Education

2001.09-2004.06, Probability Theory and Mathematical Statistics, Graduate University of the Chinese Academy of Sciences, Doctor of Science Degree

1998.09-2001.06, Probability Theory and Mathematical Statistics, Yunnan University, Master of Science Degree

1993.09-1997.06, Mathematical Statistics, Yunnan University, Bachelor of Economics Degree

 

Work Experience

2021.08-present, School of Statistics, Renmin University of China, Professor

2011.08-2021.08, School of Statistics, Renmin University of China, Associate Professor

2004.07-2011.08, School of Statistics, Renmin University of China, Assistant Professor

 

Visiting Scholar Experience

2016.02-2016.08, the Department of Statistics & Actuarial Science, University of Iowa, USA, Visiting Scholar

2009.10-2010.09, the Department of Mathematics, University of Connecticut, USA, Visiting Scholar

 

Research Interests

Actuarial Science, Quantitative Risk Management, Agricultural Insurance

 

Honors and Awards

1. Beijing Higher Education Teaching Achievement Award, Provincial-Ministerial Level, Third Recipient of the Award, Beijing Municipal Commission of Education, 2018

2. Special Prize of the Excellent Teaching Achievements Award of Renmin University of China, University-Level, Third Recipient of the Award, Renmin University of China, 2017

3. Second Prize of the Excellent Teaching Achievements Award of Renmin University of China University-Level, Third Recipient of the Award, Renmin University of China, 2012

4. Outstanding Teacher of Renmin University of China, University-Level, First Recipient, Renmin University of China, 2012

 

Funding

1. Research on the Development and Pricing Method of Crop Insurance Products Integrating Meteorological Information, Joint Open Laboratory of Meteorological Risk and Insurance, Chinese Academy of Meteorological Sciences, host, July 2023 – Present

2. Research on Risk Management and Actuarial Models in the Digital Era, Major Project of the Key Research Base for Humanities and Social Sciences of the Ministry of Education, Grant No. 22JJD910003, Host, January 2023 – Present

3. Quantitative Research on Government Support for Agricultural Insurance, Agricultural Information Institute of the Chinese Academy of Agricultural Sciences, Host, May 2020 - December 2020

4. Risk Scoring Model for Agricultural Insurance Business, China Insurance Information Technology Management Co., Ltd., Host, May 2018 - December 2018

5. Support to Public Finance and Finance Sector Reform in Henan Province, Asian Development Bank, National Actuarial Specialist, Participant, April 2018 - June 2020

6. Research on Actuarial Statistical Models of Catastrophe Insurance and Their Applications, Major Project of the National Social Science Fund of China, Grant No. 16ZDA052, Sub-project Leader & Participant, December 2016 - December 2022

7. Research on Actuarial Pricing of Agricultural Yield Insurance, 2015 Research Project of the Insurance Association of China, Host, January 2016-December 2016.

8. Research on the Design of Non-Life Insurance Floating Rate System, Scientific Research Fund Project of Renmin University of China, Host, January 2012-December 2014.

9. Research on Pricing for Group Clients of Vehicle Insurance, Disaster Research Fund Project of PICC, Host, July 2012-December 2012.

10. Design and Optimization of China's Automobile Insurance Bonus-Malus System, Scientific Research Fund Project of Renmin University of China, Host, January 2009-December 2010.

 

Publications

1. Xiao, Y., Liu, L., Zhao, Y., Cui, T. Shen, Q. Can shorter yield data maintain the rating accuracy of crop insurance? Based on the out-of-sample testing method of adverse selection. Insurance Studies, 2025, (3): 46-56. (in Chinese)

2. Xiao, Y., Yang, X. Qi, J. Measurement and application of spatial diversification effect of catastrophe risk of China agricultural insurance. Insurance Studies, 2022, (7): 58-68. (in Chinese)

3. Xiao, Y., Wang, K., He, X., Wang, H. The Impact of payment model on the risk protection of government subsided agricultural insurance. Insurance Studies, 2020, (7):63-76. (in Chinese)

4. Xiao, Y., Yao, J. Double trigger agricultural insurance products with weather index and yield index. China Agricultural Economic Review, 2019, 11(2): 299-316.

5. Zhang, B., Xiao, Y., Zeng, Y. A comparative study on measuring variable importance in auto insurance pricing. Insurance Studies, 2019, (10): 73-83. (in Chinese)

6. Xiao, Y., Zhang, J., Yu, J. An analysis on the characteristics of use of insurance laws and regulations and regulatory efficiency evaluation in China. Insurance Studies, 2019, (03): 18-27. (in Chinese)

7. Liu, J., Xiao, Y., Zeng, Y. Undifferentiated pricing for zero-coupon catastrophe bonds based on exponential utility. Insurance Studies, 2018, (8):35-46. (in Chinese)

8. Wang, K., He, X., Xiao, Y., Zhang, Q. Agricultural insurance’s protection level: Its determinants and development strategy. Chinese Rural Economy, 2018, (7):34-45. (in Chinese)

9. Xiao, Y., Wang, K., and Porth, L. A bootstrap approach for pricing crop yield insurance. China Agricultural Economic Review, 2017, 9(2):225-237.

10. Guo, B., and Xiao, Y. A note on why doesn’t the choice of performance measure matter? Finance Research Letters, 2016, 16: 248-254.

11. Xiao, Y., Valdez, E. A. A Black–Litterman asset allocation model under Elliptical distributions. Quantitative Finance, 2015, 15(3): 509-519.

12. Xiao, Y., Wang, K. Feasibility of developing crop revenue insurance in China. Agricultural Outlook, 2013, (10): 29-32. (in Chinese)

13. Valdez, E. A. , Xiao, Y. On the distortion of a copula and its margins. Scandinavian Actuarial Journal, 2011, (4):292-317.

14. Xiao, Y. Pricing a contract of linking home reversion plan and Long-Term Care insurance via the principle of equivalent utility. Quality & Quantity , 2011, 45(2): 465-475.

15. Xiao, Y., Meng, S., Conger., R. An extension model of a financially balanced BMS. Journal of Renmin University of China, 2010, 5(2):63-74.

16. Xiao, Y., Meng, S. Bonus-malus system of the vehicle compulsory insurance depended on the number of traffic accident and traffic offence. Chinese Journal of Applied Probability and Statistics, 2010, 5: 553-558. (in Chinese)

17. Xiao, Y., Xu, J. Research on the distribution of returns from participating insurance products in China. Insurance Studies, 2009, 12: 40-44. (in Chinese)

18. Xiao, Y., Meng, S. Optimal claim strategy for a bonus-malus system with deductible. Operations Research and Management Science. 2009, 3:111-115. (in Chinese)

19. Xiao, Y., Meng, S., Xia, L. Optimal claim strategy for automobile insurance in China. Operations Research and Management Science. 2007, 16(2):123-128. (in Chinese)

20. Xiao, Y., Ding, W. Pricing equity-linked pure endowments via the principle of equivalent utility in the Markov chain market. Acta Mathematica Applicate Sinica, 2006, 4:587-600. (in Chinese)

21. Cheng, B., Liang, H., Xiao, Y. Momentum and Contrarian Strategies in the Chinese Stock Markets. Research On Financial and Economic Issues, 2004, 8:29-35. (in Chinese)

 

Books

1. Xiao, Y. Research on Actuarial Models in Agricultural Insurance. Tsinghua University Press, 2018. (in Chinese)

2. Xiao, Y., Zhang, J. Applied Stochastic Processes. Higher Education Press, 2017. (in Chinese)

3. Xiao, Y., Zhang, J. Stochastic Actuarial Models for Life Insurance. Tsinghua University Press, 2016. (in Chinese)

4. Xiao, Y. Mathematics: Textbook for China Actuarial Qualification Examination. China Financial and Economic Publishing House, 2010. (in Chinese)

 

 

Teaching

1. Undergraduate courses: Statistics, Stochastic Processes, Fundamentals of Derivative Financial Markets, Operations Research, Real Variable Functions

2. Graduate courses: Fundamentals and Quantitative Analysis of Derivative Financial Markets, Stochastic Actuarial Models for Life Insurance