {{ASTIN} Bulletin},
     shortjournal = {{ASTIN} Bull.},
     author = {Chong, Wing Fung and Linders, Daniël and Quan, Zhiyu and Zhang, Linfeng},
     year = {2025}
   }

3. 

   NLP-Powered Repository and Search Engine for Academic Papers: A Case Study on Cyber Risk Literature with CyLit

   Linfeng Zhang, Changyue Hu, and Zhiyu Quan

   North American Actuarial Journal 2024

   Bib HTML

   @article{cylit_naaj_2024,
     title = {NLP-Powered Repository and Search Engine for Academic Papers: A Case Study on Cyber Risk Literature with CyLit},
     volume = {29},
     copyright = {All rights reserved},
     issn = {1092-0277},
     doi = {10.1080/10920277.2024.2416903},
     language = {en},
     number = {2},
     journal = {North American Actuarial Journal},
     author = {Zhang, Linfeng and Hu, Changyue and Quan, Zhiyu},
     year = {2024},
     pages = {390--421}
   }

4. 

   Epidemic Compartmental Models and Their Insurance Applications

   Runhuan Feng, José Garrido, Longhao Jin, Sooie-Hoe Loke, and 1 more author

   2022

   Abs Bib HTML

   Abstract Our society’s efforts to fight pandemics rely heavily on our ability to understand, model and predict the transmission dynamics of infectious diseases. Compartmental models are among the most commonly used mathematical tools to explain reported infections and deaths. This chapter offers a brief overview of basic compartmental models as well as several actuarial applications, ranging from product design and reserving of epidemic insurance, to the projection of healthcare demand and the allocation of scarce resources. The intent is to bridge classical epidemiological models with actuarial and financial applications that provide healthcare coverage and utilise limited healthcare resources during pandemics.

   @incollection{boado-penas_epidemic_2022,
     address = {Cham},
     title = {Epidemic {Compartmental} {Models} and {Their} {Insurance} {Applications}},
     copyright = {All rights reserved},
     isbn = {978-3-030-78333-4 978-3-030-78334-1},
     url = {https://link.springer.com/10.1007/978-3-030-78334-1_2},
     language = {en},
     urldate = {2022-12-20},
     booktitle = {Pandemics: {Insurance} and {Social} {Protection}},
     publisher = {Springer International Publishing},
     author = {Feng, Runhuan and Garrido, José and Jin, Longhao and Loke, Sooie-Hoe and Zhang, Linfeng},
     editor = {Boado-Penas, María del Carmen and Eisenberg, Julia and Şahin, Şule},
     year = {2022},
     doi = {10.1007/978-3-030-78334-1_2},
     note = {Series Title: Springer Actuarial},
     pages = {13--40}
   }

5. 

   Pandemic risk management: Resources contingency planning and allocation

   Xiaowei Chen, Wing Fung Chong, Runhuan Feng, and Linfeng Zhang

   Insurance: Mathematics and Economics 2021

   Bib HTML

   @article{chen_pandemic_2021,
     title = {Pandemic risk management: {Resources} contingency planning and allocation},
     volume = {101},
     copyright = {All rights reserved},
     issn = {01676687},
     shorttitle = {Pandemic risk management},
     doi = {10.1016/j.insmatheco.2021.08.001},
     language = {en},
     urldate = {2022-12-20},
     journal = {Insurance: Mathematics and Economics},
     author = {Chen, Xiaowei and Chong, Wing Fung and Feng, Runhuan and Zhang, Linfeng},
     year = {2021},
     pages = {359--383}
   }