Introduction

As the English economist John Kay described in an interview with Zeit, a fundamental examination of the concept of risk in the modern financial and insurance world is indispensable. Unfortunately, the concept of ‘radical uncertainty’, grounding on a non-stationary environment in economics and social sciences, must be admitted. The economic and financial crisis in 2008 and 2010 (Greek government-debt crisis) made unmistakably clear that a profound understanding of risk and thus models for measuring risk are of extreme importance.