This book includes comprehensive insurance topics and techniques of selling life and non life insurance .It describes general terms,principles and progress of insurance market. It also describes the levels of insurance institutions and their type of organizational structure.The book is suitable for students who are attending risk and insurance related topics and to those junior insurance officers.
Over the last years, the use of credit insurance has become even more vital since it also helped financial institutions reduce their risk-weighted assets by way of risk mitigation. Historically, credit insurance was a way to minimize the counterpart and country (political) risks; however, under Basel II and III provisions, it helps banks to optimize their capital adequacy as well. This qualitative research study elaborates the economis aspects, capital relief of European banks in addition to the risk mitigation funtion of credit insurance. The study is a real-life and professional business life driven so that business professionals, too, would benefit from this research study. The paper, based on the true experience of different bankers in Europe reports that credit insurance mostly accomplishes the targets of financial institutions in order to opmize their portfolio, reduce risk-weighted assets and relieve their capital. This study would help risk managers, business experts and any other involved parties in credit insurance, align with the business practices of other and similar institutions.
Most of the existing studies evaluating performance of market-based agricultural risk management instruments, are based on static, two-period models in which hedging or insurance is undertaken in the first period and all uncertainty is resolved in the second period. In reality, risk management decisions are undertaken in a multi-period, dynamic environment in which decisions in any period can affect outcomes in other periods. Once the modeling environment becomes truly dynamic, things can change substantially. This book focuses on interaction between farmer insurance decisions and their borrowing and saving decisions in a multi-period dynamic model. This type of interaction has not been comprehensively addressed in existing literature. In this book, a simple stochastic dynamic model is developed and solved for a risk-averse farmer using revenue insurance to manage risk and, also borrows and lends subject to a credit constraint. The analysis provides new insights into inter-temporal risk management behavior of farmers. It also suggests reasons why the effective demand for agricultural insurance may be much lower than that predicted by simple static models of agricultural insurance.
A comprehensive guide to investment guarantees in equity-linked life insurance Due to the convergence of financial and insurance markets, new forms of investment guarantees are emerging which require financial service professionals to become savvier in modeling and risk management. With chapters that discuss stock return models, dynamic hedging, risk measures, Markov Chain Monte Carlo estimation, and much more, this one-stop reference contains the valuable insights and proven techniques that will allow readers to better understand the theory and practice of investment guarantees and equity-linked insurance policies. Mary Hardy, PhD (Waterloo, Ontario, Canada), is an Associate Professor and Associate Chair of Actuarial Science at the University of Waterloo and is a Fellow of the Institute of Actuaries and an Associate of the Society of Actuaries, where she is a frequent speaker. Her research covers topics in life insurance solvency and risk management, with particular emphasis on equity-linked insurance. Hardy is an Associate Editor of the North American Actuarial Journal and the ASTIN Bulletin and is a Deputy Editor of the British Actuarial Journal.
In the modern business world the economic weather changes very abruptly hence creating a lot of room for risks. Such an environment which is full of risks is in no way favorable for investors. Insurance companies are playing a pivotal role in encouraging investors to start their business even with high risk probability, by sharing a part of their risk. This risk absorbing role of insurance companies is vital in today’s economy. As with all other companies, the performance of insurance companies need to be evaluated from time to time. Performance of an insurance company can be measured using the primary data that is published in annual reports and yearbooks. The aim of this report is to analyze the performance of Pakistan’s insurance companies in terms of their profitability. Profitability will be calculated using a multiple regression model where the independent variables are the determinants like age, size, liquidity and loss ratio etc. Three life insurance and three non-life, private sector insurance companies have been selected for this purpose and their performance has been evaluated in this report.
China has been announced to be the world’s largest shipbuilder in 2010. However, the author understood that the research on builder’s risk insurance, which aims to protect the shipbuilding industry, is unfortunately quite limited. The countries, which having such important interests in shipping as China, should have a well-developed law body dealing with builder’s risk insurance issues. She was therefore triggered to do a research by comparing the main clauses of builder’s risk insurance according to the three legal systems (UK, China and Norway) and to find out the similarities and differences between them. The author keeps the hope that her research, though limited, could explain more these three systems by emphasizing some points and help to improve the existing clauses, especially the ones in Chinese situation. The author also hopes that this paper could attract more attention for research on the builder’s risk insurance, as it plays an essential protective role for the shipbuilding industry.
Chapter 1 sets out the background to enterprise- wide risk management (EWRM). Chapter 2 examines literature on EWRM and Chapter 3 assesses key theoretical approaches to EWRM. Chapter 4 sets out the research design while Chapter 5 presents and discusses the results of an empirical investigation which explores the views of 16 Chief Executive Officers drawn from 16 Zimbabwean short- term insurance companies. Research evidence shows that whilst risk awareness seems good in most Zimbabwean short-term insurance companies, a significantly lower number take adequate measures to reduce risks to their lowest practical levels. It might be suggested that the Zimbabwean short-term insurance industry has limited capabilities to consistently identify, measure and manage risk exposures across the company and thereby limit exposures. Execution of EWRM is sporadic and losses have not been limited in accordance with predetermined risk tolerance guidelines. Therefore, the Zimbabwean short-term insurance industry might be viewed as having weak EWRM. Therefore this research provides a wide range of recommendations to address the identified weaknesses.
Insurance is an important part of present day economy. But not all the economies have been benefiting from insurance, Saudi Arabia is one such country where the insurance was not very popular. It was only recently insurance formally became part of Saudi Arabian economy. In 2004 the Saudi Arabian Monetary Agency (SAMA) was assigned with the responsibility of managing the affairs of insurance industry in Saudi Arabia. Since then the insurance industry has been growing by leaps and bounds. More than 30 companies, multinationals and national have been approved for conducting the insurance business. Besides, a large number of companies have entered the market as brokers, insurance agencies etc. In this book various aspects of the insurance have been presented in reference to Saudi Arabia. There are in all 6 chapters followed by glossary and appendices. The six chapters are Introduction to insurance, Types of insurance, Concept of reinsurance, Insurance companies and insurance agency operations, Concept of Takaful and finally Insurance industry in Saudi Arabia.
Insurance is one of the risk management techniques that provide protection against a financial loss arising from the occurrence of unexpected events. It is financial service that provides individuals and the economy as a whole with a number of important financial services and plays important psychological and social roles of freeing people from worrying. Purchasing insurance policies helps the individuals to recover from damages and losses arise from different risks. In Ethiopia despite the increase of insurance companies, insurance is one of the most overlooked and considerable unexploited potential and also little researches has been conducted on the insurance consumption and attitude of people toward insurance. The main purpose of this study was to examine AAU communities'' attitude towards insurance services and to understand their intention to purchase insurance.
The collapse of some insurance companies coupled with little emphasis on some of the risk factors in estimating motor insurance claims would give room for unfairness in making claim.The study has revealed the difference in the contribution level to making claims This allowed for an in-depth analysis of claim variables to assist in understanding the motor insurance claims.The SIC Insurance Company Limited should give relatively high premium to new cars as compared to older ones due to their higher demand of claims.Structuring the risk factors could help actuaries concerned with motor claims to appreciate the problems and advise the underwriters accordingly.Information Bill must be passed into law in view of removing the bottlenecks associated with data acquisition which was a serious challenge of this study.It is also recommended that further study be done in other insurance companies with the view of appreciating the discrepancies that exist in valuing risk, thus help Policy makers and particularly National Insurance Commission (NIC) to fairly price motor premiums.
Nigeria poses a high return on investment and is on the search light of foreign investors. Nonetheless, there are risks that face these investors in the country. It is therefore, pertinent to expose the relevance of the insurance sector in absorbing the risk that could accrue to these investments coming into the country. The empirical study showed that insurance sector impacted positively and significantly on Nigeria's foreign direct investment inflow. However, there should be effective risk transfer mechanism and financial inter-mediation, which gives the investor confidence in the risk management strength of the host country.
This book covers both theories and practices on Insurance in modern world. To discuss about insurance, this book contains eight separate chapters – Introduction, Life insurance, Fire insurance, Marine insurance, Risk, Miscellaneous insurance, Insurance business in Bangladesh and American Life Insurance Company (ALICO)- A Case Study, Insurance contract (IFRS 3), Schedules from insurance act and problems on life and general insurance. The author believes that this book can be an ideal text book on insurance in modern world. It goes a long way to cover the demand of any syllabus of any modern, developed and top ranked university. Along with the theory and practices, it also covers related IFRS on insurance, Insurance act and practical mathematical problems on life and general insurances. Teachers are expected to take help from this book for their class room teaching and any sort of referencing. Students will be able to meet their thirst for knowledge on insurance and insurance business from studying the topics covered in this book. These topics will be helpful for answering questions at their examination.
Learn from some of the most respected women in insurance and risk management Women to Watch presents the advice, guidance, and lessons learned from the most successful women in risk management and insurance. For the past 10 years, Business Insurance has highlighted key women in the field—women noted for their skills, accomplishments, courage, wisdom, and everyday steel. In this book, these women present their stories in their own words; through essays and anecdotes about key issues, key moments, and crucial lessons, former Women to Watch honorees provide a glimpse into what it takes to make it. They've battled obstacles, hurdles, and institutionalized career impediments—and they've come out on top; their stories provide inspiration, motivation, and concrete, real-world guidance for all women who seek advancement in the insurance and risk management fields. Business Insurance receives several hundred Women to Watch nominations every year; of those, they honor only 25. These women are the cream of the crop, and their unique insights into all-too-common experiences can help us all rise to the top. Shatter the glass ceiling and close the wage gap Shift your perspective on what «work/life balance» means Celebrate and navigate the workplace's changing demographics Learn how successful women get it done The insurance and risk management fields look very different today than they did even 10 years ago; there is much to celebrate, but even more still left to be done. There is no substitute for the wisdom of experience, and the best lessons come from those who have navigated the path successfully. Women to Watch provides unique insight into the women who have conquered the field, and critical perspective for those who will follow.
The main goal of the research «Usage of Risk Measures in Management of Investment Portfolios: Case of Insurance Companies» was to develop an internal investment portfolio management model using risk measures and copulas for Latvian insurance companies. The model satisfies regulatory requirements (under Solvency II regulations) and internal risk management standards, as well as allows dealing with otherwise complex multivariate modeling. The research and empirical study is limited to the usage of Lower Partial Moments (as an example of downside risk measures) and normal, skew normal and skew t-copula; and covers time period from January 2000 until December 2010.
The global financial crisis had immediate and profound impacts on pension and insurance company assets intended to finance millions of peoples' retirement. This volume illustrates several ways in which retirement risk management should be conceived of differently from bank practice.
Despite the importance of insurance in enabling individual and collective social, economic, and financial activities, discussions about its role in the economy and the risks it can generate for financial markets are surprisingly limited. The core motivation for publishing this book is to bring together academics, regulators, and industry experts to provide a multifaceted array of research and perspectives on insurance, its role and functioning, and the potential systemic risk it could create. While these debates develop slowly and under public scrutiny, we hope that this book stimulates further research and debate to address the key questions and challenges faced by the insurance sector going forward.
In crop insurance it is necessary to understand how underlying risk variability arises from changes in prices, yields, or both. Typically, agricultural risks are not isolated from one another. The underlying risks are dependent in different dimensions, such as time dependence, portfolio dependence, and spatial dependence. Thus, it is important to be able to adequately model dependence with multivariate outcomes. Ignoring dependencies can lead to possibly biased and inefficient estimates of the risk. This study provides a comprehensive and in-depth economic and statistical analysis of various risk in agriculture, especially the dependence structure of agricultural risk. Using both estimation and simulation methods, we analyze the interaction of risk in the presence of time-varying dimension, portfolio dimension and spatial correlation dimension. By modeling and measuring dependence, it is possible to improve risk management instruments that take advantage of dependencies between different products. This will help improve the risk management and will help government, insurance/reinsurance companies, and policy makers to evaluate their contract design and policy making.
Dear readers, by hand you get a professional study about methods and instruments of detection financial health of insurance companies with Solvency II methodology by author Karina Muzakova of BICB a colleague Pavla Kubova of EF TUL. The study was one of the outputs of the project financed by the Internal Grant Agency BICB. Publications gradually deals with EU policies in the area of financial services, through risk analysis in insurance to the solvency of insurance companies, and are also included in the analysis and solvency of insurance companies operating on the Czech insurance market. This publication is intended only to specialists dealing with the solvency of insurance companies, but also other interested parties on this issue.
These days there are different types of risks faced by the organizations and much emphasis is placed on its procedures following the aftermath of corporate scandals and global financial crisis. It is imperative to assess and appraise the nature, quantum and extent of the risks faced by the organizations specifically, in the Insurance Companies. An appropriate risk management strategy needs to be formulated by these companies. The main emphasis of this book is to evaluate the significance of the key constructs and the determinants of risk management and its process. This book also suggests a number of tools and techniques that are used by the dynamic and competitive organizations. It covers the theory of risk management, enterprise risk management, risk management in the insurance companies and the COSO enterprise risk management framework. This book will enhance the understanding of the layman interested in gaining knowledge about risk management and will also enrich the technical expertise of the risk managers, chief risk officers (CRO), the corporate executives and the practitioners.
This study sets out to explore the concept of risk management within the framework of the agricultural financial markets in developing countries. The framework provides opportunities for innovative agricultural insurance tools. Microinsurance and index-based indemnification mechanisms have been recognized as potential instruments for transferring risks by providing cover, or indemnification, against losses in a disaster event. This insurance product provides an easily accessible insurance cover for small-scale assets at affordable premiums while keeping transaction and other costs low. By protecting the poor from disaster losses and providing incentives for risk reduction, microinsurance is increasingly recognized as an important part of risk management. However, it was to be tested in Sri Lanka. The main objective of this study was to examine the possibility and suitability of introducing index-based microinsurance for the small-farmers in paddy crop cultivation in the context of production risk caused by natural disasters.
Protection from risks, natural or inherent in any human activity and the adversities in life, ?has always been the necessity of people at all times and in all phases of human ?combination. The mechanism evolved to have the needed protection from risks and ?mishaps developed in the form of presenting ‘Insurance.'' The mechanism of insurance is ?based on sharing of risk and proportionate distribution of risk among the same group of ?people. Moreover, India had achieved independence and the country had embarked upon ?the policy of planned development of insurance sector. This book aims to examine the ?progress made by insurance industry, government as well as private in pre and post ?liberalization scenario and the impact of privatization on the LIC which still functions as a ?government insurance institution in the public sector. The authors also try to evaluate in ?detail the influence of the nature of LIC''s liability characteristics and of the legal ?framework on the investment pattern of the LIC in terms of quantum and direction of ?investments.?
Revision with unchanged content. Managing a changing risk environment presents many challenges to industrial corporation today. Effective risk identification, assessment, analysis, handling and monitoring is critical in order to insure corporations’ productivity and existence. Traditional risk management instruments seem to be insufficient to fulfill the growing needs of industrial corporations. The author Florian Sallmann presents an enhanced risk management process by integrating the concepts of knowledge management into traditional risk management. In addition, he provides a practical application of this new knowledge-based risk management process using the 250 leading Austrian industrial corporations. This book is written for CEOs, CFOs, Insurance and Risk Managers in industrial corporations, their associations, industry insurers and reinsurers as well as economists.
Insurance has several economic and social advantages. Primarily it covers the risk of financial loss of individuals by distributing fairly and equitably to the insured community. Insurance promotes investment by taking away the risk from the investor. Insurance sector in general and life insurance in particular in Ethiopia have been given little attention to the concept of marketing over the years. However, according to recent marketing concepts ; while selling is concerned with creating demand for the products that have already been decided, marketing is directed towards identifying the needs and wants of consumers and planning to satisfy those needs. Hence, in this context, the necessity of understanding the needs and wants of consumers to marketing could be taken to the bone, the tendon, and the ligament of businesses without which no articulation can take place. Here comes the importance of marketer to understand the factors affecting buyers’ and prospects attitude towards life insurance policy purchase, which in turn, affects need and wants to offerings in order to be able to take informed marketing-related decisions. So,this book will be useful resource for marketers & agents.
Insurance is a device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums. Payment for an individual loss, divided among many, does not fall heavily upon the actual loser. The essence of the contract of insurance, called a policy, is mutuality. The major operations of an insurance company are underwriting, the determination of which risks the insurer can take on; and rate making, the decisions regarding necessary prices for such risks. The underwriter is responsible for guarding against adverse selection, wherein there is excessive coverage of high risk candidates in proportion to the coverage of low risk candidates. In preventing adverse selection, the underwriter must consider physical, psychological, and moral hazards in relation to applicants. Physical hazards include those dangers which surround the individual or property, jeopardizing the well-being of the insured. The amount of the premium is determined by the operation of the law of averages as calculated by actuaries.
The business guide to Big Data in insurance, with practical application insight Big Data and Analytics for Insurers is the industry-specific guide to creating operational effectiveness, managing risk, improving financials, and retaining customers. Written from a non-IT perspective, this book focusses less on the architecture and technical details, instead providing practical guidance on translating analytics into target delivery. The discussion examines implementation, interpretation, and application to show you what Big Data can do for your business, with insights and examples targeted specifically to the insurance industry. From fraud analytics in claims management, to customer analytics, to risk analytics in Solvency 2, comprehensive coverage presented in accessible language makes this guide an invaluable resource for any insurance professional. The insurance industry is heavily dependent on data, and the advent of Big Data and analytics represents a major advance with tremendous potential – yet clear, practical advice on the business side of analytics is lacking. This book fills the void with concrete information on using Big Data in the context of day-to-day insurance operations and strategy. Understand what Big Data is and what it can do Delve into Big Data's specific impact on the insurance industry Learn how advanced analytics can revolutionise the industry Bring Big Data out of IT and into strategy, management, marketing, and more Big Data and analytics is changing business – but how? The majority of Big Data guides discuss data collection, database administration, advanced analytics, and the power of Big Data – but what do you actually do with it? Big Data and Analytics for Insurers answers your questions in real, everyday business terms, tailored specifically to the insurance industry's unique needs, challenges, and targets.
The rising cost of health care financing the world over in the 1980s led to a paradigm shift in health care financing, from point of service; user fees; out- of- pocket- payments otherwise referred to as ‘cash and carry’, to prepaid systems and for that matter health insurance as an alternative health care financing system. Health insurance is said to be an efficient and effective system which ensures the provision of accessible, affordable, equitable and quality health care services to a majority of people, especially the poor and vulnerable, hence, its adoption by the Government of Ghana as part of its poverty reduction strategy in 2003. Even though a good health financing system, the implementation of health insurance has posed a lot of challenges with respect to its technical design, managerial capabilities, organizational and institutional arrangements. The study therefore finds out whether the health insurance scheme and its implementation is capable of ensuring adequate risk pooling and sharing, efficient management for sustainability, and the achievement of the Millennium Development Goals 4 and 5 on health.
This monograph outlines how the risk based approaches to supervision and regulation of insurance companies and pension funds being used in developed economies can be adapted for use in emerging markets. It discusses the impediments to implementation of risk based supervision and offers a practical but powerful approach to assist governments and government agencies charged with ensuring the solvency of financial institutions to fulfill their mandate in an efficient and effective manner.
Наша знаменитая во всем мире оригинальная основа Shadow Insurance закрепляет тени для век, при этом эффектно усиливает оттенок и предотвращает скатывание и обесцвечивание в течение 24 часов. Невесомый бесцветный состав основы без труда покрывает веко и создаёт ровную и гладкую поверхность для безупречного нанесения и стойкости макияжа.