Before revision: In this paper we propose for the first time a unified framework in continuous time suitable for modeling both life and non-life insurance market, with nontrivial dependence with the financial market. We introduce a direct modeling approach, which generalizes the reduced-form framework for credit risk and life insurance.
After revision: In this paper we propose a general framework for modeling an insurance claims' information flow in continuous time, by generalizing the reduced-form framework for credit risk and life insurance.