Optimal switching among different hedging strategies

The motivation for our research problem comes from hedging reserves in life insurance policies with guarantees. Since some supervisory authority advise to take a hedging strategy, where the number of units of a risky asset is determined to always be one, one should consider if there is some other hedging strategy, which would be at some point better to use. If there is such, when would be the optimal time to switch from one to another? We will look at some simulations that confirms our assumption of existing such hedging strategy and we will look when would be optimal to switch in a general mathematical case. This is joint work with Mihael Perman.