WorldWideScience

Sample records for risk cargo insurance

  1. 46 CFR 308.551 - War risk insurance clearing agency agreement for cargo, Form MA-321.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false War risk insurance clearing agency agreement for cargo... EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Cargo Insurance Iv-General § 308.551 War risk insurance... American War Risk Agency or MARAD. ...

  2. INHERENT VICE & INSUFFICIENT PACKING CLAUSES FOR ALL RISKS INSURANCE POLICIES UNDER BRITISH INSTITUTE CARGO CLAUSES : legal issues arising from claims of loss during sea transportation of large technical equipments

    OpenAIRE

    Cheng, Jia

    2010-01-01

    Analysis and presentation of this thesis is supported by studies of many relevant cases where the major arguments are set around the exclusion clauses concerning the ‘all risks cover’ policy as found in Institute Cargo Clauses. Two cases are especially emphasized, namely Mayban General Assurance BHD v. Alstom Power Plants Ltd. and Global Process Systems Inc v. Syarikat Takaful Malaysia Berhad , mainly because of the special nature of the subject matter insured in these cases. The legal i...

  3. Insurance of nuclear risk

    International Nuclear Information System (INIS)

    Lacroix, M.

    1976-01-01

    Insurance for large nuclear installations covers mainly four types of risk: third party liability which in accordance with the nuclear conventions, is borne by a nuclear operator following an incident occurring in his installation or during transport of nuclear substances; material damage to the installation itself, which precisely is not covered by third party liability insurance; machinery breakdown, i.e. accidental damage or interruption of operation. Only the first category must be insured. In view of the magnitude of the risk, nuclear insurance resorts to co-insurance and reinsurance techniques which results in a special organisation of the nuclear insurance market, based on national nuclear insurance pools and on the Standing Committee on Atomic Risk of the European Insurance Committee. Conferences of the chairmen of nuclear insurance pools are convened regularly at a worldwide level. (NEA) [fr

  4. Crop insurance: Risks and models of insurance

    Directory of Open Access Journals (Sweden)

    Čolović Vladimir

    2014-01-01

    Full Text Available The issue of crop protection is very important because of a variety of risks that could cause difficult consequences. One type of risk protection is insurance. The author in the paper states various models of insurance in some EU countries and the systems of subsidizing of insurance premiums by state. The author also gives a picture of crop insurance in the U.S., noting that in this country pays great attention to this matter. As for crop insurance in Serbia, it is not at a high level. The main problem with crop insurance is not only the risks but also the way of protection through insurance. The basic question that arises not only in the EU is the question is who will insure and protect crops. There are three possibilities: insurance companies under state control, insurance companies that are public-private partnerships or private insurance companies on a purely commercial basis.

  5. CHARACTERISTICS OF THE CARGO INSURANCE CONTRACT IN CASE OF INTERNATIONAL LAND TRANSPORT

    Directory of Open Access Journals (Sweden)

    Dănilă Ștefan MATEI

    2017-05-01

    Full Text Available Cargo international transport is an engine for the development of the economic relations between states involving cross-border movement of goods through the crossing of at least one border of a state (international transport or by crossing at least two border crossing points, in which case we are in the presence of an international cargo transit. During the transit the goods transported may be subject to an insurance. The object of the cargo insurance is, thus, represented by the goods, the items expressly listed in the insurance policy, within the territorial limits specified in the insurance policy, both during the transport and during the storage, in the latter case, at the express request of the insured and with the acceptance of the insurer. This paper analyzes the characteristics of the cargo insurance aiming to present the theoretical and practical aspects of interest with regard to the cargo insurance concluded in case of an international land freight transport.

  6. Nuclear insurance fire risk

    International Nuclear Information System (INIS)

    Dressler, E.G.

    2001-01-01

    Nuclear facilities operate under the constant risk that radioactive materials could be accidentally released off-site and cause injuries to people or damages to the property of others. Management of this nuclear risk, therefore, is very important to nuclear operators, financial stakeholders and the general public. Operators of these facilities normally retain a portion of this risk and transfer the remainder to others through an insurance mechanism. Since the nuclear loss exposure could be very high, insurers usually assess their risk first-hand by sending insurance engineers to conduct a nuclear insurance inspection. Because a serious fire can greatly increase the probability of an off-site release of radiation, fire safety should be included in the nuclear insurance inspection. This paper reviews essential elements of a facility's fire safety program as a key factor in underwriting nuclear third-party liability insurance. (author)

  7. Risk Management in Insurance Companies

    OpenAIRE

    Yang, Xufeng

    2006-01-01

    Insurance is the uncertain business in uncertain society. Today, insures face more complex and difficult risks. Efficient risk management mechanisms are essential for the insurers. The paper is set out initially to explore UK insurance companies risk management and risk disclosure by examining companies annual report after all the listed insurance companies are required to disclose risk information in their annual report, which seeks to reflect the recent development in UK insurance companies...

  8. Insurance against nuclear risks

    International Nuclear Information System (INIS)

    Dow, J.C.

    1976-01-01

    Virtually any type of nuclear risk is insurable in principle, providing, of course, that the necessary standards of safety and control are met. Some of the risks are of a relatively minor character and no more hazardous than a simple conventional risk. But insurers would not consider as a minor risk anything which involves the use of nuclear fuel or other nuclear materials which are in a critical state or capable of releasing dangerous levels of radioactivity. These would include nuclear reactors or, indeed, any type of assembly which can not be regarded as subcritical. Most insurers would also regard installations involved in the manufacturing, processing and enriching of nuclear fuel, and certainly those concerned with the reprocessing of irradiated fuel and plutonium extraction, as major risks. (HP) [de

  9. 46 CFR 308.521 - Application for Open Cargo Policy, Form MA-301.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false Application for Open Cargo Policy, Form MA-301. 308.521... RISK INSURANCE War Risk Cargo Insurance Ii-Open Policy War Risk Cargo Insurance § 308.521 Application for Open Cargo Policy, Form MA-301. The standard form of application for a War Risk Open Cargo Policy...

  10. Terrorism Risk Insurance: An Overview

    National Research Council Canada - National Science Library

    Webel, Baird

    2005-01-01

    .... Addressing this problem, Congress enacted the Terrorism Risk Insurance Act of 2002 (TRIA) to create a temporary program to share future insured terrorism losses with the property-casualty insurance industry and policyholders...

  11. Risks and nuclear insurance

    International Nuclear Information System (INIS)

    Debaets, M.; Springett, G.D.; Luotonen, K.; Virole, J.

    1988-01-01

    When analysing the nuclear insurance market, three elements must be taken into account: the nuclear operator's liability is regulated by national laws and/or international Conventions, such operators pay large premiums to insure their nuclear installations against property damage and finally, the nuclear insurance market is made up of pools and is mainly a monopoly. This report describes the different types of insurance coverage, the system governing nuclear third party liability under the Paris Convention and the Brussels Supplementary Convention and several national laws in that field. The last part of the report deals with liability and insurance aspects of international transport of nuclear materials [fr

  12. Catastrophic risks and insurance

    International Nuclear Information System (INIS)

    Deprimoz, J.

    1988-01-01

    This short communication deals with compensation for nuclear damage and compensation for environmental pollution through industrial activities and compress both systems and their insurance coverage [fr

  13. Environmental pollution risk and insurance

    OpenAIRE

    Fragnelli, Vito; Marina, Maria Erminia

    2002-01-01

    We consider environmental risks that are evaluated too much heavy for a single insurance company, but they can be insured by n companies which a premium is assigned to.This is precisely the Italian scenario where a pool of companies co-insures these risks.Under a game theoretic approach we start by analyzing how they should split the risk and the premium in order to be better off. Under suitable hypotheses, there exists an optimal decomposition of the risk, that allow us to define a cooperati...

  14. Insurability of Terrorism Risks

    International Nuclear Information System (INIS)

    Harbruecker, D.

    2006-01-01

    Until 2001 losses caused by terrorist attacks have been covered under fire policies worldwide with two exceptions: Spain and UK where major and multiple losses caused by ETA and IRA had led to specific insurance solutions. The September 11, 2001 attacks on the World Trade Centre have changed the world in many aspects. This includes the insurance industry, which was compelled to exclude terrorism from coverage and to offer special solutions for extra premium. Nuclear power plants have been repeatedly called targets for terrorists as their destruction could cause a large catastrophe and more victims than the September 2001 attacks. How does the insurance industry respond? (author)

  15. The insurance of climatic risks

    International Nuclear Information System (INIS)

    Pauthier, Alice

    2015-06-01

    The United Nations Environment Programme assesses that the cost of adaptation to climate change could reach 150 billions dollars per year by 2025-2030 and 500 billions dollars by 2050. This raises the issues of financing of adaptation measures, and of compensations in case of natural disaster, and insurance companies here seem to have a major role to play. However, the modification of the climatic risk puts the viability of conventional insurance mechanisms into question again. While discussing these issues, the author outlines that a sustainable insurance against these evolving risks may threaten insurance companies to go to bankrupt, but also all their policyholders who are, for most of them, unable to cope by themselves with the consequences of an extreme climatic event. The author also discusses related aspects such as risk modelling, risk mutualization, a securing of insurance companies based on the financial market, the implementation of public-private partnership, and ways to insure climate anomalies. She also comments the commitment of the insurance sector in adaptation and mitigation policies

  16. INSURANCE - A RISK COVERING STRATEGY

    Directory of Open Access Journals (Sweden)

    Marius Dan GAVRILETEA

    2014-12-01

    Full Text Available Insurance industry in Romania is facing for a few years a continuous decreasing in Gross Written Premium. The negative trend may be caused by the effects of financial crises for companies and also for individuals. In order to keep theirs market share, insurance companies must identify new opportunities to increase theirs’ GWP. Among these new market niches hospitality industry may represent an option to be followed. In this paper, we will analyze the types of insurance policies available for hospitality industry (except mandatory motors’ third party liability and motors’ own vehicle insurance. The conclusion represents solution both for insurance companies and for hotel as a part of theirs’ risk financing process.

  17. RISK CORRIDORS AND REINSURANCE IN HEALTH INSURANCE MARKETPLACES: Insurance for Insurers

    OpenAIRE

    LAYTON, TIMOTHY J.; MCGUIRE, THOMAS G.; SINAIKO, ANNA D.

    2016-01-01

    In order to encourage entry and lower prices, most regulated markets for health insurance include policies that seek to reduce the uncertainty faced by insurers. In addition to risk adjustment of premiums paid to plans, the Health Insurance Marketplaces established by the Affordable Care Act implement reinsurance and risk corridors. Reinsurance limits insurer costs associated with specific individuals, while risk corridors protect against aggregate losses. Both tighten the insurer's distribut...

  18. 46 CFR 308.517 - Open Cargo Policy, Form MA-300.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false Open Cargo Policy, Form MA-300. 308.517 Section 308.517... Risk Cargo Insurance Ii-Open Policy War Risk Cargo Insurance § 308.517 Open Cargo Policy, Form MA-300. The standard form of War Risk Open Cargo, Form MA-300, may be obtained from the American War Risk...

  19. Insurance loss coverage under restricted risk classification

    OpenAIRE

    Hao, Mingjie; Radfall Charitable Trust

    2017-01-01

    Insurers hope to make profit through pooling policies from a large number of individuals. Unless the risk in question is similar for all potential customers, an insurer is exposed to the possibility of adverse selection by attracting only high-risk individuals. To counter this, insurers have traditionally employed underwriting principles, identifying suitable risk factors to subdivide their potential customers into homogeneous risk groups, based on which risk-related premiums can be charged. ...

  20. Insurance against climate change and flood risk: Insurability and decision processes of insurers

    Science.gov (United States)

    Hung, Hung-Chih; Hung, Jia-Yi

    2016-04-01

    1. Background Major portions of the Asia-Pacific region is facing escalating exposure and vulnerability to climate change and flood-related extremes. This highlights an arduous challenge for public agencies to improve existing risk management strategies. Conventionally, governmental funding was majorly responsible and accountable for disaster loss compensation in the developing countries in Asia, such as Taiwan. This is often criticized as an ineffective and inefficient measure of dealing with flood risk. Flood insurance is one option within the toolkit of risk-sharing arrangement and adaptation strategy to flood risk. However, there are numerous potential barriers for insurance companies to cover flood damage, which would cause the flood risk is regarded as uninsurable. This study thus aims to examine attitudes within the insurers about the viability of flood insurance, the decision-making processes of pricing flood insurance and their determinants, as well as to examine potential solutions to encourage flood insurance. 2. Methods and data Using expected-utility theory, an insurance agent-based decision-making model was developed to examine the insurers' attitudes towards the insurability of flood risk, and to scrutinize the factors that influence their decisions on flood insurance premium-setting. This model particularly focuses on how insurers price insurance when they face either uncertainty or ambiguity about the probability and loss of a particular flood event occurring. This study considers the factors that are expected to affect insures' decisions on underwriting and pricing insurance are their risk perception, attitudes towards flood insurance, governmental measures (e.g., land-use planning, building codes, risk communication), expected probabilities and losses of devastating flooding events, as well as insurance companies' attributes. To elicit insurers' utilities about premium-setting for insurance coverage, the 'certainty equivalent,' 'probability

  1. Risk transfer solutions for the insurance industry

    Directory of Open Access Journals (Sweden)

    Njegomir Vladimir

    2009-01-01

    Full Text Available The paper focuses on the traditional and alternative mechanisms for insurance risk transfer that are available to global as well as to domestic insurance companies. The findings suggest that traditional insurance risk transfer solutions available to insurance industry nowadays will be predominant in the foreseeable future but the increasing role of alternative solutions is to be expected as the complementary rather than supplementary solution to traditional transfer. Additionally, findings suggest that it is reasonable to expect that future development of risk transfer solutions in Serbia will follow the path that has been passed by global insurance industry.

  2. Specific aspects of insurance of nuclear risks

    International Nuclear Information System (INIS)

    Angelici, C.

    1980-03-01

    The following questions are discussed in connection with the insurance of nuclear risks: insurance techniques, the nuclear operator's limitation of liability in amount and in time, its channelling, the principle of sole liability and exonerations, the insurers' position, the cover provided and state intervention beyond that amount. (NEA) [fr

  3. Risk assessment and nuclear insurance: an overview

    International Nuclear Information System (INIS)

    Deitchman, J.V.; King, W.T. Jr.; Olding, R.P.

    1976-01-01

    In the nascent years of commercial nuclear power, the insurance industry expressed confidence in the safety of nuclear operations by committing unprecedented insurance capacity to nuclear risks. As the nuclear industry has developed, it has compiled an enviable safety record. The initial confidence of the insurance industry has thus been justified and an ever-increasing portion of the financial liability associated with nuclear operations has been accepted by the world-wide insurance markets. This increasing acceptance and understanding of nuclear risks by the insurance industry has resulted in significantly reduced rates and large premium refunds for nuclear operators

  4. Risk segmentation in Chilean social health insurance.

    Science.gov (United States)

    Hidalgo, Hector; Chipulu, Maxwell; Ojiako, Udechukwu

    2013-01-01

    The objective of this study is to identify how risk and social variables are likely to be impacted by an increase in private sector participation in health insurance provision. The study focuses on the Chilean health insurance industry, traditionally dominated by the public sector. Predictive risk modelling is conducted using a database containing over 250,000 health insurance policy records provided by the Superintendence of Health of Chile. Although perceived with suspicion in some circles, risk segmentation serves as a rational approach to risk management from a resource perspective. The variables that have considerable impact on insurance claims include the number of dependents, gender, wages and the duration a claimant has been a customer. As shown in the case study, to ensure that social benefits are realised, increased private sector participation in health insurance must be augmented by regulatory oversight and vigilance. As it is clear that a "community-rated" health insurance provision philosophy impacts on insurance firm's ability to charge "market" prices for insurance provision, the authors explore whether risk segmentation is a feasible means of predicting insurance claim behaviour in Chile's private health insurance industry.

  5. Risk Management and Insurance Decisions under Ambiguity

    DEFF Research Database (Denmark)

    Martínez-Correa, Jimmy

    I study the impact of ambiguity on insurance decisions and the optimality of insurance contracts. My tractable approach allows me to study the interaction between risk and ambiguity attitudes. When insurance decisions are made independently of other assets, for a given increase in wealth, both risk...... portfolio theory that assumes Subjective Expected Utility theory; however, it provides hints to a possible solution of the under-diversification puzzle of households. I also identify conditions under which more risk or ambiguity aversion decreases the demand for coinsurance. Additionally, I show...... a counterexample to a classical result in insurance economics where an insurance contract with straight deductible is dominated by a coinsurance contract. Finally, I find that a modified Borch rule characterizes the optimal insurance contract with bilateral risk and ambiguity attitudes and heterogeneity in beliefs....

  6. 75 FR 30106 - Terrorism Risk Insurance Program; Recordkeeping Requirements for Insurers Compensated Under the...

    Science.gov (United States)

    2010-05-28

    ... DEPARTMENT OF THE TREASURY Terrorism Risk Insurance Program; Recordkeeping Requirements for... Budget. The Terrorism Risk Insurance Program Office within the Department of the Treasury is soliciting... original and two copies) to: Terrorism Risk Insurance Program, Public Comment Record, Suite 2100...

  7. Insurability of Cyber Risk: An Empirical Analysis

    OpenAIRE

    Biener, Christian; Eling, Martin; Wirfs, Jan Hendrik

    2015-01-01

    This paper discusses the adequacy of insurance for managing cyber risk. To this end, we extract 994 cases of cyber losses from an operational risk database and analyse their statistical properties. Based on the empirical results and recent literature, we investigate the insurability of cyber risk by systematically reviewing the set of criteria introduced by Berliner (1982). Our findings emphasise the distinct characteristics of cyber risks compared with other operational risks and bring to li...

  8. Visualization tools for insurance risk processes

    OpenAIRE

    Krzysztof Burnecki; Rafal Weron

    2006-01-01

    This chapter develops on risk processes which, perhaps, are most suitable for computer visualization of all insurance objects. At the same time, risk processes are basic instruments for any non-life actuary – they are vital for calculating the amount of loss that an insurance company may incur.

  9. RISK PREMIUM IN MOTOR VEHICLE INSURANCE

    Directory of Open Access Journals (Sweden)

    BANU ÖZGÜREL

    2013-06-01

    Full Text Available The pure premium or risk premium is the premium that would exactly meet the expected cost of the risk covered ignoring management expenses, commissions, contingency loading, etc. Claim frequency rate and mean claim size are required for estimation in calculating risk premiums. In this study, we discussed to estimate claim frequency rate and mean claim size with several methods and calculated risk premiums. Data, which supported our study, is provided by insurance company involving with motor vehicle insurance.

  10. Insurer risk control and nuclear liability

    Energy Technology Data Exchange (ETDEWEB)

    DeMerchant, C. [Nuclear Insurance Association of Canada, Toronto, ON (Canada)

    2015-07-01

    We specialize in high quality insurance risk management, underwriting and inspections for Canadian nuclear exposures. We provide true risk transfer, secure insurance capacity and collaborate with the world's nuclear experts to create innovative domestic solutions for our clients and members. The benefit of our experience works for all stake holders: insured clients, members, multi-level government agencies and all Canadians. NIAC has a 55-year history of partnering with insurers around the globe to create reliable risk management for the nuclear industry. We offer Canadian risk solutions, thought leadership and expertise that provides security and confidence to our customers and members. NIAC leads in the areas of nuclear insurance law, good governance and claims administration to create a true Centre of Excellence.

  11. Insurer risk control and nuclear liability

    International Nuclear Information System (INIS)

    DeMerchant, C.

    2015-01-01

    We specialize in high quality insurance risk management, underwriting and inspections for Canadian nuclear exposures. We provide true risk transfer, secure insurance capacity and collaborate with the world's nuclear experts to create innovative domestic solutions for our clients and members. The benefit of our experience works for all stake holders: insured clients, members, multi-level government agencies and all Canadians. NIAC has a 55-year history of partnering with insurers around the globe to create reliable risk management for the nuclear industry. We offer Canadian risk solutions, thought leadership and expertise that provides security and confidence to our customers and members. NIAC leads in the areas of nuclear insurance law, good governance and claims administration to create a true Centre of Excellence.

  12. MARKET INSURANCE AND RISKS IN THIS FIELD

    Directory of Open Access Journals (Sweden)

    Ersilia Catrina

    2017-11-01

    Full Text Available The insurance market can be considered a market where all sorts of anomalies can be encountered or a current acquisition for a situation considered to be certain or relative future, depending on the type of insurance. For the most part, assurance is based on a premise, a hypothesis that is generally based on several factors of influence. Generally, the most important factors in making such a decision are generated by the human-sensitive factor or the economicprotective. Therefore, by joining the insurance market and purchasing any kind of insurance, we must also take into account the risks that arise from these products. Generally, most people perceive these insurance policies in different areas as a future guarantee without considering additional elements that can highlight risk elements that may alter the expected outcome of the acquirer. An important element to mitigate these risks would be the implementation and use of internal control over the supply chain, control that would make a difference between an activity under normal, predictable and legal conditions and a random activity with many elements of risk that can cause major damage to those involved, and to the insurer and the insured. Through this paper, the author aimed to highlight the importance of internal control in insurance companies, as well as the consequences of the lack of internal control within these societies

  13. Catastrophic risk : Social influences on insurance decisions

    NARCIS (Netherlands)

    Krawczyk, Michal; Trautmann, Stefan; van de Kuilen, Gijs

    We study behavioral patterns of insurance demand for low-probability large-loss events (catastrophic losses). Individual patterns of belief formation and risk attitude that were suggested in the behavioral decisions literature emerge robustly in the current set of insurance choices. However, social

  14. Insuring Life : Value, Security and Risk

    NARCIS (Netherlands)

    Lobo-Guerrero, Luis

    2016-01-01

    This book is a contribution to the scholarly engagement with the wider problem of governing through risk and the politics of uncertainty. It takes life insurance as an empirical site from which to ask: what is the kind of governance created through insurance an instance of, and how does it

  15. PARAMETRIC INSURANCE COVER FOR NATURAL CATASTROPHE RISKS

    Directory of Open Access Journals (Sweden)

    Serghei Margulescu

    2013-11-01

    Full Text Available With economic losses of over USD 370 bn caused by 325 catastrophic events, 2011 ranks as the worst ever year in terms of costs to society due to natural catastrophes and man-made disasters. Inthe same time, 2011 is the second most expensive year in the history for the insurance industry, with insured losses from catastrophic events amounting to USD 116 bn. Both the high level of damages and insured losses, as well as the unprecedented gap between the two values, made insurers and reinsurers worldwide to understand that some risks had so far been underestimated and they have to be better integrated in the catastrophes modelling.On the other hand, governments have to protect themselves against the financial impact of natural catastrophes and new forms of cooperation between the public and private sectors can help countries finance disaster risks. Viewed in a country’s wider risk management context, the purchase of parametric insurance cover, which transfers natural catastrophe risk to the private sector using an index- based trigger, is a necessary shift towards a pre-emptive risk management strategy. This kind of approach can be pursued by central governments or at the level of provincial or municipal governments, and a number of case studies included in the publication “Closing the financial gap” by Swiss Re (2011 illustrates how new forms of parametric insurance can help countries finance disaster risks.

  16. Effectiveness of insurance risk management under crisis conditions

    Directory of Open Access Journals (Sweden)

    I.G. Goncharenko

    2015-06-01

    Full Text Available In the article some historical aspects of insurance, domestic trends in insurance risk management with aspects of international experience, the modern role of insurance and insurance companies in a market economy, factors of risk management system and the nature of the insurance portfolio are analyzed. Factors of risk events in insurance, the spectrum of risks, imbalance of the insurance market in crisis conditions are outlined; expert’s estimations of the insurance market in recent years are examined. Problems of insurance business perform are determined, especially insurance risk management. The ability to use the provisions of European insurance regulation on internal domestic insurance market is analyzed, and also the aspects of integration of Ukrainian insurance market are determined.

  17. Nuclear insurance risk assessment using risk-based methodology

    International Nuclear Information System (INIS)

    Wendland, W.G.

    1992-01-01

    This paper presents American Nuclear Insurers' (ANI's) and Mutual Atomic Energy Liability Underwriters' (MAELU's) process and experience for conducting nuclear insurance risk assessments using a risk-based methodology. The process is primarily qualitative and uses traditional insurance risk assessment methods and an approach developed under the auspices of the American Society of Mechanical Engineers (ASME) in which ANI/MAELU is an active sponsor. This process assists ANI's technical resources in identifying where to look for insurance risk in an industry in which insurance exposure tends to be dynamic and nonactuarial. The process is an evolving one that also seeks to minimize the impact on insureds while maintaining a mutually agreeable risk tolerance

  18. 46 CFR 308.107 - War risk hull insurance policy.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false War risk hull insurance policy. 308.107 Section 308.107 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Hull and Disbursements Insurance § 308.107 War risk hull insurance policy. Standard Form MA-240...

  19. 75 FR 45563 - Terrorism Risk Insurance Program; Final Netting

    Science.gov (United States)

    2010-08-03

    ... DEPARTMENT OF THE TREASURY 31 CFR Part 50 RIN 1505-AC24 Terrorism Risk Insurance Program; Final... Title I of the Terrorism Risk Insurance Act of 2002 (``TRIA'' or ``the Act''), as amended by the Terrorism Risk Insurance Extension Act of 2005 (``Extension Act'') and the Terrorism Risk Insurance Program...

  20. Cyber Insurance - Managing Cyber Risk

    Science.gov (United States)

    2015-04-01

    disaster response plans, how employees and others access data systems, and at a minimum, the antivirus and anti- malware software used by the business, the...a policy for insuring data stored in the cloud.[5] Typically, businesses that install or ser- vice software or networks or provide IT consulting for...security, and privacy. Errors and omissions covers claims related to performance of services such as software development or consulting services

  1. Deflation Risk and Implications for Life Insurers

    Directory of Open Access Journals (Sweden)

    Jean-François Bégin

    2016-12-01

    Full Text Available Life insurers are exposed to deflation risk: falling prices could lead to insufficient investment returns, and inflation-indexed protections could make insurers vulnerable to deflation. In this spirit, this paper proposes a market-based methodology for measuring deflation risk based on a discrete framework: the latter accounts for the real interest rate, the inflation index level, its conditional variance, and the expected inflation rate. US inflation data are then used to estimate the model and show the importance of deflation risk. Specifically, the distribution of a fictitious life insurer’s future payments is investigated. We find that the proposed inflation model yields higher risk measures than the ones obtained using competing models, stressing the need for dynamic and market-consistent inflation modelling in the life insurance industry.

  2. The role of the broker and insurance of oil cargoes in the market

    International Nuclear Information System (INIS)

    Le Fevre, P.J.

    1993-01-01

    This article considers Lloyd's insurance brokers and their code of practice which covers their conduct, the need to meet the insurance requirements of clients, and the stipulation that advertisement should not be inaccurate. The Institute Bulk Oil Clauses 1983 and the American SP13C Clauses 1962, categories of clients and insurance markets are discussed. (UK)

  3. [Risk assessment expanded accident insurance for children].

    Science.gov (United States)

    Sittaro, N A

    1998-08-01

    Disability is a well known and tragic event for children. While adults are an established group for specific disability insurance cover, children were often neglected in the past. Although parents, organizations and paediatricans are aware of the risk, children specific incidence rates for disability are hardly available. The only sufficient source for some statistical data are the accident statistics because they represent a substantial group of specific cause related disability for children. Incidence rates for disease related chronic severe impairment or disability in children are either derived by single disease research or actuarial calculation of the German Social Disability Registration. Based on this statistical background, an extended accident insurance for children was introduced in Germany covering both accidents and disabling diseases. The key limitation for all variations of this insurance are exclusion clauses for congential diseases and mental disorders. This insurance requires a new approach in underwriting of the health risks. Because of the substantial number of impaired children, a simple decline of substandard cases are unacceptable. The early experience or medical underwriting shows predominantly health impairments of the following types: allergies, bronchial asthma, ectopic eczema (neurodermitis), disorders of speech and articulation, vision disorders and mental impairments. The suggested solution for underwriting of substandard risks is the predetermination of the possible future maximum degree of disability. The need for underwriting guidelines is supported by the market impact of the new disability cover with thousands of insurance policies issued in the first month after introduction.

  4. Financial risk protection from social health insurance.

    Science.gov (United States)

    Barnes, Kayleigh; Mukherji, Arnab; Mullen, Patrick; Sood, Neeraj

    2017-09-01

    This paper estimates the impact of social health insurance on financial risk by utilizing data from a natural experiment created by the phased roll-out of a social health insurance program for the poor in India. We estimate the distributional impact of insurance on of out-of-pocket costs and incorporate these results with a stylized expected utility model to compute associated welfare effects. We adjust the standard model, accounting for conditions of developing countries by incorporating consumption floors, informal borrowing, and asset selling which allow us to separate the value of financial risk reduction from consumption smoothing and asset protection. Results show that insurance reduces out-of-pocket costs, particularly in higher quantiles of the distribution. We find reductions in the frequency and amount of money borrowed for health reasons. Finally, we find that the value of financial risk reduction outweighs total per household costs of the insurance program by two to five times. Copyright © 2017. Published by Elsevier B.V.

  5. Insurability of export credit risks

    NARCIS (Netherlands)

    Alsem, K.J.; Antufjew, J.; Huizingh, K.R.E.; Koning, Ruud H.; Sterken, E.; Woltil, M.

    2003-01-01

    Firms exporting their goods and services abroad face risks that are different from the risks faced by firms who do not engage in international trade. It is common practice to allow the receiving party to pay in instalments. The exporting firm faces credit risk, but as in most countries, Dutch firms

  6. An Improved Distortion Operator for Insurance Risks

    Institute of Scientific and Technical Information of China (English)

    GAO Jian-wei; QIU Wan-hua

    2002-01-01

    This paper reviews the distortion function approach developed in the actuarial literature for insurance risks. The main aim of this paper is to derive an extensive distortion operator, and to propose a new premium principle based on this extensive distortion operator. Furthermore, the non-robustness of general distortion operator is also discussed. Examples are provided using Bernoulli, Pareto, Lognormal and Gamma distribution assumptions.

  7. Risk transfer via energy-savings insurance

    International Nuclear Information System (INIS)

    Mills, Evan

    2003-01-01

    Among the key barriers to investment in energy efficiency are uncertainties about attaining projected energy savings and potential disputes over stipulated savings. The fields of energy management and risk management are thus intertwined. While many technical methods have emerged to manage performance risks (e.g. building diagnostics and commissioning), financial methods are less developed in the energy management arena than in other segments of the economy. Energy-savings insurance (ESI) - formal insurance of predicted energy savings - transfers and spreads both types of risk over a larger pool of energy efficiency projects and reduces barriers to market entry of smaller energy service firms who lack sufficiently strong balance sheets to self-insure the savings. ESI encourages those implementing energy-saving projects to go beyond standard measures and thereby achieve more significant levels of energy savings. Insurance providers are proponents of improved savings measurement and verification techniques, as well as maintenance, thereby contributing to national energy-saving objectives. If properly applied, ESI can potentially reduce the net cost of energy-saving projects by reducing the interest rates charged by lenders, and by increasing the level of savings through quality control. Governmental agencies have been pioneers in the use of ESI and could continue to play a role

  8. The insurance of bulk oil cargoes and adjustment of shortage claims

    International Nuclear Information System (INIS)

    Tavendale, R.

    1993-01-01

    Shortage claims discussed in this article include those due to a definite disaster such as a fire, those due to cargo contamination and storage, and those identified in documentation as occurring between loading and unloading. The principal types of cover are examined, and the distinction between gross and net quantities, claim documentation, the petroleum measurement tables, and guaranteed out turn cover are described in detail. (UK)

  9. 75 FR 30106 - Terrorism Risk Insurance Program; Litigation Management Submissions

    Science.gov (United States)

    2010-05-28

    ... DEPARTMENT OF THE TREASURY Terrorism Risk Insurance Program; Litigation Management Submissions... U.S.C. 3506(c)(2)(A)). Currently, the Terrorism Risk Insurance Program Office is seeking comments... or by mail (if hard copy, preferably an original and two copies) to: Terrorism Risk Insurance Program...

  10. 75 FR 58468 - Terrorism Risk Insurance Program; Program Loss Reporting

    Science.gov (United States)

    2010-09-24

    ... DEPARTMENT OF THE TREASURY Terrorism Risk Insurance Program; Program Loss Reporting AGENCY: Departmental Offices, Terrorism Risk Insurance Program Office, Treasury. ACTION: Notice and request for... 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Terrorism Risk Insurance Program...

  11. Risk transfer via energy savings insurance

    Energy Technology Data Exchange (ETDEWEB)

    Mills, Evan

    2001-10-01

    Among the key barriers to investment in energy efficiency improvements are uncertainties about attaining projected energy savings and apprehension about potential disputes over these savings. The fields of energy management and risk management are thus intertwined. While many technical methods have emerged to manage performance risks (e.g. building commissioning), financial risk transfer techniques are less developed in the energy management arena than in other more mature segments of the economy. Energy Savings Insurance (ESI) - formal insurance of predicted energy savings - is one method of transferring financial risks away from the facility owner or energy services contractor. ESI offers a number of significant advantages over other forms of financial risk transfer, e.g. savings guarantees or performance bonds. ESI providers manage risk via pre-construction design review as well as post-construction commissioning and measurement and verification of savings. We found that the two mos t common criticisms of ESI - excessive pricing and onerous exclusions - are not born out in practice. In fact, if properly applied, ESI can potentially reduce the net cost of energy savings projects by reducing the interest rates charged by lenders, and by increasing the level of savings through quality control. Debt service can also be ensured by matching loan payments to projected energy savings while designing the insurance mechanism so that payments are made by the insurer in the event of a savings shortfall. We estimate the U.S. ESI market potential of $875 million/year in premium income. From an energy-policy perspective, ESI offers a number of potential benefits: ESI transfers performance risk from the balance sheet of the entity implementing the energy savings project, thereby freeing up capital otherwise needed to ''self-insure'' the savings. ESI reduces barriers to market entry of smaller energy services firms who do not have sufficiently strong balance

  12. Risk transfer via energy savings insurance; TOPICAL

    International Nuclear Information System (INIS)

    Mills, Evan

    2001-01-01

    Among the key barriers to investment in energy efficiency improvements are uncertainties about attaining projected energy savings and apprehension about potential disputes over these savings. The fields of energy management and risk management are thus intertwined. While many technical methods have emerged to manage performance risks (e.g. building commissioning), financial risk transfer techniques are less developed in the energy management arena than in other more mature segments of the economy. Energy Savings Insurance (ESI) - formal insurance of predicted energy savings - is one method of transferring financial risks away from the facility owner or energy services contractor. ESI offers a number of significant advantages over other forms of financial risk transfer, e.g. savings guarantees or performance bonds. ESI providers manage risk via pre-construction design review as well as post-construction commissioning and measurement and verification of savings. We found that the two mos t common criticisms of ESI - excessive pricing and onerous exclusions - are not born out in practice. In fact, if properly applied, ESI can potentially reduce the net cost of energy savings projects by reducing the interest rates charged by lenders, and by increasing the level of savings through quality control. Debt service can also be ensured by matching loan payments to projected energy savings while designing the insurance mechanism so that payments are made by the insurer in the event of a savings shortfall. We estimate the U.S. ESI market potential of$875 million/year in premium income. From an energy-policy perspective, ESI offers a number of potential benefits: ESI transfers performance risk from the balance sheet of the entity implementing the energy savings project, thereby freeing up capital otherwise needed to ''self-insure'' the savings. ESI reduces barriers to market entry of smaller energy services firms who do not have sufficiently strong balance sheets to self-insure

  13. Space tourism risks: A space insurance perspective

    Science.gov (United States)

    Bensoussan, Denis

    2010-06-01

    Space transportation is inherently risky to humans, whether they are trained astronauts or paying tourists, given that spaceflight is still in its relative infancy. However, this is easy to forget when subjected to the hype often associated with space tourism and the ventures seeking to enter that market. The development of commercial spaceflight constitutes a challenge as much as a great opportunity to the insurance industry as new risks emerge and standards, policies and procedures to minimise/mitigate and cover them still to be engineered. Therefore the creation of a viable and affordable insurance regime for future space tourists is a critical step in the development of a real space tourism market to address burning risk management issues that may otherwise ultimately hamper this nascent industry before it has a chance to prove itself.

  14. The risks at nuclear power stations and their insurance

    International Nuclear Information System (INIS)

    Schludi, H.N.

    1994-01-01

    Insurance can offer an uninterrupted insurance cover from start-up-to shut-down of a nuclear power station. This is assured by the insurance for the erection, for the nuclear liability, for the nuclear/fire, for the engines, for operational interruptions and for the transport. For each of the above mentioned insurance branches, essential characteristic features, such as risk carrier, protection range and insurance costs, are given. (orig.) [de

  15. Risk Management in the banking and insurance sector

    Directory of Open Access Journals (Sweden)

    Ibrahim Mala

    2018-03-01

    Full Text Available Risk management is becoming an integral part of every organization, especially for the banking and Insurance sector because of their high-risk business. Both sectors try to manage the risks of their clients and their own risks. But, challenges in the banking and insurance industry are frequently influenced by the liquidity rations and the amount and quality of capital as ground requirements for risk management. The risk exposure in recent times is becoming more complex, more dynamic and diverse. Hence, we need to understand the risks which can be taken and the risks which should be avoided. In the other side insurance policies are long term, enabling insurers to stabilize the financial system and oft en insurance is the final transfer of risk. In this paper we will analyze an overview of risk management in the banking and insurance sector.

  16. Catastrophic risks and insurance in farm-level decision making

    NARCIS (Netherlands)

    Ogurtsov, V.

    2008-01-01

    Keywords: risk perception, risk attitude, catastrophic risk, insurance, farm characteristics, farmer personal characteristics, utility-efficient programming, arable farming, dairy farming

    Catastrophic risks can cause severe cash flow problems for farmers or even result into their

  17. Insurance risk of nuclear power plant concentrations

    International Nuclear Information System (INIS)

    Feldmann, J.

    1976-01-01

    The limited number of sites available in the Federal Republic of Germany for the erection of nuclear power plants has resulted in the construction of multiple nuclear generating units on a few sites, such as Biblis, Gundremmingen and Neckarwestheim. At a value invested of approximately DM 1,200/kW this corresponds to a property concentration on one site worth DM 2 - 3 billion and more. This raises the question whether a concentration of value of this magnitude does not already exceed the limits of bearable economic risks. The property risk of a nuclear power plant, as that of any other industrial plant, is a function of the property that can be destroyed in a maximum probable loss. Insurance companies subdivide plants into so-called complex areas in which fire damage or nuclear damage could spread. While in some foreign countries twin nuclear power plants are built, where the technical systems of both units are installed in one building without any physical separation, dual unit plants are built in the Federal Republic in which the complexes with a high concentration of valuable property are physically separate building units. As a result of this separation, property insurance companies have no grounds for assessing the risk and hence, the premium different from those of single unit plants. (orig.) [de

  18. Examining unpriced risk heterogeneity in the Dutch health insurance market

    NARCIS (Netherlands)

    Withagen-Koster, A.A. (A. A.); R.C. van Kleef (Richard); F. Eijkenaar (Frank)

    2018-01-01

    textabstractA major challenge in regulated health insurance markets is to mitigate risk selection potential. Risk selection can occur in the presence of unpriced risk heterogeneity, which refers to predictable variation in health care spending not reflected in either premiums by insurers or risk

  19. Essays on valuation and risk management for insurers

    NARCIS (Netherlands)

    Plat, H.J.

    2011-01-01

    In recent years there has been increasing attention of the insurance industry for market consistent valuation of insurance liabilities and the quantification of insurance risks. Important drivers of this development are the new regulatory requirements resulting from the introduction of IFRS 4 Phase

  20. The art of alternative risk transfer methods of insurance

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2015-11-01

    Full Text Available The very basis of insurance is risk assumption. Hence it is the business of insurance to give risk protection. The notion that all ‘risk is risk’ and hence should be treated as such, has become the driving force on the risk landscape. Insurance companies have no room to be selective, as there are competitive threats posed by other financial players who are waiting on the wings to invade the market segment. There has been an emergence of new risks, such as cyber, terrorism as well as liability risks. The insurance cycles have made traditional insurance cover expensive. In this article we sought to interrogate whether Alternative Risk Transfer techniques represent a cost effective way of balancing insurability and the bottom line by analysing global trends. On the basis of the research findings it can be concluded that indeed the ART solutions are a must buy for both corporates and insurance companies, as they result in the organisation using them achieving financial efficiency. The present study also demonstrates that there is a paradigm shift in insurance from that of indemnity to that of value enhancement. Lastly the study reveals that ART solutions are here to stay and are not a fad. Insurance companies cannot afford the luxury of missing any further opportunities, such as happened with Y2K, which proved to be a free lunch.

  1. Earthquake insurance pricing: a risk-based approach.

    Science.gov (United States)

    Lin, Jeng-Hsiang

    2018-04-01

    Flat earthquake premiums are 'uniformly' set for a variety of buildings in many countries, neglecting the fact that the risk of damage to buildings by earthquakes is based on a wide range of factors. How these factors influence the insurance premiums is worth being studied further. Proposed herein is a risk-based approach to estimate the earthquake insurance rates of buildings. Examples of application of the approach to buildings located in Taipei city of Taiwan were examined. Then, the earthquake insurance rates for the buildings investigated were calculated and tabulated. To fulfil insurance rating, the buildings were classified into 15 model building types according to their construction materials and building height. Seismic design levels were also considered in insurance rating in response to the effect of seismic zone and construction years of buildings. This paper may be of interest to insurers, actuaries, and private and public sectors of insurance. © 2018 The Author(s). Disasters © Overseas Development Institute, 2018.

  2. Risk Aversion, Loss Aversion, and the Demand for Insurance

    Directory of Open Access Journals (Sweden)

    Louis Eeckhoudt

    2018-05-01

    Full Text Available In this paper we analyze insurance demand when the utility function depends both upon final wealth and the level of losses or gains relative to a reference point. Besides some comparative statics results, we discuss the links with first-order risk aversion, with the Omega measure, and with a tendency to over-insure modest risks that has been been extensively documented in real insurance markets.

  3. Risk Pricing and Profit Maximization of Insurance Companies ...

    African Journals Online (AJOL)

    The research investigates the impact of pricing of risk on the profitability of Nigeria insurance market and also the relationship between operation expenses and profitability of the non-life insurance market in Nigeria. Results show that economy, competition and government regulation have effect on pricing of risk. Also, it was ...

  4. 46 CFR 308.207 - War risk protection and indemnity insurance policy.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false War risk protection and indemnity insurance policy. 308... OPERATIONS WAR RISK INSURANCE War Risk Protection and Indemnity Insurance § 308.207 War risk protection and indemnity insurance policy. The standard form of war risk protection and indemnity insurance policy, Form MA...

  5. Insurance of the Nuclear Risk in France

    International Nuclear Information System (INIS)

    Brassard, Guy

    2012-01-01

    This March, Japan commemorated the first anniversary of the Fukushima tragedy, when an unhappy combination of natural disasters led to a nuclear accident. The material and human damage was enormous and it will be decades before memories fade and the Japanese can try to forget this tragedy, which attests to the great vulnerability of - even the most advanced - economies to natural and technological risks. In the wake of the accident, there has been much debate on the pertinence of the use of nuclear fission in energy production, particularly in France. Without going over these debates once again, it is nonetheless legitimate to ask not just how well equipped we are to prevent nuclear risks, but also how the consequences of a potential nuclear disaster would be dealt with in this country. It is this question that Guy Brassard latches on to. After reminding us of the limits of the responsibility of EDF (Electricite de France) and the state in France regarding the indemnification of the damage that would ensue from such a disaster, Brassard stresses the inadequacy of the guarantees in force and calls for the creation of a reserve fund for exceptional events. He stresses the need to mitigate the nuclear risk through a clear assessment of power stations on the basis of uniform security parameters, a publicly avail able economic analysis of the electricity mix, and the establishment of measures of efficiency and prudence in the use of France's nuclear resources. He ends by proposing a model, based on a large number of international studies, for calculating the costs of a scheme for insuring against exceptional risks. From these it emerges that a very moderate increase in the price of electricity would make it possible to set aside 100 billion euros over 18 years to meet a risk that would arise only once every century. A relatively negligible investment for the future by comparison with the cost to the public finances of such a disaster occurring. (author)

  6. Risk, Credit, and Insurance in Peru: Field Experimental Evidence

    OpenAIRE

    Galarza, Francisco

    2009-01-01

    This paper reports the results of behavioral economic experiments conducted in Peru to examine the relationship amongst risk preferences, loan take-up, and insurance purchase decisions. This area-based yield insurance can help reduce people's vulnerability to large scale covariate shocks, and can also lower the loan default probability under extreme negative covariate shocks. In a context of collateralized formal credit markets, we provide suggestive evidence that insurance may help reduce th...

  7. Insurance risk with variable number of policies

    NARCIS (Netherlands)

    Adan, I.J.B.F.; Kulkarni, V.G.

    2008-01-01

    In this article we consider an insurance company selling life insurance policies. New policies are sold at random points in time, and each policy stays active for an exponential amount of time with rate µ, during which the policyholder pays premiums continuously at rate r. When the policy expires,

  8. Risk Management: Getting the Most for Your Insurance Dollars

    Science.gov (United States)

    Abramson, Paul

    1973-01-01

    Analyze what insurance is intended to do by going through the risk management process: identify exposures to loss, measure their financial impact on the institution, rationalize the means of controlling exposures, prevent loss, and set up a program to minimize the impact of loss through insurance or other means. (Author)

  9. Investigating the risk reduction potential of disaster insurance across Europe

    NARCIS (Netherlands)

    Surminski, Swenja; Hudson, Paul

    2017-01-01

    The notion that insurance can play a significant role in risk reduction has recently gained increasing attention in the wake of rising losses from natural disasters. While this notion is accepted in theory, we notice that, in practice, little is known about if and how insurance promotes efforts to

  10. On the economic risk capital of portfolio insurance

    Directory of Open Access Journals (Sweden)

    Werner Hürlimann

    2004-09-01

    Full Text Available A formula for the conditional value-at-risk of classical portfolio insurance is derived and shown to be constant for sufficiently small loss probabilities. As illustrations, we discuss portfolio insurance for an equity market index using empirical data, and analyze the more general multivariate situation of a portfolio of risky assets.

  11. Ways and means of insuring against nuclear risks

    International Nuclear Information System (INIS)

    Campbell Miles, A.

    1975-01-01

    Despite stringent safety requirements imposed upon nuclear installations, the need for adequate insurance cover is motivated by the consideration that a nuclear accident could lead to very grave consequences. To marshal the large insurance capacity required, national pools were formed in many countries, which may enter into arrangements with other similar national pools to increase their own capacity with a view to an appropriate spread of the risks involved. In the absence of a national nuclear pool, application for nuclear insurance would normally be made to the national insurance market association concerned. Virtually every type of nuclear risk is insurable; various forms of material damage and liability insurances are available. The financial liability of nuclear operators is established by national legislation on the basis of international conventions. Insurance coverage is linked to the operator's amount of liability established by law. A third party nuclear liability insurance policy usually consists of three parts: Part I covers the operator's liability under his domestic nuclear legislation; Part II provides non-nuclear power for accidents on the site up to a separate liability limit selected by the operator; and Part III provides cover for costs. Other types of insurance deal with damage to the site and the installation (material damage), consequential losses, contingent liabilities of suppliers of goods and services (products liability), nuclear material in transit and nuclear-propelled ships. (author)

  12. Engineering models for catastrophe risk and their application to insurance

    Science.gov (United States)

    Dong, Weimin

    2002-06-01

    Internationally earthquake insurance, like all other insurance (fire, auto), adopted actuarial approach in the past, which is, based on historical loss experience to determine insurance rate. Due to the fact that earthquake is a rare event with severe consequence, irrational determination of premium rate and lack of understanding scale of potential loss led to many insurance companies insolvent after Northridge earthquake in 1994. Along with recent advances in earth science, computer science and engineering, computerized loss estimation methodologies based on first principles have been developed to the point that losses from destructive earthquakes can be quantified with reasonable accuracy using scientific modeling techniques. This paper intends to introduce how engineering models can assist to quantify earthquake risk and how insurance industry can use this information to manage their risk in the United States and abroad.

  13. Interest rate risk of life insurers: Evidence from accounting data

    OpenAIRE

    Möhlmann, Axel

    2017-01-01

    Life insurers are exposed to interest rate risk, and their liability side is typically more sensitive to interest rate changes than their asset side. This paper develops an accounting-based measure of interest rate sensitivity. My approach uses the coexistence of historical cost and market value accounting, which permits the observation of valuations for different discount rates. Using microdata, I show that German life insurers have a significant exposure to interest rate risk. However, ther...

  14. Risks of shipping plutonium by truck, train, and cargo aircraft

    International Nuclear Information System (INIS)

    Johnson, J.F.; Andrews, W.B.

    1978-05-01

    Risk is defined as the product of the probability of a release of material to the environment and the consequences resulting from the release. The methodology is composed of four basic steps: a detailed description of the transportation system, the identification of possible material release sequences, the evaluation of the probabilities and the consequences of the releases, and calculation and assessment of the risk. The system description includes projected industry characteristics, amounts to be shipped and the number of shipments required, material characteristics, transport mode and carrier, container types, routes (and any restrictions), and weather and population zones. Release sequences are identified using fault tree analyses. Releases are evaluated using container failure data and mathematical models for dispersion and health effects. The risk is then calculated and compared to other known risks

  15. Health Insurance and Risk of Divorce: Does Having Your Own Insurance Matter?

    Science.gov (United States)

    Sohn, Heeju

    2016-01-01

    Most American adults under 65 obtain health insurance through their employers or their spouses’ employers. The absence of a universal healthcare system in the United States puts Americans at considerable risk for losing their coverage when transitioning out of jobs or marriages. Scholars have found evidence of reduced job mobility among individuals who are dependent on their employers for healthcare coverage. This paper finds similar relationships between insurance and divorce. I apply the hazard model to married individuals in the longitudinal Survey of Income Program Participation (N=17,388) and find lower divorce rates among people who are insured through their partners’ plans without alternative sources of their own. Furthermore, I find gender differences in the relationship between healthcare coverage and divorce rates: insurance dependent women have lower rates of divorce than men in similar situations. These findings draw attention to the importance of considering family processes when debating and evaluating health policies. PMID:26949269

  16. 76 FR 41278 - Cargo Security Risk Reduction; Public Listening Sessions

    Science.gov (United States)

    2011-07-13

    ....mil/hq/cg5/cg544/cdc.asp or the Federal Docket Management System at http://www.Regulations.gov . For... important for the Coast Guard, in concert with stakeholders, to implement a holistic strategy to mitigate... risk management and shared responsibility between public and private sector stakeholders, across the...

  17. A Study on Safety and Risk Assessment of Dangerous Cargo Operations in Oil/Chemical Tankers

    OpenAIRE

    Cenk ŞAKAR; Yusuf ZORBA

    2017-01-01

    The safety and risk assessment of dangerous cargo operations in oil and chemical tankers is a necessary process to prevent possible accidents during these operations. Fire and explosion are the major accidents encountered in tanker operations. In this study, a model was constructed through the Fuzzy Bayes Network Method for the probabilistic relationships between the causes of fire and explosion accidents that could occur during the tank cleaning process. The study is composed of two stages. ...

  18. Radiological risks from irradiation of cargo contents with EURITRACK neutron inspection systems

    International Nuclear Information System (INIS)

    Giroletti, E.; Bonomi, G.; Donzella, A.; Viesti, G.; Zenoni, A.

    2012-01-01

    The radiological risk for the population related to the neutron irradiation of cargo containers with a tagged neutron inspection system has been studied. Two possible effects on the public health have been assessed: the modification of the nutritional and organoleptic properties of the irradiated materials, in particular foodstuff, and the neutron activation of consumer products (i.e. food and pharmaceuticals). The result of this study is that irradiation of food and foodstuff, pharmaceutical and medical devices in container cargoes would neither modify the properties of the irradiated material nor produce effective doses of concern for public health. Furthermore, the dose received by possible stowaways present inside the container during the inspection is less than the annual effective dose limit defined by European Legislation for the public. - Highlights: ► Neutron irradiation of cargo containers implies a radiological risk. ► The risk is about the modification of food properties and the products activation. ► Assessment is made about the EURITRACK neutron irradiation system. ► Results show that the EURITRACK scanning is not dangerous for the population.

  19. Switching insurer in the Irish voluntary health insurance market: determinants, incentives, and risk equalization.

    Science.gov (United States)

    Keegan, Conor; Teljeur, Conor; Turner, Brian; Thomas, Steve

    2016-09-01

    The determinants of consumer mobility in voluntary health insurance markets providing duplicate cover are not well understood. Consumer mobility can have important implications for competition. Consumers should be price-responsive and be willing to switch insurer in search of the best-value products. Moreover, although theory suggests low-risk consumers are more likely to switch insurer, this process should not be driven by insurers looking to attract low risks. This study utilizes data on 320,830 VHI healthcare policies due for renewal between August 2013 and June 2014. At the time of renewal, policyholders were categorized as either 'switchers' or 'stayers', and policy information was collected for the prior 12 months. Differences between these groups were assessed by means of logistic regression. The ability of Ireland's risk equalization scheme to account for the relative attractiveness of switchers was also examined. Policyholders were price sensitive (OR 1.052, p sensitivity declined with age. Age (OR 0.971; p Consumers appear price-responsive, which is important for competition provided it is based on correct incentives. Risk equalization payments largely eliminated the profitable status of switchers, although further refinements may be required.

  20. Continuing Professional Education of Insurance and Risk Management Practitioners: A Comparative Case Study of Customer Service Representatives, Insurance Agents and Risk Managers

    Science.gov (United States)

    Krauss, George E.

    2009-01-01

    The purpose of this study is to understand how selected insurance practitioners learn and developed in their practices setting. The selected insurance practitioners (collectively customer service representatives, insurance agents, and risk managers) are responsible for the counseling and placement of insurance products and the implementation of…

  1. Health-based risk neutralization in private disability insurance

    NARCIS (Netherlands)

    Wijnvoord, Elisabeth C.; Buitenhuis, Jan; Brouwer, Sandra; van der Klink, Jac J. L.; de Boer, Michiel R.

    2016-01-01

    Background: Exclusions are used by insurers to neutralize higher than average risks of sickness absence (SA). However, differentiating risk groups according to one's medical situation can be seen as discrimination against people with health problems in violation of a 2006 United Nations convention.

  2. Health-based risk neutralization in private disability insurance

    NARCIS (Netherlands)

    Wijnvoord, Elisabeth C; Buitenhuis, Jan; Brouwer, Sandra; van der Klink, Jac J L; de Boer, Michiel R

    2016-01-01

    BACKGROUND: Exclusions are used by insurers to neutralize higher than average risks of sickness absence (SA). However, differentiating risk groups according to one's medical situation can be seen as discrimination against people with health problems in violation of a 2006 United Nations convention.

  3. Perceptions of corporate cyber risks and insurance decision-making

    NARCIS (Netherlands)

    De Smidt, Guido; Botzen, Wouter

    This study provides an analysis of individual perceptions of cyber risks amongst professional decision makers. Data are collected using a survey of corporate professionals who are engaged in risk and insurance decision-making in various functional roles mainly in large companies. The study focuses

  4. Using the adaptive cycle in climate-risk insurance to design resilient futures

    Science.gov (United States)

    Cremades, R.; Surminski, S.; Máñez Costa, M.; Hudson, P.; Shrivastava, P.; Gascoigne, J.

    2018-01-01

    Assessing the dynamics of resilience could help insurers and governments reduce the costs of climate-risk insurance schemes and secure future insurability in the face of an increase in extreme hydro-meteorological events related to climate change.

  5. Risk selection and risk adjustment: improving insurance in the individual and small group markets.

    Science.gov (United States)

    Baicker, Katherine; Dow, William H

    2009-01-01

    Insurance market reforms face the key challenge of addressing the threat that risk selection poses to the availability, of stable, high-value insurance policies that provide long-term risk protection. Many of the strategies in use today fail to address this breakdown in risk pooling, and some even exacerbate it. Flexible risk adjustment schemes are a promising avenue for promoting market stability and limiting insurer cream-skimming, potentially providing greater benefits at lower cost. Reforms intended to increase insurance coverage and the value of care delivered will be much more effective if implemented in conjunction with policies that address these fundamental selection issues.

  6. Risk Analysis on Ship Wreck and Container Cargo to Ship Navigation

    Directory of Open Access Journals (Sweden)

    Muhammad Badrus Zaman

    2017-03-01

    Full Text Available Wreck of a ship is an incident that must be avoided. Ship accidents are generally caused by a several cases, such as human error, natural disaster, technical errors, missed communication, poor condition of the ship, and many more. Ship wreckage have huge impact for ship navigation, environment, economics, and others. Those impact have many disadvantages for the shipowners, and also for environment. For examples the fuel spills that pollute the environment, make disturbance to sailing ship because the track for those navigation is blocked by the ship wreck and their cargo especially on shallow location (<50 m. These research will discuss the effect the container when it is floats on the sea and its interference other ships. The main objective of this study is to present a risk assessment on the environmental impact of the wreck and container cargo. Wrecks on the seabed is likely to pose a risk to passing ships. container and its contents as well as the possibility of refloat, and also their environmental risks emanating from the wreck and container cargo, such as fuels, lubricants, and chemical cargo. Variations scenario is a collision between ships that pass by floating containers. The frequency of refloating container, and the consequences of the passing ship depends on several factors, which will be the subject of research. However, because of the frequency of refloating containers is unlikely, then the risk is low and does not pose a danger to navigation. These risk assessment using risk matrix 5x5 which is the combined value of the frequency and consequences of the incident. The results of this study indicate the level of risk, whether the risk is accepted, not accepted or received by considering the costs and benefits (ALARP. To consequence, there are two parameters which energy is absorbed and the penetration occurs. The absorbed energy is divided into two, namely the energy absorbed by ship and the energy absorbed by containers. In this

  7. Creation and implementation of a certification system for insurability and fire risk classification for forest plantations

    Science.gov (United States)

    Veronica Loewe M.; Victor Vargas; Juan Miguel Ruiz; Andrea Alvarez C.; Felipe Lobo Q.

    2015-01-01

    Currently, the Chilean insurance market sells forest fire insurance policies and agricultural weather risk policies. However, access to forest fire insurance is difficult for small and medium enterprises (SMEs), with a significant proportion (close to 50%) of forest plantations being without coverage. Indeed, the insurance market that sells forest fire insurance...

  8. Deposit Insurance and Risk Shifting in a Strong Regulatory Environment

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Justesen, Lene Gilje

    This study provides empirical evidence on the moral hazard implications of introducing deposit insurance into a strong regulatory environment. Denmark offers a unique setting because commercial banks and savings banks have different ownership structures, but are subject to the same set...... of regulations. The ownership structure in savings banks implies that they have no incentive to increase risk after the implementation of a deposit insurance scheme whereas commercial banks have. Also, at the time of introduction, Denmark had high capital requirements and a strict closure policy. Using...... a difference-in-difference framework we show that commercial banks did not increase their risk compared to savings banks when deposit insurance was introduced. The results also hold for large commercial banks, indicating that the systemic risk did not increase either. Thus for a system with high capital...

  9. Blanket guarantee, deposit insurance, and risk-shifting incentive: evidence from Indonesia

    OpenAIRE

    Kariastanto, Bayu

    2011-01-01

    Indonesia established a deposit insurance system to maintain stability in its banking sector after the abolishment of blanket guarantees in 2005. Since the insurance premiums are fixed and flat, deposit insurance may create an incentive for banks to take more risks and transfer the risks to the deposit insurer. Using an option pricing based model of deposit insurance, we compute the fair deposit insurance premiums for all banks listed on the Indonesian stock exchange. We find evidence that ba...

  10. Operational risk quantification and modelling within Romanian insurance industry

    Directory of Open Access Journals (Sweden)

    Tudor Răzvan

    2017-07-01

    Full Text Available This paper aims at covering and describing the shortcomings of various models used to quantify and model the operational risk within insurance industry with a particular focus on Romanian specific regulation: Norm 6/2015 concerning the operational risk issued by IT systems. While most of the local insurers are focusing on implementing the standard model to compute the Operational Risk solvency capital required, the local regulator has issued a local norm that requires to identify and assess the IT based operational risks from an ISO 27001 perspective. The challenges raised by the correlations assumed in the Standard model are substantially increased by this new regulation that requires only the identification and quantification of the IT operational risks. The solvency capital requirement stipulated by the implementation of Solvency II doesn’t recommend a model or formula on how to integrate the newly identified risks in the Operational Risk capital requirements. In this context we are going to assess the academic and practitioner’s understanding in what concerns: The Frequency-Severity approach, Bayesian estimation techniques, Scenario Analysis and Risk Accounting based on risk units, and how they could support the modelling of operational risk that are IT based. Developing an internal model only for the operational risk capital requirement proved to be, so far, costly and not necessarily beneficial for the local insurers. As the IT component will play a key role in the future of the insurance industry, the result of this analysis will provide a specific approach in operational risk modelling that can be implemented in the context of Solvency II, in a particular situation when (internal or external operational risk databases are scarce or not available.

  11. Risk assessment and risk transfer from an insurerś point of view

    Science.gov (United States)

    Ebner, G.

    2009-04-01

    Risk, a word that causes a lot of associations in human brains. Many of us don't like risks. Since hundreds of years insurance is the most common way to get rid of the financial consequences when risks convert to damages. This article deals with commercial risks and the possibilities of risk transfer, an important task within the field of risk management. For commercial entities it is very important to transfer risks, threatening the competitiveness or even worse the existence of a company. At the beginning of insurance it was more the less a bet between merchants and rich people. Later on mutual societies were taking place. Today we see a complex insurance industry with insurers, reinsurers, self insuring possibilities via captives and much more. This complex system, with all the different ways to deal with risk transfer requires a professional risk assessment! Risk assessment is based on knowledge about the threatened assets, the likelihood that they will be damaged, the threats and the possibilities to protect these assets. Assets may be tangible or intangible. Assessing risks is not a precise calculation that delivers a result without any doubt. But insurers and insured need a basis to fix a premium, both of them can agree. This contribution will present a system to assess risks and to find the right risk-transfer-premiums.

  12. Risk pricing practices in finance, insurance and construction

    OpenAIRE

    Laryea, Samuel

    2008-01-01

    A review of current risk pricing practices in the financial, insurance and construction sectors is conducted through a comprehensive literature review. The purpose was to inform a study on risk and price in the tendering processes of contractors: specifically, how contractors take account of risk when they are calculating their bids for construction work. The reference to mainstream literature was in view of construction management research as a field of application rather than a fundamental ...

  13. Risk transfer via energy savings insurance

    OpenAIRE

    Mills, Evan

    2001-01-01

    Among the key barriers to investment in energy efficiency improvements are uncertainties about attaining projected energy savings and apprehension about potential disputes over these savings. The fields of energy management and risk management are thus intertwined. While many technical methods have emerged to manage performance risks (e.g. building commissioning), financial risk transfer techniques are less developed in the energy management arena than in other more mature segments of t...

  14. Cavity degradation risk insurance assessment. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Hampson, C.; Neill, P.; de Bivort, L.

    1980-01-01

    This study examined the risks and risk management issues involved with the implementation by electric power utilities of compressed air energy storage and underground pumped hydro storage systems. The results are listed in terms of relative risks for the construction and operation of these systems in different geologic deposits, with varying amounts of pressurization, with natural or man-made disasters in the vicinity of the storage equipment, and with different modes of operating the facilities. (LCL)

  15. Framing of risk and preferences for annual and multi-year flood insurance

    NARCIS (Netherlands)

    Botzen, W.J.W.; de Boer, J.; Terpstra, T.

    2013-01-01

    The decision of many individuals in floodplains to not purchase flood insurance may impair the risk-spreading function of flood insurance markets. This study estimates the effectiveness of risk communication frames and insurance policy conditions in increasing demand for flood insurance. It is

  16. Aggravation of Risk and Precautionary Measures in Non-Life Insurance: A Tricky Scope for the Insurer?

    Directory of Open Access Journals (Sweden)

    Olavi-Jüri Luik

    2015-12-01

    Full Text Available Aggravation of risk and failure to take precautionary measures are focal issues in non-life insurance in terms of potential partial or full release of the insurer from the duty to perform. Not infrequently, it is difficult to draw a line between the aggravation of risk on the one hand, and non-compliance with precautionary measures on the other, since a particular action by a policyholder may present both situations. At the same time, the legal remedies available to the insurer regarding these two situations are different in scope. The aggravation of risk and non-compliance with precautionary measures are precisely the bases on which insurers actually reduce indemnity or refuse to compensate for damages. This article explores the differences between insurance laws in the Baltic states—specifically, the Estonian Law of Obligations Act, the Latvian Insurance Contract Law and Lithuanian rules contained in the Civil Code and Insurance Law. The article explores the differences between the Baltic states’ insurance laws and the Principles of European Insurance Contract Law (PEICL with regard to a policyholder’s duty in relation to aggravation of risk and precautionary measures, as the rights and obligations of policyholders do change where the optional instrument is applied. The article also includes comparisons to German, Finnish and Russian insurance law.

  17. Insure Against Commercial and Political Risks

    International Nuclear Information System (INIS)

    Fergusson, Fergus

    2003-01-01

    The oil and gas sector is enormously diverse, ranging from the giant exploration, production and supply companies to the manufacturers, suppliers and service providers that support an industry of crucial importance to the global community. For understandable reasons, risk management in the oil and gas sector has tended to concentrate on health and safety and environmental issues. Consideration must be made for the risks of engaging in domestic and international trade. The concept of risk and the consequential discipline of risk management underpin and support many of the fundamental activities that maintain successful trade flows. Risk management revolves around the organised procedures of mitigating the foreseen and unforeseen consequences of danger, injury and loss that can have adverse and potentially catastrophic effects on the environment, human lives, economies, political stability and business performance

  18. Financial risk and derivatives a special issue of the geneva papers on risk and insurance theory

    CERN Document Server

    Subrahmanyam, Marti

    1996-01-01

    Financial Risk and Derivatives provides an excellent illustration of the links that have developed in recent years between the theory of finance on one hand and insurance economics and actuarial science on the other. Advances in contingent claims analysis and developments in the academic and practical literature dealing with the management of financial risks reflect the close relationships between insurance and innovations in finance. The book represents an overview of the present state of the art in theoretical research dealing with financial issues of significance for insurance science. It will hopefully provide an impetus to further developments in applied insurance research.

  19. Flood risk and insurance loss potential in the Thames Gateway

    Science.gov (United States)

    Eldridge, J.; Horn, D.

    2009-04-01

    The Thames Gateway, currently Europe's largest regeneration project, is an area of redevelopment located in the South East of England, with Government plans to create up to 160,000 new homes and 180,000 new jobs by 2016. Although the new development is intended to contribute £12bn annually to the economy, the potential flood risk is high, with much of the area situated on Thames tidal floodplain and vulnerable to both storm surges and peak river flows. This poses significant hazard to those inhabiting the area and has raised concern amongst the UK insurance industry, who would be liable for significant financial claims if a large flood event were to occur, particularly with respect to the number of new homes and businesses being built in flood risk areas. Flood risk and the potential damage to both lives and assets in vulnerable areas have gained substantial recognition, in light of recent flooding events, from both governmental agencies and in the public's awareness of flood hazard. This has resulted in a change in UK policy with planning policy for flood risk (PPS25, Planning Policy Statement 25) adopting a more strategic approach to development, as well as a new Flooding and Water Bill which is due for consultation in 2009. The Government and the Association of British Insurers, who represent the UK insurance industry, have also recently changed their Statement of Principles which guides provision of flood insurance in the future. This PhD research project aims to quantify flood risk in the Thames Gateway area with a view to evaluating the insurance loss potential under different insurance and planning scenarios. Using current sources of inundation extent, and incorporating varying insurance penetration rates and degrees of adoption of planning policy and guidance, it focuses on estimating flood risk under these different scenarios. This presentation introduces the development of the project and the theory and methodology which will be used to address the

  20. Optimal Premium Pricing for a Heterogeneous Portfolio of Insurance Risks

    OpenAIRE

    Pantelous, Athanasios A.; Frangos, Nicholas E.; Zimbidis, Alexandros A.

    2009-01-01

    The paper revisits the classical problem of premium rating within a heterogeneous portfolio of insurance risks using a continuous stochastic control framework. The portfolio is divided into several classes where each class interacts with the others. The risks are modelled dynamically by the means of a Brownian motion. This dynamic approach is also transferred to the design of the premium process. The premium is not constant but equals the drift of the Brownian motion plus a controlled percent...

  1. Atomic risk insurance. Risk policy, safety production and expertise in Germany and the USA 1945 - 1986

    International Nuclear Information System (INIS)

    Wehner, Christoph

    2017-01-01

    The book covers the following chapters: (I) Between threat and promise: Political change and the corporate perception, the burden of the atomic bomb, promise of nuclear energy risk criticism in the pre-ecological phase, nuclear risk as investment restraint; (II) Risk policy at the insurability limit: hazard knowledge, safety production and insurance expertise in the German nuclear policy (1955-1962); (III) Risk policy beyond the catastrophe, insurability interpretation, concepts and conflicts (1957-1968); (IV) Scandalization of risk policy: safety production, confidence and expertise in the nuclear controversial debate (1969 - 1979); (V) Nuclear risk policy and the challenge of the ''risk society'' (1975-1986); (VI) From safety production to hazard probe: atomic energy And the change of insurance.

  2. Partnerships for disaster risk insurance in the EU

    Directory of Open Access Journals (Sweden)

    J. Mysiak

    2016-11-01

    Full Text Available With increasing costs inflicted by natural hazard perils, and amidst state budget cuts, concerns are mounting about the capacity of governments to design sustainable, equitable and affordable risk management schemes. The participation of the private sector along with the public one through public–private partnerships (PPPs has gained importance as a means of providing catastrophic natural hazard insurance to address these seemingly conflicting objectives. In 2013 the European Commission launched a wide-ranging consultation about what EU action could be appropriate to improve the performance of insurance markets. Simultaneously, the EU legislator instigated major reforms in the legislation and regulations that pertain to how PPPs are designed or operate. This paper has a dual objective: first, we review and summarize the manifold legal background that influences the provision of insurance against natural catastrophes. Second, we examine how PPPs designed for sharing and transferring risk operate within the European regulatory constraints, illustrated using the example of the UK Flood Reinsurance Scheme (Flood RE between the state and the Association of British Insurers.

  3. Partnerships for disaster risk insurance in the EU

    Science.gov (United States)

    Mysiak, Jaroslav; Dionisio Pérez-Blanco, C.

    2016-11-01

    With increasing costs inflicted by natural hazard perils, and amidst state budget cuts, concerns are mounting about the capacity of governments to design sustainable, equitable and affordable risk management schemes. The participation of the private sector along with the public one through public-private partnerships (PPPs) has gained importance as a means of providing catastrophic natural hazard insurance to address these seemingly conflicting objectives. In 2013 the European Commission launched a wide-ranging consultation about what EU action could be appropriate to improve the performance of insurance markets. Simultaneously, the EU legislator instigated major reforms in the legislation and regulations that pertain to how PPPs are designed or operate. This paper has a dual objective: first, we review and summarize the manifold legal background that influences the provision of insurance against natural catastrophes. Second, we examine how PPPs designed for sharing and transferring risk operate within the European regulatory constraints, illustrated using the example of the UK Flood Reinsurance Scheme (Flood RE) between the state and the Association of British Insurers.

  4. Incentivising flood risk adaptation through risk based insurance premiums : Trade-offs between affordability and risk reduction

    NARCIS (Netherlands)

    Hudson, Paul F.; Botzen, W.J.W.; Feyen, L.; Aerts, Jeroen C.J.H.

    2016-01-01

    The financial incentives offered by the risk-based pricing of insurance can stimulate policyholder adaptation to flood risk while potentially conflicting with affordability. We examine the trade-off between risk reduction and affordability in a model of public-private flood insurance in France and

  5. 78 FR 38483 - Area Risk Protection Insurance Regulations and Area Risk Protection Insurance Crop Provisions

    Science.gov (United States)

    2013-06-26

    ... premium rates for ARPI that are sufficient to cover expected losses plus a reasonable reserve. The premium... that maximize net benefits (including potential economic, environmental, public health and safety... establish their insurance guarantees, and compute premium amounts. Whether a producer has 10 acres or 1000...

  6. Value-oriented risk management of insurance companies

    CERN Document Server

    Kriele, Marcus

    2014-01-01

    Value- and risk-oriented management is a holistic method of managing businesses. In this book both actuarial methods and methods pertaining to classical internal control and classical risk management are used. Therefore the approach taken is necessarily interdisciplinary. Indeed, there is a new dynamically developing field for actuaries as a result of the emphasis now on the measurement of risk. This book provides the required basic knowledge for this subject from an actuarial perspective. It enables the reader to implement in practice a risk management system that is based on quantitative methods. With this book, the reader will additionally be able to critically appraise the applicability and the limits of the methods used in modern risk management. Value- Oriented Risk Management of Insurance Companies focuses on risk capital, capital allocation, performance measurement and value-oriented management. It also makes a connection to regulatory developments (for example, Solvency II). The reader should have...

  7. Risk distribution across multiple health insurance funds in rural Tanzania

    DEFF Research Database (Denmark)

    Chomi, Eunice Nahyuha; Mujinja, Phares Gamba; Enemark, Ulrika

    2014-01-01

    cross-subsidisation across the funds. This paper analyses whether the risk distribution varies across the Community Health Fund (CHF) and National Health Insurance Fund (NHIF) in two districts in Tanzania. Specifically we aim to 1) identify risk factors associated with increased utilisation of health...... services and 2) compare the distribution of identified risk factors among the CHF, NHIF and non-member households. METHODS: Data was collected from a survey of 695 households. A multivariate logisitic regression model was used to identify risk factors for increased health care utilisation. Chi-square tests...... were performed to test whether the distribution of identified risk factors varied across the CHF, NHIF and non-member households. RESULTS: There was a higher concentration of identified risk factors among CHF households compared to those of the NHIF. Non-member households have a similar wealth status...

  8. A Two-Account Life Insurance Model for Scenario-Based Valuation Including Event Risk

    DEFF Research Database (Denmark)

    Jensen, Ninna Reitzel; Schomacker, Kristian Juul

    2015-01-01

    Using a two-account model with event risk, we model life insurance contracts taking into account both guaranteed and non-guaranteed payments in participating life insurance as well as in unit-linked insurance. Here, event risk is used as a generic term for life insurance events, such as death......, disability, etc. In our treatment of participating life insurance, we have special focus on the bonus schemes “consolidation” and “additional benefits”, and one goal is to formalize how these work and interact. Another goal is to describe similarities and differences between participating life insurance...... product types. This enables comparison of participating life insurance products and unit-linked insurance products, thus building a bridge between the two different ways of formalizing life insurance products. Finally, our model distinguishes itself from the existing literature by taking into account...

  9. Investment Risks and Insurance in the Gold Market

    Directory of Open Access Journals (Sweden)

    Nikolay Megits

    2014-03-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE In this article we investigated the causes and features of investment risks in the gold market, studied the components of investment risks in this market, and analyzed the main methods of insuring those investment risks. In addition, we presented the methods and financial investment instruments used in gold operations and provided the conceptual analyses of investment risk in the gold market. Normal 0 false false false EN-US X-NONE X-NONE Normal 0 false false false EN-US X-NONE X-NONE Insurance World in Transition: Changes in Global Risk Taking and Risk Assessment

    Science.gov (United States)

    Michel, Gero; Tiampo, Kristy

    2015-04-01

    Catastrophe insurance risk assessment, risk taking, and regulation has evolved over the last 20 years and is gearing up for significant further change in the years ahead. Changes in regulation and influx of capital have put profit margins for catastrophe risk products under pressure despite the fact that changes in climate as well as increasing insurance penetration is expected to heighten demand. As a result, reinsurance strategies are moving away from catastrophe risk. In addition, lower margins require cheaper and more efficient risk assessment methods and processes which are contrary to evolving analytical tools and methods that had increased expenses in line with growing margins over the last decade. New capital providers are less familiar with and less willing to accept complex supply chains for risk management, relationship-driven business and tedious data exchange and management processes. Risk takers claim new measures and ask for more flexibility in the use of tools. The current concepts of catastrophe insurance risk assessment are hence under thorough scrutiny. This presentation deals with the changing landscape in catastrophe insurance risk assessment and risk hedging and discusses changes in catastrophe risk assessment products and demand. How likely is it that private, small and nimble hazard and risk consulting groups - increasingly emanating from larger science organizations - will replace large established firms in their role to assess risk? What role do public-private academic partnerships play in assuming risk for catastrophe insurance and what role could they play in the future? What are the opportunities and downsides of the current changes in risk taking and hedging? What is needed from the scientific community in order to fill the gaps in risk management and who is likely to take advantage of the current changes?

  10. 46 CFR 308.409 - Standard form of War Risk Builder's Risk Insurance Policy, Form MA-283.

    Science.gov (United States)

    2010-10-01

    ... Policy, Form MA-283. 308.409 Section 308.409 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF... of War Risk Builder's Risk Insurance Policy, Form MA-283. The standard form of War Risk Builder's Risk Insurance Policy, Form MA-283 may be obtained from the American War Risk Agency or MARAD. ...

  11. PORTFOLIO INSURANCE INVESTMENT STRATEGIES: A RISK-MANAGEMENT TOOL

    Directory of Open Access Journals (Sweden)

    Elma Agic-Sabeta

    2017-06-01

    Full Text Available Unsystemic risks in financial markets may be reduced through diversification. Systemic risks relate to the overall economy, cannot be influenced by a single company, and require special attention. Empirical research on return distributions in the long-term shows that investing under the assumption of normal distribution of returns may be dangerous. The main objectives of this article are to describe portfolio insurance strategies and investigate their advantages and disadvantages. Furthermore, their use in financial markets in both developed and emerging markets is explored, with special consideration placed on southeast European markets. Theoretical models are reviewed, including recent research articles in the field. The results are analyzed, summarized, and presented in the form of tables and graphs. The main finding of the article is identification of strategies that could be used in southeast Europe. It concludes that implementation of portfolio insurance strategies by asset managers may reduce financial risks in southeast European markets if implementation is done professionally and, simultaneously, it is monitored during the entire investment horizon.

  12. Using Probabilistic Models to Appraise and Decide on Sovereign Disaster Risk Financing and Insurance

    OpenAIRE

    Ley-Borrás, Roberto; Fox, Benjamin D.

    2015-01-01

    This paper presents an overview of the structure of probabilistic catastrophe risk models, discusses their importance for appraising sovereign disaster risk financing and insurance instruments and strategy, and puts forward a model and a process for improving decision making on the linked disaster risk management strategy and sovereign disaster risk financing and insurance strategy. The pa...

  13. Weather based risks and insurances for crop production in Belgium

    Science.gov (United States)

    Gobin, Anne

    2014-05-01

    Extreme weather events such as late frosts, droughts, heat waves and rain storms can have devastating effects on cropping systems. Damages due to extreme events are strongly dependent on crop type, crop stage, soil type and soil conditions. The perspective of rising risk-exposure is exacerbated further by limited aid received for agricultural damage, an overall reduction of direct income support to farmers and projected intensification of weather extremes with climate change. According to both the agriculture and finance sectors, a risk assessment of extreme weather events and their impact on cropping systems is needed. The impact of extreme weather events particularly during the sensitive periods of the farming calendar requires a modelling approach to capture the mixture of non-linear interactions between the crop, its environment and the occurrence of the meteorological event. The risk of soil moisture deficit increases towards harvesting, such that drought stress occurs in spring and summer. Conversely, waterlogging occurs mostly during early spring and autumn. Risks of temperature stress appear during winter and spring for chilling and during summer for heat. Since crop development is driven by thermal time and photoperiod, the regional crop model REGCROP (Gobin, 2010) enabled to examine the likely frequency, magnitude and impacts of frost, drought, heat stress and waterlogging in relation to the cropping season and crop sensitive stages. The risk profiles were subsequently confronted with yields, yield losses and insurance claims for different crops. Physically based crop models such as REGCROP assist in understanding the links between different factors causing crop damage as demonstrated for cropping systems in Belgium. Extreme weather events have already precipitated contraction of insurance coverage in some markets (e.g. hail insurance), and the process can be expected to continue if the losses or damages from such events increase in the future. Climate

  14. Optimal Premium Pricing for a Heterogeneous Portfolio of Insurance Risks

    Directory of Open Access Journals (Sweden)

    Athanasios A. Pantelous

    2009-01-01

    Full Text Available The paper revisits the classical problem of premium rating within a heterogeneous portfolio of insurance risks using a continuous stochastic control framework. The portfolio is divided into several classes where each class interacts with the others. The risks are modelled dynamically by the means of a Brownian motion. This dynamic approach is also transferred to the design of the premium process. The premium is not constant but equals the drift of the Brownian motion plus a controlled percentage of the respective volatility. The optimal controller for the premium is obtained using advanced optimization techniques, and it is finally shown that the respective pricing strategy follows a more balanced development compared with the traditional premium approaches.

  15. The case for risk-based premiums in public health insurance.

    Science.gov (United States)

    Zweifel, Peter; Breuer, Michael

    2006-04-01

    Uniform, risk-independent insurance premiums are accepted as part of 'managed competition' in health care. However, they are not compatible with optimality of health insurance contracts in the presence of both ex ante and ex post moral hazard. They have adverse effects on insurer behaviour even if risk adjustment is taken into account. Risk-based premiums combined with means-tested, tax-financed transfers are advocated as an alternative.

  16. The robustness of flood insurance regimes given changing risk resulting from climate change

    Directory of Open Access Journals (Sweden)

    Jessica Lamond

    2014-01-01

    Full Text Available The changing risk of flooding associated with climate change presents different challenges for the different flood insurance market models in use around the world, which vary in respect of consumer structure and their risk transfer mechanism. A review of international models has been undertaken against three broad criteria for the functioning and sustainability of a flood insurance scheme: knowing the nature of the insurable risk; the availability of an insurable population; and the presence of a solvent insurer. The solvency of insurance markets appears strong, partly because insurers and reinsurers can choose to exclude markets which would give rise to insolvency or can diversify their portfolios to include offsetting perils. Changing risk may threaten solvency if increasing risk is not recognised and adjusted for but insurability of flood risk may be facilitated by the use of market based and hybrid schemes offering greater diversification and more flexibility. While encouragement of mitigation is in theory boosted by risk based pricing, availability and affordability of insurance may be negatively impacted. This threatens the sustainability of an insurable population, therefore the inclusion of the state in partnership is beneficial in ensuring continuity of cover, addressing equity issues and incentivising mitigation.

  17. A Study on Safety and Risk Assessment of Dangerous Cargo Operations in Oil/Chemical Tankers

    Directory of Open Access Journals (Sweden)

    Cenk ŞAKAR

    2017-12-01

    Full Text Available The safety and risk assessment of dangerous cargo operations in oil and chemical tankers is a necessary process to prevent possible accidents during these operations. Fire and explosion are the major accidents encountered in tanker operations. In this study, a model was constructed through the Fuzzy Bayes Network Method for the probabilistic relationships between the causes of fire and explosion accidents that could occur during the tank cleaning process. The study is composed of two stages. Firstly, the variables that are the subject of the problem and that constitute the graphical structure of the Bayes Networks are identified. Then, expert opinion was sought as the statistical data on accident reports were not recorded properly while identifying the conditional probability of the relationships between the variables. Linguistic variables whose fuzzy membership functions were identified were used in detecting the probabilities. The findings of the sensitivity test revealed that the major reasons that could lead to fire and explosion during the tank cleaning process are ignition sources, reaction and safety culture.

  18. Risk adjustment model of credit life insurance using a genetic algorithm

    Science.gov (United States)

    Saputra, A.; Sukono; Rusyaman, E.

    2018-03-01

    In managing the risk of credit life insurance, insurance company should acknowledge the character of the risks to predict future losses. Risk characteristics can be learned in a claim distribution model. There are two standard approaches in designing the distribution model of claims over the insurance period i.e, collective risk model and individual risk model. In the collective risk model, the claim arises when risk occurs is called individual claim, accumulation of individual claim during a period of insurance is called an aggregate claim. The aggregate claim model may be formed by large model and a number of individual claims. How the measurement of insurance risk with the premium model approach and whether this approach is appropriate for estimating the potential losses occur in the future. In order to solve the problem Genetic Algorithm with Roulette Wheel Selection is used.

  19. Promoting flood risk reduction: The role of insurance in Germany and England

    Science.gov (United States)

    Surminski, Swenja; Thieken, Annegret H.

    2017-10-01

    Improving society's ability to prepare for, respond to and recover from flooding requires integrated, anticipatory flood risk management (FRM). However, most countries still focus their efforts on responding to flooding events if and when they occur rather than addressing their current and future vulnerability to flooding. Flood insurance is one mechanism that could promote a more ex ante approach to risk by supporting risk reduction activities. This paper uses an adapted version of Easton's System Theory to investigate the role of insurance for FRM in Germany and England. We introduce an anticipatory FRM framework, which allows flood insurance to be considered as part of a broader policy field. We analyze if and how flood insurance can catalyze a change toward a more anticipatory approach to FRM. In particular we consider insurance's role in influencing five key components of anticipatory FRM: risk knowledge, prevention through better planning, property-level protection measures, structural protection and preparedness (for response). We find that in both countries FRM is still a reactive, event-driven process, while anticipatory FRM remains underdeveloped. Collaboration between insurers and FRM decision-makers has already been successful, for example in improving risk knowledge and awareness, while in other areas insurance acts as a disincentive for more risk reduction action. In both countries there is evidence that insurance can play a significant role in encouraging anticipatory FRM, but this remains underutilized. Effective collaboration between insurers and government should not be seen as a cost, but as an investment to secure future insurability through flood resilience.

  1. NATO Advanced Study Institute on Insurance and Risk Theory

    CERN Document Server

    Vylder, F; Haezendonck, J

    1986-01-01

    Canadian financial institutions have been in rapid change in the past five years. In response to these changes, the Department of Finance issued a discussion paper: The Regulation of Canadian Financial Institutions, in April 1985, and the government intends to introduce legislation in the fall. This paper studi.es the combinantion of financial institutions from the viewpoint of ruin probability. In risk theory developed to describe insurance companies [1,2,3,4,5J, the ruin probability of a company with initial reserve (capital) u is 6 1 -:;-7;;f3 u 1jJ(u) = H6 e H6 (1) Here,we assume that claims arrive as a Poisson process, and the claim amount is distributed as exponential distribution with expectation liS. 6 is the loading, i.e., premium charged is (1+6) times expected claims. Financial institutions are treated as "insurance companies": the difference between interest charged and interest paid is regarded as premiums, loan defaults are treated as claims.

  2. Applying weather index insurance to agricultural pest and disease risks

    NARCIS (Netherlands)

    Norton, Michael; Sprundel, van Gert Jan; Turvey, Calum G.; Meuwissen, Miranda P.M.

    2016-01-01

    In this paper, we explore the application of weather index insurance to plant pest and disease management strategies using two distinct models: (1) insuring crop loss due to disease incidence (“Crop Insurance”) and (2) insuring the use of pesticides (“Pesticide Insurance”). We find that despite

  3. Incentivising flood risk adaptation through ris based insurance premiums: trade-offs between affordability and risk reduction

    NARCIS (Netherlands)

    Hudson, P.G.M.B.; Botzen, W.J.W.; Feyen, L.; Aerts, J.C.J.H.

    2016-01-01

    The financial incentives offered by the risk-based pricing of insurance can stimulate policyholder adaptation to flood risk while potentially conflicting with affordability. We examine the trade-off between risk reduction and affordability in a model of public-private flood insurance in France and

  4. Estimation of insurance premiums for coverage against natural disaster risk: an application of Bayesian Inference

    Directory of Open Access Journals (Sweden)

    Y. Paudel

    2013-03-01

    Full Text Available This study applies Bayesian Inference to estimate flood risk for 53 dyke ring areas in the Netherlands, and focuses particularly on the data scarcity and extreme behaviour of catastrophe risk. The probability density curves of flood damage are estimated through Monte Carlo simulations. Based on these results, flood insurance premiums are estimated using two different practical methods that each account in different ways for an insurer's risk aversion and the dispersion rate of loss data. This study is of practical relevance because insurers have been considering the introduction of flood insurance in the Netherlands, which is currently not generally available.

  5. Estimation of insurance premiums for coverage against natural disaster risk: an application of Bayesian Inference

    Science.gov (United States)

    Paudel, Y.; Botzen, W. J. W.; Aerts, J. C. J. H.

    2013-03-01

    This study applies Bayesian Inference to estimate flood risk for 53 dyke ring areas in the Netherlands, and focuses particularly on the data scarcity and extreme behaviour of catastrophe risk. The probability density curves of flood damage are estimated through Monte Carlo simulations. Based on these results, flood insurance premiums are estimated using two different practical methods that each account in different ways for an insurer's risk aversion and the dispersion rate of loss data. This study is of practical relevance because insurers have been considering the introduction of flood insurance in the Netherlands, which is currently not generally available.

  6. Divorce and women's risk of health insurance loss.

    Science.gov (United States)

    Lavelle, Bridget; Smock, Pamela J

    2012-01-01

    This article bridges the literatures on the economic consequences of divorce for women with that on marital transitions and health by focusing on women's health insurance. Using a monthly calendar of marital status and health insurance coverage from 1,442 women in the Survey of Income and Program Participation, we examine how women's health insurance changes after divorce. Our estimates suggest that roughly 115,000 American women lose private health insurance annually in the months following divorce and that roughly 65,000 of these women become uninsured. The loss of insurance coverage we observe is not just a short-term disruption. Women's rates of insurance coverage remain depressed for more than two years after divorce. Insurance loss may compound the economic losses women experience after divorce and contribute to as well as compound previously documented health declines following divorce.

  7. DIVORCE AND WOMEN'S RISK OF HEALTH INSURANCE LOSS*

    Science.gov (United States)

    Lavelle, Bridget; Smock, Pamela J.

    2012-01-01

    This article bridges the literatures on the economic consequences of divorce for women with that on marital transitions and health by focusing on women's health insurance. Using a monthly calendar of marital status and health insurance coverage from 1,442 women in the Survey of Income and Program Participation, we examine how women's health insurance changes after divorce. Our estimates suggest that roughly 115,000 American women lose private health insurance annually in the months following divorce and that roughly 65,000 of these women become uninsured. The loss of insurance coverage we observe is not just a short-term disruption. Women's rates of insurance coverage remain depressed for more than two years after divorce. Insurance loss may compound the economic losses women experience after divorce, and contribute to as well as compound previously documented health declines following divorce. PMID:23147653

  8. Default risk, bankruptcy procedures and the market value of life insurance liabilities

    NARCIS (Netherlands)

    Chen, A.; Suchanecki, M.

    2007-01-01

    The topic of insolvency risk in connection with life insurance companies has recently attracted a great deal of attention. In this paper, the question is investigated of how the values of the equity and of the liability of a life insurance company are affected by the default risk and the choice of

  9. CAPTIVE AS AN INSURANCE FORMULA FOR RISK MANAGEMENT: ADVANTAGES AND DISADVANTAGES

    Directory of Open Access Journals (Sweden)

    R. Holly

    2017-04-01

    Full Text Available This article introduces subject of an insurance captive entity, with focus on how it could be used as insurance formula for risk management. Captive might be the most appropriate insurance formula for risk management. However, the level of achieved success depends on many factors.Insurance captivesare understood as entities which are formed and owned by companies mostly for the purpose of insuring own risks (pure captive or single parent captive. More and more often captives are also formed by a group of companies (group captives to insure their properties and liabilities towards 3rd parties. Captives are widely used by many companies nowadays. However, many of them,are used solely for a purpose of a risk cession and premium transfer, with an intention to use captivesmore as a profit center in a low taxation country rather than for the purpose of risk management (i.e. a more appropriate role for captive would be to support their owners in enterprise risk management - ERM. This article touches on why captives are not used to their full potential. It may be toochallenging for many decision makers to embrace on captives as risk management formula and extend captives' roles to utilize all possible advantages resulting from owning a captive. Captive can deliver risk management in a more comprehensive way than most commercial insurers on the market. The article also presents advantages and disadvantages of owning an insurance captive.

  10. Scientific relevance of Swiss property insurance data on flood risks and losses

    Science.gov (United States)

    Röthlisberger, Veronika; Bernet, Daniel; Keiler, Margreth

    2015-04-01

    The databases of Swiss flood insurance companies build a valuable but to date rarely used source of information for flood risk research. Detailed insights into the Swiss flood insurance system are crucial to evaluate the potential of the different databases for scientific analysis. Even though the flood insurance system modalities are mainly regulated on cantonal level there are some common principles that apply throughout Switzerland. First of all coverage against floods (and other particular natural hazards) is an integral part of every fire insurance policy for buildings or contents in Switzerland. This coupling of insurance as well as the statutory obligation to insure buildings in most of the cantons and movables in some of the cantons lead to a very high penetration. Second, in case of damage, the reinstatement costs (value as new) are compensated and third there are no (or little) deductible and co-pay. Thus the different datasets of the flood insurance companies would allow a very comprehensive data analysis. Moreover, insurance companies not only store electronically data about losses (typically date, amount of claims payment, cause of damage, identity of the insured object or policyholder) but also about insured objects. For insured objects the (insured) value and the details on the policy and its holder are the main feature to record. On buildings the insurance companies usually computerize additional information such as location, volume, year of construction or purpose of use. For the 19 (of total 26) cantons with a cantonal monopoly insurer the data of these insurance establishments have the additional value to represent (almost) the entire building stock of the respective canton. However, scientists face a wide range of the opportunities and challenges when using insurance data for flood research. The origin of flood insurance data implies that they are not generated for research but for business management. The presentation will highlighted pro and

  11. Evolution of seismic risk management for insurance over the past 30 years

    Science.gov (United States)

    Shah, Haresh C.; Dong, Weimin; Stojanovski, Pane; Chen, Alex

    2018-01-01

    During the past 30 years, there has been spectacular growth in the use of risk analysis and risk management tools developed by engineers in the financial and insurance sectors. The insurance, the reinsurance, and the investment banking sectors have enthusiastically adopted loss estimation tools developed by engineers in developing their business strategies and for managing their financial risks. As a result, insurance/reinsurance strategy has evolved as a major risk mitigation tool in managing catastrophe risk at the individual, corporate, and government level. This is particularly true in developed countries such as US, Western Europe, and Japan. Unfortunately, it has not received the needed attention in developing countries, where such a strategy for risk management is most needed. Fortunately, in the last five years, there has been excellent focus in developing "InsurTech" tools to address the much needed "Insurance for the Masses", especially for the Asian Markets. In the earlier years of catastrophe model development, risk analysts were mainly concerned with risk reduction options through engineering strategies, and relatively little attention was given to financial and economic strategies. Such state-of-affairs still exists in many developing countries. The new developments in the science and technologies of loss estimation due to natural catastrophes have made it possible for financial sectors to model their business strategies such as peril and geographic diversification, premium calculations, reserve strategies, reinsurance contracts, and other underwriting tools. These developments have not only changed the way in which financial sectors assess and manage their risks, but have also changed the domain of opportunities for engineers and scientists. This paper will address the issues related to developing insurance/reinsurance strategies to mitigate catastrophe risks and describe the role catastrophe risk insurance and reinsurance has played in managing

  12. THE RISK INSURANCE EFFICIENCY OF BUSINESS ACTIVITY IN THE AGRICULTURAL SECTOR

    Directory of Open Access Journals (Sweden)

    O. Lobova

    2014-03-01

    Full Text Available The necessity of business activity insurance in the agricultural sector is grounded in this article. Different types of agricultural risks are described. The principles, on which the efficiency of agricultural insurance is based, are determined. Such as: voluntary; the farmers interest; risk management; multivariate product line; promote farmers efficient; equal access to subsidies from farmers; balance; transparency and coordination of the subsidies transfer; creating a reliable and multi-level system of insurance coverage; binding institute of independent examination. The different ways to determine the effectiveness of insurance are considered.

  13. IoT enabled Insurance Ecosystem - Possibilities Challenges and Risks

    OpenAIRE

    Manral, Jai

    2015-01-01

    Internet of Thing (IoT) is looking over to overhaul the business processes of many industries including insurance domain. The current line of business such as Property and Casualty, Health, and Life Insurance can avail tremendous benefits from the contextual and relevant data being generated from billions of connected devices; Smartphone's, wearable gadget and other electronic smart sensors. For P&C insurer's the biggest challenges is not the rapidly changing environment but tackling these ch...

  14. Willingness to pay for agricultural risk insurance as a strategy to adapt climate change

    NARCIS (Netherlands)

    Mekonnen Melesse, Tigist

    2017-01-01

    Agricultural production is subject to high risk associated with environmental and agro-ecological conditions. Farmers continuously make decisions to mitigate the various adversities. This study evaluates farm households’ willingness to pay for agricultural risk insurance intervention introduced in

  15. Environmental risk management for: insurance requirements, mergers and acquisitions and plant closures

    Energy Technology Data Exchange (ETDEWEB)

    Pizzi, F.P.

    1985-03-01

    Industry cannot rely on external sources such as EIL Insurance as the primary vehicle for minimizing or reducing environmental liabilities. We must develop strong internal risk management programs and procedures to eliminate or minimize the risks from operations.

  16. Weather based risks and insurances for agricultural production

    Science.gov (United States)

    Gobin, Anne

    2015-04-01

    Extreme weather events such as frost, drought, heat waves and rain storms can have devastating effects on cropping systems. According to both the agriculture and finance sectors, a risk assessment of extreme weather events and their impact on cropping systems is needed. The principle of return periods or frequencies of natural hazards is adopted in many countries as the basis of eligibility for the compensation of associated losses. For adequate risk management and eligibility, hazard maps for events with a 20-year return period are often used. Damages due to extreme events are strongly dependent on crop type, crop stage, soil type and soil conditions. The impact of extreme weather events particularly during the sensitive periods of the farming calendar therefore requires a modelling approach to capture the mixture of non-linear interactions between the crop, its environment and the occurrence of the meteorological event in the farming calendar. Physically based crop models such as REGCROP (Gobin, 2010) assist in understanding the links between different factors causing crop damage. Subsequent examination of the frequency, magnitude and impacts of frost, drought, heat stress and soil moisture stress in relation to the cropping season and crop sensitive stages allows for risk profiles to be confronted with yields, yield losses and insurance claims. The methodology is demonstrated for arable food crops, bio-energy crops and fruit. The perspective of rising risk-exposure is exacerbated further by limited aid received for agricultural damage, an overall reduction of direct income support to farmers and projected intensification of weather extremes with climate change. Though average yields have risen continuously due to technological advances, there is no evidence that relative tolerance to adverse weather events has improved. The research is funded by the Belgian Science Policy Organisation (Belspo) under contract nr SD/RI/03A.

  17. Using Cyber-Insurance as a Risk Management Strategy: Knowledge Gaps and Recommendations for Further Research

    OpenAIRE

    Tøndel, Inger Anne; Meland, Per Håkon; Omerovic, Aida; Gjære, Erlend Andreas; Solhaug, Bjørnar

    2015-01-01

    - Risk transfer can be an economically favorable way of handling security and privacy issues, but choosing this option indiscriminately and without proper knowledge is a risk in itself. This report provides an overview of knowledge gaps related to cyber-insurance as a risk management strategy. These are grouped into three high-level topics; cyber-insurance products, understanding and measuring risk and estimation of consequences. The topics are further divided into 11 knowledge areas with ...

  18. The place of Political Risk Insurance in the political risk management strategy of multinational corporations

    Directory of Open Access Journals (Sweden)

    Violeta Iftinchi

    2016-06-01

    Full Text Available Confronted with a variety of political risks that affect their international activities, multinational corporations (MNCs can use Political Risk Insurance (PRI as a method to mitigate some of those risks. The aim of this article is to present the main characteristics of the PRI policies and participants, to highlight its benefits and to put forward three limitations that prevent MNCs in using PRI in their political risk management strategy (fluctuating capacity on the market, high premium rates and small compensation value. The recent trend in incorporating corporate social responsibility requirements as a pre-condition for providing PRI can contribute to lowering PRI premium rates.

  19. Risk Preferences and Demand for Insurance in Peru: A Field Experiment

    OpenAIRE

    Francisco Galarza; Michael Carter

    2011-01-01

    "This paper reports the results of behavioral economic experiments conducted in Peru to examine the relationship amongst risk preferences, loan take-up, and insurance purchase decisions. This area-based yield insurance can help reduce people's vulnerability to large scale covariate shocks, and can also lower the loan default probability under extreme negative covariate shocks. In a context of collateralized formal credit markets, we provide suggestive evidence that insurance may help reduce t...

  20. The insurance of industrial risks at home and abroad

    International Nuclear Information System (INIS)

    Braun, H.

    1976-01-01

    For more than 85 years now, the Allianz has followed the trend of development in industry from both the technological and economic aspects. This contribution furnishes a review - in summarised form - of the types of insurance of significance for industry, with particular reference to the insurance requirements of the German export industry. (orig.) [de

  1. Divorce and Women's Risk of Health Insurance Loss

    Science.gov (United States)

    Lavelle, Bridget; Smock, Pamela J.

    2012-01-01

    This article bridges the literatures on the economic consequences of divorce for women with that on marital transitions and health by focusing on women's health insurance. Using a monthly calendar of marital status and health insurance coverage from 1,442 women in the Survey of Income and Program Participation, we examine how women's health…

  2. THE RISK OF TRANSFER OF GENES IN THE INSURANCE PROTECTION OF AGRICULTURAL PRODUCERS

    Directory of Open Access Journals (Sweden)

    Henrikh Hudz

    2017-09-01

    Full Text Available The paper deals with the risk of transfer of genes, its impact, and possible consequences for agricultural producers; the possibility of creating an insurance service, to address this risk. The purpose of the paper is to disclose the results of a study of the risk of transfer of genes in agriculture when organizing insurance coverage. The tasks of this paper are: to clarify the essence of genetic engineering as an object of providing insurance services; to define the concept of risk of transfer of genes, its specific features, impact, and possible consequences for agricultural producers; carry out a description of the possibility of creating an insurance service about the risk of transfer of genes. The object of the study is the risk of transfer of genes in insurance protection. The subject of the study is theoretical and methodological approaches to optimizing the risk of transfer of genes in insurance protection. Methodology. This work requires attracting a large number of scientists from different fields. Legal Aspects covered in the EU Regulation Terms №1829/2003 and 1830/2003 of the European Parliament and Council. A considerable attention to the legislative regulation of genetic engineering and risks in the use of genetic modification is given to the Cartagena Protocol on Biosafety. It should be noted that at present, economic literature and especially publications related to agricultural insurance protection do not pay attention to the risks associated with the transfer of transgenic organisms and the possibility of taking this risk to insurance. The work uses the experience of the US Department of Agriculture and the European Center for Insurance Legislation. The results of the study showed that the introduction of the insurance mechanism has the main difference in the fact that this operation takes into account as a person who suffered a loss, could get more profit than the fact of causing damage to another farmer. In this regard, the

  3. Public and private health insurance in Germany: the ignored risk selection problem.

    Science.gov (United States)

    Grunow, Martina; Nuscheler, Robert

    2014-06-01

    We investigate risk selection between public and private health insurance in Germany. With risk-rated premiums in the private system and community-rated premiums in the public system, advantageous selection in favor of private insurers is expected. Using 2000 to 2007 data from the German Socio-Economic Panel Study (SOEP), we find such selection. While private insurers are unable to select the healthy upon enrollment, they profit from an increase in the probability to switch from private to public health insurance of those individuals who have experienced a negative health shock. To avoid distorted competition between the two branches of health care financing, risk-adjusted transfers from private to public insurers should be instituted. Copyright © 2013 John Wiley & Sons, Ltd.

  4. Upravljanje Rizicima Osiguravajućih Kompanija / Risk Management of Insurance Companies

    Directory of Open Access Journals (Sweden)

    Zeljić Danijela

    2015-06-01

    Full Text Available When providing protection to the insurees, insurance companies are faced with many risks which are classified in different ways. Risks are increasingly diverse, and the globalization of business has led to a greater probability in terms of their achievements, as well as to the high intensity of the possible consequences. Because of this the process of risk management is a major challenge of modern insurance companies.

  5. The effects of statistical information on risk and ambiguity attitudes, and on rational insurance decisions

    NARCIS (Netherlands)

    P.P. Wakker (Peter); D.R.M. Timmermans (Danielle); I. Machielse (Irma)

    2007-01-01

    textabstractThis paper presents a field study into the effects of statistical information concerning risks on willingness to take insurance, with special attention being paid to the usefulness of these effects for the clients (the insured). Unlike many academic studies, we were able to use in-depth

  6. Should catastrophic risks be included in a regulated competitive health insurance market?

    NARCIS (Netherlands)

    W.P.M.M. van de Ven (Wynand); F.T. Schut (Erik)

    1994-01-01

    textabstractIn 1988 the Dutch government launched a proposal for a national health insurance based on regulated competition. The mandatory benefits package should be offered by competing insurers and should cover both non-catastrophic risks (like hospital care, physician services and drugs) and

  7. The role of insurance and risk management in new power plant projects

    International Nuclear Information System (INIS)

    Ryan, R.

    1988-01-01

    Insurance, and other risk management techniques, can be used to facilitate the financing and construction of power plant projects. This paper describes certain techniques, then it concentrates on insurance based solutions. The objective of this paper is to point out how the insurance industry can help small power producers. First, the standard insurance coverages will be reviewed. Then coverages that have been specifically designed for the alternative energy, cogeneration and small power producing industries will be explained. Some real life examples will be discussed to show how the coverages really work

  8. Risk Management and Nuclear Insurance Program within Societatea Nationala Nuclearelectrica S.A

    Energy Technology Data Exchange (ETDEWEB)

    Havris, Alexandru [Societatea Nationala Nuclearelectrica S.A, 65 Polona Street, code 010494, sector 1, Bucharest (Romania)

    2008-07-01

    This paper shall present the Risk Management and associated nuclear insurance program developed within Societatea Nationala 'Nuclearelectrica' S.A, owner and operator of Units 1 and 2 Cernavoda NPP, the Nuclear Fuel Plant and in charge with commissioning of Units 3 and 4. From the risk management perspective, the main aspects that energy industry has to face due to global economic changes within a dynamic business environment are highlighted. In order to mitigate the operational and investment associated risks, Societatea Nationala 'Nuclearelectrica' S.A. successfully developed, implemented and maintained a coherent insurance program both on local and international insurance market. (authors)

  9. Risk Management and Nuclear Insurance Program within Societatea Nationala Nuclearelectrica S.A

    International Nuclear Information System (INIS)

    Havris, Alexandru

    2008-01-01

    This paper shall present the Risk Management and associated nuclear insurance program developed within Societatea Nationala 'Nuclearelectrica' S.A, owner and operator of Units 1 and 2 Cernavoda NPP, the Nuclear Fuel Plant and in charge with commissioning of Units 3 and 4. From the risk management perspective, the main aspects that energy industry has to face due to global economic changes within a dynamic business environment are highlighted. In order to mitigate the operational and investment associated risks, Societatea Nationala 'Nuclearelectrica' S.A. successfully developed, implemented and maintained a coherent insurance program both on local and international insurance market. (authors)

  10. A Two-Account Life Insurance Model for Scenario-Based Valuation Including Event Risk

    Directory of Open Access Journals (Sweden)

    Ninna Reitzel Jensen

    2015-06-01

    Full Text Available Using a two-account model with event risk, we model life insurance contracts taking into account both guaranteed and non-guaranteed payments in participating life insurance as well as in unit-linked insurance. Here, event risk is used as a generic term for life insurance events, such as death, disability, etc. In our treatment of participating life insurance, we have special focus on the bonus schemes “consolidation” and “additional benefits”, and one goal is to formalize how these work and interact. Another goal is to describe similarities and differences between participating life insurance and unit-linked insurance. By use of a two-account model, we are able to illustrate general concepts without making the model too abstract. To allow for complicated financial markets without dramatically increasing the mathematical complexity, we focus on economic scenarios. We illustrate the use of our model by conducting scenario analysis based on Monte Carlo simulation, but the model applies to scenarios in general and to worst-case and best-estimate scenarios in particular. In addition to easy computations, our model offers a common framework for the valuation of life insurance payments across product types. This enables comparison of participating life insurance products and unit-linked insurance products, thus building a bridge between the two different ways of formalizing life insurance products. Finally, our model distinguishes itself from the existing literature by taking into account the Markov model for the state of the policyholder and, hereby, facilitating event risk.

  11. Introduction to insurance mathematics technical and financial features of risk transfers

    CERN Document Server

    Olivieri, Annamaria

    2015-01-01

    This second edition expands the first chapters, which focus on the approach to risk management issues discussed in the first edition, to offer readers a better understanding of the risk management process and the relevant quantitative phases. In the following chapters the book examines life insurance, non-life insurance and pension plans, presenting the technical and financial aspects of risk transfers and insurance without the use of complex mathematical tools.   The book is written in a comprehensible style making it easily accessible to advanced undergraduate and graduate students in Economics, Business and Finance, as well as undergraduate students in Mathematics who intend starting on an actuarial qualification path. With the systematic inclusion of practical topics, professionals will find this text useful when working in insurance and pension related areas, where investments, risk analysis and financial reporting play a major role.

  12. Outcome of acute myeloid leukemia and high-risk myelodysplastic syndrome according to health insurance status.

    Science.gov (United States)

    Al-Ameri, Ali; Anand, Ankit; Abdelfatah, Mohamed; Kanaan, Zeyad; Hammonds, Tracy; Haller, Nairmeen; Cherry, Mohamad

    2014-12-01

    Age, cytogenetic status, and molecular features are the most important prognostic factors in acute myeloid leukemia (AML). This study aimed to analyze the outcomes of patients with AML or high-risk myelodysplastic syndrome (MDS) according to insurance status. A retrospective chart review was performed, covering all patients with AML and high-risk MDS evaluated and treated at Akron General Medical Center between 2002 and 2012. A Cox regression model was analyzed to account for survival over time, adjusted for insurance type, while controlling for patient age at diagnosis and patient risk of mortality. A total of 130 adult patients (age ≥ 18 years) were identified. Insurance information was available for 97 patients enrolled in the study; 3 were excluded because of self-pay status. Cox regression analysis with insurance type as the predictor found that overall survival declines over time and that the rate of decline may be influenced by insurance type (χ(2)(2) = 6.4; P = .044). The likelihood of survival in patients with Medicaid or Medicare without supplemental insurance was .552 (95% CI, .338-.903; P = .018) times the likelihood in patients who had Medicare with supplemental insurance. To explain the difference, variables of age, gender, and risk of mortality were added to the model. Age and risk of mortality were found to be significant predictors of survival. The addition of insurance type to the model did not significantly contribute (χ(2)(3) = 3.83; P = .147). No significant difference in overall survival was observed when patients with AML or high-risk MDS were analyzed according to their health insurance status. The overall survival was low in this study compared with the national average. Early referral to a specialized center or possible clinical trial enrollment may be a good alternative to improve outcome. Copyright © 2014 Elsevier Inc. All rights reserved.

  13. From Risk to Opportunity. How Insurers Can Proactively and Profitably Manage Climate Change

    International Nuclear Information System (INIS)

    Mills, E.; Lecomte, E.

    2006-08-01

    Last year's USD 45 billion of insured losses from Hurricane Katrina was only the latest reminder of why investors and consumers are concerned about the impacts of climate change on the insurance industry. Twelve months after the devastating storm hit New Orleans, insurers and their shareholders are still feeling the ripples. Record insured losses, rating downgrades, coverage pullbacks and class-action lawsuits are just a few of the reverberations that have been felt across the industry. Meanwhile, consumers are feeling the combined sting of price shocks and reduced availability. So serious is the issue that 20 leading investors, representing over $800 billion in assets, called on the nation's largest insurance companies to disclose their financial exposure from climate change and steps they are taking to reduce those financial impacts. But, while most of the attention is focused on the growing risks, climate change also creates vast business opportunities to be part of the solution to global warming. Just as the industry has historically asserted its leadership to minimize risks from building fires and earthquakes, insurers have a huge opportunity today to develop creative loss-prevention products and services that will reduce climate-related losses for consumers, governments and insurers, while trimming the emissions causing global warming. This report focuses on the encouraging progress made by insurers to develop these new products and services. It identifies more than 190 concrete examples available, or soon-to-be-available, from dozens of insurance providers in 16 countries. In addition to benefiting insurers' core business and investment activities, these programs afford insurers the opportunity to differentiate their products from their competitors, while also enhancing their reputation with customers who are increasingly looking for all sectors of the industry to come forward with effective responses to the threats caused by climate change. More than half

  14. Climate Risk and Production Shocks: Using Index Insurance to Link Climate Science to Policy for Sustainable Development

    Science.gov (United States)

    McCarney, G. R.; Osgood, D. E.

    2011-12-01

    Smallholder farmers in developing countries are often severely impacted by droughts and other climate related events. However, agricultural insurance programs are largely unavailable in lower-income countries because of limitations in traditional loss-based indemnity insurance. As a result, it is often the case that farmers who are the most vulnerable to climate shocks lack access to the insurance tools that could help to reduce their production risk. Index insurance, a recent financial innovation, has the potential to increase access to insurance for smallholder farmers (Barrett et al. 2007). Index insurance allows farmers to insure their production risk based on a weather index (such as total seasonal rainfall) rather than on crop yields. The use of a weather index addresses many of the perverse incentive problems found in traditional crop insurance, and greatly reduces the costs of insuring smallholder farmers. The trade-off in index insurance, however, is limited accuracy in calibrating payouts to actual losses, a phenomenon commonly known as basis risk. While index insurance has promise as a risk-smoothing instrument, many argue it has greater promise as a mechanism for improving access to credit for smallholder farmers in developing countries (e.g. Barnett, Barrett & Skees 2008). In these areas, farmers are often fully exposed to climate shocks, which greatly affect their willingness to borrow. By smoothing the uncertainty in climate shocks, insurance may allow farmers to take credit for productive risks. There has been much discussion as to the optimal strategy for combining index insurance with credit, specifically if the financial institutions or the individual farmers themselves should hold the insurance policy. Many existing insurance implementations insure the farmer directly. However, since a weather index is a proxy for yield loss based on regional data, there is basis risk due to uninsured idiosyncratic differences between farmers. As a response to

  15. Liability and insurance of nuclear accident risk the swiss regulation in perspective

    International Nuclear Information System (INIS)

    Umbricht, R.; Zweifel, P.

    1998-01-01

    In this paper we argue that compulsory insurance of nuclear liability should be extended. Most countries have explicit limitations of operators' liability, which also lie at the heart of international conventions. Moreover, there are implicit limitations imposed by operators' inability to pay where unlimited and strict liability applies. These limitations result in static and dynamic inefficiencies because they allow nuclear plant operators to eschew the risk costs of a severe nuclear accident. Extension of compulsory insurance, however, will exacerbate problems of market failure in insurance: National insurance pools have monopolized the business and are expected to exercise market power. Furthermore, their capacity may fall short of required coverage. Bringing in capital market investors can alleviate these problems. Nuclear liability insurance data from Switzerland provides statistical evidence in support of our main points. (authors)

  16. Managing hydroclimatological risk to water supply with option contracts and reservoir index insurance

    Science.gov (United States)

    Brown, Casey; Carriquiry, Miguel

    2007-11-01

    This paper explores the performance of a system of economic instruments designed to facilitate the reduction of hydroclimatologic variability-induced impacts on stakeholders of shared water supply. The system is composed of bulk water option contracts between urban water suppliers and agricultural users and insurance indexed on reservoir inflows. The insurance is designed to cover the financial needs of the water supplier in situations where the option is likely to be exercised. Insurance provides the irregularly needed funds for exercising the water options. The combined option contract - reservoir index insurance system creates risk sharing between sectors that is currently lacking in many shared water situations. Contracts are designed for a shared agriculture - urban water system in Metro Manila, Philippines, using optimization and Monte Carlo analysis. Observed reservoir inflows are used to simulate contract performance. Results indicate the option - insurance design effectively smooths water supply costs of hydrologic variability for both agriculture and urban water.

  17. Young moped riders : reducing high risks and high insurance premiums.

    NARCIS (Netherlands)

    Wegman, F.C.M.

    1992-01-01

    The paper examines the reported fall in fatal accidents for moped riders in The Netherlands, and also describes developments with respect to the ownership and use of mopeds. An analysis considers the safety problems of moped riders and suggests how insurance companies might help overcome the safety

  18. 7 CFR 2.44 - Administrator, Risk Management Agency and Manager, Federal Crop Insurance Corporation.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 1 2010-01-01 2010-01-01 false Administrator, Risk Management Agency and Manager... Secretary for Farm and Foreign Agricultural Services to the Administrator, Risk Management Agency, and... for the transaction of the business of the Federal Crop Insurance Corporation and the Risk Management...

  19. Risk reduction in a changing insurance climate: examples from the US and UK

    Science.gov (United States)

    Horn, Diane; McShane, Michael

    2015-04-01

    Coastal cities face a range of increasingly severe challenges as sea level rises, and adaptation to future flood risk will require more than structural defences. Many cities will not be able to rely solely on engineering structures for protection and will need to develop a suite of policy responses to increase their resilience to impacts of rising sea level. Insurance can be used as a risk-sharing mechanism to encourage adaptation to sea level rise, using pricing or restrictions on availability of cover to discourage new development in flood risk areas or to encourage the uptake of flood resilience measures. We draw on flood insurance policy lessons learned from the United States and the United Kingdom to propose risk-sharing among private insurers/reinsurers, government, and policyholders to alleviate major issues of the current programs, while still maintaining a holistic approach to managing flood risk. The UK and the US are almost polar opposites in the way flood insurance is implemented. Flood insurance in the US is fully public and in the UK fully private; however, in both countries the participants feel that the established system is unsustainable. In the US, flood coverage is excluded from property policies provided by private insurers, and is only available through the National Flood Insurance Program (NFIP), with the federal government acting as insurer of last resort. Flood risk reduction has been part of the NFIP remit since the introduction of the program in 1968. Following massive payments for flood claims related primarily to Hurricanes Katrina and Sandy, the NFIP is approximately 26 billion in debt, prompting calls to bring private insurance back into the flood insurance business. Two major Congressional modifications to the NFIP in 2012 and 2014 have pushed the contradictory goals of fully risk-based, yet affordable premiums. The private market has not been significantly involved in a risk-bearing role, but that is changing as private insurers

  20. Do insurers respond to risk adjustment? A long-term, nationwide analysis from Switzerland.

    Science.gov (United States)

    von Wyl, Viktor; Beck, Konstantin

    2016-03-01

    Community rating in social health insurance calls for risk adjustment in order to eliminate incentives for risk selection. Swiss risk adjustment is known to be insufficient, and substantial risk selection incentives remain. This study develops five indicators to monitor residual risk selection. Three indicators target activities of conglomerates of insurers (with the same ownership), which steer enrollees into specific carriers based on applicants' risk profiles. As a proxy for their market power, those indicators estimate the amount of premium-, health care cost-, and risk-adjustment transfer variability that is attributable to conglomerates. Two additional indicators, derived from linear regression, describe the amount of residual cost differences between insurers that are not covered by risk adjustment. All indicators measuring conglomerate-based risk selection activities showed increases between 1996 and 2009, paralleling the establishment of new conglomerates. At their maxima in 2009, the indicator values imply that 56% of the net risk adjustment volume, 34% of premium variability, and 51% cost variability in the market were attributable to conglomerates. From 2010 onwards, all indicators decreased, coinciding with a pre-announced risk adjustment reform implemented in 2012. Likewise, the regression-based indicators suggest that the volume and variance of residual cost differences between insurers that are not equaled out by risk adjustment have decreased markedly since 2009 as a result of the latest reform. Our analysis demonstrates that risk-selection, especially by conglomerates, is a real phenomenon in Switzerland. However, insurers seem to have reduced risk selection activities to optimize their losses and gains from the latest risk adjustment reform.

  1. Insurance crisis

    International Nuclear Information System (INIS)

    Williams, P.L.

    1996-01-01

    The article discusses the effects of financing and technology advances on the availability of insurance for independent power producers operating gas turbines. Combined cycle units which require new materials and processes make it difficult to assess risk. Insurers are denying coverage, or raising prices and deductibles. Many lenders, however, are requiring insurance prior to financing. Some solutions proposed include information sharing by industry participants and insurers and increased risk acceptance by plant owners/operators

  2. Explicit solutions to correlation matrix completion problems, with an application to risk management and insurance.

    Science.gov (United States)

    Georgescu, Dan I; Higham, Nicholas J; Peters, Gareth W

    2018-03-01

    We derive explicit solutions to the problem of completing a partially specified correlation matrix. Our results apply to several block structures for the unspecified entries that arise in insurance and risk management, where an insurance company with many lines of business is required to satisfy certain capital requirements but may have incomplete knowledge of the underlying correlation matrix. Among the many possible completions, we focus on the one with maximal determinant. This has attractive properties and we argue that it is suitable for use in the insurance application. Our explicit formulae enable easy solution of practical problems and are useful for testing more general algorithms for the maximal determinant correlation matrix completion problem.

  3. The effectiveness and development trend of nuclear third party liability insurance in the nuclear risk management

    International Nuclear Information System (INIS)

    Wang Pei

    2010-01-01

    Nuclear power considerably benefited mankind since it was utilized peaceably. The cleanness, safety and high efficiency of nuclear power were gradually known and recognized by the public. However at the same time, nuclear power had produced significant accident and consequently caused severe aftereffects during its utilization. Therefore, effective management of nuclear risk and reducing its accident probability are the social responsibilities of every nuclear nation. From the insurance point of view, this document analyzes the validity and development trends of nuclear third party insurance in nuclear risk management. It also introduces effectual experience in this field from nuclear insurance developed countries. This document discusses the necessity of consummating nuclear third party insurance under the aggressive development situation of nuclear power in our country. (author)

  4. Making decisions about liability and insurance a special issue of the journal of risk and uncertainty

    CERN Document Server

    Kunreuther, Howard

    1993-01-01

    Two related trends have created novel challenges for managing risk in the United States. The first trend is a series of dramatic changes in liability law as tort law has expanded to assign liability to defendants for reasons other than negligence. The unpredictability of future costs induced by changes in tort law may be partly responsible for the second major trend known as the `liability crisis' - the disappearance of liability protection in markets for particularly unpredictable risks. This book examines decisions people make about insurance and liability. An understanding of such decision making may help explain why the insurance crisis resulted from the new interpretations of tort law and what to do about it. The articles cover three kinds of decisions: consumer decisions to purchase insurance; insurer decisions about coverage they offer; and the decisions of the public about the liability rules they prefer, which are reflected in legislation and regulation. For each of these three kinds of decisions, no...

  5. Risk Minimization for Insurance Products via F-Doubly Stochastic Markov Chains

    Directory of Open Access Journals (Sweden)

    Francesca Biagini

    2016-07-01

    Full Text Available We study risk-minimization for a large class of insurance contracts. Given that the individual progress in time of visiting an insurance policy’s states follows an F -doubly stochastic Markov chain, we describe different state-dependent types of insurance benefits. These cover single payments at maturity, annuity-type payments and payments at the time of a transition. Based on the intensity of the F -doubly stochastic Markov chain, we provide the Galtchouk-Kunita-Watanabe decomposition for a general insurance contract and specify risk-minimizing strategies in a Brownian financial market setting. The results are further illustrated explicitly within an affine structure for the intensity.

  6. Rational and mechanics of a peak risk variance swap for a property insurance portfolio

    OpenAIRE

    Zvezdov, Ivelin

    2012-01-01

    In this technical report we explore the motivation, structuring and detailed mechanics of a variance swap contract adapted for a property insurance portfolio. We structure, price and test sensitivities of the swap contract using real event historical and modeled natural catastrophe loss data. Our key motivation is to propose an element of financial engineering innovation to insurance portfolio risk management to allow for constructing hedging strategies that may not be possible to achieve w...

  7. Risk classification and cream skimming on the deregulated German insurance market

    OpenAIRE

    Beschorner, Patrick F. E.

    2003-01-01

    In a two-stage model insurance companies first decide upon risk classification and then compete in prices. I show that the observed heterogeneous behavior of similar firms is compatible with rational behavior. On the deregulated German insurance market individual application of classification schemes induces welfare losses due to cream skimming. Classification costs and pricing above marginal cost can be prevented by common industry-wide loss statistics which already exist to a rudimentary ex...

  8. Abundance in Capital: Global Risk Sharing and Insurance in a Changing Financial Environment

    Science.gov (United States)

    Michel, Gero; Schaper, Christopher

    2014-05-01

    Insurance has played a viable role in the hedging of homeowners and commercial risks around the world. Countries that have significant penetration in insurance have in addition performed better after large regional or over-regional catastrophic losses. Insurance has hence increased the resilience of western societies. This is opposed to emerging or developing markets with low insurance penetration which have suffered significant drawbacks in their development after large catastrophic events. Examples include the recent Typhoon(s) in the Philippines and the 2010 Haiti earthquake. This presentation will provide insights into the opportunities, views and risk management features a global reinsurance company must assume in order to hedge and mitigate risk across the world. During the past year, an unprecedented amount of new capital has been entering the insurance market, looking for profitable investments outside the much wider capital market. Catastrophe insurance is seen as a valuable alternative to investing in assets that that have shown low returns and high correlation in the recent financial meltdown. The new capital is mostly deployed - or competing with already deployed capital - in the US where insurance penetration is already high. This is opposed to more than half of the world including all developing and most emerging countries which have low insurance penetration and often lack infrastructure hindering new capital to be deployed effectively. What is needed to overcome this obvious deficiency in capital supply and demand? One reason why it is difficult to deploy capital in developing countries is the lack of available exposure information and catastrophe models. This presentation sheds light on the potential science needs of our market and gives an overview of what is being done at Montpelier, a global reinsurance company, to understand catastrophe risk around the globe.

  9. The assessment of solvency and determination of limits for risk acceptance in insurance companies

    Directory of Open Access Journals (Sweden)

    Drljača Dejan

    2017-01-01

    Full Text Available The subject of this paper is the presentation of key requirements for Solvency II project, the methodology for testing of capital adequacy and methods for identification, definition and establishment of risk limits, as a limit for acceptance, bearing and control of exposure to certain risks in insurance companies. The aim of the paper is to show that the capital adequacy is the key factor for insurers' safety, i.e. guarantee of capability of an insurer to settle any future liabilities and leverage for strengthening of insurer's market position. Business operations of insurance companies are exposed to a significant number of risks that differ by their nature, character and influence, due to which adequacy of calculated technical reserves does not provide a satisfactory level of safety in case of more significant impairments of assets and funds of insurers, as well as in case of significant deviations between amounts of settled claims and actuarially expected amounts of liabilities based on claims. Stress testing of capital adequacy will show that losses due to impairment of risky securities, difficult collection of low liquid, i.e. securities that are difficult to market, inability to collect receivables from reinsurers, as well as losses due to inadequately calculated reserved claims, must be covered by a solvent capital. The paper is structured so as to provide a review of rules, elements and principles that are the foundation of solvency requirements in insurance companies, methodologies of calculation of guarantee reserve, technical basis for stress testing which assesses capital adequacy of insurers, as well as methods for establishment of limits of exposure to certain risks.

  10. MELTER: A model of the thermal response of cargos transported in the Safe-Secure Trailer subject to fire environments for risk assessment applications

    International Nuclear Information System (INIS)

    Larsen, M.E.

    1994-08-01

    MELTER is an analysis of cargo responses inside a fire-threatened Safe-Secure Trailer (SST) developed for the Defense Program Transportation Risk Assessment (DPTRA). Many simplifying assumptions are required to make the subject problem tractable. MELTER incorporates modeling which balances the competing requirements of execution speed, generality, completeness of essential physics, and robustness. Input parameters affecting the analysis include those defining the fire scenario, those defining the cargo loaded in the SST, and those defining properties of the SST. For a specified fire, SST, and cargo geometry MELTER predicts the critical fire duration that will lead to a failure. The principal features of the analysis include: (a) Geometric considerations to interpret fire-scenario descriptors in terms of a thermal radiation boundary condition, (b) a simple model of the SST's wall combining the diffusion model for radiation through optically-thick media with an endothermic reaction front to describe the charring of dimensional, rigid foam in the SST wall, (c) a transient radiation enclosure model, (d) a one-dimensional, spherical idealization of the shipped cargos providing modularity so that cargos of interest can be inserted into the model, and (e) associated numerical methods to integrate coupled, differential equations and find roots

  11. Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro

    Directory of Open Access Journals (Sweden)

    Burić Milijana Novović

    2018-01-01

    Full Text Available Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM, as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.

  12. Risk preference or financial literacy? Behavioural experiment on index insurance demand

    NARCIS (Netherlands)

    Awel, Y.; Azomahou, T.T.

    2015-01-01

    We use unique cross-sectional household data from Ethiopia to investigate the effect of risk preference, financial literacy and other socio-economic characteristics on demand for index insurance. We measure risk preference based on survey experiments using lottery choice game with real monetary

  13. Statistical concepts of a priori and a posteriori risk classification in insurance

    NARCIS (Netherlands)

    Antonio, K.; Valdez, E.

    2012-01-01

    Everyday we face all kinds of risks, and insurance is in the business of providing us a means to transfer or share these risks, usually to eliminate or reduce the resulting financial burden, in exchange for a predetermined price or tariff. Actuaries are considered professional experts in the

  14. Insurance of risks as the instrument of protection of investments into high-rise construction

    Science.gov (United States)

    Vasilyeva, Elena; Okrepilov, Vladimir

    2018-03-01

    Insurance now is one of the important sectors for both world, and national financial systems. The mechanism of insurance of risks plays an essential role in the process of construction of high-rise buildings and as well as other unique objects. The author argues that insurance is categorically necessary because of the following reasons: huge scale and complexity of high-rise projects and great expenses, the use of unsafe sites for construction, great possible losses in case of the project, important role for the city infrastructure, numerous organizations, involved into the process of construction and maintenance, multypurpose use of the building. The features of insurance in the field of high-rise construction is also considered in the article. The prerequisites, confirming the loss occurrence are named.

  15. Model estimation of claim risk and premium for motor vehicle insurance by using Bayesian method

    Science.gov (United States)

    Sukono; Riaman; Lesmana, E.; Wulandari, R.; Napitupulu, H.; Supian, S.

    2018-01-01

    Risk models need to be estimated by the insurance company in order to predict the magnitude of the claim and determine the premiums charged to the insured. This is intended to prevent losses in the future. In this paper, we discuss the estimation of risk model claims and motor vehicle insurance premiums using Bayesian methods approach. It is assumed that the frequency of claims follow a Poisson distribution, while a number of claims assumed to follow a Gamma distribution. The estimation of parameters of the distribution of the frequency and amount of claims are made by using Bayesian methods. Furthermore, the estimator distribution of frequency and amount of claims are used to estimate the aggregate risk models as well as the value of the mean and variance. The mean and variance estimator that aggregate risk, was used to predict the premium eligible to be charged to the insured. Based on the analysis results, it is shown that the frequency of claims follow a Poisson distribution with parameter values λ is 5.827. While a number of claims follow the Gamma distribution with parameter values p is 7.922 and θ is 1.414. Therefore, the obtained values of the mean and variance of the aggregate claims respectively are IDR 32,667,489.88 and IDR 38,453,900,000,000.00. In this paper the prediction of the pure premium eligible charged to the insured is obtained, which amounting to IDR 2,722,290.82. The prediction of the claims and premiums aggregate can be used as a reference for the insurance company’s decision-making in management of reserves and premiums of motor vehicle insurance.

  16. Investigating the effect of corporate governance on risk of private banks and insurance firms

    Directory of Open Access Journals (Sweden)

    Mehdi Taghavi

    2014-01-01

    Full Text Available This paper presents an empirical investigation to study the effects of corporate governance on risk taking of private insurance firms and banks in Iran. The proposed study of this paper considers the financial information of 13 banks and 19 private insurance firms over the period 2006-2011 in Iran. The study investigates the effects of five variables including size, CEO duality task, composition of the board of directors, ownership concentration and having an internal auditing system on risk taking of private banks and insurance firms in Iran. Using some panel data and regression analysis, the study confirms the positive effect of the ownership concentration as well as negative impact of non-bound board members on risk taking.

  17. Use of Neural Networks in Risk Assessment and Optimization of Insurance Cover in Innovative Enterprises

    Directory of Open Access Journals (Sweden)

    Pukała Ryszard

    2016-09-01

    Full Text Available The scientific objective of the paper is to present the findings of a study into the use of artificial neural networks in quantifying activity related risks of an innovative enterprise and to optimize its insurance cover in order to minimize the probable financial losses whenever they materialize. The Kohonen network involving the activation of 51 input variables was applied in the study. The outcomes of the stimulation for the given set of variables made it possible to determine the probability of a threat occurring in the classes. The results of the analysis were used to prepare an optimal insurance cover for the activities of the innovative company. The research findings are suitable for use in risk theory as well as in issues relating to entrepreneurship and insurance. The analytical device employed can also be put to practical use as a support tool in corporate risk management.

  18. Probabilistic Insurance

    NARCIS (Netherlands)

    Wakker, P.P.; Thaler, R.H.; Tversky, A.

    1997-01-01

    Probabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in premium to compensate for a 1% default risk. These observations cannot be

  19. Probabilistic Insurance

    NARCIS (Netherlands)

    P.P. Wakker (Peter); R.H. Thaler (Richard); A. Tversky (Amos)

    1997-01-01

    textabstractProbabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in the premium to compensate for a 1% default risk. While these

  20. The Cargo

    DEFF Research Database (Denmark)

    Birch, Thomas; Charlton, Michael F.; Biggs, Lynn

    2014-01-01

    The Gresham ship was carrying a substantial cargo of different metals when she sank, representing a considerable financial loss. Reports record that some of that material recovered in 1846 included 2700 tin ingots, lead pigs and iron bars (British Archaeological Association, 1847, 361......). The excavations in 2003–4 found a further three stamped lead ingots, five tin ingots and 42 iron bars from the hull area of the ship. The size of the original cargo remains unknown, though the estimated capacity of the ship, perhaps some 150 tons, provides an indication. In this chapter, the assemblage of lead...... and tin ingots and the bar iron will be described, the production processes established and the innovative analytical evidence for the provenance of the metals discussed. The research presented here suggests that lead ingots were from Derbyshire, the tin from Cornwall, but the bar iron seems...

  1. Longevity Risk and Natural Hedge Potential in Portfolios Of Life Insurance Products : The Effect of Investment Risk

    NARCIS (Netherlands)

    Stevens, R.S.P.; De Waegenaere, A.M.B.; Melenberg, B.

    2011-01-01

    Payments of life insurance products depend on the uncertain future evolution of survival probabilities. This uncertainty is referred to as longevity risk. Existing literature shows that the effect of longevity risk on single life annuities can be substantial, and that there exists a (natural) hedge

  2. Willingness to Overpay for Insurance and for Consumer Credit: Search and Risk Behavior Under Price Dispersion

    Directory of Open Access Journals (Sweden)

    Sergey MALAKHOV

    2014-11-01

    Full Text Available When income growth under price dispersion reduces the time of search and raises prices of purchases, the increase in purchase price can be presented as the increase in the willingness to pay for insurance or the willingness to pay for consumer credit. The optimal consumer decision represents the trade-off between the propensity to search for beneficial insurance or consumer credit, and marginal savings on insurance policy or consumer credit. Under price dispersion the indirect utility function takes the form of cubic parabola, where the risk aversion behavior ends at the saddle point of the comprehensive insurance or the complete consumer credit. The comparative static analysis of the saddle point of the utility function discovers the ambiguity of the departure from risk-neutrality. This ambiguity can produce the ordinary risk seeking behavior as well as mathematical catastrophes of Veblen-effect’s imprudence and over prudence of family altruism. The comeback to risk aversion is also ambiguous and it results either in increasing or in decreasing relative risk aversion. The paper argues that the decreasing relative risk aversion comes to the optimum quantity of money.

  3. Rainfall Intensity and Frequency Explain Production Basis Risk in Cumulative Rain Index Insurance

    Science.gov (United States)

    Muneepeerakul, Chitsomanus P.; Muneepeerakul, Rachata; Huffaker, Ray G.

    2017-12-01

    With minimal moral hazard and adverse selection, weather index insurance promises financial resilience to farmers struck by harsh weather conditions through swift compensation at affordable premium. Despite these advantages, the very nature of indexing gives rise to production basis risk as the selected weather indexes do not sufficiently correspond to actual damages. To address this problem, we develop a stochastic yield model, built upon a stochastic soil moisture model driven by marked Poisson rainfall. Our analysis shows that even under similar temperature and rainfall amount yields can differ significantly; this was empirically supported by a 2-year field experiment in which rain-fed maize was grown under very similar total rainfall. Here, the year with more intense, less-frequent rainfall produces a better yield—a rare counter evidence to most climate change projections. Through a stochastic yield model, we demonstrate the crucial roles of rainfall intensity and frequency in determining the yield. Importantly, the model allows us to compute rainfall pattern-related basis risk inherent in cumulative rain index insurance. The model results and a case study herein clearly show that total rainfall is a poor indicator of yield, imposing unnecessary production basis risk on farmers and false-positive payouts on insurers. Incorporating rainfall intensity and frequency in the design of rain index insurance can offer farmers better protection, while maintaining the attractive features of the weather index insurance and thus fulfilling its promise of financial resilience.

  4. On risk measures and decisions in insurance and finance

    NARCIS (Netherlands)

    Goovaerts, M.J.; Kaas, R.; Laeven, R.J.A.

    2009-01-01

    In this paper, we argue that a distinction exists between risk measures and decision principles. Though both are functionals assigning a real number to a random variable, we think there is a hierarchy between the two concepts. Risk measures operate on the first "level", quantifying the risk in the

  5. How can the regulator show evidence of (no) risk selection in health insurance markets? Conceptual framework and empirical evidence.

    Science.gov (United States)

    van de Ven, Wynand P M M; van Vliet, René C J A; van Kleef, Richard C

    2017-03-01

    If consumers have a choice of health plan, risk selection is often a serious problem (e.g., as in Germany, Israel, the Netherlands, the United States of America, and Switzerland). Risk selection may threaten the quality of care for chronically ill people, and may reduce the affordability and efficiency of healthcare. Therefore, an important question is: how can the regulator show evidence of (no) risk selection? Although this seems easy, showing such evidence is not straightforward. The novelty of this paper is two-fold. First, we provide a conceptual framework for showing evidence of risk selection in competitive health insurance markets. It is not easy to disentangle risk selection and the insurers' efficiency. We suggest two methods to measure risk selection that are not biased by the insurers' efficiency. Because these measures underestimate the true risk selection, we also provide a list of signals of selection that can be measured and that, in particular in combination, can show evidence of risk selection. It is impossible to show the absence of risk selection. Second, we empirically measure risk selection among the switchers, taking into account the insurers' efficiency. Based on 2-year administrative data on healthcare expenses and risk characteristics of nearly all individuals with basic health insurance in the Netherlands (N > 16 million) we find significant risk selection for most health insurers. This is the first publication of hard empirical evidence of risk selection in the Dutch health insurance market.

  6. Should catastrophic risks be included in a regulated competitive health insurance market?

    Science.gov (United States)

    van de Ven, W P; Schut, F T

    1994-11-01

    In 1988 the Dutch government launched a proposal for a national health insurance based on regulated competition. The mandatory benefits package should be offered by competing insurers and should cover both non-catastrophic risks (like hospital care, physician services and drugs) and catastrophic risks (like several forms of expensive long-term care). However, there are two arguments to exclude some of the catastrophic risks from the competitive insurance market, at least during the implementation process of the reforms. Firstly, the prospects for a workable system of risk-adjusted payments to the insurers that should take away the incentives for cream skimming are, at least during the next 5 years, more favorable for the non-catastrophic risks than for the catastrophic risks. Secondly, even if a workable system of risk-adjusted payments can be developed, the problem of quality skimping may be relevant for some of the catastrophic risks, but not for non-catastrophic risks. By 'quality skimping' we mean the reduction of the quality of care to a level which is below the minimum level that is acceptable to society. After 5 years of health care reforms in the Netherlands new insights have resulted in a growing support to confine the implementation of the reforms to the non-catastrophic risks. In drawing (and redrawing) the exact boundaries between different regulatory regimes for catastrophic and non-catastrophic risks, the expected benefits of a cost-effective substitution of care have to be weighted against the potential harm caused by cream skimming and quality skimping.

  7. Solvency II approach to the risk management in commercial insurance companies

    Directory of Open Access Journals (Sweden)

    Eva Vávrová

    2010-01-01

    Full Text Available In the year 2001, the European Comission started to revise the legislation Solvency I and to implement a new approach called Solvency II. The regulation called Solvency II is based on regulation considering management of risks of commercial insurance companies. Changes on financial markets and the contemporary financial crisis made financial authorities to formulate principles of regulation based on risk management. Commercial insurance companies across Europe will face a considerable amount of work to be ready for requirements related with Solvency II implementation in the year 2012. Rating agencies, regulators and investors today are demanding that insurers provide detailed assessments of their risk tolerance and quantify the adequacy of their economic capital. To complete such assessments requires a credible baseline for underwriting volatility. Modern portfolio theory for assets teaches that increasing the number of stocks in a portfolio will diversify and reduce the portfolio risk, but will not eliminate risk completely, the systemic market risk remains. In the same way, insurers can reduce underwriting volatility by increasing account volume, but they cannot reduce their volatility to zero. A certain level of systemic insurance risk will always remain, due to factors such as for example the underwriting cycle, macroeconomic factors, legal changes and weather.This presented scientific paper focuses on an analysis of specific goals of the regulation Solvency II and the structure of second pillar of the three-pillar construction (similarity with Basel II banking regulation of Solvency II. The paper was written as part of research project MSM 6215648904, carried out by the Faculty of Business and Economics, under the title “The Czech Republic in the pro­ces­ses of integration and globalization, and the development of the agriculture and service sector in the new conditions of the integrated European market”, following the goals and

  8. Enterprise risk management and firm value within China’s insurance industry

    Directory of Open Access Journals (Sweden)

    Qiuying Li

    2014-02-01

    Research purpose: The purpose of the study is to empirically examine the relationship between ERM and firm value. The study is undertaken within the context of the Chinese insurance industry. Motivation for the study: Recent attempts to link ERM with firm value have been undertaken primarily in the USA and Europe and have produced ambiguous and inconclusive findings. Research design, approach and method: Data was obtained from the China Insurance Regulatory Commission, a government body responsible for regulating insurance products and services in China. The data sample consisted of 135 insurance companies operating in China (in 2010. Regression modelling is employed to analyse the data. Main findings: The results show the relationship between ERM and firm value at first appears statistically significant within a Pearson correlation matrix but then falls below statistical significance on closer scrutiny through regression analysis. Accordingly, it is recommended that insurers in China should not look to aggressive investment in ERM as a strategy for producing quick gains in firm value. Practical/managerial implications: Risk managers should plan ERM development from a risk management maturity perspective, which equates the highest level of ERM development with ERM’s capacity to improve firm resilience to the unknown and serve as a mechanism for strategic decision-making. Contribution/value-add: The study employed return on equity as a proxy for firm value, utilising ordinary least squares regression modelling to test propositions of the relationships between variables.

  9. An agent-based model of flood risk and insurance

    NARCIS (Netherlands)

    Dubbelboer, J.; Nikolic, I.; Jenkins, K.; Hall, J

    2017-01-01

    Flood risk emerges from the dynamic interaction between natural hazards and human vulnerability. Methods for the quantification of flood risk are well established, but tend to deal with human and economic vulnerability as being static or changing with an exogenously defined trend. In this paper

  10. Surplus analysis of Sparre Andersen insurance risk processes

    CERN Document Server

    Willmot, Gordon E

    2017-01-01

    This carefully written monograph covers the Sparre Andersen process in an actuarial context using the renewal process as the model for claim counts. A unified reference on Sparre Andersen (renewal risk) processes is included, often missing from existing literature. The authors explore recent results and analyse various risk theoretic quantities associated with the event of ruin, including the time of ruin and the deficit of ruin. Particular attention is given to the explicit identification of defective renewal equation components, which are needed to analyse various risk theoretic quantities and are also relevant in other subject areas of applied probability such as dams and storage processes, as well as queuing theory. Aimed at researchers interested in risk/ruin theory and related areas, this work will also appeal to graduate students in classical and modern risk theory and Gerber-Shiu analysis.

  11. Community rating in the absence of risk equalisation: lessons from the Irish private health insurance market.

    Science.gov (United States)

    Turner, Brian; Shinnick, Edward

    2013-04-01

    Ireland's private health insurance market operates on the basis of community rating, alongside open enrolment and lifetime cover. A risk equalisation scheme was introduced in 2003 to bolster community rating. However, in July 2008 the Irish Supreme Court set aside this scheme, on the basis of the interpretation of community rating in Irish legislation. This decision has significant implications for the Irish private health insurance market. This paper reviews the development of the market, focusing in particular on community rating. The breakdown of community rating in a market with multiple insurers with differing risk profiles is discussed. Applying this to the Irish market, it can be seen that the Irish Supreme Court judgment has significant implications for the application of community rating. Specifically, while community rating operates within plans, it no longer operates across the market, leading to high-risk lives paying more, on average, than low-risk lives. It has also led to greater opportunities for insurers to engage in market segmentation. This may have relevance for the design and operation of other community rated markets.

  12. 40 CFR 280.97 - Insurance and risk retention group coverage.

    Science.gov (United States)

    2010-07-01

    ... UNDERGROUND STORAGE TANKS (UST) Financial Responsibility § 280.97 Insurance and risk retention group coverage... information and the brackets deleted: (1) Endorsement Name: [name of each covered location] Address: [address... liability, and exclusions of the policy.] I hereby certify that the wording of this instrument is identical...

  13. Risk, information and insurance essays in the memory of Karl H. Borch

    CERN Document Server

    1991-01-01

    Orio Giarini The "Geneva Association" (International Association for the Study of Risk and Insurance Economics) was founded in 1973. The main goal was to stimulate and organize objective research in the field of risk, uncertainty, and insurance, in a world in which such issues were clearly becoming of greater and greater relevance for all economic actors. This was a pioneer­ ing effort, especially as economic theory and the teaching of economics were still anchored to the key notion of general equilibrium under an assumption of certainty. Thus, we had to start our work almost from scratch. One of the first initiatives was to bring together in Geneva, in June of 1973, all the academics in Europe already involved in risk and insurance economics. We found eight from five different countries who never had met before. This seminar chaired by Raymond Barre, the first president of The Geneva Association, was the first of an annual series that became known as the seminar of "The European Group of Risk and Insurance ...

  14. Health risks in international container and bulk cargo transport due to volatile toxic compounds

    DEFF Research Database (Denmark)

    Baur, Xaver; Budnik, Lygia T; Zhao, Zhiwei

    2015-01-01

    To ensure the preservation and quality of the goods, physical (i.e. radiation) or chemical pest control is needed. The dark side of such consents may bear health risks in international transport and production sharing. In fact, between 10% and 20% of all containers arriving European harbors were...... with lethal outcome, occur not only during the fumigation, but also during freight transport (on bulk carriers and other transport vessels), as well as in the logistic lines during loading and unloading. Risk occupations include dock-workers, seafarers, inspectors, as well as the usually uninformed workers...... of importing enterprises that unload the products. Bystanders as well as vulnerable consumers may also be at risk. Ongoing studies focus on the release of these toxic volatile substances from various goods. It was shown that the half-lives of the off-gassing process range between minutes and months, depending...

  15. Asset and Liability Composition in Participating Life Insurance: The Impact on Shortfall Risk and Shareholder Value

    DEFF Research Database (Denmark)

    Gatzert, Nadine; Bohnert, Alexander; Jørgensen, Peter Løchte

    surplus appropriation schemes on the company’s shortfall risk and the shareholders’ fair risk charge. The range of products comprises temporary life annuities and endowment insurance contracts with varying surplus appropriation schemes that are modeled actuarially. We thereby also account for mortality...... risk and ensure a fair situation for shareholders. Our findings emphasize that management decisions can have a substantial impact on the company’s shortfall risk, and that their effectiveness in risk reduction varies substantially depending on the surplus appropriation scheme offered to the customer...

  16. Fuzzy-probabilistic multi agent system for breast cancer risk assessment and insurance premium assignment.

    Science.gov (United States)

    Tatari, Farzaneh; Akbarzadeh-T, Mohammad-R; Sabahi, Ahmad

    2012-12-01

    In this paper, we present an agent-based system for distributed risk assessment of breast cancer development employing fuzzy and probabilistic computing. The proposed fuzzy multi agent system consists of multiple fuzzy agents that benefit from fuzzy set theory to demonstrate their soft information (linguistic information). Fuzzy risk assessment is quantified by two linguistic variables of high and low. Through fuzzy computations, the multi agent system computes the fuzzy probabilities of breast cancer development based on various risk factors. By such ranking of high risk and low risk fuzzy probabilities, the multi agent system (MAS) decides whether the risk of breast cancer development is high or low. This information is then fed into an insurance premium adjuster in order to provide preventive decision making as well as to make appropriate adjustment of insurance premium and risk. This final step of insurance analysis also provides a numeric measure to demonstrate the utility of the approach. Furthermore, actual data are gathered from two hospitals in Mashhad during 1 year. The results are then compared with a fuzzy distributed approach. Copyright © 2012 Elsevier Inc. All rights reserved.

  17. Ruin Probabilities in a Dependent Discrete-Time Risk Model With Gamma-Like Tailed Insurance Risks

    Directory of Open Access Journals (Sweden)

    Xing-Fang Huang

    2017-03-01

    Full Text Available This paper considered a dependent discrete-time risk model, in which the insurance risks are represented by a sequence of independent and identically distributed real-valued random variables with a common Gamma-like tailed distribution; the financial risks are denoted by another sequence of independent and identically distributed positive random variables with a finite upper endpoint, but a general dependence structure exists between each pair of the insurance risks and the financial risks. Following the works of Yang and Yuen in 2016, we derive some asymptotic relations for the finite-time and infinite-time ruin probabilities. As a complement, we demonstrate our obtained result through a Crude Monte Carlo (CMC simulation with asymptotics.

  18. Implementing Cargo Movement into Climate Based Risk Assessment of Vector-Borne Diseases

    Directory of Open Access Journals (Sweden)

    Stephanie Margarete Thomas

    2014-03-01

    Full Text Available During the last decades the disease vector Aedes albopictus (Asian tiger mosquito has rapidly spread around the globe. Global shipment of goods contributes to its permanent introduction. Invaded regions are facing novel and serious public health concerns, especially regarding the transmission of formerly non-endemic arboviruses such as dengue and chikungunya. The further development and potential spread to other regions depends largely on their climatic suitability. Here, we have developed a tool for identifying and prioritizing European areas at risk for the establishment of Aedes albopictus by taking into account, for the first time, the freight imports from this mosquito’s endemic countries and the climate suitability at harbors and their surrounding regions. In a second step we consider the further transport of containers by train and inland waterways because these types of transport can be well controlled. We identify European regions at risk, where a huge amount of transported goods meet climatically suitable conditions for the disease vector. The current and future suitability of the climate for Aedes albopictus was modeled by a correlative niche model approach and the Regional Climate Model COSMO-CLM. This risk assessment combines impacts of globalization and global warming to improve effective and proactive interventions in disease vector surveillance and control actions.

  19. THE RISK OF GENE TRANSFERRING IN THE INSURANCE PROTECTION OF AGRICULTERE

    Directory of Open Access Journals (Sweden)

    M. Malik

    2016-03-01

    Full Text Available The paper justified essence of genetic engineering as the object of insurance services. Defines the concept of risk gene transferring. The character features of this specific risk. The influence and consequences for agricultural producers. The description of the possible creation of the concept of insurance services that cover risk of gene transferring. The study reveals of the use of GMOs in agriculture, due to issues of economic security of a particular region or country as a whole. To determined the impact of risks and control for developing and developed countries that are important aspects of farming. Changes in weather, climate, productivity, price values, public policy, the situation on global markets can cause large fluctuations in agricultural production, and consequently affecting the income of agricultural producers. Risk management includes a range of strategies that reduce the social and financial implications of possible changes affecting the production and income of farmers. There is a need for an in-depth study of the theoretical and practical aspects of the impact of the risk of gene transferring in the context of insurance protection.

  20. Wisconsin Air Cargo Study

    Science.gov (United States)

    2011-04-01

    Air cargo is a key economic lifeline for the communities that have airports. Manufacturers, businesses, hospitals and : other community cornerstone employers depend on air cargo to successfully operate. While there is no doubt that air : cargo repres...

  1. Counselor Liability: Does the Risk Require Insurance Coverage?

    Science.gov (United States)

    Hendrickson, Robert M.

    1982-01-01

    Discusses the legal concept of liabiltiy and the potential risks facing the practicing counselor. Outlines the standard of care that psychiatrists must meet to protect themselves against negligence charges. Discusses actions resulting in false imprisonment, battery, infliction of mental distress, defamation, and "duty to warn." (RC)

  2. A study on the effect of exclusion period on the suicidal risk among the insured.

    Science.gov (United States)

    Yip, Paul S F; Chen, Feng

    2014-06-01

    An exclusion period (usually from 12 months to 2 years) is usually found in life insurance policies as a precautionary measure to prohibit people from insuring their lives with the intent to kill themselves shortly thereafter. Several studies have been conducted to investigate the effect of exclusion periods on the risk of suicide among the insured in the US and Australia. However, while Hong Kong has experienced an increase in the number of suicides among the insured, little is known about the dynamic between the exclusion period and suicide in Asia. Here we make use of death claims data from one of the major life insurance companies in Hong Kong to ascertain the impact of a 12-month exclusion period on suicide risk. We also use utility functions derived from economic theory to better understand individual choices regarding suicide among the insured. More specifically, we sought to determine whether there is a greater risk of suicide immediately following the 12-month exclusion period. We also examined whether the risk of suicide claims was higher than that of other non-suicidal claims. The study period for this investigation was from January 1, 1997 to December 31, 2011, during which time there were 1935 claims based on 1243 deaths. Of these, 197 were suicide-related claims for 106 suicide deaths. The mean number of life policies held by suicidal claimants and non-suicidal claimants was 1.6 and 1.4, respectively. The average/median size of the claims (total payment made on all policies held by the insured life) was HK$665,800/426,600 and HK$497,700/276,200 for suicidal and non-suicidal deaths, respectively. The policy lifetime of the claims, or the number of days from policy issuance to suicide occurrence, ranged from 38 to 7561 days, with a mean of 2209 days, a median of 1941 days, and a standard deviation of 1544 days. The peak density of suicide claims occurred on day 1039 of the policy. Our results revealed that suicide claims tend to occur earlier than other

  3. Tools used by the insurance industry to assess risk from hydroclimatic extremes

    Science.gov (United States)

    Higgs, Stephanie; McMullan, Caroline

    2016-04-01

    Probabilistic catastrophe models are widely used within the insurance industry to assess and price the risk of natural hazards to individual residences through to portfolios of millions of properties. Over the relatively short period that catastrophe models have been available (almost 30 years), the insurance industry has built up a financial resilience to key natural hazards in certain areas (e.g. US tropical cyclone, European extra-tropical cyclone and flood). However, due the rapidly expanding global population and increase in wealth, together with uncertainties in the behaviour of meteorological phenomena introduced by climate change, the domain in which natural hazards impact society is growing. As a result, the insurance industry faces new challenges in assessing the risk and uncertainty from natural hazards. As a catastrophe modelling company, AIR Worldwide has a toolbox of options available to help the insurance industry assess extreme climatic events and their associated uncertainty. Here we discuss several of these tools: from helping analysts understand how uncertainty is inherently built in to probabilistic catastrophe models, to understanding alternative stochastic catalogs for tropical cyclone based on climate conditioning. Through the use of stochastic extreme disaster events such as those provided through AIR's catalogs or through the Lloyds of London marketplace (RDS's) to provide useful benchmarks for the loss probability exceedence and tail-at-risk metrics outputted from catastrophe models; to the visualisation of 1000+ year event footprints and hazard intensity maps. Ultimately the increased transparency of catastrophe models and flexibility of a software platform that allows for customisation of modelled and non-modelled risks will drive a greater understanding of extreme hydroclimatic events within the insurance industry.

  4. Stimulating household flood risk mitigation investments through insurance and subsidies: an Agent-Based Modelling approach

    Science.gov (United States)

    Haer, Toon; Botzen, Wouter; de Moel, Hans; Aerts, Jeroen

    2015-04-01

    In the period 1998-2009, floods triggered roughly 52 billion euro in insured economic losses making floods the most costly natural hazard in Europe. Climate change and socio/economic trends are expected to further aggrevate floods losses in many regions. Research shows that flood risk can be significantly reduced if households install protective measures, and that the implementation of such measures can be stimulated through flood insurance schemes and subsidies. However, the effectiveness of such incentives to stimulate implementation of loss-reducing measures greatly depends on the decision process of individuals and is hardly studied. In our study, we developed an Agent-Based Model that integrates flood damage models, insurance mechanisms, subsidies, and household behaviour models to assess the effectiveness of different economic tools on stimulating households to invest in loss-reducing measures. Since the effectiveness depends on the decision making process of individuals, the study compares different household decision models ranging from standard economic models, to economic models for decision making under risk, to more complex decision models integrating economic models and risk perceptions, opinion dynamics, and the influence of flood experience. The results show the effectiveness of incentives to stimulate investment in loss-reducing measures for different household behavior types, while assuming climate change scenarios. It shows how complex decision models can better reproduce observed real-world behaviour compared to traditional economic models. Furthermore, since flood events are included in the simulations, the results provide an analysis of the dynamics in insured and uninsured losses for households, the costs of reducing risk by implementing loss-reducing measures, the capacity of the insurance market, and the cost of government subsidies under different scenarios. The model has been applied to the City of Rotterdam in The Netherlands.

  5. Latent class analysis of accident risks in usage-based insurance: Evidence from Beijing.

    Science.gov (United States)

    Jin, Wen; Deng, Yinglu; Jiang, Hai; Xie, Qianyan; Shen, Wei; Han, Weijian

    2018-06-01

    Car insurance is quickly becoming a big data industry, with usage-based insurance (UBI) poised to potentially change the business of insurance. Telematics data, which are transmitted from wireless devices in car, are widely used in UBI to obtain individual-level travel and driving characteristics. While most existing studies have introduced telematics data into car insurance pricing, the telematics-related characteristics are directly obtained from the raw data. In this study, we propose to quantify drivers' familiarity with their driving routes and develop models to quantify drivers' accident risks using the telematics data. In addition, we build a latent class model to study the heterogeneity in travel and driving styles based on the telematics data, which has not been investigated in literature. Our main results include: (1) the improvement to the model fit is statistically significant by adding telematics-related characteristics; (2) drivers' familiarity with their driving trips is critical to identify high risk drivers, and the relationship between drivers' familiarity and accident risks is non-linear; (3) the drivers can be classified into two classes, where the first class is the low risk class with 0.54% of its drivers reporting accidents, and the second class is the high risk class with 20.66% of its drivers reporting accidents; and (4) for the low risk class, drivers with high probability of reporting accidents can be identified by travel-behavior-related characteristics, while for the high risk class, they can be identified by driving-behavior-related characteristics. The driver's familiarity will affect the probability of reporting accidents for both classes. Copyright © 2018 Elsevier Ltd. All rights reserved.

  6. Health risks in international container and bulk cargo transport due to volatile toxic compounds.

    Science.gov (United States)

    Baur, Xaver; Budnik, Lygia Therese; Zhao, Zhiwei; Bratveit, Magne; Djurhuus, Rune; Verschoor, Louis; Rubino, Federico Maria; Colosio, Claudio; Jepsen, Jorgen R

    2015-01-01

    To ensure the preservation and quality of the goods, physical (i.e. radiation) or chemical pest control is needed. The dark side of such consents may bear health risks in international transport and production sharing. In fact, between 10% and 20% of all containers arriving European harbors were shown to contain volatile toxic substances above the exposure limit values. Possible exposure to these toxic chemicals may occur not only for the applicators but also the receiver by off gassing from products, packing materials or transport units like containers. A number of intoxications, some with lethal outcome, occur not only during the fumigation, but also during freight transport (on bulk carriers and other transport vessels), as well as in the logistic lines during loading and unloading. Risk occupations include dock-workers, seafarers, inspectors, as well as the usually uninformed workers of importing enterprises that unload the products. Bystanders as well as vulnerable consumers may also be at risk. Ongoing studies focus on the release of these toxic volatile substances from various goods. It was shown that the half-lives of the off-gassing process range between minutes and months, depending on the toxic substance, its chemical reactivity, concentration, the temperature, the contaminated matrix (goods and packing materials), and the packing density in the transport units. Regulations on declaration and handling dangerous goods are mostly not followed. It is obvious that this hazardous situation in freight transport urgently requires preventive steps. In order to improve awareness and relevant knowledge there is a need for more comprehensive information on chemical hazards and a broader implementation of the already existing regulations and guidelines, such as those from ILO, IMO, and national authorities. It is also necessary to have regular controls by the authorities on a worldwide scale, which should be followed by sanctions in case of disregarding regulations

  7. Insurance, Public Assistance, and Household Flood Risk Reduction: A Comparative Study of Austria, England, and Romania.

    Science.gov (United States)

    Hanger, Susanne; Linnerooth-Bayer, Joanne; Surminski, Swenja; Nenciu-Posner, Cristina; Lorant, Anna; Ionescu, Radu; Patt, Anthony

    2018-04-01

    In light of increasing losses from floods, many researchers and policymakers are looking for ways to encourage flood risk reduction among communities, business, and households. In this study, we investigate risk-reduction behavior at the household level in three European Union Member States with fundamentally different insurance and compensation schemes. We try to understand if and how insurance and public assistance influence private risk-reduction behavior. Data were collected using a telephone survey (n = 1,849) of household decisionmakers in flood-prone areas. We show that insurance overall is positively associated with private risk-reduction behavior. Warranties, premium discounts, and information provision with respect to risk reduction may be an explanation for this positive relationship in the case of structural measures. Public incentives for risk-reduction measures by means of financial and in-kind support, and particularly through the provision of information, are also associated with enhancing risk reduction. In this study, public compensation is not negatively associated with private risk-reduction behavior. This does not disprove such a relationship, but the negative effect may be mitigated by factors related to respondents' capacity to implement measures or social norms that were not included in the analysis. The data suggest that large-scale flood protection infrastructure creates a sense of security that is associated with a lower level of preparedness. Across the board there is ample room to improve both public and private policies to provide effective incentives for household-level risk reduction. © 2017 The Authors Risk Analysis published by Wiley Periodicals, Inc. on behalf of Society for Risk Analysis.

  8. Rural Households’ Livelihood Capital, Risk Perception, and Willingness to Purchase Earthquake Disaster Insurance: Evidence from Southwestern China

    Directory of Open Access Journals (Sweden)

    Dingde Xu

    2018-06-01

    Full Text Available Earthquake disaster insurance can effectively reduce the impact of earthquake disasters on rural households. Exploring rural households’ willingness to purchase earthquake disaster insurance in earthquake disaster areas provides an understanding of the motivations underlying the implementation of an insurance policy. However, few studies have examined the perspectives of rural households, in order to explore the correlations between the rural households’ livelihood capital, their disaster risk perception, and their willingness to purchase earthquake disaster insurance. A cross-sectional survey data including 241 rural households from the most severe disaster counties (cities during the 5 • 12 Wenchuan earthquake was examined with regard to rural households’ livelihood and disaster risk perception, and ordinal logistic regression models were constructed to explore rural households’ willingness to purchase earthquake disaster insurance, as well as the driving mechanism behind this willingness. The results showed that 34.44% of rural households were very willing to purchase earthquake disaster insurance, and 7.05% of rural households were very reluctant to purchase earthquake insurance. Rural households’ livelihood capital and risk perceptions were the most important factors affecting their willingness to purchase earthquake disaster insurance. Rural households with higher scores on natural capital, physical capital, possibility, and worry were more likely to purchase earthquake disaster insurance. Specifically, keeping all other variables constant, every one unit increase in nature capital and physical capital corresponded to an increase in the odds of willingness to purchase earthquake disaster insurance by a factor of 0.14 and 0.06, respectively; every one unit increase in possibility and worry corresponded to an increase in the odds of willingness to purchase earthquake disaster insurance by a factor of 0.03 and 0.04, respectively

  9. Investigating the role of electronic insurance on decreasing exporting charges risks

    Directory of Open Access Journals (Sweden)

    Farideh MosallaiZade

    2014-07-01

    Full Text Available Nowadays, the electronic insurance (EI is one the electronic services, which is used in most countries, and that is one effective factor in developing the exporting products and services. On the other hand, the incurrence industry and very especially EI represent their importance both domestically and internationally. One of the ways for transferring the exporting risks is to transfer the risks to the insurer. This paper examines the characteristics of EI and the effects of decreasing the exporting risk charges. The proposed study designs a questionnaire in the form of Likert scale, the validity of the questionnaire is validated by some the experts' viewpoints and the Cronbach' alpha is measure as 0.794. The results of applying Freedman test have disclosed that facilitating export activities was the most important factor followed by access to target export market information.

  10. Relative risk analysis of several manufactured nanomaterials: an insurance industry context.

    Science.gov (United States)

    Robichaud, Christine Ogilvie; Tanzil, Dicksen; Weilenmann, Ulrich; Wiesner, Mark R

    2005-11-15

    A relative risk assessment is presented for the industrial fabrication of several nanomaterials. The production processes for five nanomaterials were selected for this analysis, based on their current or near-term potential for large-scale production and commercialization: single-walled carbon nanotubes, bucky balls (C60), one variety of quantum dots, alumoxane nanoparticles, and nano-titanium dioxide. The assessment focused on the activities surrounding the fabrication of nanomaterials, exclusive of any impacts or risks with the nanomaterials themselves. A representative synthesis method was selected for each nanomaterial based on its potential for scaleup. A list of input materials, output materials, and waste streams for each step of fabrication was developed and entered into a database that included key process characteristics such as temperature and pressure. The physical-chemical properties and quantities of the inventoried materials were used to assess relative risk based on factors such as volatility, carcinogenicity, flammability, toxicity, and persistence. These factors were first used to qualitatively rank risk, then combined using an actuarial protocol developed by the insurance industry for the purpose of calculating insurance premiums for chemical manufacturers. This protocol ranks three categories of risk relative to a 100 point scale (where 100 represents maximum risk): incident risk, normal operations risk, and latent contamination risk. Results from this analysis determined that relative environmental risk from manufacturing each of these five materials was comparatively low in relation to other common industrial manufacturing processes.

  11. Subverting Risk Attachment as Consideration for Insurance Contracts: Kansas City College of Osteopathic Medicine v. Employers' Surplus Lines Insurance Co.

    Science.gov (United States)

    Sweeney, Patricia J.

    1980-01-01

    Legal implications and court rulings are reviewed for a case in which a medical college requested a premium refund and cancellation of the bond. It is concluded that the court decision in favor of the insurance company was inappropriate and tends to undermine insurance law. (Journal availibility: Boston U. School of Law, Boston, MA 02215) (MSE)

  12. Risk and approaches to insurance in the context of the UNFCCC

    International Nuclear Information System (INIS)

    Havris, A.; Chirica, T.

    2004-01-01

    A variety of public and private insurance tools may be used to transfer risk resulting from extreme weather events associated with climate change. This paper will consider how combinations of risk transfer and collective loss-sharing tools are used both in and through existing international civil liability and compensation regimes, to address transboundary environmental harm from ultra-hazardous, hazardous and dangerous activities. The most prominent of these regimes have developed in connection with risks from nuclear damage, oil spills, transportation of dangerous and hazardous goods, and the pollution of watercourses through industrial accidents. Then, the paper will introduce how insurance tools are used within these existing regimes to transfer and share risk and losses and present the tiered compensation systems currently used in these regimes to redistribute risk. This is done to allow consideration of how similar concepts might be used to address transboundary damage resulting from climate change. Finally, the nuclear third party liability regime in Romania shall be described and the way Societatea Nationala 'Nuclearelectrica' S.A. - the key player and promoter of Romanian nuclear industry development - developed and placed a nuclear insurance program. (author)

  13. Nuclear Liability and Insurance Cover for Risk of Nuclear Power Plants - Situation for Nuclear Installations in Germany

    International Nuclear Information System (INIS)

    Boediker, T.

    1998-01-01

    A dispute about nuclear liability and insurance cover for risks of nuclear power plants from an insurer's point of view has to determine and to judge the essential risk relevant factors. These are beside plant and site specific factors considerations of insurance restrictions in the extent of cover compared with the legal scope of liability for (re-)insurability's sake. Among such consideration are: financial limitation and obligation for its reinstatement, exclusions for gradual emissions of approved activities, armed conflicts, hostilities, civil war, insurrections or grave natural disaster and restrictions in the limitation and preclusion periods. In comparison with conventional liability risks there are some specialties to be considered some of which prove to be a risk relief other as a risk burden for insurance: Salvage expenses or interests and court costs to be paid by unsuccessful party in a lost litigation do not fall under legal liability and hence are excluded from the financial security cover so that are compensation is subject to agreed separate limits. A serious burden for the insurers can result out of the loss regulation costs in case of a severe nuclear accident. These expenses, which can exceed hundred million DM by far, are to be carried by the insurers in the frame of their obligation to investigate raised claims. Therefore the insurers should aim a fixed limitation in order to restrict their limit. (author)

  14. Financing agribusiness: Insurance coverage as protection against credit risk of warehouse receipt collateral

    Directory of Open Access Journals (Sweden)

    Jovičić Daliborka

    2017-01-01

    Full Text Available Financing agribusiness by warehouse receipts allows the agricultural producers to obtain working capital on the basis of agricultural products stored in licensed warehouses, as collateral. The implementation of the system of licensed warehouses and issuance of warehouse receipts as collateral for obtaining a bank loan is supported by the European Bank for Reconstruction and Development and it has had positive results in the neighbouring countries. The precondition for financing this project was to establish a Compensation Fund for providing insurance coverage for licensed warehouses against professional liability. However, in the lack of an adequate legal framework, the operational risk is possible to occur. Bearing in mind that Serbia has a tradition in insurance industry and a number of operating insurance companies, the issue is that of the economic benefit and the method of insuring against this risk. The paper will present a detailed analysis of the operation of the Fund, capital requirement, solvency margin and a critical review of the Law on Public Warehouses which regulates the rights and obligations of the Compensation Fund in the case of loss occurrence.

  15. Risk allocation in a public-private catastrophe insurance system : an actuarial analysis of deductibles, stop-loss, and premiums

    NARCIS (Netherlands)

    Paudel, Y.; Botzen, W. J. W.; Aerts, J. C. J. H.; Dijkstra, T. K.

    A public-private (PP) partnership could be a viable arrangement for providing insurance coverage for catastrophe events, such as floods and earthquakes. The objective of this paper is to obtain insights into efficient and practical allocations of risk in a PP insurance system. In particular, this

  16. Risk allocation in a public-private catastrophe insurance system : An actuarial analysis of deductibles, stop-loss, and premiums

    NARCIS (Netherlands)

    Paudel, Y.; Botzen, W.J.W.; Dijkstra, Th.; Aerts, J.C.J.H.

    2015-01-01

    A public-private (PP) partnership could be a viable arrangement for providing insurance coverage for catastrophe events, such as floods and earthquakes. The objective of this paper is to obtain insights into efficient and practical allocations of risk in a PP insurance system. In particular, this

  17. Probabilistic insurance

    OpenAIRE

    Wakker, P.P.; Thaler, R.H.; Tversky, A.

    1997-01-01

    textabstractProbabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in the premium to compensate for a 1% default risk. While these preferences are intuitively appealing they are difficult to reconcile with expected utility theory. Under highly plausible assumptions about the utility function, willingness to pay for probabilistic i...

  18. A comparative study of the application of alternative risk transfer methods of insurance in South Africa and Zimbabwe

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2015-08-01

    Full Text Available Alternative risk transfer techniques represent the crown jewels in the risk management arena. This non-traditional method of insurance has gained prominence over the last few decades. Against this backdrop, the present study seeks to unravel the development of the alternative risk financing insurance segment within a developing country setting. The study specifically sets out to compare and contrast the ART insurance market segments of South Africa and Zimbabwe. The study is documents that the Zimbabwean market is at a nascent stage of development, whilst the South African market is fully developed. Notwithstanding the prospects for the development of this sector looks bright

  19. Who pays the bill: insuring against the risks from low level nuclear waste disposal

    International Nuclear Information System (INIS)

    Cohen, L.

    1981-01-01

    Long-range financial liability for low-level waste (LLW) activities is not currently assured. Part of the problem with finding an acceptable solution to liability has been a tendency to lump all long-term financial commitments, both risky and anticipated, together. It is suggested that only risks arising from unforeseen technical problems require special federal policies. Other long-term costs are more efficiently handled by traditional private insurance. Special policies are needed, however, for the unforeseen risks. The analysis concludes that state insurance of operators with federal reinsurance may be the most reasonable concept. Reinsurance levels should be set to balance federal information requirements, relative control of the three main parties over outcomes, and solvency requirements

  20. Studies on a Double Poisson-Geometric Insurance Risk Model with Interference

    Directory of Open Access Journals (Sweden)

    Yujuan Huang

    2013-01-01

    Full Text Available This paper mainly studies a generalized double Poisson-Geometric insurance risk model. By martingale and stopping time approach, we obtain adjustment coefficient equation, the Lundberg inequality, and the formula for the ruin probability. Also the Laplace transformation of the time when the surplus reaches a given level for the first time is discussed, and the expectation and its variance are obtained. Finally, we give the numerical examples.

  1. Risk Management in Smallholder Cattle Farming: A Hypothetical Insurance Approach in Western Kenya

    OpenAIRE

    Otieno, David Jakinda; Oluoch-Kosura, Willis; Karugia, Joseph Thuo; Drucker, Adam G.; Rege, Edward

    2006-01-01

    Smallholder cattle farming is an important livelihood strategy in most developing countries like Kenya. However, tropical diseases in Africa often wipe out these valuable assets. This paper focuses on mitigation of cattle disease risks through a hypothetical insurance scheme. The study is based on data from a survey conducted on a purposive sample of 300 smallholder cattle farmers in Kakamega and Siaya districts of Western Kenya. Descriptive measures and a regression model were used in the an...

  2. Natural disasters and the challenge of extreme events: risk management from an insurance perspective

    Science.gov (United States)

    Smolka, Anselm

    2006-08-01

    Loss statistics for natural disasters demonstrate, also after correction for inflation, a dramatic increase of the loss burden since 1950. This increase is driven by a concentration of population and values in urban areas, the development of highly exposed coastal and valley regions, the complexity of modern societies and technologies and probably, also by the beginning consequences of global warming. This process will continue unless remedial action will be taken. Managing the risk from natural disasters starts with identification of the hazards. The next step is the evaluation of the risk, where risk is a function of hazard, exposed values or human lives and the vulnerability of the exposed objects. Probabilistic computer models have been developed for the proper assessment of risks since the late 1980s. The final steps are controlling and financing future losses. Natural disaster insurance plays a key role in this context, but also private parties and governments have to share a part of the risk. A main responsibility of governments is to formulate regulations for building construction and land use. The insurance sector and the state have to act together in order to create incentives for building and business owners to take loss prevention measures. A further challenge for the insurance sector is to transfer a portion of the risk to the capital markets, and to serve better the needs of the poor. Catastrophe bonds and microinsurance are the answer to such challenges. The mechanisms described above have been developed to cope with well-known disasters like earthquakes, windstorms and floods. They can be applied, in principle, also to less well investigated and less frequent extreme disasters: submarine slides, great volcanic eruptions, meteorite impacts and tsunamis which may arise from all these hazards. But there is an urgent need to improve the state of knowledge on these more exotic hazards in order to reduce the high uncertainty in actual risk evaluation to

  3. School Insurance.

    Science.gov (United States)

    1964

    The importance of insurance in the school budget is the theme of this comprehensive bulletin on the practices and policies for Texas school districts. Also considered is the development of desirable school board policies in purchasing insurance and operating the program. Areas of discussion are: risks to be covered, amount of coverage, values,…

  4. Forest insurance

    Science.gov (United States)

    Ellis T. Williams

    1949-01-01

    Standing timber is one of the few important kinds of property that are not generally covered by insurance. Studies made by the Forest Service and other agencies have indicated that the risks involved in the insurance of timber are not unduly great, provided they can be properly distributed. Such studies, however, have thus far failed to induce any notable development...

  5. 46 CFR 154.534 - Cargo pumps and cargo compressors.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 5 2010-10-01 2010-10-01 false Cargo pumps and cargo compressors. 154.534 Section 154.534 Shipping COAST GUARD, DEPARTMENT OF HOMELAND SECURITY (CONTINUED) CERTAIN BULK DANGEROUS CARGOES... Equipment Cargo and Process Piping Systems § 154.534 Cargo pumps and cargo compressors. Cargo pumps and...

  6. Innovation in drought risk management: exploring the potential of weather index insurance

    Science.gov (United States)

    Iglesias, E.; Baez, K.

    2012-04-01

    Many family farming and indigenous communities depend on grazing livestock activities and are particularly prone to drought risks. Vulnerability to drought limits the ability of these households to exit poverty and in many cases leads to environmental degradation. It is well known that uninsured exposure exacerbates income inequality in farming systems and eventually results in welfare losses for rural families. The advantages of farmers who have access to financial tools have been widely acknowledged. However, high administrative costs of traditional insurance hinder small farmers' access to risk management tools. One of the main problems in insurance design relates to the lack of quality data to estimate the risk premium. In rural areas where there are no historical records of farm production data on adverse events such as drought. New technologies such as remote sensing help to overcome this problem and generate information from these areas that otherwise would be impossible or too expensive to obtain. In this paper, we use a satellite based vegetation index (NDVI) and develop a stochastic model to analyse the potential of index insurance to address the risk of drought in Chilean grazing lands. Our results suggest that contract design is a key issue to improve the correlation of the index with individual farm losses, thus reducing basis risk. In particular, we find that the definition of homogeneous areas and the selection of the triggering index threshold are critical issues and show the incidence of different contract designs on (i) the probability that the farmer experience losses but does not receive compensation (false negative) and (ii) the probability that the index triggers compensation but the farmer does not experience drought losses (false negative). Both aspects are key issues to offer the farmer an adequate protection against droughts and guarantee the affordability of the risk premium.

  7. Optimal Control for Insurers with a Jump-diffusion Risk Pro cess

    Institute of Scientific and Technical Information of China (English)

    WU Kun; XIAO Jian-wu; LUO Rong-hua

    2015-01-01

    In this paper, the optimal XL-reinsurance of an insurer with jump-diffusion risk process is studied. With the assumptions that the risk process is a compound Possion pro-cess perturbed by a standard Brownian motion and the reinsurance premium is calculated according to the variance principle, the implicit expression of the priority and corresponding value function when the utility function is exponential are obtained. At last, the value func-tion is argued, the properties of the priority about parameters are discussed and numerical results of the priority for various claim-size distributions are shown.

  8. Health insurance in South Africa: an empirical analysis of trends in risk-pooling and efficiency following deregulation.

    Science.gov (United States)

    Söderlund, N; Hansl, B

    2000-12-01

    This paper reports an empirical investigation into the pattern of private health insurance coverage in South Africa before and after deregulation of the health insurance industry. More specifically, we sought to measure trends in risk-pooling over the period 1985-95, and to assess the impact of risk pooling on the costs of health insurance cover over this period. South African mutual health insurers (Medical Schemes) have existed for over 100 years, and have been regulated under a specific Act since 1967. Up until 1989, health insurers were required by law to community rate their premiums, and were not allowed to exclude high-risk enrolees from cover. In 1989 these regulations were removed, effectively allowing health insurers to risk-rate the cover which they provided, and exclude 'medically uninsurables'. Data were obtained from the office of the health insurance regulator (the Registrar of Medical Schemes) for the period 1985-95, and consisted of the statutory returns from all registered medical schemes for each year during the study period. Multiple regression methods were used to assess the determinants of changes in the risk pools of insurers, and their costs. Both cross-sectional and longitudinal models were estimated. Unadjusted data suggest changes in risk-pooling since the deregulation period after 1985. Health insurers with open enrolment had worse than average risk profiles in the 1980s, but this reversed by the early 1990s, leaving them with significantly better risk profiles by 1995. Worsening risk profiles were associated with decreasing fund size, higher loss-ratios and past premium increases. Most models showed that risk rating of premiums was consistently associated with higher premiums, after adjustment for risk, quality, scale and other environmental differences between insurers. Likely explanations include the additional costs required for marketing and underwriting risk-rated policies, insufficient incentives to use cost-control techniques

  9. Bank Interest Margin and Default Risk under Basel III Capped Capital Adequacy Accord and Regulatory Deposit Insurance Fund Protection

    OpenAIRE

    Chuen-Ping Chang; Shi Chen

    2015-01-01

    We study the optimal bank interest margin and default risk under the capped ratio schedule of government capital instruments in the Basel III Capital Adequacy Accord and the Deposit Insurance Fund arrangement program. We show that an increase in the capped ratio (a decrease in the capped government capital injection) increases the default risk in the bank¡¯s equity return at a reduced interest margin. Regulatory deposit insurance fund protection reinforces the reduced bank interest margin and...

  10. Bayesian Modelling, Monte Carlo Sampling and Capital Allocation of Insurance Risks

    Directory of Open Access Journals (Sweden)

    Gareth W. Peters

    2017-09-01

    Full Text Available The main objective of this work is to develop a detailed step-by-step guide to the development and application of a new class of efficient Monte Carlo methods to solve practically important problems faced by insurers under the new solvency regulations. In particular, a novel Monte Carlo method to calculate capital allocations for a general insurance company is developed, with a focus on coherent capital allocation that is compliant with the Swiss Solvency Test. The data used is based on the balance sheet of a representative stylized company. For each line of business in that company, allocations are calculated for the one-year risk with dependencies based on correlations given by the Swiss Solvency Test. Two different approaches for dealing with parameter uncertainty are discussed and simulation algorithms based on (pseudo-marginal Sequential Monte Carlo algorithms are described and their efficiency is analysed.

  11. ENSO-Based Index Insurance: Approach and Peru Flood Risk Management Application

    Science.gov (United States)

    Khalil, A. F.; Kwon, H.; Lall, U.; Miranda, M. J.; Skees, J. R.

    2006-12-01

    Index insurance has recently been advocated as a useful risk transfer tool for disaster management situations where rapid fiscal relief is desirable, and where estimating insured losses may be difficult, time consuming, or subject to manipulation and falsification. For climate related hazards, a rainfall or temperature index may be proposed. However, rainfall may be highly spatially variable relative to the gauge network, and in many locations data are inadequate to develop an index due to short time-series and the spatial dispersion of stations. In such cases, it may be helpful to consider a climate proxy index as a regional rainfall index. This is particularly useful if a long record is available for the climate index through an independent source and it is well correlated with the regional rainfall hazard. Here, ENSO related climate indices are explored for use as a proxy to extreme rainfall in one of the departments of Peru -- Piura. The ENSO index insurance product may be purchased by banks or microfinance institutions (MFIs) to aid agricultural damage relief in Peru. Crop losses in the region are highly correlated with floods, but are difficult to assess directly. Beyond agriculture, many other sectors suffer as well. Basic infrastructure is destroyed during the most severe events. This disrupts trade for many micro-enterprises. The reliability and quality of the local rainfall data is variable. Averaging the financial risk across the region is desirable. Some issues with the implementation of the proxy ENSO index are identified and discussed. Specifically, we explore (a) the reliability of the index at different levels of probability of exceedance of maximum seasonal rainfall; (b) the potential for clustering of payoffs; (c) the potential that the index could be predicted with some lead time prior to the flood season; and (d) evidence for climate change or non-stationarity in the flood exceedance probability from the long ENSO record. Finally, prospects for

  12. Operational Choices for Risk Aggregation in Insurance: PSDization and SCR Sensitivity

    Directory of Open Access Journals (Sweden)

    Xavier Milhaud

    2018-04-01

    Full Text Available This work addresses crucial questions about the robustness of the PSDization process for applications in insurance. PSDization refers to the process that forces a matrix to become positive semidefinite. For companies using copulas to aggregate risks in their internal model, PSDization occurs when working with correlation matrices to compute the Solvency Capital Requirement (SCR. We examine how classical operational choices concerning the modelling of risk dependence impacts the SCR during PSDization. These operations refer to the permutations of risks (or business lines in the correlation matrix, the addition of a new risk, and the introduction of confidence weights given to the correlation coefficients. The use of genetic algorithms shows that theoretically neutral transformations of the correlation matrix can surprisingly lead to significant sensitivities of the SCR (up to 6%. This highlights the need for a very strong internal control around the PSDization step.

  13. Risk factors for oral diseases among workers with and without dental insurance in a national social security scheme in India.

    Science.gov (United States)

    Singh, Abhinav; Purohit, Bharathi M; Masih, Nitin; Kahndelwal, Praveen Kumar

    2014-04-01

    The target population for this cross sectional study comprises subjects with and without social security in a national social security scheme. The study aimed to compare and assess the risk factors for oral diseases among insured (organised sector) and non-insured workers (unorganised sector) in New Delhi, India. The sample comprised a total of 2,752 subjects. Of these, 960 workers belonged to the formal or organised sector with a social security and dental health insurance and 1,792 had no social security or dental insurance from the informal or unorganised sector. Significant differences were noted between the two groups for literacy levels, between-meal sugar consumption, tobacco-related habits and utilisation of dental care. Bleeding/calculus and periodontal pockets were present among 25% and 65.4% of insured workers, respectively. Similarly, 13.6% and 84.5% of non-insured workers had bleeding/calculus and periodontal pockets, respectively. The mean DMFT (decayed, missing, filled teeth) value among the insured workers and non-insured workers was 3.27 ± 1.98 and 3.75 ± 1.80, respectively. The association between absence of health insurance and dental caries was evident with an odds ratio (OR) of 1.94. Subjects with below graduate education were more prone to dental caries (OR = 1.62). Subjects who cleaned their teeth two or more times a day were less likely to have dental caries (OR = 1.47). Utilisation of dental care was inversely related to dental caries (OR = 1.25). The major risk factors for oral diseases in both the groups with similar socio-economic status were the lack of social security and health insurance, low literacy levels, high tobacco consumption and low levels of dental care utilisation. © 2013 FDI World Dental Federation.

  14. Flood Risk, Flood Mitigation, and Location Choice: Evaluating the National Flood Insurance Program's Community Rating System.

    Science.gov (United States)

    Fan, Qin; Davlasheridze, Meri

    2016-06-01

    Climate change is expected to worsen the negative effects of natural disasters like floods. The negative impacts, however, can be mitigated by individuals' adjustments through migration and relocation behaviors. Previous literature has identified flood risk as one significant driver in relocation decisions, but no prior study examines the effect of the National Flood Insurance Program's voluntary program-the Community Rating System (CRS)-on residential location choice. This article fills this gap and tests the hypothesis that flood risk and the CRS-creditable flood control activities affect residential location choices. We employ a two-stage sorting model to empirically estimate the effects. In the first stage, individuals' risk perception and preference heterogeneity for the CRS activities are considered, while mean effects of flood risk and the CRS activities are estimated in the second stage. We then estimate heterogeneous marginal willingness to pay (WTP) for the CRS activities by category. Results show that age, ethnicity and race, educational attainment, and prior exposure to risk explain risk perception. We find significant values for the CRS-creditable mitigation activities, which provides empirical evidence for the benefits associated with the program. The marginal WTP for an additional credit point earned for public information activities, including hazard disclosure, is found to be the highest. Results also suggest that water amenities dominate flood risk. Thus, high amenity values may increase exposure to flood risk, and flood mitigation projects should be strategized in coastal regions accordingly. © 2015 Society for Risk Analysis.

  15. Probabilistic Seismic Risk Assessment in Manizales, Colombia:Quantifying Losses for Insurance Purposes

    Institute of Scientific and Technical Information of China (English)

    Mario A.Salgado-Gálvez; Gabriel A.Bernal; Daniela Zuloaga; Mabel C.Marulanda; Omar-Darío Cardona; Sebastián Henao

    2017-01-01

    A fully probabilistic seismic risk assessment was developed in Manizales,Colombia,considering assets of different types.The first type includes elements that are part of the water and sewage network,and the second type includes public and private buildings.This assessment required the development of a probabilistic seismic hazard analysis that accounts for the dynamic soil response,assembling high resolution exposure databases,and the development of damage models for different types of elements.The economic appraisal of the exposed assets was developed together with specialists of the water utilities company of Manizales and the city administration.The risk assessment was performed using several Comprehensive Approach to Probabilistic Risk Assessment modules as well as the R-System,obtaining results in terms of traditional metrics such as loss exceedance curve,average annual loss,and probable maximum loss.For the case of pipelines,repair rates were also estimated.The results for the water and sewage network were used in activities related to the expansion and maintenance strategies,as well as for the exploration of financial retention and transfer alternatives using insurance schemes based on technical,probabilistic,and prospective damage and loss estimations.In the case of the buildings,the results were used in the update of the technical premium values of the existing collective insurance scheme.

  16. Breast Cancer Risk Estimation and Personal Insurance: A Qualitative Study Presenting Perspectives from Canadian Patients and Decision Makers

    Directory of Open Access Journals (Sweden)

    Gratien Dalpé

    2017-09-01

    Full Text Available Genetic stratification approaches in personalized medicine may considerably improve our ability to predict breast cancer risk for women at higher risk of developing breast cancer. Notwithstanding these advantages, concerns have been raised about the use of the genetic information derived in these processes, outside of the research and medical health care settings, by third parties such as insurers. Indeed, insurance applicants are asked to consent to insurers accessing their medical information (implicitly including genetic to verify or determine their insurability level, or eligibility to certain insurance products. This use of genetic information may result in the differential treatment of individuals based on their genetic information, which could lead to higher premium, exclusionary clauses or even the denial of coverage. This phenomenon has been commonly referred to as “Genetic Discrimination” (GD. In the Canadian context, where federal Bill S-201, An Act to prohibit and prevent genetic discrimination, has recently been enacted but may be subject to constitutional challenges, information about potential risks to insurability may raise issues in the clinical context. We conducted a survey with women in Quebec who have never been diagnosed with breast cancer to document their perspectives. We complemented the research with data from 14 semi-structured interviews with decision-makers in Quebec to discuss institutional issues raised by the use of genetic information by insurers. Our results provide findings on five main issues: (1 the reluctance to undergo genetic screening test due to insurability concerns, (2 insurers' interest in genetic information, (3 the duty to disclose genetic information to insurers, (4 the disclosure of potential impacts on insurability before genetic testing, and (5 the status of genetic information compared to other health data. Overall, both groups of participants (the women surveyed and the decision

  17. The Emergence of Cross-Border Insurance Groups within Europe with Centralised Risk Management

    NARCIS (Netherlands)

    Schoenmaker, D.; Oosterloo, S.; Winkels, O.

    2008-01-01

    This paper analyses the degree of internationalisation of insurance business. Using a novel data set of 25 large EU insurance groups, we find that the insurance industry has a strong international orientation. About 55 percent of the business of these large insurance groups is conducted abroad. The

  18. 46 CFR 308.403 - Insured amounts.

    Science.gov (United States)

    2010-10-01

    ... total amount of war risk insurance obtainable from companies authorized to do an insurance business in a... MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Builder's Risk Insurance § 308.403 Insured amounts. (a) Prelaunching period. The amount insured during...

  19. The implementation of the international experience of regulation of contruction risk insurance

    Directory of Open Access Journals (Sweden)

    V. L. Melko

    2017-03-01

    In general, governmental regulation of insurance activity in construction area is implemented in such forms as: the formation of the legal framework, the implementation of insurance supervision and control, the registration and licensing of the insurance. The regulation of the insurance sector is diverse in its nature. Processes of the regulation of the insurance business have to consider a number of diverse interests of both insurers and insurance holders. The effectiveness of the regulation depends on the fullness of consideration of long-term market factors.

  20. European insurance scheme to cover geological risk related to geothermal operations

    Energy Technology Data Exchange (ETDEWEB)

    Tiberi, U [European Community, General Directorate XVII, ALTERNER Program, Bruxelles (Belgium); Demange, J [BRGM, Orleans (France)

    1997-12-01

    The development of geothermal energy can contribute significantly to the growth of NRE (new and renewable energies that are non-nuclear and non-combustible) within the European Community and within Europe as a whole. However, the `mining risk` related to this type of operation still constitutes a major obstacle to its development. Operators find it difficult to raise the necessary financing without a guarantee against the risk of failure during the drilling stage. Standard insurance companies will not cover this type of risk, due to its very nature. We must thus therefore find a specific solution. As a result of the oil crises during the 1970s, the French Government decided promote the use of renewable energies in France. The support provided to these energies, or at least to geothermal energy, was to set up a scheme whereby the resource is guaranteed. Thus the operator, by subscribing to the scheme, benefits from a guarantee of the resource. The insurance works at two level: - in the first place, it covers the mining risk during the drilling stage, i.e. should the resource prove to be insufficient, whether in discharge or temperature, for an economically viable operation, then the totality of the costs are reimbursed, apart form the premium and any government subsidy that might have been received. - A second level of guarantee covers the risk of change in the resource`s parameters over a period of 15 years (a study is in progress to consider the possibility of extending this period to 25 years). (orig.)

  1. Alternative health insurance schemes

    DEFF Research Database (Denmark)

    Keiding, Hans; Hansen, Bodil O.

    2002-01-01

    In this paper, we present a simple model of health insurance with asymmetric information, where we compare two alternative ways of organizing the insurance market. Either as a competitive insurance market, where some risks remain uninsured, or as a compulsory scheme, where however, the level...... competitive insurance; this situation turns out to be at least as good as either of the alternatives...

  2. On the management of life insurance company risk by strategic choice of product mix, investment strategy and surplus appropriation schemes

    DEFF Research Database (Denmark)

    Bohnert, Alexander; Gatzert, Nadine; Jørgensen, Peter Løchte

    2015-01-01

    The aim of this paper is to analyze the impact of management’s strategic choice of asset and liability composition in life insurance on shortfall risk and the shareholders’ fair risk charge. In contrast to previous work, we focus on the effectiveness of management decisions regarding the product...... mix and the riskiness of the asset side under different surplus appropriation schemes. We propose a model setting that comprises temporary life annuities and endowment insurance contracts. Our numerical results show that the effectiveness of management decisions in regard to risk reduction strongly...

  3. Risk indices of an ecological catastrophe because of a severe accident, its insurance, and their measurement units

    International Nuclear Information System (INIS)

    Pampuro, V.I.

    2001-01-01

    The critical analysis of the existing measurement units of the risk of an ecological catastrophe because of severe accidents is performed. The mistake of using the measurement unit 'reactor/year' for estimation of ecological catastrophe's consequences is shown. The complex for risk assessment by costs to ensure the ecological safety is introduced. The index of virtual accident insurance is suggested

  4. Insurance against weather risk : use of heating degree-days from non-local stations for weather derivatives

    NARCIS (Netherlands)

    Asseldonk, van M.A.P.M.

    2003-01-01

    Weather derivatives enable policy-holders to safeguard themselves against extreme weather conditions. The effectiveness and the efficiency of the risk transfer is determined by the spatial risk basis, which is the stochastic dependency of the local weather outcome being insured and the outcome of

  5. Assessing Climate Risk on Agricultural Production: Insights Using Retrospective Analysis of Crop Insurance and Climatic Trends

    Science.gov (United States)

    Reyes, J. J.; Elias, E.; Eischens, A.; Shilts, M.; Rango, A.; Steele, R.

    2017-12-01

    The collaborative synthesis of existing datasets, such as long-term climate observations and farmers' crop insurance payments, can increase their overall collective value and societal application. The U.S. Department of Agriculture (USDA) Climate Hubs were created to develop and deliver science-based information and technologies to agricultural and natural resource managers to enable climate-informed decision-making. As part of this mission, Hubs work across USDA and other climate service agencies to synthesize existing information. The USDA Risk Management Agency (RMA) is responsible for overseeing the Federal crop insurance program which currently insures over $100 billion in crops annually. RMA hosts data describing the cause for loss (e.g. drought, wind, irrigation failure) and indemnity amount (i.e. total cost of loss) at multiple spatio-temporal scales (i.e. state, county, year, month). The objective of this paper is to link climate information with indemnities, and their associated cause of loss, to assess climate risk on agricultural production and provide regionally-relevant information to stakeholders to promote resilient working landscapes. We performed a retrospective trend analysis at the state-level for the American Southwest (SW). First, we assessed indemnity-only trends by cause of loss and crop type at varying temporal scales. Historical monthly weather data (i.e. precipitation and temperature) and long-term drought indices (e.g. Palmer Drought Severity Index) were then linked with indemnities and grouped by different causes of loss. Climatological ranks were used to integrate historical comparative intensity of acute and long-term climatic events. Heat and drought as causes of loss were most correlated with temperature and drought indicators, respectively. Across all SW states increasing indemnities were correlated with warmer conditions. Multiple statistical trend analyses suggest a framework is necessary to appropriately measure the biophysical

  6. Personal finance and life insurance under separation of risk aversion and elasticity of substitution

    DEFF Research Database (Denmark)

    Jensen, Ninna Reitzel; Steffensen, Mogens

    2015-01-01

    aversion from elasticity of inter-temporal substitution, we introduce certainty equivalents. We propose a time-inconsistent global optimization problem, and we present a verification theorem for an equilibrium control. In the special case without mortality risk, we discover that our optimization approach...... is equivalent to recursive utility optimization with Epstein–Zin preferences in the sense that the two approaches lead to the same result. We find this interesting since our optimization problem has an intuitive interpretation as a global maximization of certainty equivalents and since recursive utility......, in contrast to our approach, gives rise to severe differentiability problems. Also, our optimization approach can there be seen as a generalization of recursive utility optimization with Epstein–Zin preferences to include mortality risk and life insurance....

  7. Incentives for Ex Ante wildfire risk mitigation in the wildland-urban interface: The relationship between contingent wildfire insurance and fuel management subsidies

    OpenAIRE

    Lankoande, Mariam D.; Yoder, Jonathan K.; Wandschneider, Philip R.

    2006-01-01

    Contingent wildfire insurance and fuel management cost-sharing programs are becoming more prevalent in western states. This paper develops a model to examine the incentive effects of these two mechanisms for private investment in wildfire risk mitigation. The model shows that contingent insurance contracts strengthen incentives for risk mitigation relative to pooled contracts and subsidies induce more risk mitigation effort by reducing margin private costs of mitigation. With pooled insurance...

  8. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, DODGE COUNTY, WISCONSIN, USA - MIP Dodge Portion Upper Rock River Watershed RiskMap DFIRM Update

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk;...

  9. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, COLUMBIA COUNTY, WISCONSIN, USA - MIP Columbia Portion Baraboo River Watershed RiskMap DFIRM Update

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk;...

  10. Uncertainty in geohazard understanding and communicating hazards and risk between scientists and the UK Insurance industry.

    Science.gov (United States)

    Lawley, Russell; Lee, Kathryn; Lark, Murray

    2015-04-01

    At BGS, expert elicitation has been used to evaluate the relative impacts arising from multiple geohazards that can affect UK housing stock. In turn this 'consensus' understanding has been developed into a tool to assist the UK insurance industry underwrite the domestic property market. BGS models six geohazards deemed relevant to UK Housing: Landslides, Shrink-swell (heave), Compressibles, Dissolution (Karst), collapsibles and running sand. The models are widely used and have been developed over 2 decades of research. However, stakeholders such as the insurance industry are not well equipped to managed geohazard models directly and need the information to be categorised in a meaningful way, appropriate to their business models. Creating terminologies to communicate the relative threats for each geohazard has been relatively straightforward, but communicating the impacts of multiple geohazards, or comparing the relative risks of one geohazard against another has proved more difficult. Expert elicitation has been used since 2010 to try and build a consensus model for geohazards and to help BGS communicate its knowledge to stakeholders. Typically, the BGS geohazard models are provided with 5 levels of susceptibility: A (low or absent) ,B, C, D and E (high). Resolving individual models is relatively simple, but the insurance market is extremely dynamic and a need to simplify and convey the possible threats from all geohazards into a single 'rating' of susceptibility has emerged. This poses a problem when trying to convey the geological understanding behind the models. For example, how do you convey the combined (or comparative) susceptibility of a high susceptibility to Dissolution, with a moderate susceptibility to Landslides. This complexity is further hampered when needing to consider that stakeholders resolve spatial distributions via use of frameworks such as 'Postcode' sectors, and that the outputs of most geohazard models are sensitive to scope and scale of

  11. Index-Based Insurance Contracts to FOSTER Cooperation Between Agents Exposed to Uncorrelated Drought and Flooding Risks

    Science.gov (United States)

    Denaro, S.; Giuliani, M.; Castelletti, A.; Characklis, G. W.

    2017-12-01

    Worldwide, conflict over shared water resources is exacerbated by population growth, economic development and climate change. In multi-purpose water systems, stakeholders can face higher financial risks as a consequence of increased hydrological uncertainty and recurrent extreme events. In this context, a financial hedging tool able to bundle together the uncorrelated risks faced by different stakeholders may be an efficient solution to both foster cooperation and manage the financial losses associated with extreme events. In this work we explore the potential of risk diversification strategies involving index-based insurance joint contract solutions, to manage financial risk in a multi-purpose water system prone to both drought and flood risk. Risk diversification can allow for reduced insurance premiums in situations in which the bundled risks are entirely, or mostly, uncorrelated. Jointly covering flood and drought related risks from competing users in the same geographic area represents a novel application. The approach is demonstrated using a case study on Lake Maggiore, a regulated lake whose management is highly controversial due to numerous and competing human activities. In particular we focus on the ongoing conflict among the lakeshore population, affected by flood risk, and the downstream farmers' districts, facing drought related losses. Results are promising and indicate that bundling uncorrelated risks from competing users is beneficial to both promoting insurance premium affordability and facilitating collaboration schemes at the catchment scale.

  12. [Increased financial risks for health insurers: a challenge for providers of mental health care in the Netherlands].

    Science.gov (United States)

    Daansen, P J; van Schilt, J

    2014-01-01

    As from 2014 Dutch health insurance companies will bear the full financial risk for their clients in mental health care. Over the next years the existing risk settlement shared between insurance companies will gradually be brought to a close. Municipalities and the Ministry of Justice are already responsible for or will soon become responsible for financing health care for adolescents, patients with severe psychiatric disorders and forensic psychiatric patients. As a result, the health insurance companies are beginning to impose ever stricter conditions regarding the care 'product' they are 'buying'. To study the possible consequences, for mental health care institutions, of the increased risk to be borne by health care insurers. Use was made of relevant marketing literature and literature relating to mental health care. Studies of Dutch mental health care literature indicate that in the future the purchasing procedure will no longer consider the immediate treatment outcome as the sole performance indicator but will also take into account additional factors such as long-term improvements in patients' health, customer satisfaction and degree of patient participation, patient empowerment and autonomy. In formulating the details of their health products and business strategies, health care providers will now have to take into account not only the efficacy of the treatment they provide but also the purchasing policy and strategy of the health insurance companies.

  13. Partnering With a Medical Malpractice Insurer to Improve Patient Safety and Decrease Risk.

    Science.gov (United States)

    Keohane, Carol A; Dwyer, Kathy; Boulanger, Jason; Zigmont, Katherine; Babayan, Astrid; Cushing, Elizabeth; Walsh, Brian

    Implementing evolving science into clinical practice remains challenging. Assimilating new scientific evidence into clinical protocols and best practice recommendations, in a timely manner, can be difficult. In this article, we examine the value of partnering with a captive medical malpractice insurance company and its Patient Safety Organization to use data and convening opportunities to build upon the principles of implementation science and foster efficient and widespread adoption of the most current evidence-based interventions. Analyses of medical malpractice and root-cause analysis data set the context for this partnership and acted as a catalyst for creating best practice guidelines for adopting therapeutic hypothermia in the treatment of neonatal encephalopathy. What follows is a powerful example of successfully leveraging the collective wisdom of healthcare providers across specialties and institutional lines to move patient safety forward while managing risk.

  14. Genetics 'risk carriers' and life style 'risk-takers' : which risks deserve our legal protection in insurance?

    NARCIS (Netherlands)

    Hoyweghen, van I.; Horstman, K.; Schepers, R.

    2007-01-01

    Over the past years, one of the most contentious topics in policy debates on genetics has been the use of genetic testing in insurance. In the rush to confront concerns about potential abuses of genetic information, most countries throughout Europe and the US have enacted genetics-specific

  15. Inflation Insurance

    OpenAIRE

    Zvi Bodie

    1989-01-01

    A contract to insure $1 against inflation is equivalent to a European call option on the consumer price index. When there is no deductible this call option is equivalent to a forward contract on the CPI. Its price is the difference between the prices of a zero coupon real bond and a zero coupon nominal bond, both free of default risk. Provided that the risk-free real rate of interest is positive, the price of such an inflation insurance policy first rises and then falls with time to maturity....

  16. Impact of Publicly Financed Health Insurance Schemes on Healthcare Utilization and Financial Risk Protection in India: A Systematic Review.

    Science.gov (United States)

    Prinja, Shankar; Chauhan, Akashdeep Singh; Karan, Anup; Kaur, Gunjeet; Kumar, Rajesh

    2017-01-01

    Several publicly financed health insurance schemes have been launched in India with the aim of providing universalizing health coverage (UHC). In this paper, we report the impact of publicly financed health insurance schemes on health service utilization, out-of-pocket (OOP) expenditure, financial risk protection and health status. Empirical research studies focussing on the impact or evaluation of publicly financed health insurance schemes in India were searched on PubMed, Google scholar, Ovid, Scopus, Embase and relevant websites. The studies were selected based on two stage screening PRISMA guidelines in which two researchers independently assessed the suitability and quality of the studies. The studies included in the review were divided into two groups i.e., with and without a comparison group. To assess the impact on utilization, OOP expenditure and health indicators, only the studies with a comparison group were reviewed. Out of 1265 articles screened after initial search, 43 studies were found eligible and reviewed in full text, finally yielding 14 studies which had a comparator group in their evaluation design. All the studies (n-7) focussing on utilization showed a positive effect in terms of increase in the consumption of health services with introduction of health insurance. About 70% studies (n-5) studies with a strong design and assessing financial risk protection showed no impact in reduction of OOP expenditures, while remaining 30% of evaluations (n-2), which particularly evaluated state sponsored health insurance schemes, reported a decline in OOP expenditure among the enrolled households. One study which evaluated impact on health outcome showed reduction in mortality among enrolled as compared to non-enrolled households, from conditions covered by the insurance scheme. While utilization of healthcare did improve among those enrolled in the scheme, there is no clear evidence yet to suggest that these have resulted in reduced OOP expenditures or

  17. Nuclear insurance

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    The German Nuclear Power Plant Insurance (DKVG) Association was able to increase its net capacity in property insurance to 637 million marks in 1993 (1992: 589 million). The reinsurance capacity of the other pools included, the total amount covered now amounts to 2 billion marks in property incurance and 200 million marks in liability incurance. As in the year before the pool can reckon with a stable gross premium yield around 175 million marks. The revival of the US dollar has played a decisive role in this development. In 1993 in the domestic market, the DKVG offered policies for 22 types of property risk and 43 types to third-party risk, operating with a gross target premium of 65 million marks and 16 million marks, respectively. The DKVG also participated in 540 foreign insurance contracts. (orig./HSCH) [de

  18. Serbian insurance market: Select issues

    Directory of Open Access Journals (Sweden)

    Obadović Mirjana M.

    2010-01-01

    Full Text Available Every day insurance companies face a number of risks arising from the insurance industry itself, as well as risks arising from insurance company operations. In this constant fight against risks insurance companies use different models and methods that help them better understand, have a more comprehensive view of, and develop greater tolerance towards risks, in order to reduce their exposure to these risks. The model presented in this paper has been developed for implementation in insurance risk management directly related to insurance company risk, i.e. it is a model that can reliably determine the manner and intensity with which deviations in the initial insurance risk assessment affect insurance company operations, in the form of changes in operational risks and consequently in insurance companies’ business strategies. Additionally we present the implementation of the model in the Serbian market for the period 2005-2010.

  19. Insurance of nuclear Risks in the Republic of Croatia and Slovenia

    International Nuclear Information System (INIS)

    Sladonja, B.; Pavliha, M.

    1998-01-01

    This paper gives basic information about the history and present situation of nuclear insurance pools in the republics of Croatia and Slovenia, on the legal basis of their establishment and their organization. Furthermore, it gives a brief description on the kinds of insurance provided by the Croatian and the Slovenian pools in the past and present, as well as about their participation in the world-wide reinsurance exchange in this field as a partner to nuclear insurance pools abroad. (author)

  20. Risk prediction model for colorectal cancer: National Health Insurance Corporation study, Korea.

    Directory of Open Access Journals (Sweden)

    Aesun Shin

    Full Text Available PURPOSE: Incidence and mortality rates of colorectal cancer have been rapidly increasing in Korea during last few decades. Development of risk prediction models for colorectal cancer in Korean men and women is urgently needed to enhance its prevention and early detection. METHODS: Gender specific five-year risk prediction models were developed for overall colorectal cancer, proximal colon cancer, distal colon cancer, colon cancer and rectal cancer. The model was developed using data from a population of 846,559 men and 479,449 women who participated in health examinations by the National Health Insurance Corporation. Examinees were 30-80 years old and free of cancer in the baseline years of 1996 and 1997. An independent population of 547,874 men and 415,875 women who participated in 1998 and 1999 examinations was used to validate the model. Model validation was done by evaluating its performance in terms of discrimination and calibration ability using the C-statistic and Hosmer-Lemeshow-type chi-square statistics. RESULTS: Age, body mass index, serum cholesterol, family history of cancer, and alcohol consumption were included in all models for men, whereas age, height, and meat intake frequency were included in all models for women. Models showed moderately good discrimination ability with C-statistics between 0.69 and 0.78. The C-statistics were generally higher in the models for men, whereas the calibration abilities were generally better in the models for women. CONCLUSIONS: Colorectal cancer risk prediction models were developed from large-scale, population-based data. Those models can be used for identifying high risk groups and developing preventive intervention strategies for colorectal cancer.

  1. Risk prediction model for colorectal cancer: National Health Insurance Corporation study, Korea.

    Science.gov (United States)

    Shin, Aesun; Joo, Jungnam; Yang, Hye-Ryung; Bak, Jeongin; Park, Yunjin; Kim, Jeongseon; Oh, Jae Hwan; Nam, Byung-Ho

    2014-01-01

    Incidence and mortality rates of colorectal cancer have been rapidly increasing in Korea during last few decades. Development of risk prediction models for colorectal cancer in Korean men and women is urgently needed to enhance its prevention and early detection. Gender specific five-year risk prediction models were developed for overall colorectal cancer, proximal colon cancer, distal colon cancer, colon cancer and rectal cancer. The model was developed using data from a population of 846,559 men and 479,449 women who participated in health examinations by the National Health Insurance Corporation. Examinees were 30-80 years old and free of cancer in the baseline years of 1996 and 1997. An independent population of 547,874 men and 415,875 women who participated in 1998 and 1999 examinations was used to validate the model. Model validation was done by evaluating its performance in terms of discrimination and calibration ability using the C-statistic and Hosmer-Lemeshow-type chi-square statistics. Age, body mass index, serum cholesterol, family history of cancer, and alcohol consumption were included in all models for men, whereas age, height, and meat intake frequency were included in all models for women. Models showed moderately good discrimination ability with C-statistics between 0.69 and 0.78. The C-statistics were generally higher in the models for men, whereas the calibration abilities were generally better in the models for women. Colorectal cancer risk prediction models were developed from large-scale, population-based data. Those models can be used for identifying high risk groups and developing preventive intervention strategies for colorectal cancer.

  2. ABOUT RISK PROCESS ESTIMATION TECHNIQUES EMPLOYED BY A VIRTUAL ORGANIZATION WHICH IS DIRECTED TOWARDS THE INSURANCE BUSINESS

    Directory of Open Access Journals (Sweden)

    Covrig Mihaela

    2008-05-01

    Full Text Available In a virtual organization directed on the insurance business, the estimations of the risk process and of the ruin probability are important concerns: for researchers, at the theoretical level, and for the management of the company, as these influence the insurer strategy. We consider the evolution over an extended period of time of the insurer surplus process. In this paper, we present some methods for the estimation of the ruin probability and for the evaluation of a reserve fund. We discuss the ruin probability with respect to: the parameters of the individual claim distribution, the load factor of premiums and the intensity parameter of the number of claims process. We analyze the model in which the premiums are computed according to the mean value principle. Also, we attempt the case when the initial capital is proportional to the expected value of the individual claim. We give numerical illustration.

  3. Biopolitics of specialised risk : An Analysis of Kidnap and Ransom Insurance

    NARCIS (Netherlands)

    Lobo-Guerrero, Luis

    2007-01-01

    This article offers a biopolitical security analytic of kidnap and ransom (K&R) insurance. It suggests that security phenomena should be analysed in terms of the problematizations through which they are expressed. With reference to Foucault's concept of biopower, K&R insurance is studied as part of

  4. 46 CFR 308.8 - War risk insurance underwriting agency agreement.

    Science.gov (United States)

    2010-10-01

    ... companies or groups of domestic insurance companies authorized to do a marine insurance business in any States of the United States, appointing such companies or groups of companies as Underwriting Agents to... performance, indemnification effective date, amendment and termination, and nondiscrimination. ...

  5. Climate change and the insurance industry. The cost of increased risk and the impetus for action

    International Nuclear Information System (INIS)

    Tucker, Michael

    1997-01-01

    A convincing economic argument for taking action to prevent or ameliorate climate change has not developed because of both uncertainty about the degree of change and its timing. Recent costly weather-related catastrophes with consequent negative impacts on the insurance industry has made the insurance industry a potential advocate for slowing what has been identified as a causal factor in climate change: emissions of greenhouse gases. However, rising costs of claims, without a longer-term trend of such catastrophic losses, will make it difficult to present a strong case for taking costly economic action. Using the Black Scholes Option Pricing Model, it is shown that increasing levels of climate variability as embedded in the anticipated variability of damage to insured assets will have an immediate economic cost that could serve to bolster the argument for more immediate action. That cost is shown to be economically justified higher insurance premiums

  6. The role of micro health insurance in providing financial risk protection in developing countries--a systematic review.

    Science.gov (United States)

    Habib, Shifa Salman; Perveen, Shagufta; Khuwaja, Hussain Maqbool Ahmed

    2016-03-22

    Out of pocket payments are the predominant method of financing healthcare in many developing countries, which can result in impoverishment and financial catastrophe for those affected. In 2010, WHO estimated that approximately 100 million people are pushed below the poverty line each year by payments for healthcare. Micro health insurance (MHI) has been used in some countries as means of risk pooling and reducing out of pocket health expenditure. A systematic review was conducted to assess the extent to which MHI has contributed to providing financial risk protection to low-income households in developing countries, and suggest how the findings can be applied in the Pakistani setting. We conducted a systematic search for published literature using the search terms "Community based health insurance AND developing countries", "Micro health insurance AND developing countries", "Mutual health insurance AND developing countries", "mutual OR micro OR community based health insurance" "Health insurance AND impact AND poor" "Health insurance AND financial protection" and "mutual health organizations" on three databases, Pubmed, Google Scholar and Science Direct (Elsevier). Only those records that were published in the last ten years, in English language with their full texts available free of cost, were considered for inclusion in this review. Hand searching was carried out on the reference lists of the retrieved articles and webpages of international organizations like World Bank, World Health Organization and International Labour Organization. Twenty-three articles were eligible for inclusion in this systematic review (14 from Asia and 9 from Africa). Our analysis shows that MHI, in the majority of cases, has been found to contribute to the financial protection of its beneficiaries, by reducing out of pocket health expenditure, catastrophic health expenditure, total health expenditure, household borrowings and poverty. MHI also had a positive safeguarding effect on

  7. The Use of Remotely Sensed Rainfall for Managing Drought Risk: A Case Study of Weather Index Insurance in Zambia

    Directory of Open Access Journals (Sweden)

    Emily Black

    2016-04-01

    Full Text Available Remotely sensed rainfall is increasingly being used to manage climate-related risk in gauge sparse regions. Applications based on such data must make maximal use of the skill of the methodology in order to avoid doing harm by providing misleading information. This is especially challenging in regions, such as Africa, which lack gauge data for validation. In this study, we show how calibrated ensembles of equally likely rainfall can be used to infer uncertainty in remotely sensed rainfall estimates, and subsequently in assessment of drought. We illustrate the methodology through a case study of weather index insurance (WII in Zambia. Unlike traditional insurance, which compensates proven agricultural losses, WII pays out in the event that a weather index is breached. As remotely sensed rainfall is used to extend WII schemes to large numbers of farmers, it is crucial to ensure that the indices being insured are skillful representations of local environmental conditions. In our study we drive a land surface model with rainfall ensembles, in order to demonstrate how aggregation of rainfall estimates in space and time results in a clearer link with soil moisture, and hence a truer representation of agricultural drought. Although our study focuses on agricultural insurance, the methodological principles for application design are widely applicable in Africa and elsewhere.

  8. Occupational injury and disease incidence and risk factors in Finnish agriculture based on 5-year insurance records.

    Science.gov (United States)

    Karttunen, Janne P; Rautiainen, Risto H

    2013-01-01

    The aim of this retrospective cohort study was to evaluate the incidence of and risk factors for compensated occupational injuries and diseases in agriculture. The study population consisted of 78,679 Finnish farmers, spouses, and salaried family members covered by mandatory workers' compensation insurance. This population had a total of 24,424 occupational injuries and 1684 diseases from 2000 to 2004. In the 5-year period, 20.2% of the population had (one or more) injuries and 2.0% had occupational diseases. Multiple claims were common particularly among livestock producers. Using Poisson regression analyses, we identified several personal and farm-related risk factors, with relative risk estimates ranging from 1.07 to 3.08 for injuries and from 1.45 to 3.01 for diseases. Cattle-intensive geographic regions, occupational health service membership, large farm size, and farming alone were identified as risk factors for both outcomes. Further, male gender, higher number of insurance years, and residing on the farm were among risk factors for injury. These risk factors identified from a large longitudinal data set can be considered for developing and targeting interventions for farmers at highest risk of occupational injury and disease.

  9. Mandatory pooling as a supplement to risk-adjusted capitation payments in a competitive health insurance market.

    Science.gov (United States)

    Van Barneveld, E M; Lamers, L M; van Vliet, R C; van de Ven, W P

    1998-07-01

    Risk-adjusted capitation payments (RACPs) to competing health insurers are an essential element of market-oriented health care reforms in many countries. RACPs based on demographic variables only are insufficient, because they leave ample room for cream skimming. However, the implementation of improved RACPs does not appear to be straightforward. A solution might be to supplement imperfect RACPs with a form of mandatory pooling that reduces the incentives for cream skimming. In a previous paper it was concluded that high-risk pooling (HRP), is a promising supplement to RACPs. The purpose of this paper is to compare HRP with two other main variants of mandatory pooling. These variants are called excess-of-loss (EOL) and proportional pooling (PP). Each variant includes ex post compensations to insurers for some members which depend to various degrees on actually incurred costs. Therefore, these pooling variants reduce the incentives for cream skimming which are inherent in imperfect RACPs, but they also reduce the incentives for efficiency and cost containment. As a rough measure of the latter incentives we use the percentage of total costs for which an insurer is at risk. This paper analyzes which of the three main pooling variants yields the greatest reduction of incentives for cream skimming given such a percentage. The results show that HRP is the most effective of the three pooling variants.

  10. Associations between noncommunicable disease risk factors, race, education, and health insurance status among women of reproductive age in Brazil - 2011.

    Science.gov (United States)

    Mpofu, Jonetta Johnson; de Moura, Lenildo; Farr, Sherry L; Malta, Deborah Carvalho; Iser, Betine Moehlecke; Ivata Bernal, Regina Tomie; Robbins, Cheryl L; Lobelo, Felipe

    2016-06-01

    Noncommunicable disease (NCD) risk factors increase the risk of adverse reproductive health outcomes and are becoming increasingly common in Brazil. We analyzed VIGITEL 2011 telephone survey data for 13,745 Brazilian women aged 18-44 years in a probabilistic sample from 26 Brazilian state capitals and the Federal District. We examined associations between NCD risk factors (fruit and vegetable intake, leisure time physical activity, alcohol consumption, smoking status, BMI and hypertension status) and race, education, and insurance using chi-square tests and multivariable logistic regression models, estimating the average marginal effects to produce adjusted relative risk ratios (aRRs). Analyses were conducted using SAS 9.3 survey procedures and weighted to reflect population estimates. Women with less than a college education were more likely to report physical inactivity (adjusted relative risk (aRR) and 95% confidence interval = 1.1 (1.1-1.2)), smoking (aRR = 1.7 (1.3-2.2)), and self-reported diagnoses of hypertension (aRR = 2.0 (1.6-2.5)) compared to women with a college education or greater. Similarly, women without health insurance were more likely to report physical inactivity (aRR = 1.1 (1.1-1.2)), smoking (aRR = 1.4 (1.1-1.8)), and self-reported diagnoses of hypertension aRR = 1.4 (1.1-1.7)) compared to women with health insurance. Less variation was found by race and NCD risk factors. Targeted public health strategies and policies are needed to increase healthcare access and decrease educational and racial disparities in NCD risk factors among women of reproductive age in Brazil.

  11. Health insurance status and control of diabetes and coronary artery disease risk factors on enrollment into the Bypass Angioplasty Revascularization Investigation 2 Diabetes (BARI 2D) trial.

    Science.gov (United States)

    Grogan, Mary; Jenkins, Margaret; Sansing, Veronica V; MacGregor, Joan; Brooks, Maria Mori; Julien-Williams, Patricia; Amendola, Angela; Abbott, J Dawn

    2010-01-01

    The purpose of this study was to examine measures of chronic disease severity and treatment according to insurance status in a clinical trial setting. Baseline insurance status of 776 patients with type 2 diabetes and stable coronary artery disease (CAD) enrolled in the United States in the Bypass Angioplasty Revascularization Investigation 2 Diabetes (BARI 2D) trial was analyzed with regard to measures of metabolic and cardiovascular risk factor control. Compared with patients with private or public insurance, the uninsured were younger, more often female, and less often white non-Hispanic. Uninsured patients had the greatest burden of CAD. Patients with public insurance were treated with the greatest number of medications, had the greatest self-reported functional status, and the lowest mean glycosylated hemoglobin and low-density lipoprotein (LDL) cholesterol values. Overall, for 5 measured risk factor targets, the mean number above goal was 2.49 ± 1.18. After adjustment for demographic and clinical variables, insurance status was not associated with a difference in risk factor control. In the BARI 2D trial, we did not observe a difference in baseline cardiovascular risk factor control according to insurance status. An important observation, however, was that risk factor control overall was suboptimal, which highlights the difficulty in treating type 2 diabetes and CAD irrespective of insurance status.

  12. Impact of cardiovascular risk factors on medical expenditure: evidence from epidemiological studies analysing data on health checkups and medical insurance.

    Science.gov (United States)

    Nakamura, Koshi

    2014-01-01

    Concerns have increasingly been raised about the medical economic burden in Japan, of which approximately 20% is attributable to cardiovascular disease, including coronary heart disease and stroke. Because the management of risk factors is essential for the prevention of cardiovascular disease, it is important to understand the relationship between cardiovascular risk factors and medical expenditure in the Japanese population. However, only a few Japanese epidemiological studies analysing data on health checkups and medical insurance have provided evidence on this topic. Patients with cardiovascular risk factors, including obesity, hypertension, and diabetes, may incur medical expenditures through treatment of the risk factors themselves and through procedures for associated diseases that usually require hospitalization and sometimes result in death. Untreated risk factors may cause medical expenditure surges, mainly due to long-term hospitalization, more often than risk factors preventively treated by medication. On an individual patient level, medical expenditures increase with the number of concomitant cardiovascular risk factors. For single risk factors, personal medical expenditure may increase with the severity of that factor. However, on a population level, the medical economic burden attributable to cardiovascular risk factors results largely from a single, particularly prevalent risk factor, especially from mildly-to-moderately abnormal levels of the factor. Therefore, cardiovascular risk factors require management on the basis of both a cost-effective strategy of treating high-risk patients and a population strategy for reducing both the ill health and medical economic burdens that result from cardiovascular disease.

  13. The insurance and risk management industries: new players in the delivery of energy-efficient and renewable energy products and services

    International Nuclear Information System (INIS)

    Mills, Evan

    2003-01-01

    The insurance and risk management industries are typically considered to have little interest in energy issues, other than those associated with large energy supply systems. The historical involvement of these industries in the development and deployment of familiar loss-prevention technologies such as automobile air bags, fire prevention/suppression systems, and anti-theft devices, evidences a tradition of mediating and facilitating the use of technology to improve safety and otherwise reduce the likelihood of losses. Through an examination of the connection between risk management and energy technology, we have identified nearly 80 examples of energy-efficient and renewable energy technologies that offer loss-prevention benefits (such as improved fire safety). This article presents the business case for insurer involvement in the sustainable energy sector and documents early case studies of insurer efforts along these lines. We have mapped these opportunities onto the appropriate market segments (life, health, property, liability, business interruption, etc.). We review steps taken by 53 forward-looking insurers and reinsurers, 5 brokers, 7 insurance organizations, and 13 non-insurance organizations. We group the approaches into the categories of: information, education, and demonstration; financial incentives; specialized policies and insurance products; direct investment; customer services and inspections; codes, standards, and policies; research and development; in-house energy management; and an emerging concept informally known as 'carbon insurance'. While most companies have made only a modest effort to position themselves in the 'green' marketplace, a few have comprehensive environmental programs that include energy efficiency and renewable energy activities

  14. The role of micro health insurance in providing financial risk protection in developing countries- a systematic review

    Directory of Open Access Journals (Sweden)

    Shifa Salman Habib

    2016-03-01

    Full Text Available Abstract Background Out of pocket payments are the predominant method of financing healthcare in many developing countries, which can result in impoverishment and financial catastrophe for those affected. In 2010, WHO estimated that approximately 100 million people are pushed below the poverty line each year by payments for healthcare. Micro health insurance (MHI has been used in some countries as means of risk pooling and reducing out of pocket health expenditure. A systematic review was conducted to assess the extent to which MHI has contributed to providing financial risk protection to low-income households in developing countries, and suggest how the findings can be applied in the Pakistani setting. Methods We conducted a systematic search for published literature using the search terms “Community based health insurance AND developing countries”, “Micro health insurance AND developing countries”, “Mutual health insurance AND developing countries”, “mutual OR micro OR community based health insurance” “Health insurance AND impact AND poor” “Health insurance AND financial protection” and “mutual health organizations” on three databases, Pubmed, Google Scholar and Science Direct (Elsevier. Only those records that were published in the last ten years, in English language with their full texts available free of cost, were considered for inclusion in this review. Hand searching was carried out on the reference lists of the retrieved articles and webpages of international organizations like World Bank, World Health Organization and International Labour Organization. Results Twenty-three articles were eligible for inclusion in this systematic review (14 from Asia and 9 from Africa. Our analysis shows that MHI, in the majority of cases, has been found to contribute to the financial protection of its beneficiaries, by reducing out of pocket health expenditure, catastrophic health expenditure, total health expenditure

  15. Connecting Capital and Catastrophe in a Modeled World - How re/insurance and public science interact to manage risk for societal benefit

    Science.gov (United States)

    Douglas, R.

    2010-12-01

    Society, at local and global scales, seeks improved ways of managing the impact and sharing the costs of extreme natural events across populations via public and private mechanisms. Concerns over potential climate change and climate variability are amplifying the importance of these questions among public policy, business and regulatory communities. Through its financial obligations to exposed populations, the international insurance and reinsurance sector is directly affected by the frequency, severity and impact of extreme events. In many jurisdictions insurance contracts are regulated to tolerate the maximum probable loss events which are expected at 1 in 200 year return periods. This risk tolerance requirement renders re/insurers to undertake distinctive risk analysis among financial sector institutions. Natural catastrophe risk is a major component of re/insurer risk at the 1:200 year return period and a significant driver of the minimum capital requirements imposed on re/insurers. Historic claims records are insufficient on their own to evaluate potential losses at these return periods and over the last twenty years a significant sub-sector of the re/insurance industry has emerged known as catastrophe risk modelling. This has brought a progress and influential approach in applying science to gain a great handle of the expected losses to portfolios by developing increasingly robust analysis of hazards, exposures, vulnerabilities and impacts. As a result of these innovations the re/insurance sector has become more resilient to natural catastrophes. In recent years there has been an accelerated and deepening interaction between the re/insurance sector and public science across natural hazards risk research. The medium of modelling is providing a common vehicle for science and industry communities to collaborate and new supply chains are emerging from blue sky public science, through to applied research and operation modelling. Increasingly both sides are sharing

  16. Macroprudential Insurance Regulation: A Swiss Case Study

    Directory of Open Access Journals (Sweden)

    Philippe Deprez

    2016-12-01

    Full Text Available This article provides a case study that analyzes national macroprudential insurance regulation in Switzerland. We consider an insurance market that is based on data from the Swiss private insurance industry. We stress this market with several scenarios related to financial and insurance risks, and we analyze the resulting risk capitals of the insurance companies. This stress-test analysis provides insights into the vulnerability of the Swiss private insurance sector to different risks and shocks.

  17. Macroprudential Insurance Regulation: A Swiss Case Study

    OpenAIRE

    Philippe Deprez; Mario V. Wüthrich

    2016-01-01

    This article provides a case study that analyzes national macroprudential insurance regulation in Switzerland. We consider an insurance market that is based on data from the Swiss private insurance industry. We stress this market with several scenarios related to financial and insurance risks, and we analyze the resulting risk capitals of the insurance companies. This stress-test analysis provides insights into the vulnerability of the Swiss private insurance sector to different risks and sho...

  18. Health insurance basic actuarial models

    CERN Document Server

    Pitacco, Ermanno

    2014-01-01

    Health Insurance aims at filling a gap in actuarial literature, attempting to solve the frequent misunderstanding in regards to both the purpose and the contents of health insurance products (and ‘protection products’, more generally) on the one hand, and the relevant actuarial structures on the other. In order to cover the basic principles regarding health insurance techniques, the first few chapters in this book are mainly devoted to the need for health insurance and a description of insurance products in this area (sickness insurance, accident insurance, critical illness covers, income protection, long-term care insurance, health-related benefits as riders to life insurance policies). An introduction to general actuarial and risk-management issues follows. Basic actuarial models are presented for sickness insurance and income protection (i.e. disability annuities). Several numerical examples help the reader understand the main features of pricing and reserving in the health insurance area. A short int...

  19. Atomic risk insurance. Risk policy, safety production and expertise in Germany and the USA 1945 - 1986; Die Versicherung der Atomgefahr. Risikopolitik, Sicherheitsproduktion und Expertise in der Bundesrepublik Deutschland und den USA 1945-1986

    Energy Technology Data Exchange (ETDEWEB)

    Wehner, Christoph [Dokumentations- und Forschungsstelle der Sozialversicherungstraeger, Bochum (Germany)

    2017-07-01

    The book covers the following chapters: (I) Between threat and promise: Political change and the corporate perception, the burden of the atomic bomb, promise of nuclear energy risk criticism in the pre-ecological phase, nuclear risk as investment restraint; (II) Risk policy at the insurability limit: hazard knowledge, safety production and insurance expertise in the German nuclear policy (1955-1962); (III) Risk policy beyond the catastrophe, insurability interpretation, concepts and conflicts (1957-1968); (IV) Scandalization of risk policy: safety production, confidence and expertise in the nuclear controversial debate (1969 - 1979); (V) Nuclear risk policy and the challenge of the ''risk society'' (1975-1986); (VI) From safety production to hazard probe: atomic energy And the change of insurance.

  20. How to share our risks efficiently? Principles for optimal social insurance and pension provision

    NARCIS (Netherlands)

    Teulings, C.N.

    2010-01-01

    The efficient organisation of social insurance is an important problem for modern societies. The paper discusses evidence that shocks in labour income have largely persistent effects and analyses the implications of this observation for the optimal design of institutions for wage contracting, social

  1. Cargo Data Management Demonstration System

    Science.gov (United States)

    1974-02-01

    Delays in receipt and creation of cargo documents are a problem in international trade. The work described demonstrates some of the advantages and capabilities of a computer-based cargo data management system. A demonstration system for data manageme...

  2. Liberalisation of air cargo transport

    Science.gov (United States)

    2002-05-02

    Over a period of many years, international air cargo demand has continued to increase more rapidly than international air passenger demand. Air cargo arrangements need to be as efficient and expeditious as possible, to meet user requirements for air ...

  3. Cargo liability regimes

    Science.gov (United States)

    2001-01-01

    There are at present at least three international regimes of maritime cargo liability in force in different countries of the world - the original Hague rules (1924), the updated version known as the Hague-Visby rules (1968, further amended 1979), and...

  4. 46 CFR 308.524 - Application for cancellation of Open Cargo Policy, Form MA-304.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false Application for cancellation of Open Cargo Policy, Form... § 308.524 Application for cancellation of Open Cargo Policy, Form MA-304. The standard form of application for cancellation of an Open Cargo Policy Form MA-304 may be obtained from the American War Risk...

  5. Monitoring, imperfect detection, and risk optimization of a Tasmanian devil insurance population.

    Science.gov (United States)

    Rout, Tracy M; Baker, Christopher M; Huxtable, Stewart; Wintle, Brendan A

    2018-04-01

    Most species are imperfectly detected during biological surveys, which creates uncertainty around their abundance or presence at a given location. Decision makers managing threatened or pest species are regularly faced with this uncertainty. Wildlife diseases can drive species to extinction; thus, managing species with disease is an important part of conservation. Devil facial tumor disease (DFTD) is one such disease that led to the listing of the Tasmanian devil (Sarcophilus harrisii) as endangered. Managers aim to maintain devils in the wild by establishing disease-free insurance populations at isolated sites. Often a resident DFTD-affected population must first be removed. In a successful collaboration between decision scientists and wildlife managers, we used an accessible population model to inform monitoring decisions and facilitate the establishment of an insurance population of devils on Forestier Peninsula. We used a Bayesian catch-effort model to estimate population size of a diseased population from removal and camera trap data. We also analyzed the costs and benefits of declaring the area disease-free prior to reintroduction and establishment of a healthy insurance population. After the monitoring session in May-June 2015, the probability that all devils had been successfully removed was close to 1, even when we accounted for a possible introduction of a devil to the site. Given this high probability and the baseline cost of declaring population absence prematurely, we found it was not cost-effective to carry out any additional monitoring before introducing the insurance population. Considering these results within the broader context of Tasmanian devil management, managers ultimately decided to implement an additional monitoring session before the introduction. This was a conservative decision that accounted for uncertainty in model estimates and for the broader nonmonetary costs of mistakenly declaring the area disease-free. © 2017 Society for

  6. Integrasi Frame Work Risk and Insurance Management Society (RIMS dalam Analisis Kematangan Implementasi Manajemen Risiko (Studi Kasus: PLTA Maninjau

    Directory of Open Access Journals (Sweden)

    Taufik Taufik

    2016-04-01

    Full Text Available Indonesia electrical energy consumption growth that reached 9.2% per year requires every plant to always pursue consistent and sustainable improvement to be able to cope with the growth. Maninjau Hydropower is one of the assets of strategic energy resources to meet the electrical energy supply, especially for the southern Sumatera region. Risk management in Maninjau hydropower take place without any standard of measurement standards, so management and risk management actors do not have an overview and guide to improve the performance of the risk management activities. In this study, a standard measure used is to measure the level of maturity of the risk management implementation using the framework of the Risk and Insurance Management Society (RIMS for Enterprise Risk Management (ERM. Measurements carried out for the realization of the value and the expected value of risk management implementation in Maninjau hydropower, as well as designing the evaluation chart implementation of risk management by integrating Key Risk Indicators (KRI from the expected value. Based on the results of the measurements made, it was found that the actual implementation of risk management in Maninjau hydropower located on the third level (repeatable, while the implementation of the expectation value is found to be at the highest level (leadership, and the percentage achieving overall expectation value has reached 62%. The draft also raises the risk evaluation chart 15 Key Risk Indicators to be achieved by Maninjau hydropower to achieve the expected value at the leadership level. Keywords: Risk Management, RIMS for ERM, KRI

  7. Managing water utility financial risks through third-party index insurance contracts

    Science.gov (United States)

    Zeff, Harrison B.; Characklis, Gregory W.

    2013-08-01

    As developing new supply capacity has become increasingly expensive and difficult to permit (i.e., regulatory approval), utilities have become more reliant on temporary demand management programs, such as outdoor water use restrictions, for ensuring reliability during drought. However, a significant fraction of water utility income is often derived from the volumetric sale of water, and such restrictions can lead to substantial revenue losses. Given that many utilities set prices at levels commensurate with recovering costs, these revenue losses can leave them financially vulnerable to budgetary shortfalls. This work explores approaches for mitigating drought-related revenue losses through the use of third-party financial insurance contracts based on streamflow indices. Two different types of contracts are developed, and their efficacy is compared against two more traditional forms of financial hedging used by water utilities: Drought surcharges and contingency funds (i.e., self-insurance). Strategies involving each of these approaches, as well as their use in combination, are applied under conditions facing the water utility serving Durham, North Carolina. A multireservoir model provides information on the scale and timing of droughts, and the financial effects of these events are simulated using detailed data derived from utility billing records. Results suggest that third-party index insurance contracts, either independently or in combination with more traditional hedging tools, can provide an effective means of reducing a utility's financial vulnerability to drought.

  8. HIAA's The Business of Insurance: An Introduction.

    Science.gov (United States)

    Rosen, Anita; Lynch, Margaret E.

    This booklet is intended to help students gain a broad understanding of the meaning, characteristics, organization, products, and functions of the insurance industry. The following topics are discussed: the concept of and need for insurance; basic principles of insurance (risk assessment, insurability and insurable interest, determination of…

  9. Imperfect Tests and Natural Insurance Monopolies

    OpenAIRE

    Emons, Winand

    1997-01-01

    This paper considers a housing insurance market in which buildings have different damage probabilities. Insurers use imperfect tests to find out about buildings’ damage types. The insurance market is a natural monopoly. If more than one insurer is active, high risk house owners continue to apply to insurers until they are eventually assigned to a low-risk class. First we show that the natural insurance monopoly need not be sustainable. Then we show that in the equilibrium industry structure t...

  10. El Niño-Southern Oscillation-based index insurance for floods: Statistical risk analyses and application to Peru

    Science.gov (United States)

    Khalil, Abedalrazq F.; Kwon, Hyun-Han; Lall, Upmanu; Miranda, Mario J.; Skees, Jerry

    2007-10-01

    Index insurance has recently been advocated as a useful risk transfer tool for disaster management situations where rapid fiscal relief is desirable and where estimating insured losses may be difficult, time consuming, or subject to manipulation and falsification. For climate-related hazards, a rainfall or temperature index may be proposed. However, rainfall may be highly spatially variable relative to the gauge network, and in many locations, data are inadequate to develop an index because of short time series and the spatial dispersion of stations. In such cases, it may be helpful to consider a climate proxy index as a regional rainfall index. This is particularly useful if a long record is available for the climate index through an independent source and it is well correlated with the regional rainfall hazard. Here El Niño-Southern Oscillation (ENSO) related climate indices are explored for use as a proxy to extreme rainfall in one of the districts of Peru, Piura. The ENSO index insurance product may be purchased by banks or microfinance institutions to aid agricultural damage relief in Peru. Crop losses in the region are highly correlated with floods but are difficult to assess directly. Beyond agriculture, many other sectors suffer as well. Basic infrastructure is destroyed during the most severe events. This disrupts trade for many microenterprises. The reliability and quality of the local rainfall data are variable. Averaging the financial risk across the region is desirable. Some issues with the implementation of the proxy ENSO index are identified and discussed. Specifically, we explore (1) the reliability of the index at different levels of probability of exceedance of maximum seasonal rainfall, (2) the effect of sampling uncertainties and the strength of the proxy's association to local outcome, (3) the potential for clustering of payoffs, (4) the potential that the index could be predicted with some lead time prior to the flood season, and (5) evidence

  11. CURRENT CHANGES ON INSURANCE MARKET

    Directory of Open Access Journals (Sweden)

    Madalina Giorgiana MANGRA

    2016-12-01

    Full Text Available The offer of insurance products is about the requirements and needs of the consumer who must always have information regarding: the type of insurance risk covered and the excluded risks, the sum insured, the payment of premiums and their duration. The accurate information of customer requires, from the commencement of contract and throughout its duration, that he or she is aware of the obligations throughout the contractual period. Most of the Romanians are turning their attention to one of the insurance companies found in the top 10 in 2016, supervised by F.S.A. (Financial Supervision Authority, preferring to have a policy of mandatory household and goods insurance, auto liability or life insurance, but are also interested in travel health insurance when going abroad, private health insurance or private pension insurance. Romanians' reluctance regarding the conclusion of an insurance comes from their distrust in insurance companies (see the situations of companies like Astra Insurance, Carpatica Insurance etc., their personal financial situation and the fear that they will not receive protection if the risk is covered but the insured sum is insufficient

  12. Risk of Cancer among Commercially Insured HIV-Infected Adults on Antiretroviral Therapy

    Directory of Open Access Journals (Sweden)

    Jeannette Y. Lee

    2016-01-01

    Full Text Available The objective of this study was to explore the cancer incidence rates among HIV-infected persons with commercial insurance who were on antiretroviral therapy and compare them with those rates in the general population. Paid health insurance claims for 63,221 individuals 18 years or older, with at least one claim with a diagnostic code for HIV and at least one filled prescription for an antiretroviral medication between January 1, 2006, and September 30, 2012, were obtained from the LifeLink® Health Plan Claims Database. The expected number of cancer cases in the general population for each gender-age group (60 years was estimated using incidence rates from the Surveillance Epidemiology and End Results (SEER program. Standardized incidence ratios (SIRs were estimated using their 95% confidence intervals (CIs. Compared to the general population, incidence rates for HIV-infected adults were elevated (SIR, 95% CI for Kaposi sarcoma (46.08; 38.74–48.94, non-Hodgkin lymphoma (4.22; 3.63–4.45, Hodgkin lymphoma (9.83; 7.45–10.84, and anal cancer (30.54; 25.62–32.46 and lower for colorectal cancer (0.69; 0.52–0.76, lung cancer (0.70; 0.54, 0.77, and prostate cancer (0.54; 0.45–0.58. Commercially insured, treated HIV-infected adults had elevated rates for infection-related cancers, but not for common non-AIDS defining cancers.

  13. Risk of Cancer among Commercially Insured HIV-Infected Adults on Antiretroviral Therapy

    International Nuclear Information System (INIS)

    Lee, J. Y.

    2016-01-01

    The objective of this study was to explore the cancer incidence rates among HIV-infected persons with commercial insurance who were on antiretroviral therapy and compare them with those rates in the general population. Paid health insurance claims for 63,221 individuals 18 years or older, with at least one claim with a diagnostic code for HIV and at least one filled prescription for an antiretroviral medication between January 1, 2006, and September 30, 2012, were obtained from the Life Link® Health Plan Claims Database. The expected number of cancer cases in the general population for each gender-age group (<30, 30-39, 40-49, 50-59, and >60 years) was estimated using incidence rates from the Surveillance Epidemiology and End Results (SEER) program. Standardized incidence ratios (SIRs) were estimated using their 95% confidence intervals (CIs). Compared to the general population, incidence rates for HIV-infected adults were elevated (SIR, 95% CI) for Kaposi sarcoma (46.08; 38.74-48.94), non-Hodgkin lymphoma (4.22; 3.63-4.45), Hodgkin lymphoma (9.83; 7.45-10.84), and anal cancer (30.54; 25.62-32.46) and lower for colorectal cancer (0.69; 0.52-0.76), lung cancer (0.70; 0.54, 0.77), and prostate cancer (0.54; 0.45-0.58). Commercially insured, treated HIV-infected adults had elevated rates for infection-related cancers, but not for common non-AIDS defining cancers.

  14. Climate Change and Risk Management: Challenges for Insurance, Adaptation, and Loss Estimation

    OpenAIRE

    Kousky, Carolyn; Cooke, Roger

    2009-01-01

    Adapting to climate change will not only require responding to the physical effects of global warming, but will also require adapting the way we conceptualize, measure, and manage risks. Climate change is creating new risks, altering the risks we already face, and also, importantly, impacting the interdependencies between these risks. In this paper we focus on three particular phenomena of climate related risks that will require a change in our thinking about risk management: global micro-cor...

  15. Moral Hazard: How The National Flood Insurance Program Is Limiting Risk Reduction

    Science.gov (United States)

    2016-12-01

    Improvements,” YouTube video, posted by Gary Taylor, October 15, 2014, https://www.youtube.com/watch?v=Wt3lMwCRhd0&list=PLADFiMUo5Nk7 ajNQxa8N5s9G1IJ4gRrsZ...disaster assistance. A review of our history shows that federal intervention in disaster recovery before the Great Depression was essentially non...Service, 2011), https://www.fas.org/sgp/crs/misc/R40650.pdf, Summary. 84 Patricia Griggs, “The National Flood Insurance Program,” YouTube video

  16. Health Insurance without Single Crossing

    DEFF Research Database (Denmark)

    Boone, Jan; Schottmüller, Christoph

    2017-01-01

    Standard insurance models predict that people with high risks have high insurance coverage. It is empirically documented that people with high income have lower health risks and are better insured. We show that income differences between risk types lead to a violation of single crossing...... in an insurance model where people choose treatment intensity. We analyse different market structures and show the following: If insurers have market power, the violation of single crossing caused by income differences and endogenous treatment choice can explain the empirically observed outcome. Our results do...

  17. Optimal social insurance with linear income taxation

    DEFF Research Database (Denmark)

    Bovenberg, Lans; Sørensen, Peter Birch

    2009-01-01

    We study optimal social insurance aimed at insuring disability risk in the presence of linear income taxation. Optimal disability insurance benefits rise with previous earnings. Optimal insurance is incomplete even though disability risks are exogenous and verifiable so that moral hazard in disab...... in disability insurance is absent. Imperfect insurance is optimal because it encourages workers to insure themselves against disability by working and saving more, thereby alleviating the distortionary impact of the redistributive income tax on labor supply and savings.......We study optimal social insurance aimed at insuring disability risk in the presence of linear income taxation. Optimal disability insurance benefits rise with previous earnings. Optimal insurance is incomplete even though disability risks are exogenous and verifiable so that moral hazard...

  18. Nuclear energy and insurance

    International Nuclear Information System (INIS)

    Dow, J.C.

    1989-01-01

    It was the risk of contamination of ships from the Pacific atmospheric atomic bomb tests in the 1940's that seems first to have set insurers thinking that a limited amount of cover would be a practical possibility if not a commercially-attractive proposition. One Chapter of this book traces the early, hesitant steps towards the evolution of ''nuclear insurance'', as it is usually called; a term of convenience rather than exactitude because it seems to suggest an entirely new branch of insurance with a status of its own like that of Marine, Life or Motor insurance. Insurance in the field of nuclear energy is more correctly regarded as the application of the usual, well-established forms of cover to unusual kinds of industrial plant, materials and liabilities, characterised by the peculiar dangers of radioactivity which have no parallel among the common hazards of industry and commerce. It had, and still has, the feature that individual insurance underwriters are none too keen to look upon nuclear risks as a potential source of good business and profit. Only by joining together in Syndicates or Pools have the members of the national insurance markets been able to make proper provision for nuclear risks; only by close international collaboration among the national Pools have the insurers of the world been able to assemble adequate capacity - though still, even after thirty years, not sufficient to provide complete coverage for a large nuclear installation. (author)

  19. Acoustic Multipurpose Cargo Transfer Bag

    Science.gov (United States)

    Baccus, Shelley

    2015-01-01

    The Logistics Reduction (LR) project within the Advanced Exploration Systems (AES) program is tasked with reducing logistical mass and repurposing logistical items. Multipurpose Cargo Transfer Bags (MCTB) are designed to be the same external volume as a regular cargo transfer bag, the common logistics carrier for the International Space Station. After use as a cargo bag, the MCTB can be unzipped and unfolded to be reused. This Acoustic MCTBs transform into acoustic blankets after the initial logistics carrying objective is complete.

  20. 46 CFR 308.300 - Insured amount-application.

    Science.gov (United States)

    2010-10-01

    ... Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE Second Seamen's War Risk Insurance § 308.300 Insured amount—application. An applicant for Second Seamen's war risk insurance shall not state the amount of insurance desired, which shall be as provided in...

  1. M. Nuclear insurance

    International Nuclear Information System (INIS)

    1976-01-01

    Nuclear insurance and some of the features associated with it, such as the International Conventions and the operation of Atomic Risk Pools, are discussed both in general and with specific reference to the USA, Canada and the United Kingdom

  2. 46 CFR 153.907 - Cargo information.

    Science.gov (United States)

    2010-10-01

    ... Information § 153.907 Cargo information. (a) The master shall ensure that the following information for each cargo carried under this part is readily available to those on the tankship engaged in cargo operations... exposed to the cargo. (7) A list of fire fighting procedures and extinguishing agents effective with cargo...

  3. Role of nuclear insurance in US

    International Nuclear Information System (INIS)

    Bardes, C.R.

    2000-01-01

    Private insurance companies developed means to provide first-tier nuclear coverage to operators of power plants and other nuclear facilities; US Government initially provided second tier. US insurance companies chose 'pooling' technique as means to provide large amounts of insurance capacity by spreading the risk over a number of insurance companies. Classic example of nuclear risk that presents low frequency, high severity loss potential. Insurers usually spread their risk over a large, fairly stable premium base, as with automobile insurance. The American Nuclear Insurers (ANI) and its roles are introduced in this article

  4. Health Insurance

    Science.gov (United States)

    Health insurance helps protect you from high medical care costs. It is a contract between you and your ... Many people in the United States get a health insurance policy through their employers. In most cases, the ...

  5. Insurance and Assurance: Teachers' Strategies in the Regimes of Risk and Audit

    Science.gov (United States)

    Lindqvist, Per; Nordanger, Ulla Karin; Landahl, Joakim

    2009-01-01

    This article deals with how the increasing use of notions such as "risk awareness" and "blame" in relation to school affects the daily work of Swedish teachers. With the help of empirical excerpts from documents and focus group interviews, the authors provide examples of how the introduction of the risk society and audit…

  6. Estimation of insurance premiums for coverage against natural disaster risk: an application of Bayesian Inference

    NARCIS (Netherlands)

    Paudel, Y.; Botzen, W.J.W.; Aerts, J.C.J.H.

    2013-01-01

    This study applies Bayesian Inference to estimate flood risk for 53 dyke ring areas in the Netherlands, and focuses particularly on the data scarcity and extreme behaviour of catastrophe risk. The probability density curves of flood damage are estimated through Monte Carlo simulations. Based on

  7. Impact and effectiveness of risk mitigation strategies on the insurability of nanomaterial production: evidences from industrial case studies.

    Science.gov (United States)

    Bergamaschi, Enrico; Murphy, Finbarr; Poland, Craig A; Mullins, Martin; Costa, Anna L; McAlea, Eamonn; Tran, Lang; Tofail, Syed A M

    2015-01-01

    Workers involved in producing nanomaterials or using nanomaterials in manufacturing plants are likely to have earlier and higher exposure to manufactured/engineered nanomaterials (ENM) than the general population. This is because both the volume handled and the probability of the effluence of 'free' nanoparticles from the handled volume are much higher during a production process than at any other stage in the lifecycle of nanomaterials and nanotechnology-enabled products. Risk assessment (RA) techniques using control banding (CB) as a framework for risk transfer represents a robust theory but further progress on implementing the model is required so that risk can be transferred to insurance companies. Following a review of RA in general and hazard measurement in particular, we subject a Structural Alert Scheme methodology to three industrial case studies using ZrO2 , TiO2 , and multi-walled carbon nanotubes (MWCNT). The materials are tested in a pristine state and in a remediated (coated) state, and the respective emission and hazard rates are tested alongside the material performance as originally designed. To our knowledge, this is the first such implementation of a CB RA in conjunction with an ENM performance test and offers both manufacturers and underwriters an insight into future applications. © 2015 The Authors. WIREs Nanomedicine and Nanobiotechnology published by Wiley Periodicals, Inc.

  8. Type 2 Diabetes Mellitus and Kidney Cancer Risk: A Retrospective Cohort Analysis of the National Health Insurance.

    Science.gov (United States)

    Tseng, Chin-Hsiao

    2015-01-01

    To evaluate the association between incidence of any kidney cancer and type 2 diabetes mellitus. A random sample of 1,000,000 subjects covered by the National Health Insurance was recruited. A total of 998728 people (115655 diabetes and 883073 non-diabetes) without kidney cancer at recruitment were followed from 2003 to 2005. The cumulative incidence of kidney cancer from 2003 to 2005 in diabetic patients and non-diabetic people in all ages and in age kidney cancer with regards to diabetes status and diabetes duration (as a continuous variable or categorized into subgroups of non-diabetes, diabetes duration kidney cancer in the diabetic patients and the non-diabetic people was 166.9 and 33.1 per 100,000 person-years, respectively. The incidence increased with regards to increasing age in both the diabetic patients and the non-diabetic people, but a higher risk of kidney cancer for the diabetic patients compared to the non-diabetic people was consistently observed in different age groups. After multivariable adjustment, the odds ratio for diabetic patients versus non-diabetic people was 1.7 (95% confidence interval: 1.3-2.1, Pkidney cancer. Additionally, living in metropolitan Taipei region might also be associated with a higher risk of kidney cancer in the non-diabetic people, indicating a potential link between kidney cancer and some factors related to urbanization. Patients with type 2 diabetes mellitus have a significantly higher risk of kidney cancer.

  9. An investigation into onshore captive insurance companies

    Directory of Open Access Journals (Sweden)

    ME Le Roux

    2015-01-01

    Full Text Available Insurance provided by captive insurers is one of various forms of risk financing.  The nature and main types of captive insurance companies are discussed.  This is followed by the results of an empirical study that focused on South African onshore captive insurance companies.  The objectives in establishing and operating a captive insurer, the factors which determine the decision of the parent company to establish and operate a captive insurer and the future and usefulness of insurance provided by captive insurers are some of the aspects that are addressed.

  10. Special Issue “Actuarial and Financial Risks in Life Insurance, Pensions and Household Finance”

    Directory of Open Access Journals (Sweden)

    Luca Regis

    2017-12-01

    Full Text Available The aim of the Special Issue is to address some of the main challenges individuals and companies face in managing financial and actuarial risks, when dealing with their investment/retirement or business-related decisions [...

  11. The availability of public information for insurance risk decision-making in the UK

    Science.gov (United States)

    Davis, Nigel; Gibbs, Mark; Chadwick, Ben; Foote, Matthew

    2010-05-01

    At present, there is a wealth of hazard and exposure data which cannot or is not being full used by risk modelling community. The reasons for this under-utilisation of data are many: restrictive and complex data policies and pricing, risks involved in information sharing, technological shortcomings, and variable resolution of data, particularly with catastrophe models only recently having been adjusted to consume high-resolution exposure data. There is therefore an urgent need for the development of common modelling practices and applications for climate and geo-hazard risk assessment, all of which would be highly relevant to public policy, disaster risk management and financial risk transfer communities. This paper will present a methodology to overcome these obstacles and to review the availability of hazard data at research institutions in a consistent format. Such a methodology would facilitate the collation of hazard and other auxiliary data, as well as present data within a geo-spatial framework suitable for public and commercial use. The methodology would also review the suitability of datasets and how these could be made more freely available in conjunction with other research institutions in order to present a consistent data standard. It is clear that an understanding of these different issues of data and data standards have significant ramifications when used in Natural Hazard Risk Assessment. Scrutinising the issue of data standards also allows the data to be evaluated and re-evaluated for its gaps, omissions, fitness, purpose, availability and precision. Not only would there be a quality check on data, but it would also help develop and fine-tune the tools used for decision-making and assessment of risk.

  12. THE ROLE OF REINSURANCE IN INSURANCE

    Directory of Open Access Journals (Sweden)

    VĂDUVA MARIA

    2018-02-01

    Full Text Available Insurance companies carry out risk spreading through the co-insurance and reinsurance mechanism, consisting of the participation of more companies in the provision of high-value assets. Reinsurance is a form of insurance whereby an insurance organization can transfer to another reinsurer, partly or fully, its payment obligations arising from the insurance contracts that it has concluded. In the reinsurance ratios, the insurance companies appear in a double position - giving other insurance companies some of the risks assumed under direct insurance, being reinsured, but receiving different risks to reinsurance, acquiring the quality of reinsurers. Reinsurance intends to satisfy some multiple needs of the direct insurer and can provide means to counteract the risks associated with the fluctuations in compensation costs, the reinsurer will contribute to the payment of compensations on behalf of the reinsurer. Life insurance has characteristics that influence reinsurance: the average life of the insurance, the insurance is concluded for a fixed amount insured, the capital accumulation. In life reinsurance, almost all reinsurance arrangements are proportional agreements, and the largest share have the "surplus" agreements. Reinsurance plays an important role because it fulfills the following functions: it confers capacity, creates stability, helps to consolidate financial strength. The adjustment of the client portfolio in terms of the changes of reinsurance agreement, required by the reinsurer, can only be done by concluding the insurance contracts. In life insurance, reinsurance contracts contain provisions that meet the need of the insurer to have long-term protection.

  13. Federal Environmental Remediation Contractual and Insurance-Based Risk Allocation Schemes: Are They Getting the Job Done?

    National Research Council Canada - National Science Library

    Momber, Amy L

    2005-01-01

    .... Recognizing they cannot specifically account for such unknown contingencies via contract, the Government and remediation contractors employ contractual and insurance-based methods to shift or reduce...

  14. Vulnerabilities to agricultural production shocks: An extreme, plausible scenario for assessment of risk for the insurance sector

    Directory of Open Access Journals (Sweden)

    Tobias Lunt

    2016-01-01

    Full Text Available Climate risks pose a threat to the function of the global food system and therefore also a hazard to the global financial sector, the stability of governments, and the food security and health of the world’s population. This paper presents a method to assess plausible impacts of an agricultural production shock and potential materiality for global insurers. A hypothetical, near-term, plausible, extreme scenario was developed based upon modules of historical agricultural production shocks, linked under a warm phase El Niño-Southern Oscillation (ENSO meteorological framework. The scenario included teleconnected floods and droughts in disparate agricultural production regions around the world, as well as plausible, extreme biotic shocks. In this scenario, global crop yield declines of 10% for maize, 11% for soy, 7% for wheat and 7% for rice result in quadrupled commodity prices and commodity stock fluctuations, civil unrest, significant negative humanitarian consequences and major financial losses worldwide. This work illustrates a need for the scientific community to partner across sectors and industries towards better-integrated global data, modeling and analytical capacities, to better respond to and prepare for concurrent agricultural failure. Governments, humanitarian organizations and the private sector collectively may recognize significant benefits from more systematic assessment of exposure to agricultural climate risk.

  15. Prevalence and risk factors of metabolic syndrome in the Korean population--Korean National Health Insurance Corporation Survey 2008.

    Science.gov (United States)

    Lim, Eun Shil; Ko, Yu Kyung; Ban, Keum Ok

    2013-07-01

    To determine the factors affecting the prevalence of metabolic syndrome in younger and older Koreans. Metabolic syndrome, in combination with other, interrelated predisposing factors, is a risk factor for cardiovascular disease. In Korea, the prevalence of this syndrome, like those of other chronic diseases, has increased continually in recent years. This is an analytic, descriptive cross-sectional study. This survey targeted 690,283 examinees that had undergone a medical examination on a life transition period performed by the National Health Insurance Corporation from January-December 2008. For the purpose of this study, the diagnosis of metabolic syndrome was based on the criteria of the American Heart Association and the Heart, Lung, and Blood Institute. The relationship between the risk factors and prevalence rate was shown using a multiple logistic regression model. The prevalence of metabolic syndrome was 24·8% in the 40 year olds and 40·8% in the 66 year olds. Among the younger adults, the prevalence in women was only 0·57 times that in men. A multiple logistic regression analysis demonstrated that heavy obesity and family history of cardiovascular disease are the strongest independent predictors of metabolic syndrome among younger and older Koreans. As a management strategy, a nursing intervention strategy for the improvement of lifestyle factors including self-care through proper diet and exercise should be developed and implemented. © 2012 Blackwell Publishing Ltd.

  16. Development of a Korean Fracture Risk Score (KFRS for Predicting Osteoporotic Fracture Risk: Analysis of Data from the Korean National Health Insurance Service.

    Directory of Open Access Journals (Sweden)

    Ha Young Kim

    Full Text Available Asian-specific prediction models for estimating individual risk of osteoporotic fractures are rare. We developed a Korean fracture risk prediction model using clinical risk factors and assessed validity of the final model.A total of 718,306 Korean men and women aged 50-90 years were followed for 7 years in a national system-based cohort study. In total, 50% of the subjects were assigned randomly to the development dataset and 50% were assigned to the validation dataset. Clinical risk factors for osteoporotic fracture were assessed at the biennial health check. Data on osteoporotic fractures during the follow-up period were identified by ICD-10 codes and the nationwide database of the National Health Insurance Service (NHIS.During the follow-up period, 19,840 osteoporotic fractures were reported (4,889 in men and 14,951 in women in the development dataset. The assessment tool called the Korean Fracture Risk Score (KFRS is comprised of a set of nine variables, including age, body mass index, recent fragility fracture, current smoking, high alcohol intake, lack of regular exercise, recent use of oral glucocorticoid, rheumatoid arthritis, and other causes of secondary osteoporosis. The KFRS predicted osteoporotic fractures over the 7 years. This score was validated using an independent dataset. A close relationship with overall fracture rate was observed when we compared the mean predicted scores after applying the KFRS with the observed risks after 7 years within each 10th of predicted risk.We developed a Korean specific prediction model for osteoporotic fractures. The KFRS was able to predict risk of fracture in the primary population without bone mineral density testing and is therefore suitable for use in both clinical setting and self-assessment. The website is available at http://www.nhis.or.kr.

  17. Nuclear risks and insurance against damage to persons from atomic and other power sites

    International Nuclear Information System (INIS)

    Avdonin, Eh.K.; Gavrilov, S.D.; Kovalevich, O.M.

    2001-01-01

    A factor of potential risk which influence on choice of strategic direct of the power engineering development was considered. Now this factor has vital importance in Russia, Belarus and other countries of East Europe because of accumulated depreciation of power engineering

  18. Interdependent Risk and Cyber Security: An Analysis of Security Investment and Cyber Insurance

    Science.gov (United States)

    Shim, Woohyun

    2010-01-01

    An increasing number of firms rely on highly interconnected information networks. In such environments, defense against cyber attacks is complicated by residual risks caused by the interdependence of information security decisions of firms. IT security is affected not only by a firm's own management strategies but also by those of others. This…

  19. Who is where at risk for Chronic Obstructive Pulmonary Disease? A spatial epidemiological analysis of health insurance claims for COPD in Northeastern Germany.

    Science.gov (United States)

    Kauhl, Boris; Maier, Werner; Schweikart, Jürgen; Keste, Andrea; Moskwyn, Marita

    2018-01-01

    Chronic obstructive pulmonary disease (COPD) has a high prevalence rate in Germany and a further increase is expected within the next years. Although risk factors on an individual level are widely understood, only little is known about the spatial heterogeneity and population-based risk factors of COPD. Background knowledge about broader, population-based processes could help to plan the future provision of healthcare and prevention strategies more aligned to the expected demand. The aim of this study is to analyze how the prevalence of COPD varies across northeastern Germany on the smallest spatial-scale possible and to identify the location-specific population-based risk factors using health insurance claims of the AOK Nordost. To visualize the spatial distribution of COPD prevalence at the level of municipalities and urban districts, we used the conditional autoregressive Besag-York-Mollié (BYM) model. Geographically weighted regression modelling (GWR) was applied to analyze the location-specific ecological risk factors for COPD. The sex- and age-adjusted prevalence of COPD was 6.5% in 2012 and varied widely across northeastern Germany. Population-based risk factors consist of the proportions of insurants aged 65 and older, insurants with migration background, household size and area deprivation. The results of the GWR model revealed that the population at risk for COPD varies considerably across northeastern Germany. Area deprivation has a direct and an indirect influence on the prevalence of COPD. Persons ageing in socially disadvantaged areas have a higher chance of developing COPD, even when they are not necessarily directly affected by deprivation on an individual level. This underlines the importance of considering the impact of area deprivation on health for planning of healthcare. Additionally, our results reveal that in some parts of the study area, insurants with migration background and persons living in multi-persons households are at elevated risk

  20. Insurance of nuclear power stations

    International Nuclear Information System (INIS)

    Debaets, M.

    1992-01-01

    Electrical utility companies have invested large sums in the establishment of nuclear facilities. For this reason it is normal for these companies to attempt to protect their investments as much as possible. One of the methods of protection is recourse to insurance. For a variety of reasons traditional insurance markets are unable to function normally for a number of reasons including, the insufficient number of risks, an absence of meaningful accident statistics, the enormous sums involved and a lack of familiarity with nuclear risks on the part of insurers, resulting in a reluctance or even refusal to accept such risks. Insurers have, in response to requests for coverage from nuclear power station operators, established an alternative system of coverage - insurance through a system of insurance pools. Insurers in every country unite in a pool, providing a net capacity for every risk which is a capacity covered by their own funds, and consequently without reinsurance. All pools exchange capacity. The inconvenience of this system, for the operators in particular, is that it involves a monopolistic system in which there are consequently few possibilities for the negotiation of premiums and conditions of coverage. The system does not permit the establishment of reserves which could, over time, reduce the need for insurance on the part of nuclear power station operators. Thus the cost of nuclear insurance remains high. Alternatives to the poor system of insurance are explored in this article. (author)

  1. Evaluating the Welfare of Index Insurance

    DEFF Research Database (Denmark)

    Harrison, Glenn W.; Martínez-Correa, Jimmy; Ng, Jia Min

    affects both the demand for the product and the welfare of individuals making take-up decisions. We study the impact of basis risk on insurance take-up and on expected welfare in a laboratory experiment with an insurance frame. We measure the expected welfare of index insurance to individuals while......Index insurance was conceived to be a product that would simplify the claim settlement process and make it more objective, reducing transaction costs and moral hazard. However, index insurance also exposes the insured to basis risk, which arises because there can be a mismatch between the index...... risks that are different from preferences exhibited for their actuarially-equivalent counterparts. We study the potential link between index insurance demand and attitudes towards compound risks. We test the hypothesis that the compound risk nature of index insurance induced by basis risk negatively...

  2. Nuclear insurance

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    The yearbook contains among others the figures of the nuclear insurance line. According to these these the DKVG (German nuclear power plant insurance association) has 102 member insurance companies all registered in the Federal Republic of Germany. By using reinsurance capacities of the other pools at present property insurance amounts to 1.5 billion DM and liability insurance to 200 million DM. In 1991 the damage charges on account of DKV amounted to 3.1 (1990 : 4.3) million DM. From these 0.6 million DM are apportioned to payments and 2.5 million DM to reserves. One large damage would cost a maximum gross sum of 2.2 billion DM property and liability insurance; on account of DKVG 750 million DM. (orig./HSCH) [de

  3. 46 CFR 308.545 - Facultative cargo policy, Form MA-316.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false Facultative cargo policy, Form MA-316. 308.545 Section 308.545 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK... policy, Form MA-316. The standard form of War Risk Facultative Cargo Policy, Form MA-316, may be obtained...

  4. A Model for Proactively Insuring SMEs in the Supply Chain Against Cyber Risk

    OpenAIRE

    Henson, Richard; Sutcliffe, D.

    2013-01-01

    There has been increasing concern in recent years about the lack of urgency in SMEs regarding security of their information. Concern stems not only from the risks the SMEs are taking not only with their own data, but also with the data they share with supply chain partners. Current surveys have shown that the situation is getting worse with human error compounded by cybercriminals exploiting weaknesses in SME systems and using them to hack supply chain hubs.\\ud \\ud In this paper, a researcher...

  5. Creating New Incentives for Risk Identification and Insurance Process for the Electric Utility Industry (initial award through Award Modification 2); Energy & Risk Transfer Assessment (Award Modifications 3 - 6)

    Energy Technology Data Exchange (ETDEWEB)

    Michael Ebert

    2008-02-28

    This is the final report for the DOE-NETL grant entitled 'Creating New Incentives for Risk Identification & Insurance Processes for the Electric Utility Industry' and later, 'Energy & Risk Transfer Assessment'. It reflects work done on projects from 15 August 2004 to 29 February 2008. Projects were on a variety of topics, including commercial insurance for electrical utilities, the Electrical Reliability Organization, cost recovery by Gulf State electrical utilities after major hurricanes, and review of state energy emergency plans. This Final Technical Report documents and summarizes all work performed during the award period, which in this case is from 15 August 2004 (date of notification of original award) through 29 February 2008. This report presents this information in a comprehensive, integrated fashion that clearly shows a logical and synergistic research trajectory, and is augmented with findings and conclusions drawn from the research as a whole. Four major research projects were undertaken and completed during the 42 month period of activities conducted and funded by the award; these are: (1) Creating New Incentives for Risk Identification and Insurance Process for the Electric Utility Industry (also referred to as the 'commercial insurance' research). Three major deliverables were produced: a pre-conference white paper, a two-day facilitated stakeholders workshop conducted at George Mason University, and a post-workshop report with findings and recommendations. All deliverables from this work are published on the CIP website at http://cipp.gmu.edu/projects/DoE-NETL-2005.php. (2) The New Electric Reliability Organization (ERO): an examination of critical issues associated with governance, standards development and implementation, and jurisdiction (also referred to as the 'ERO study'). Four major deliverables were produced: a series of preliminary memoranda for the staff of the Office of Electricity Delivery and

  6. Lectures on insurance models

    CERN Document Server

    Ramasubramanian, S

    2009-01-01

    Insurance has become a necessary aspect of modern society. The mathematical basis of insurance modeling is best expressed in terms of continuous time stochastic processes. This introductory text on actuarial risk theory deals with the Cramer-Lundberg model and the renewal risk model. Their basic structure and properties, including the renewal theorems as well as the corresponding ruin problems, are studied. There is a detailed discussion of heavy tailed distributions, which have become increasingly relevant. The Lundberg risk process with investment in risky asset is also considered. This book will be useful to practitioners in the field and to graduate students interested in this important branch of applied probability.

  7. 29 CFR 1918.84 - Bulling cargo.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 7 2010-07-01 2010-07-01 false Bulling cargo. 1918.84 Section 1918.84 Labor Regulations...) SAFETY AND HEALTH REGULATIONS FOR LONGSHORING Handling Cargo § 1918.84 Bulling cargo. (a) Bulling cargo shall be done with the bull line led directly from the heel block. However, bulling may be done from the...

  8. [Epidemiology of the medico-legal risk associated with the practice of ambulatory surgery in France: a study based on insurance data].

    Science.gov (United States)

    Theissen, A; Fuz, F; Catineau, J; Sultan, W; Beaussier, M; Carles, M; Raucoules-Aimé, M; Niccolai, P

    2014-03-01

    The medico-legal risk specifically associated with the practice of ambulatory surgery is still not well studied. SHAM insurances are the biggest French provider of medical liability insurances. The study of the insurance claims provided by this insurer is therefore a relevant source of data on the complications related to ambulatory surgery. The aim of this study was to compare the claim rate related to ambulatory surgery with non-ambulatory surgery. We did a retrospective study on insurance claims provided by SHAM insurances between 2007 and 2011 to compare the claim rate related to ambulatory surgery with non-ambulatory surgery. We searched the files in the SHAM database, and then analyzed them. On the study period, out of a total of 29565 registered claims, 467 (1.6%) originated from ambulatory surgery. On the total of 29,098 registered claims for non-ambulatory surgery, 2151 (7.4%) led to a condemnation whereas the rate was 7% (33 out of 467 claims) for ambulatory surgery. The condemnations linked to ambulatory surgery amounted to 1.5% of the total (33 out of 2184), for a cost of 1.7 M€ (versus 400,3 M€ for non-ambulatory surgery). The average cost of a compensation is therefore 50,500 € for ambulatory surgery and 186,000 € for non-ambulatory surgery. The medical specialties concerned are primarily ophthalmology, abdominal and orthopedics surgery. The main identified causes were medical errors (n=16) and nosocomial infections (n=13). The claim rate in ambulatory surgery is proportionally less frequent with compensations three times less and were related to the most frequent type of surgery done in ambulatory settings. These data should help strengthen quality approach in ambulatory surgery. Copyright © 2014 Société française d’anesthésie et de réanimation (Sfar). Published by Elsevier SAS. All rights reserved.

  9. Insurance: Covering the bases

    International Nuclear Information System (INIS)

    Burr, M.T.

    1992-01-01

    This article addresses steps to take to improve the economics and risk profiles for independent power projects. The topics discussed in the article include the results of competition in the power industry, custom packages and the lack of competition among insurers in the power industry, mitigating risk through providing technical information, and developing programs

  10. Suggestion of Islamic Insurance Company Model

    OpenAIRE

    Abdullah Ibrahim Nazal

    2015-01-01

    This study is one of very few studies which have investigated Islamic Insurance Companies as solution. It explained its operations also comparing with Traditional Insurance Companies and theoretical Islamic insurance models. As result to this study Islamic Insurance companies are profit organization. It helps Islamic banks but it costs customer to face expect risk. Islamic Insurance companies have many ways to get profits and consider all customers installments grants. Its operation gap comes...

  11. Medical Underwriting In Long-Term Care Insurance: Market Conditions Limit Options For Higher-Risk Consumers.

    Science.gov (United States)

    Cornell, Portia Y; Grabowski, David C; Cohen, Marc; Shi, Xiaomei; Stevenson, David G

    2016-08-01

    A key feature of private long-term care insurance is that medical underwriters screen out would-be buyers who have health conditions that portend near-term physical or cognitive disability. We applied common underwriting criteria based on data from two long-term care insurers to a nationally representative sample of individuals in the target age range (50-71 years) for long-term care insurance. The screening criteria put upper bounds on the current proportion of Americans who could gain coverage in the individual market without changes to medical underwriting practice. Specifically, our simulations show that in the target age range, approximately 30 percent of those whose wealth meets minimum industry standards for suitability for long-term care insurance would have their application for such insurance rejected at the underwriting stage. Among the general population-without considering financial suitability-we estimated that 40 percent would have their applications rejected. The predicted rejection rates are substantially higher than the rejection rates of about 20-25 percent of applicants in the actual market. In evaluating reforms for long-term care financing and their potential to increase private insurance rates, as well as to reduce financial pressure on public safety-net programs, policy makers need to consider the role of underwriting in the market for long-term care insurance. Project HOPE—The People-to-People Health Foundation, Inc.

  12. Modern problems in insurance mathematics

    CERN Document Server

    Martin-Löf, Anders

    2014-01-01

    This book is a compilation of 21 papers presented at the International Cramér Symposium on Insurance Mathematics (ICSIM) held at Stockholm University in June, 2013. The book comprises selected contributions from several large research communities in modern insurance mathematics and its applications. The main topics represented in the book are modern risk theory and its applications, stochastic modelling of insurance business, new mathematical problems in life and non-life insurance, and related topics in applied and financial mathematics. The book is an original and useful source of inspiration and essential reference for a broad spectrum of theoretical and applied researchers, research students and experts from the insurance business. In this way, Modern Problems in Insurance Mathematics will contribute to the development of research and academy–industry co-operation in the area of insurance mathematics and its applications.

  13. Risk Factors, Health Care Resource Utilization, and Costs Associated with Nonadherence to Antiretrovirals in Medicaid-Insured Patients with HIV.

    Science.gov (United States)

    Dunn, Keith; Lafeuille, Marie-Hélène; Jiao, Xiaolong; Romdhani, Hela; Emond, Bruno; Woodruff, Kimberly; Pesa, Jacqueline; Tandon, Neeta; Lefebvre, Patrick

    2018-06-07

    Adherence to antiretrovirals (ARVs) is critical to achieving durable virologic suppression. To investigate risk factors of poor adherence and the effect of suboptimal adherence on health care resource utilization (HCRU) and costs in Medicaid patients. A retrospective longitudinal study was conducted using Medicaid data. Adults (aged ≥ 18 years) with human immunodeficiency virus (HIV)-1 initiating selected ARVs (index date) were identified. Adherence was measured using medication possession ratio (MPR) and proportion of days covered (PDC) at 6 and 12 months post-index. Risk factors of poor adherence (PDC logistic regression. HCRU and costs were compared between suboptimal (80% ≤ PDC costs (mean monthly cost difference = $339; 95% CI = $153-$536; P costs (mean monthly cost difference = $259; 95% CI = $122-$418; P costs. Age, insurance type and coverage, previous ARV treatment, and HIV symptoms were predictors of adherence. Treatment options that enhance adherence and prevent developing virologic failure with drug resistance should be considered for HIV patients. This study was supported by Janssen Scientific Affairs, which was involved in the study design, data collection, data analysis, manuscript preparation, and publication decisions. Emond, Lafeuille, Romdhani, and Lefebvre are employees of Analysis Group, a consulting company that received research grants from Janssen Scientific Affairs to conduct this study. Dunn, Woodruff, Pesa, and Tandon are current employees and stockholders of Johnson & Johnson, owner of Janssen Scientific Affairs. Jiao was an employee of Janssen at the time of the study. Emond has received grants from Novartis, Regeneron, Aegerion, Lundbeck, Bristol-Myers Squibb, Bayer, Millennium, Allergan, AbbVie, and GlaxoSmithKline unrelated to this study. Part of the material in this study was presented at the Academy of Managed Care Pharmacy 2017 Annual Meeting, March 27-30, 2017, in Denver, Colorado, and at the 9th International AIDS Society

  14. Decree N0 73-322 of 15 March 1973 concerning insurance and reinsurance of exceptional and nuclear risks by the Central Reinsurance Fund

    International Nuclear Information System (INIS)

    1973-01-01

    This Decree provides that the Central Reinsurance Fund may cover, with the State guarantee, risks for which operators of nuclear ships and installations are liable and concerning which State intervention is provided for by legislation. These operations relate in particular to goods carried, nuclear installations and property on the site of such installations. The Decree sets up an Advisory Commission for the Central Reinsurance Fund regarding security for exceptional and nuclear risks and repeals a 1967 Decree on insurance of exceptional risks. (NEA) [fr

  15. The Dynamics of Market Insurance, Insurable Assets, and Wealth Accumulation

    OpenAIRE

    Koeniger, Winfried

    2002-01-01

    We analyze dynamic interactions between market insurance, the stock of insurable assets and liquid wealth accumulation in a model with non-durable and durable consumption. The stock of the durable is exposed to risk against which households can insure. Since the model does not have a closed form solution we first provide an analytical approximation for the case in which households own abundant liquid wealth. It turns out that precautionary motives still matter because of fluctuations of the p...

  16. (Re)insurance captives, efficiency and moral hazard. An attractive manner of risk financing and risk management for companies in certain circumstances

    OpenAIRE

    Wim Weterings

    2014-01-01

    In this study the contribution is intended to provide more clarity and to demonstrate that under certain circumstances an insurance captive can have important efficiency effects and, among other things, a positive effect on moral hazard and adverse selection. For the purpose of acquiring more information on insurance captives and their operation, literature research was augmented by interviews conducted with the director of an insurance captive of a Dutch multinational, as well as with repres...

  17. Entrepreneurial Moral Hazard in Income Insurance

    NARCIS (Netherlands)

    Ejrnaes, Mette; Hochguertel, Stefan

    2008-01-01

    We study risk behavior of Danish self-employed entrepreneurs, whose income risk may be driven by both exogenous factors and effort choice (moral hazard). Partial insurance is available through voluntary unemployment insurance (UI). Additional incentives to sign insurance contracts stem from a

  18. 78 FR 14034 - Health Insurance Providers Fee

    Science.gov (United States)

    2013-03-04

    ... Health Insurance Providers Fee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of... insurance for United States health risks. This fee is imposed by section 9010 of the Patient Protection and... insurance for United States health risks. DATES: Written or electronic comments must be received by June 3...

  19. 46 CFR 308.303 - Amounts insured under interim binder.

    Science.gov (United States)

    2010-10-01

    ... 308.303 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE Second Seamen's War Risk Insurance § 308.303 Amounts insured under interim binder. The amounts insured are the amounts specified in the Second Seamen's War Risk Policy (1955) or as modified by shipping...

  20. 48 CFR 28.308 - Self-insurance.

    Science.gov (United States)

    2010-10-01

    ... REQUIREMENTS BONDS AND INSURANCE Insurance 28.308 Self-insurance. (a) When it is anticipated that 50 percent or... risks, limits of coverage, assignments of safety and loss control, and legal service responsibilities... projected average loss; and (10) A disclosure of all captive insurance company and re-insurance agreements...

  1. INSURANCE INTERMEDIARIES

    Directory of Open Access Journals (Sweden)

    Andreea Stoican

    2013-11-01

    Full Text Available The actual Civil code regulates for the first time in the Romanian legislation the intermediation contract, until its entering into force existing multiple situations that lent themselves to this legal operation, but did not benefit of such particular legal rules. Yet, the case law has shown that the situations that arise in the activity of the legal or natural persons are much more complex, this leading, in time, to the reglementation of such particular rules. Such a case is that found in the matter of insurance contracts, the position of the insurance intermediaries being regulated especially by Law no. 32/2000, according to which they represent the natural or legal persons authorized in the conditions of the above mentioned legal document, that perform intermediation activities in the insurance field, in exchange of a remuneration, as well as the intermediaries from the EU member states that perform such an activity on the Romanian territory, in accordance with the freedom in performing services. Therefore, the present paper aims to analyze the conclusion of such insurance contracts and to underline the particular position of the insurance brokers, having the following structure: 1 Introduction; 2 The reglementation of the intermediation contract/brokerage agreement in the Romanian Law; 3 The importance of the intermediaries in the insurance contracts; 4 The conclusion of the insurance contracts; 5 Conclusions.

  2. Insurance dictionary

    International Nuclear Information System (INIS)

    Mueller-Lutz, H.L.

    1984-01-01

    Special technical terms used in the world of insurance can hardly be found in general dictionaries. This is a gap which the 'Insurance dictionary' now presented is designed to fill. In view of its supplementary function, the number of terms covered is limited to 1200. To make this dictionary especially convenient for ready reference, only the most commonly used translations are given for each key word in any of the four languages. This dictionary is subdivided into four parts, each containing the translation of the selected terms in the three other languages. To further facilitate the use of the booklet, paper of different colours was used for the printing of the German, English, French and Greek sections. The present volume was developed from a Swedish insurance dictionary (Fickordbok Foersaekring), published in 1967, which - with Swedish as the key language- offers English, French and German translations of the basic insurance terms. (orig./HP) [de

  3. Risk, Ambiguity, and Insurance.

    Science.gov (United States)

    1984-10-01

    California felt that once a severe earthquake occurs, it is le likely to occur in the near future (Kunreuther et al., 1978). When probabilities are...psychological model of how people assess probabilities In ambiguous circumstances. This model is based on three principles : (1) In assessing an ambiguous...TECHNICAL REPORTS DISTRIBUTION LIST 050 Department of the Navy CAPT Paul R. Chatelier Dr. Andrew Rachnitser Office of the Deputy Under Secretary Office of

  4. A RANGELAND GRASSHOPPER INSURANCE PROGRAM

    OpenAIRE

    Skold, Melvin D.; Davis, Robert M.

    1995-01-01

    The incidence of benefits and costs from controlling rangeland grasshoppers on public grazing lands poses problems of economic efficiency and distributional equity. Public grasshopper control programs operate like public disaster assistance. However, grasshopper infestations are an insurable risk. This article proposes a rangeland grasshopper insurance program which reduces the economic inefficiencies and distributional inequities of the existing program.

  5. The economics of health insurance.

    Science.gov (United States)

    Jha, Saurabh; Baker, Tom

    2012-12-01

    Insurance plays an important role in the United States, most importantly in but not limited to medical care. The authors introduce basic economic concepts that make medical care and health insurance different from other goods and services traded in the market. They emphasize that competitive pricing in the marketplace for insurance leads, quite rationally, to risk classification, market segmentation, and market failure. The article serves as a springboard for understanding the basis of the reforms that regulate the health insurance market in the Patient Protection and Affordable Care Act. Copyright © 2012 American College of Radiology. Published by Elsevier Inc. All rights reserved.

  6. THE IMPACT OF COOPERATION BETWEEN INSURERS AND BANKS ON THE DEVELOPMENT OF THE INSURANCE SYSTEM

    OpenAIRE

    Nataliya Prikazyuk; Ganna Oliynik

    2017-01-01

    The article highlights how the cooperation of insurance companies and banks affects the insurance system. Defined the concept of bancassurance, provided a brief description of the main bancassurance models in the context of their impact on the insurance system. Defined the main benefits and risks that accompany cooperation of insurance companies and banks within different models of association. It is noted that despite the generally accepted benefits of cooperation between insurers and banks,...

  7. MARKETING OF INSURANCE PRODUCTS BY THE NATIONAL INSURANCE COMPANY LIMITED, RAJAPALAYAM

    OpenAIRE

    Dr. H. Christy Cynthia; Dr. T. Jebasheela; V. Maheswari

    2017-01-01

    Insurance is a way of reducing uncertainty of occurrence of an event. Insurance is an investment. Its basic purpose is to derive plans to counteract the financial consequences of unfavorable events. Insurance is a social device for eliminating or reducing the cost to society to certain types of risks. Insurance is essentially a co-operative endeavor. It is the function of the insurance to protect the few against the heavy financial impact of anticipated misfortunes by spreading losses among m...

  8. Impacts of the regulatory model for market risk capital: application in a special savings company, an insurance company, and a pension fund

    Directory of Open Access Journals (Sweden)

    Betty Lilian Chan

    Full Text Available ABSTRACT In line with the regulation brought in by Solvency II, the Superintendence of Private Insurance (Susep introduced the market risk capital requirement at the end of 2015, with 50% of the minimum capital for this type of risk being required by December 31st 2016 and 100% the following year. This regulatory model consists of calculating parametric value at risk with a 99% confidence level and a three month time horizon, using the net exposure of expected cash flows from assets and liabilities and a covariance matrix updated with market data up to July 2014. One limitation of this regulatory approach is that the updating of the covariance matrix depends on prior approval by the National Council of Private Insurance, which can limit the frequency the covariance matrix is updated and the model’s adherence to the current market reality. As this matrix considers the period before the presidential election, the country’s loss of investment grade status, and the impeachment process, which all contributed to an increase in market volatility, this paper analyses the impacts of applying the regulatory model, considering the market volatility updated to December 31st 2015, for a special savings company (sociedade de capitalização, an insurance company, and an pension fund. Furthermore, the paper discusses the practical implications of the new market risk requirement for managing the investments of the entities supervised by Susep, listing the various assumptions that can be used in the regulated entities’ Asset and Liability Management decision models and possible trade-offs to be addressed in this process.

  9. 26 CFR 1.957-2 - Controlled foreign corporation deriving income from insurance of United States risks.

    Science.gov (United States)

    2010-04-01

    ... classes of stock entitled to vote is owned within the meaning of section 958(a), or is considered as owned... foreign corporation during such taxable year which are attributable to the reinsuring and the issuing of... year which are attributable to the reinsuring and the issuing of insurance and annuity contracts in...

  10. Features of insurance evolution in the Internet expansion

    Directory of Open Access Journals (Sweden)

    A.Yu. Polchanov

    2015-03-01

    Full Text Available The article investigates the features of the development of insurance in the Internet expansion. Increasing the number of mobile subscribers, Internet users and social networking, as well as owners of smartphones changes the decision-making process on insurance, marketing of insurance services, the mechanism of interaction between participants of insurance relations. As a result, insurance companies and intermediaries should adjust strategies and innovate to maintain their competitive advantage. The research examined the functioning of the foreign experience of P2P insurance (for example «Friendsurance», microinsurance using mobile payment instruments (for example «Kilimo Salama», cyber-risks insurance (for example «AIG», and the possibility of using digital currencies in insurance in particular Bitcoin. According to the results of investigation the question asked to clarify a number of basic insurance terms, including money payment, the order of payment of insurance premiums, the insurance event and risk, the insurance intermediary.

  11. Directions of improving information system of insurance company

    Science.gov (United States)

    Kaigorodova, G. N.; Mustafina, A. A.; Alyakina, D. P.

    2018-05-01

    The article presents a study of the information technologies impact on the insurance industry development. At present, any business, especially business in the field of financial intermediation, can count on maintaining its positions only as a technology company. For the insurance business it is now especially important. Other segments of the financial market - the stock and credit market - are actively developing and applying IT-technologies. The insurance business at present is getting opportunities for a technological breakthrough. There is a growing demand for traditional insurance products - property insurance, motor insurance, health insurance. There is a rapidly growing demand for life insurance and insurance against cyber risks. To implement insurance protection in new conditions, the insurance company should actively use information systems. The article presents a possible variant of systematization of the insurer's business processes within the information system of the insurance company.

  12. Onde está o risco? Os seguros no contexto do turismo de aventura Where is the risk? Insurance in the context of adventure tourism

    Directory of Open Access Journals (Sweden)

    Mary Jane Spink

    2004-08-01

    Full Text Available A indústria de seguros vem respondendo à crescente exposição deliberada ao risco no contexto do turismo de aventura. Os seguros constituem apenas uma das possíveis aplicações de tecnologias do risco, mas têm se tornado um dos elementos centrais nos diferentes tipos de contratos estabelecidos pelas operadoras de turismo. Procuramos, neste artigo, responder à pergunta: de quem é a responsabilidade pelos danos, quando o risco é ativamente procurado como forma de lazer? Abordaremos inicialmente a inserção da proposta de estudo no contexto da literatura sobre risco e aspectos gerais da regulação do turismo de aventura no Brasil. A seguir, por meio de estudo de caso de uma operadora de turismo de aventura, analisaremos como é garantida a segurança do usuário no jogo de relações entre mercado de turismo, seguros e Estado. Concluiremos com breves considerações sobre a partilha dos danos e responsabilidades entre operadoras de seguros e de turismo, Estado e usuários, apontando ainda para possíveis mudanças no cenário atualmente configurado.The insurance industry has been quick to respond to the increase in deliberate exposure to risk in the context of adventure tourism. Although insurance is only one aspect of the possible applications of risk technologies, it has become a central element in the variety of contracts established between tourism operators and clients. This article addresses the question: who has responsibility for damages incurred when risk is actively sought in leisure pursuits? Initially we'll discuss risk-adventure in the context of the literature on risk and the regulation of adventure tourism in Brazil. Based on a case study of a tourism office offering leisure activities in nature, it proceeds with an analysis of how client safety is guaranteed in the network of relationships involving tourism market, insurance industry and State regulation. It concludes with brief considerations about the distribution of

  13. Global loss diversification in the insurance sector

    NARCIS (Netherlands)

    Sheremet, O.; Lucas, A.

    2009-01-01

    We study the possibility for international diversification of catastrophe risk by the insurance sector. Adopting the argument that large insurance losses may be a 'globalizing factor' for the industry, we study the dependence of geographically distant insurance markets via equity returns. In

  14. Statistical tools for non-life insurance

    NARCIS (Netherlands)

    Antonio, K.

    2008-01-01

    Within the actuarial profession a major challenge can be found in the construction of a fair tariff structure. In light of the heterogeneity within, for instance, a car insurance portfolio, an insurance company should not apply the same premium for all insured risks. Otherwise the so-called concept

  15. Stochastic Cooperative Games in Insurance and Reinsurance

    NARCIS (Netherlands)

    Suijs, J.P.M.; De Waegenaere, A.M.B.; Borm, P.E.M.

    1996-01-01

    This paper shows how problems in `non life'-insurance and `non life'-reinsurance can be modelled simultaneously as cooperative games with stochastic payoffs.Pareto optimal allocations of the risks faced by the insurers and the insureds are determined.It is shown that the core of the corresponding

  16. Time for a change in how new antibiotics are reimbursed: Development of an insurance framework for funding new antibiotics based on a policy of risk mitigation.

    Science.gov (United States)

    Towse, Adrian; Hoyle, Christopher K; Goodall, Jonathan; Hirsch, Mark; Mestre-Ferrandiz, Jorge; Rex, John H

    2017-10-01

    Healthcare systems depend on the availability of new antibiotics. However, there is a lack of treatments for infections caused by multidrug resistant (MDR) pathogens and a weak development pipeline of new therapies. One core challenge to the development of new antibiotics targeting MDR pathogens is that expected revenues are insufficient to drive long-term investment. In the USA and Europe, financial incentives have focussed on supporting R&D, reducing regulatory burden, and extending market exclusivity. Using resistance data to estimate global revenues, we demonstrate that the combined effects of these incentives are unlikely to rekindle investment in antibiotics. We analyse two supplemental approaches: a commercial incentive (a premium price model) and a new business model (an insurance model). A premium price model is familiar and readily implemented but the required price and local budget impact is highly uncertain and sensitive to cross-sectional and longitudinal variation in prevalence of antibiotic resistance. An insurance model delivering risk mitigation for payers, providers and manufacturers would provide an incentive to drive investment in the development of new antibiotics while also facilitating antibiotic conservation. We suggest significant efforts should be made to test the insurance model as one route to stimulate investment in novel antibiotics. Copyright © 2017 Office of Health Economics. Published by Elsevier B.V. All rights reserved.

  17. Environmental pollution and liability insurance

    International Nuclear Information System (INIS)

    Boediker, T.

    1980-01-01

    By the declared will of the legislative bodies to give effect to the polluter pays principle on all levels those have to pay the costs of removing impairments of environmental media that are responsible for its occurence. Thus environmental pollution becomes a considerable financial risk for the polluter. Against this risk they try to protect themselves by the corresponding precautionary measures, e.g. by insurance. The insurance industry is consequently requested to meet this new demand. The legal bases are followed by the description of the insurance relationship under the aspect of the theory of risks, which follows, based on the basic model of decision theory, the objective of a quantitative representation of the situation of the decision. In the last chapter the author deals with the financial security for the risks of a third party liability insurance of environmental pollution as it is offered today in the Federal Republic of Germany. The elaboration of the existing financial security is then compared with the legal conditions of liability. In doing this the author describes cases not covered by financial security and its definition by comparison with findings of risk theory. As a result it becomes obvious that numerous exclusions of risks could quite good be included in the financial security and that the argument of the impossibility to insure often put forward by the insurers to justify the exclusion of risks can neither theoretically nor practically be uphold. (orig./HSCH) [de

  18. Medical Progress and Supplementary Private Health Insurance

    OpenAIRE

    Reiner Leidl

    2003-01-01

    In many welfare states, tightening financial constraints suggest excluding some medical services, including new ones, from social security coverage. This may create opportunities for private health insurance. This study analyses the performance of supplementary private health insurance (SPHI) in markets for excluded services in terms of population covered, risk selection and insurer profits. Using a utility-based simulation model, the insurance market is described as a composite of sub-market...

  19. Model of informational system for freight insurance automation based on digital signature

    OpenAIRE

    Maxim E. SLOBODYANYUK

    2009-01-01

    In the article considered a model of informational system for freight insurance automation based on digital signature, showed architecture, macro flowchart of information flow in model, components (modules) and their functions. Described calculation method of costs on interactive cargo insurance via proposed system, represented main characteristics and options of existing transport management systems, conceptual cost models.

  20. Model of informational system for freight insurance automation based on digital signature

    Directory of Open Access Journals (Sweden)

    Maxim E. SLOBODYANYUK

    2009-01-01

    Full Text Available In the article considered a model of informational system for freight insurance automation based on digital signature, showed architecture, macro flowchart of information flow in model, components (modules and their functions. Described calculation method of costs on interactive cargo insurance via proposed system, represented main characteristics and options of existing transport management systems, conceptual cost models.

  1. METHODICAL BASES OF MANAGEMENT OF INSURANCE PORTFOLIO

    Directory of Open Access Journals (Sweden)

    Serdechna Yulia

    2018-01-01

    Full Text Available Introduction. Despite the considerable arsenal of developments in the issues of assessing the management of the insurance portfolio remains unresolved. In order to detail, specify and further systematize the indicators for the indicated evaluation, the publications of scientists are analyzed. The purpose of the study is to analyze existing methods by which it is possible to formulate and manage the insurance portfolio in order to achieve its balance, which will contribute to ensuring the financial reliability of the insurance company. Results. The description of the essence of the concept of “management of insurance portfolio”, as the application of actuarial methods and techniques to the combination of various insurance risks offered for insurance or are already part of the insurance portfolio, allowing to adjust the size and structure of the portfolio in order to ensure its financial stability, achievement the maximum level of income of an insurance organization, preservation of the value of its equity and financial security of insurance liabilities. It is determined that the main methods by which the insurer’s insurance portfolio can be formed and managed is the selection of risks; reinsurance operations that ensure diversification of risks; formation and placement of insurance reserves, which form the financial basis of insurance activities. The method of managing an insurance portfolio, which can be both active and passive, is considered. Conclusions. It is determined that the insurance portfolio is the basis on which all the activities of the insurer are based and which determines its financial stability. The combination of methods and technologies applied to the insurance portfolio is a management method that can be both active and passive and has a number of specific methods through which the insurer’s insurance portfolio can be formed and managed. It is substantiated that each insurance company aims to form an efficient and

  2. Nuclear energy and insurance

    International Nuclear Information System (INIS)

    Ekener, H.

    1997-01-01

    It examines the technical, scientific and legal issues relating to the peaceful use of atomic energy in Turkey. The first fifteen chapters give a general overview of the atom and radioactivity; the chapters which follow this section are more technical and deal with the causes of nuclear accidents in reactors.A number of chapters cover legal issues, for example the conditions and procedures involved in the insurance market and the risks linked to operation of a nuclear power plant.The following subjects are examined in relation to nuclear insurance: risks during construction; fire during operation of the plants and other causes of accidents; risks due to the transport of radioactive materials and waste etc. The final chapters reproduce the principle legislative texts in force in Turkey in the field of nuclear energy, and also certain regulations which establish competent regulatory bodies

  3. Green channel cargo inspection system

    International Nuclear Information System (INIS)

    Shi Yuanping; Yu Jingsheng; Sun Hongqiang; Hao Pu; Cai Wenxia

    2011-01-01

    A radiation detection device was installed in the lanes of a highway toll station, radioactive rays which was collimated emitted through the measured, and arrived the detector. The average density of the fresh agricultural products belonged to Green channel and other prohibited items vary greatly, the absorption of radiation are different between the Green Channel Cargo and other substances. Prior to the experimental group, different standard samples which represent different models and goods were measured, the different standard samples were stored in a computer database. When the trucks get through the Green Channel, the detector will detect the radiation signal and bring to the computer, the computer will process the measured data, and make a conclusion whether the goods are Green Channel cargo. (authors)

  4. HOUSING INSURANCE IN ROMANIA

    Directory of Open Access Journals (Sweden)

    FLOREA IANC MARIA MIRABELA

    2014-12-01

    Full Text Available Last few years have shown that Romania is not protected from the consequences of climate change. It is clear that type flood events may cause social problems and losses is difficult financing from public resources, especially in the context of the existence of budget constraints. The only viable system to cope with such disasters is insurance system that has the ability to spread risks by reinsurance Natural disasters - earthquakes, floods, landslides - are just some of the risks that may threaten your home. And if natural disasters can seem distant danger, think as fires, floods caused by broken pipes or theft of household goods are trouble can happen anytime to anyone. To protect yourself in such unpleasant situations, whose frequency is unfortunately on the rise, it is necessary to be assured. Thus, you will be able to recover losses in the event that they occur. The house is undoubtedly one of the most important assets we own. Therefore, the Romans began to pay increasingly more attention to domestic insurance products. Since 2011, voluntary home insurance, life insurance with, were the most dynamic segments of the market.

  5. Flood Insurance Rate Map, Scott County, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  6. DIGITAL FLOOD INSURANCE RATE MAP DATABASE,

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk Information And supporting data used to develop the risk data. The primary risk;...

  7. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, , USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk Information And supporting data used to develop the risk data. The primary risk;...

  8. Preliminary Marine Safety Risk Assessment, Brandon Road Lock and Dam Invasive Species Control Measures

    Science.gov (United States)

    2016-12-01

    Decision makers must include control-measure monitoring and emergency “interventions” to insure safety. The Coast Guard operational commanders...system” incorporates a travelling car on a rail above the barge-loading wharf to prevent loading personnel, cargo surveyors, or others from falling...to the Gulf of Mexico . As “Loopers”, they will have already transited the CSSC electric barriers. Preliminary Marine Safety Risk Assessment, BRLD

  9. The Choice of Law Issues in Resolution of Marine Insurance Disputes in Indonesia

    Directory of Open Access Journals (Sweden)

    Marnia Rani

    2018-01-01

    Full Text Available Marine insurance business in Indonesia such as marine hull and machinery insurance and cargo insurance are subject to applicable laws and practices in the United Kingdom. Although Indonesia already has marine insurance law which is regulated in Wetboek van Koophandel, in fact, this busisness subject to English Law and Practice. The choice of law are listed in the insurance policy. Submission of the law and practice in UK raises the issue for the parties in the insurance contract, between Insurer and Insured. Although the principle of contract is a law for those who make it, but in practice there is a problem. The problem is especially when there is a dispute between Insurer and Insured. When disputes occur, each party has a different opinion regarding which country's laws may be applied to resolve disputes between Insurance Companies and Policyholders (the proper law of the contract, the applicable law. When referring to the provisions contained in the marine insurance policy which is a contract of the parties, it should be settled under the legal system and practice of law which is in force in the United Kingdom, because the choice of law is written in the contract. However, the problem arises again, whether the choice of law in the insurance contract can be applied, if the insurance company as a legal entity is established under Indonesian law and domiciled in Indonesia, as well as the policy holders who are Indonesian. On the basis of such matters, this paper intended to elaborate the principles of international civil law in Indonesia regarding the choice of law in the contract and is also associated with the personal status of the insurance company, the personal status of the policyholder who are Indonesian, as well as the consequences of the choice of law listed in marine hull and machinery insurance or cargo insurance and national laws which can be applied to marine insurance disputes occurring in Indonesia.  Keywords : Marine Insurance

  10. Risk Factors for Serious Prescription Opioid-Induced Respiratory Depression or Overdose: Comparison of Commercially Insured and Veterans Health Affairs Populations.

    Science.gov (United States)

    Nadpara, Pramit A; Joyce, Andrew R; Murrelle, E Lenn; Carroll, Nathan W; Carroll, Norman V; Barnard, Marie; Zedler, Barbara K

    2018-01-01

    To characterize the risk factors associated with overdose or serious opioid-induced respiratory depression (OIRD) among medical users of prescription opioids in a commercially insured population (CIP) and to compare risk factor profiles between the CIP and Veterans Health Administration (VHA) population. Analysis of data from 18,365,497 patients in the IMS PharMetrics Plus health plan claims database (CIP) who were dispensed a prescription opioid in 2009 to 2013. Baseline factors associated with an event of serious OIRD among 7,234 cases and 28,932 controls were identified using multivariable logistic regression. The CIP risk factor profile was compared with that from a corresponding logistic regression among 817 VHA cases and 8,170 controls in 2010 to 2012. The strongest associations with serious OIRD in CIP were diagnosed substance use disorder (odds ratio [OR] = 10.20, 95% confidence interval [CI] = 9.06-11.40) and depression (OR = 3.12, 95% CI = 2.84-3.42). Other strongly associated factors included other mental health disorders; impaired liver, renal, vascular, and pulmonary function; prescribed fentanyl, methadone, and morphine; higher daily opioid doses; and concurrent psychoactive medications. These risk factors, except depression, vascular disease, and specific opioids, largely aligned with VHA despite CIP being substantially younger, including more females and less chronic disease, and having greater prescribing prevalence of higher daily opioid doses, specific opioids, and most selected nonopioids. Risk factor profiles for serious OIRD among US medical users of prescription opioids with private or public health insurance were largely concordant despite substantial differences between the populations in demographics, clinical conditions, health care delivery systems, and clinical practices. © 2017 American Academy of Pain Medicine.

  11. [Prevalence of risk health behavior among members of private health insurance plans: results from the 2008 national telephone survey Vigitel, Brazil].

    Science.gov (United States)

    Malta, Deborah Carvalho; Oliveira, Martha Regina de; Moura, Erly Catarina de; Silva, Sara Araújo; Zouain, Cláudia Soares; Santos, Fausto Pereira Dos; Morais Neto, Otaliba Libanio de; Penna, Gerson de Oliveira

    2011-03-01

    This article aims at estimating the prevalence of adults engaging in protective and risk health behaviors among members of private health insurance plans. It was used a random sample of individuals over the age of 18 living in the Brazilian state capitals collected on 28,640 telephone interviews in 2008. The results showed that among males there was a high prevalence of the following risk factors: tobacco, overweight, low fruit and vegetable consumption, high meat with fat consumption and alcohol drinking. Among females we found a high prevalence of high blood pressure, diabetes, dyslipidemia and osteoporosis. Men were generally more physically active and women consumed more fruit and vegetables. As more educated males were lower was the prevalence of tobacco, high blood pressure, but also a higher prevalence of overweight, consumption of meat with fat, dyslipidemia and lower number of yearly check-ups done. For females, tobacco smoking, overweight, obesity, decreasing with schooling, and consumption of fruit and vegetables, physical activity, mammography and PAP test, increased with schooling. The health insurance user population constitutes about 26% of Brazilian people and the current study aims to accumulate evidence for health promotion actions by this public.

  12. Design participation as an insurance: risk-management and end-user participation in the development of information systems in healthcare organizations.

    Science.gov (United States)

    Vimarlund, V; Timpka, T

    2002-01-01

    The aim of this paper is to build a theoretical framework for analysis of when decision-makers should use end-user participation as a form of insurance for unforeseen consequences of implementing information systems in healthcare organizations. Data were collected in a case study of an information system development project in a small clinical setting. During the initial phase, the future end-users of the system were allowed to actively influence the system design and test every new tool that was considered for implementation. The results of the case study suggest that when time and effort are invested in allowing healthcare staff to participate in information system development processes, the benefits can well exceed the costs throughout the life cycle of the project. Risk-averse decision-makers fearing negative secondary consequences of a HIS, with regard to clinical work flow, will always adopt measures to prevent future failures, if they can find a possibility of shifting these risks. Therefore, they calculate the present discounted value of the effects accrued over time to the unit and predict the amount of resources they are willing to pay to acquire on insurance (such as design participation) that will protect the organization from future losses. End-user participation in the design process can be the key positive influence on the quality of the service and, thereby, organizational effectiveness. Investments in broad design participation can, consequently, be a productive activity that transforms potential current income into future benefits.

  13. INSURANCE REQUIREMENTS ANDPRACTICES OF ETHIOPIA'S ...

    African Journals Online (AJOL)

    It is understood that construction projects usually have in force several simultaneous contractual ... business witlloct suficient cover of insurance. The aim of this paper is, therefore, to discuss the needs and .... D: Risks associated with the Technical aspects of the project. E: Risks associated with Acts of Man. F: Design risks.

  14. The Nuclear Insurance Pools: Operations and Covers

    International Nuclear Information System (INIS)

    Tetley, M.

    2008-01-01

    Nuclear insurance pools have provided insurance for the nuclear industry for over fifty years and it is fair to say that the development of civil nuclear power would not have been possible without the support of the commercial insurance market. The unknown risks presented by the nascent nuclear power industry in the 1950s required a leap of faith by insurers who developed specialist pooled insurance capacity to ensure adequate capacity to back up the operators' compensation obligations. Since then, nuclear insurance pools have evolved to become comprehensive suppliers of most types of insurance for nuclear plant globally. This paper will outline the structure, development, products and current operations of nuclear insurance pools.(author)

  15. Modelling in life insurance a management perspective

    CERN Document Server

    Norberg, Ragnar; Planchet, Frédéric

    2016-01-01

    Focussing on life insurance and pensions, this book addresses various aspects of modelling in modern insurance: insurance liabilities; asset-liability management; securitization, hedging, and investment strategies. With contributions from internationally renowned academics in actuarial science, finance, and management science and key people in major life insurance and reinsurance companies, there is expert coverage of a wide range of topics, for example: models in life insurance and their roles in decision making; an account of the contemporary history of insurance and life insurance mathematics; choice, calibration, and evaluation of models; documentation and quality checks of data; new insurance regulations and accounting rules; cash flow projection models; economic scenario generators; model uncertainty and model risk; model-based decision-making at line management level; models and behaviour of stakeholders. With author profiles ranging from highly specialized model builders to decision makers at chief ex...

  16. The Normative Foundations of (Social) Insurance

    DEFF Research Database (Denmark)

    Landes, Xavier

    Insurance mechanisms are prevalent in industrialized societies, in both public and private sectors. Insurance is offered for various risks ranging from fire to accident. They also constitute the core of the modern welfare state (public health insurance, unemployment benefits and public pensions......). The analysis of (public) insurance has however remained marginal in political theory because insurance is often perceived as a simple tool for pursuing equality, i.e. a tool without any moral significance proper. This text proposes an alternative view by drawing a continuum between insurance as a technology......, which is the common interpretation in economics, and insurance as a social practice, which characterizes social theory. The goal is to underline how the technology of insurance alters social practices by, for instance, promoting equal standing or transforming the paradigm of individual responsibility...

  17. The Emergence of Flood Insurance in Canada: Navigating Institutional Uncertainty.

    Science.gov (United States)

    Thistlethwaite, Jason

    2017-04-01

    Flood insurance has remained unavailable in Canada based on an assessment that it lacks economic viability. In response to Canada's costliest flood event to date in 2013, the Canadian insurance industry has started to develop a framework to expand existing property insurance to cover flood damage. Research on flood insurance has overlooked why and how insurance systems transition to expand insurance coverage without evidence of economic viability. This article will address this gap through a case study on the emergence of flood insurance in Canada, and the approach to its expansion. Between 2013 and 2016, insurance industry officials representing over 60% of premiums collected in Canada were interviewed. These interviews revealed that flood insurance is being expanded in response to institutional pressure, specifically external stakeholder expectations that the insurance industry will adopt a stronger role in managing flood risk through coverage of flood damage. Further evidence of this finding is explored by assessing the emergence of a unique flood insurance model that involves a risk-adjusted and optional product along with an expansion of government policy supporting flood risk mitigation. This approach attempts to balance industry concerns about economic viability with institutional pressure to reduce flood risk through insurance. This analysis builds on existing research by providing the first scholarly analysis of flood insurance in Canada, important "empirical" teeth to existing conceptual analysis on the availability of flood insurance, and the influence of institutional factors on risk analysis within the insurance sector. © 2016 Society for Risk Analysis.

  18. HEALTH INSURANCE

    CERN Multimedia

    Division HR

    2000-01-01

    Change of name for AUSTRIA As of October 1, the AUSTRIA Assurances S.A. company will change its name to: UNIQA Assurances S.A. It inherits the same name as its parent Austrian company, which adopted it towards the end of 1999. This change has no effect on the contract which binds it to CERN for the administration of our Health Insurance Scheme. New insurance cards will be sent to you by UNIQA and the printed forms and envelopes will gradually be updated with the new name. Postal and phone addresses remain unaffected by the change. You should address your postal mail to: UNIQA Assurances rue des Eaux Vives 94 case postale 6402 1211 Genève 6 You may telephone your usual contact persons at the same numbers as before and send e-mails to the UNIQA office at CERN at: UNIQA.Assurances@cern.ch

  19. Export insurance

    International Nuclear Information System (INIS)

    1981-01-01

    These notes are intended as a general guide for the use of members of the Canadian Nuclear Association who are, or may become, involved in supplying goods or services or contracting/ erecting as part of a contract to supply a nuclear facility to an overseas country. They give information to the type of insurances needed and available, the parties normally responsible for providing the coverages, the intent and operation of the various policies, general methods of charging premiums, and main exclusions

  20. Nuclear power plant insurance - experience and loss statistics

    International Nuclear Information System (INIS)

    Feldmann, J.; Dangelmaier, P.

    1982-01-01

    Nuclear power plants are treated separately when concluding insurance contracts. National insurance pools have been established in industrial countries, co-operating on an international basis, for insuring a nuclear power plant. In combined property insurance, the nuclear risk is combined with the fire risk. In addition, there are the engineering insurances. Of these, the one of significance for nuclear power plants is the machinery insurance, which can be covered on the free insurance market. Nuclear power plants have had fewer instances of damage than other, conventional installations. (orig.) [de

  1. Supplementary insurance as a switching cost for basic health insurance: Empirical results from the Netherlands.

    Science.gov (United States)

    Willemse-Duijmelinck, Daniëlle M I D; van de Ven, Wynand P M M; Mosca, Ilaria

    2017-10-01

    Nearly everyone with a supplementary insurance (SI) in the Netherlands takes out the voluntary SI and the mandatory basic insurance (BI) from the same health insurer. Previous studies show that many high-risks perceive SI as a switching cost for BI. Because consumers' current insurer provides them with a guaranteed renewability, SI is a switching cost if insurers apply selective underwriting to new applicants. Several changes in the Dutch health insurance market increased insurers' incentives to counteract adverse selection for SI. Tools to do so are not only selective underwriting, but also risk rating and product differentiation. If all insurers use the latter tools without selective underwriting, SI is not a switching cost for BI. We investigated to what extent insurers used these tools in the periods 2006-2009 and 2014-2015. Only a few insurers applied selective underwriting: in 2015, 86% of insurers used open enrolment for all their SI products, and the other 14% did use open enrolment for their most common SI products. As measured by our indicators, the proportion of insurers applying risk rating or product differentiation did not increase in the periods considered. Due to the fear of reputation loss insurers may have used 'less visible' tools to counteract adverse selection that are indirect forms of risk rating and product differentiation and do not result in switching costs. So, although many high-risks perceive SI as a switching cost, most insurers apply open enrolment for SI. By providing information to high-risks about their switching opportunities, the government could increase consumer choice and thereby insurers' incentives to invest in high-quality care for high-risks. Copyright © 2017 Elsevier B.V. All rights reserved.

  2. HEALTH INSURANCE

    CERN Multimedia

    2000-01-01

    The CERN-AUSTRIA Agreement, which implemented CERN's health insurance scheme, expired on 31 December 1999.In accordance with CERN's rules, a call for tenders for the management of the health insurance scheme was issued and the contract was once again awarded to AUSTRIA. In June 1999, the Finance Committee thus authorised the Management to conclude a new contract with AUSTRIA, which came into force on 1st January 2000.Continuity is thus assured on favourable conditions and the transition from one contract to the other will entail no substantial changes in the system for those insured at CERN except for a few minor and purely formal amendmentsWHAT REMAINS UNCHANGEDThe list of benefits, i.e. the 'cover' provided by the system, is not changed;Neither is the reimbursement procedure.AUSTRIA's office at CERN and its opening hours as well as its city headquarters remain the same. The envelopes containing requests for reimbursement have had to be sent (since the end of 1998) to :Rue des Eaux-Vives 94Case postale 64021...

  3. On 1-convexity and nucleolus of co-insurance games

    NARCIS (Netherlands)

    Driessen, Theo; Fragnelli, Vito; Katsev, Ilya V.; Khmelnitskaya, Anna Borisovna

    2011-01-01

    The insurance situation in which an enormous risk is insured by a number of insurance companies is modeled through a cooperative TU game, the so-called co-insurance game, first introduced in Fragnelli and Marina (2004). In this paper we present certain conditions on the parameters of the model that

  4. On 1-convexity and nucleolus of co-insurance games

    NARCIS (Netherlands)

    Driessen, Theo; Fragnelli, Vito; Katsev, Ilya V.; Khmelnitskaya, Anna Borisovna

    The situation, in which an enormous risk is insured by a number of insurance companies, is modeled through a cooperative TU game, the so-called co-insurance game, first introduced in Fragnelli and Marina (2004). In this paper we show that a co-insurance game possesses several interesting properties

  5. 24 CFR 266.604 - Mortgage insurance premium: Other requirements.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Other... Contract Rights and Obligations Mortgage Insurance Premiums § 266.604 Mortgage insurance premium: Other..., based upon the respective share of risk, that is to be used in calculating mortgage insurance premiums...

  6. INSURANCE AND THE CORPORATE COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Monika Wieczorek-Kosmala

    2012-04-01

    Full Text Available The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC. The paper explains the idea of insurance as a retrospective (post-loss risk financing tool and the risk transfer mechanism upon it. As the risk financing tool insurance reduces the need for the balance-sheet capital in a company and thus the financial distress costs. Also, insurance may reduce the level of operating risk and thus influences the required returns of the capital providers. These observations allow emphasising the impact of insurance on the WACC. However, according to the novel concept of the risk-based capital structure, insurance (as a risk financing tool represents an off-balance sheet capital component. As a consequence, it extends the volume of total capital. The presented conceptual model, based on the TACC concept, indicates that large volume of insurance (the insurance sum and its relatively low cost (the insurance premium gives the possibility to the significant reduction of the cost of capital on average. The concluding remarks discuss some dilemmas over the utility of the TACC concept.

  7. Entrepreneurial Moral Hazard in Income Insurance

    DEFF Research Database (Denmark)

    Ejrnæs, Mette; Hochguertel, Stefan

    We study risk behavior of Danish self-employed entrepreneurs, whose income risk may be driven by both exogenous factors and effort choice (moral hazard). Partial insurance is available through voluntary unemployment insurance (UI). Additional incentives to sign insurance contracts stem from a UI......-embedded, government-subsidized early retirement (ER) program, giving benefits that are unrelated to business risk. Indeed, we argue that the self-employeds' incentives to insure themselves stem from the ER plan rather than from the UI cover. We show how to use a policy reform to identify moral hazard in observed...

  8. Limits of insurability; Grenzen der Versicherbarkeit

    Energy Technology Data Exchange (ETDEWEB)

    Haerig, Michael [Marsh GmbH, Duesseldorf (Germany)

    2008-07-01

    Companies of the energy industry are facing risks which only insufficiently can be covered with classical insurance solutions. In particular, further developments and new technologies confront operators of power stations with challenges to attain a sufficient insurance protection. By means of a comprehensive risk management and insurance management tailor-made, convincing solutions and concepts are possible. The contribution under consideration exemplary presents some selected topics.

  9. A Hierarchical Agency Model of Deposit Insurance

    OpenAIRE

    Jonathan Carroll; Shino Takayama

    2010-01-01

    This paper develops a hierarchical agency model of deposit insurance. The main purpose is to undertake a game theoretic analysis of the consequences of deposit insurance schemes and their effects on monitoring incentives for banks. Using this simple framework, we analyze both risk- independent and risk-dependent premium schemes along with reserve requirement constraints. The results provide policymakers with not only a better understanding of the effects of deposit insurance on welfare and th...

  10. Port Security: Container Cargo Control

    Directory of Open Access Journals (Sweden)

    Vladivoj Vlaković

    2006-05-01

    Full Text Available illicittrafficking of threat materials, especially explosives, chemicalsubstances and radioactive or nuclear material. The transportof the threat materials by using sea routes is an advantageto te"orists especially because of the possible use of ship containers.The container is the basis of world trade. It is assumed thatthe world total movement in containers is about 200 millionTEUs ("20-foot equivalent units" per year. The list of materialstransported by containers which should be subject to inspectionwith the aim of reducing the acts of te"orism includes explosives,narcotics, chemical weapons, hazardous chemicalsand radioactive materials.Of special interest is nuclear te"orism. The risk of nuclearte"orism carried out by sub-national groups should be considerednot only in the construction and/or use of nuclear device,but also in possible radioactive contamination of large urbanareas.The system of ship containers control is an essential componentof «smart border» concept. Modem personnel, parcel,vehicle and cargo inspection systems are non-invasive imagingtechniques based on the use of nuclear analytical techniques.The inspection systems use penetrating radiations: hard x-rays(300 keV or more or gamma-rays from radioactive sources(137Cs and 60Co with energies from 600 to 1300 keV that producea high resolution radiograph of the load. Unfortunately,this information is "non-specific" in that it gives no informationon the nature of objects that do not match_ the travel documentsand are not recognized by a visual analysis of the radiographicpicture. Moreover, there are regions of the containerwherex and gamma-ray systems are "blind" due to the high averageatomic number of the objects i"adiated that appear asblack spots in the radiographic image.The systems being developed are based on the use of fast, 14Me V, neutrons with detection of associated a-particle from nuclearreactionbywhichneutrons are produced (d+t>a+n.Jnsuch a way the possibility to

  11. Deposit Insurance Coverage, Credibility of Non-insurance, and Banking Crises

    DEFF Research Database (Denmark)

    Angkinand, Apanard; Wihlborg, Clas

    2005-01-01

    level require analyses of institutional factors affecting the credibility of non-insurance. In particular, the implementation of effective distress resolution procedures for banks would allow governments to reduce explicit deposit insurance coverage and, thereby, to strengthen market discipline......The ambiguity in existing empirical work with respect to effects of deposit insurance schemes on banks' risk-taking can be resolved if it is recognized that absence of deposit insurance is rarely credible and that the credibility of non-insurance can be enhanced by explicit deposit insurance...... schemes. We show that under reasonable conditions for effects on risk-taking of creditor protection in banking, and for effects on credibility of non-insurance of explicit coverage of deposit insurance schemes, there exists a partial level of coverage that maximizes market discipline and minimizes moral...

  12. Nuclear insurance problems in Spain

    International Nuclear Information System (INIS)

    Gomez del Campo, Julian.

    1977-01-01

    The purpose of this paper is to study the problems raised in Spain by third party liability insurance for nuclear damage. National law in this field is based on the Paris Convention on nuclear third party liability and defines the conditions of liability of operators of nuclear installations. The insurance contract requirements must comply with the regulations on cover for nuclear risks, under the control of the Finance Ministry's competent services. Certain exceptional nuclear risks which cannot be covered entirely by ordinary insurance policies, are taken over by the Consorcio de Compensacion de Seguros which belongs to this Ministry. From the insurance viewpoint, the regulations make a distinction between nuclear and radioactive installations and nuclear transport. (NEA) [fr

  13. Characterizing Density and Complexity of Imported Cargos

    Energy Technology Data Exchange (ETDEWEB)

    Birrer, Nathaniel [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Divin, Charles [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Glenn, Steven [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Martz, Harry [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States)

    2017-08-01

    X-ray inspection systems are used to detect radiological and nuclear threats in imported cargo. In order to better understand performance of these systems, system imaging capabilities and the characteristics of imported cargo need to be determined. This project involved calculation of the modulation transfer function as a metric of system imaging performance and a study of the density and inhomogeneity of imported cargos, which have been shown to correlate with human analysts, threat detection performance.

  14. Understanding X-ray cargo imaging

    International Nuclear Information System (INIS)

    Chen Gongyin

    2005-01-01

    Cargo imaging is the field of imaging large objects, usually cargo containers, trains, trucks or boats. Transmission imaging with photons, especially X-rays of up to 9 MV is the dominant current technique, providing compelling details of the contents of objects this large. This paper discusses the physics aspects of a good X-ray cargo imaging system. The basic performance requirements, such as penetration, contrast and resolution and the components of a cargo imaging system are introduced. The imaging process is divided in this paper into three stages: forming information (probing the object), recording information and presenting information (image display). Their impact on performance is analyzed

  15. Greening Pharmaceutical Supply Chains, Mitigating Pharmaceutical Pollution Risks and Leveraging Private Investment for Environmental Protection Through Improved Risk Accountability and Insurance Risk Transfer

    DEFF Research Database (Denmark)

    le Gal, Elodie Jeanine Odette

    and outsource many of their economic activities in developing countries to lower their production and manufacturing costs. Some of these activities, which are carried out in emerging countries which apply sustainability, environmental and labour standards that are perceived as less stringent than those...... of environmental pollution cases from pharmaceutical manufacturing have been reported in the scientific literature. These cases highlight how offshoring production activities can adversely impact upon quality risk. They illustrate how the transfer of the resulting costs of pollution from developed countries......With the environmental, social and economic impacts of climate change and biodiversity loss triggered by anthropogenic activities, including commercial operations, industries and corporations in all sectors throughout the world have to rethink their business models and production systems to change...

  16. 46 CFR 154.235 - Cargo tank location.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 5 2010-10-01 2010-10-01 false Cargo tank location. 154.235 Section 154.235 Shipping COAST GUARD, DEPARTMENT OF HOMELAND SECURITY (CONTINUED) CERTAIN BULK DANGEROUS CARGOES SAFETY STANDARDS... Survival Capability and Cargo Tank Location § 154.235 Cargo tank location. (a) For type IG hulls, cargo...

  17. Geothermal reservoir insurance study. Final report

    Energy Technology Data Exchange (ETDEWEB)

    1981-10-09

    The principal goal of this study was to provide analysis of and recommendations on the need for and feasibility of a geothermal reservoir insurance program. Five major tasks are reported: perception of risk by major market sectors, status of private sector insurance programs, analysis of reservoir risks, alternative government roles, and recommendations.

  18. Federal Deposit Insurance Corporation Semiannual Regulatory Agenda

    Science.gov (United States)

    2010-12-20

    ... financial institutions in cooperation with minority- and women-owned financial institutions and low-income... Financial Assets Transferred by an Insured Depository Institution: The Federal Deposit Insurance Corporation...: Market Risk: The OCC, Board and the FDIC proposed revisions to the market risk capital rule to enhance...

  19. Implementing Automotive Telematics for Fleet Insurance

    Directory of Open Access Journals (Sweden)

    Marika Azzopardi

    2013-12-01

    Full Text Available The advantages of Usage-Based Insurance for automotive covers over conventional rating methods have been discussed in literature for over four decades. Notwithstanding their adoption in insurance markets has been slow. This paper seeks to establish the viability of introducing fleet Telematics-Based Insurance by investigating the perceptions of insurance operators, tracking service providers and corporate fleet owners. At its core, the study involves a SWOT-analysis to appraise Telematics-Based Insurance against conventional premium rating systems. Twenty five key stakeholders in Malta, a country with an insurance industry that represents others in microcosm, were interviewed to develop our analysis. We assert that local insurers have interests in such insurance schemes as enhanced fleet management and monitoring translate into an improved insurance risk. The findings presented here have implications for all stakeholders as we argue that telematics enhance fleet management, TBI improves risk management for insurers and adoption of this technology is dependent on telematics providers increasing the perceived control by insurers over managing this technology.

  20. Regulatory aspects, an important factor for geothermal energy application for district heating development. European insurance scheme to cover geological risk related to geothermal operations

    International Nuclear Information System (INIS)

    Popovski, Kiril

    2000-01-01

    District heating is one of the most interesting fields of geothermal energy application development in Europe. However, besides the technical/technological/economical and organizational aspects of the problem in question, the related legal and regulatory aspects influence very much the real possibilities for wider introduction of this energy source in the state energy balances in most of the countries. Based on the official EU report for the State-of-the-art of the problem of the insurance to cover geological risks and necessary aspects to be developed and resolved in a better and 'common' way in order to enable higher investments in bigger projects (district heating) development, the paper presents the situation in different European countries in relation to the Macedonian one. Conclusions extracted should give a positive contribution to the process of the Macedonian laws accommodation to the common EU practice. (Author)

  1. Old age and male sex are associated with increased risk of asymptomatic erosive esophagitis: analysis of data from local health examinations by the Korean National Health Insurance Corporation.

    Science.gov (United States)

    Cho, Jae Hee; Kim, Hee Man; Ko, Geun Jun; Woo, Myoung Lyeol; Moon, Chang Mo; Kim, Yu Jin; Han, Ki Jun; Song, Si Young; Cho, Hyeon Geun

    2011-06-01

    Silent gastroesophageal reflux disease (GERD) is often detected during routine screening esophagogastroduodenoscopy (EGD). However, the risk factors and clinical implications of silent GERD remain unclear. In the present study, we investigated the risk factors for asymptomatic erosive esophagitis by analyzing the local area health examination data. The Korean National Health Insurance Corporation provides a bi-annual health examination performed by qualified local hospitals for the early detection of cancer in medical insurance holders over 40 years of age. Participants who completed self-reported questionnaires on health, followed by EGD at the Myongji Hospital (Goyang, Korea), were enrolled in this study. The data of a total of 5301 participants who underwent EGD between January 2005 and December 2008 were analyzed. The prevalence of erosive esophagitis was 6%. In the multivariate analysis, erosive esophagitis was strongly associated with an age greater than 60 years (odds ratio [OR]: 0.7, 95% confidence interval [CI]: 0.6-1.0), male sex (OR: 2.3, 95% CI: 1.7-3.0), hiatus hernia (OR: 2.9, 95% CI: 2.1-4.0), duodenal ulcer (OR: 1.6, 95% CI: 1.1-2.5), hypertension (OR: 1.5, 95% CI: 1.2-2.0), and smoking (OR: 1.4, 95% CI: 1.0-1.8). Of the 320 participants with erosive esophagitis, 145 (45.3%) were asymptomatic participants, and those who were more frequently greater than 60 years (OR: 1.8, 95% CI: 1.1-3.1) and male (OR: 1.8, 95% CI: 1.1-3.2). Asymptomatic erosive esophagitis in adults older than 40 years is strongly associated with old age (≥ 60 years) and male sex compared with symptomatic erosive esophagitis. © 2011 Journal of Gastroenterology and Hepatology Foundation and Blackwell Publishing Asia Pty Ltd.

  2. Financing and insurance problems

    International Nuclear Information System (INIS)

    Laurenge, M.-T.

    1975-01-01

    The author analyses the papers presented at the Paris Conference on the maturity of nuclear energy. It is evident that financing possibilities will be a determinant factor in the rate of development of nuclear power during the years to come. After having evaluated the capital requirements necessitated for the development of nuclear programmes, the parties intervening have examined the means at the disposal of electricity manufacturers to meet these needs (self-financing, recourse to external financing, regrouping, on an international scale of the electricity manufacturers of the setting up of high capacity plants). As concerns the insurance problems, they are becoming more and more involved as nuclear applications, are further diversified and intensified. The parties intervening have discussed new tarification techniques likely to be applied and pointed out the possibilities offered by regrouping or pooling of insurers (Market Pool) which allow for a maximum of risks to be covered without exceeding the means proper to each company concerned [fr

  3. 78 FR 68784 - Cargo Securing Manuals

    Science.gov (United States)

    2013-11-15

    .../Circ.) 1352 (``Cargo Stowage and Securing (CSS Code) Annex 14 Guidance on Providing Safe Working... Providing Safe Working Conditions for the Securing of Containers'') of the IMO 2010 CSS Code. A cargo safe.... Indian Tribal Governments K. Energy Effects L. Technical Standards M. Environment I. Public Participation...

  4. 46 CFR 154.1810 - Cargo manual.

    Science.gov (United States)

    2010-10-01

    ... with inert gas and air. (13) A description of hull and cargo tank temperature monitoring systems. (14... vaporization system. (v) Gas main system. (vi) Cargo tank or compressor relief system and blocked liquid or gas relief system. (vii) Inerting system. (viii) Boil-off gas compressor or reliquefaction system. (ix) Gas...

  5. 76 FR 51847 - Air Cargo Screening

    Science.gov (United States)

    2011-08-18

    ... apply to international inbound cargo. \\2\\ 74 FR 47672. The IFR provides detailed information on TSA's... Chain Management Professionals, Express Delivery and Logistics Association, International Air Transport... use in other countries for international inbound cargo. TSA Response: TSA is working closely with its...

  6. 46 CFR 28.885 - Cargo gear.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 1 2010-10-01 2010-10-01 false Cargo gear. 28.885 Section 28.885 Shipping COAST GUARD... Aleutian Trade Act Vessels § 28.885 Cargo gear. (a) The safe working load (SWL) for the assembled gear... the load the gear is approved to lift, excluding the weight of the gear itself. (b) All wire rope...

  7. Product development of Indian cargo scanner

    International Nuclear Information System (INIS)

    2017-01-01

    A cargo scanner is required for nonintrusive screening of suspected cargo containers in trade, using high energy X-ray, to detect any mis-declarations, contraband goods concealment or hidden ammunition or explosives. The cargo scanners help authorities to process large number of suspected cargo with a high level of confidence with other additional benefit of faster clearance, minimised intrusive inspection and generating secured digital record of the process. BARC is in process of developing Indian Cargo Scanner with indigenous X-ray source. Proof of concept and conformance of the results to the international standards has been demonstrated in laboratory. Full scale equipment named as Portal scanner shall be demonstrated at Gamma field Trombay in year 2017. Subsequently the technology transfer may be done to a suitable Indian vendor

  8. Safety of Cargo Aircraft Handling Procedure

    Directory of Open Access Journals (Sweden)

    Daniel Hlavatý

    2017-07-01

    Full Text Available The aim of this paper is to get acquainted with the ways how to improve the safety management system during cargo aircraft handling. The first chapter is dedicated to general information about air cargo transportation. This includes the history or types of cargo aircraft handling, but also the means of handling. The second part is focused on detailed description of cargo aircraft handling, including a description of activities that are performed before and after handling. The following part of this paper covers a theoretical interpretation of safety, safety indicators and legislative provisions related to the safety of cargo aircraft handling. The fourth part of this paper analyzes the fault trees of events which might occur during handling. The factors found by this analysis are compared with safety reports of FedEx. Based on the comparison, there is a proposal on how to improve the safety management in this transportation company.

  9. A Comparison of Colorectal Cancer Screening Uptake Among Average-Risk Insured American Indian/Alaska Native and White Women

    Science.gov (United States)

    Perdue, David G.; Chubak, Jessica; Bogart, Andy; Dillard, Denise A.; Garroutte, Eva Marie; Buchwald, Dedra

    2014-01-01

    Introduction American Indian and Alaska Native (AI/AN) women have among the lowest rates of colorectal cancer (CRC) screening. Whether screening disparities persist with equal access to health care is unknown. Methods Using administrative data from 1996-2007, we compared CRC screening events for 286 AI/AN and 14,042 White women aged 50 years and older from a health maintenance organization in the Pacific Northwest of the U.S. Results The proportion of AI/AN and White women screened for CRC at age 50 was similar (13.3% vs. 14.0%, p =.74). No differences were seen in the type of screening test. Time elapsed to first screening among AI/AN women who were not screened at age 50 did not differ from White women (hazard ratio 1.0, 95% confidence interval 0.8-1.3). Conclusions Uptake for CRC screening was similar among insured AI/AN and White women, suggesting that when access to care is equal, racial disparities in screening diminish. PMID:23974386

  10. Is timber insurable? A study of wildfire Risks in the U.S. forest sector using spatio-temporal models.

    Science.gov (United States)

    Xuan Chen; Barry K. Goodwin; Jeffrey P. Prestemon

    2014-01-01

    In the U.S. forest products industry, wildfire is one of the leading causes of damage and economic losses. While individual wildfire behavior is well studied, new literature is emerging on broad-scale (e.g., county-level) wildfire risks. Our paper studies wildfire risks using crucial informational vari­ ables across both spatio units and time periods....

  11. How can the regulator show evidence of (no) risk selection in health insurance markets? Conceptual framework and empirical evidence

    NARCIS (Netherlands)

    W.P.M.M. van de Ven (Wynand); R.C.J.A. van Vliet (René); R.C. van Kleef (Richard)

    2017-01-01

    textabstractIf consumers have a choice of health plan, risk selection is often a serious problem (e.g., as in Germany, Israel, the Netherlands, the United States of America, and Switzerland). Risk selection may threaten the quality of care for chronically ill people, and may reduce the affordability

  12. Impact of disability status on suicide risks in South Korea: Analysis of National Health Insurance cohort data from 2003 to 2013.

    Science.gov (United States)

    Lee, Sang-Uk; Roh, Sungwon; Kim, Young-Eun; Park, Jong-Ik; Jeon, Boyoung; Oh, In-Hwan

    2017-01-01

    The elevated risk of suicide in people with disability has been suggested in the previous studies; however, the majority of study results have been limited to specific disability types, and there is a lack of research comparing the risk of suicide in people with disability in general. To examine the hazard ratio of suicide according to the presence and the types of disability and identify patterns in the results. In this study, we used National Health Insurance Service-National Sample Cohort data on 990,598 people, and performed analysis on the cause of death from 2003 through 2013. A Cox proportional hazard model was used to estimate the hazard ratio of suicide associated with disability and its types. The hazard ratio of suicide among people with disability was 1.9-folds higher compared to people without disability. The risk of suicide among different disability types was higher in mental disorder, renal failure, brain injury and physical disability. The hazard ratio of suicide in people with disability was not varied by income. The time to death by suicide for people with disability from the onset of their disability was 39.8 months on average. Our findings suggest that when the government plans suicide prevention policies, early and additional interventions specific to people with disability are needed. Disability due to mental disorder, renal failure should be given priority. Copyright © 2016 Elsevier Inc. All rights reserved.

  13. Purchase of Catastrophe Insurance by Dutch Dairy and Arable Farmers

    NARCIS (Netherlands)

    Ogurtsov, V.; Asseldonk, van M.A.P.M.; Huirne, R.B.M.

    2009-01-01

    This article analyzed the impact of risk perception, risk attitude, and other farmer personal and farm characteristics on the actual purchase of catastrophe insurance by Dutch dairy and arable farmers. The specific catastrophe insurance types considered were hail–fire–storm insurance for buildings,

  14. 46 CFR 309.4 - Maximum amount insured.

    Science.gov (United States)

    2010-10-01

    ... MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS VALUES FOR WAR RISK INSURANCE... Administration will provide war risk hull insurance for damage to or actual or constructive total loss of the... Administration with respect to insurance attaching during the effective period of such valuation under the...

  15. Nuclear Insurance Pools: Worldwide Practice and Development

    International Nuclear Information System (INIS)

    Reitsma, S. M. S.

    1998-01-01

    The development of nuclear installations to produce electricity led to the establishment of Nuclear Insurance Pools and the introduction of international Conventions on Third Party Liability. Nuclear Pools offer both Third Party Liability insurance, reflecting the Conventions' principles, and other insurance products. They are market-wide, providing a facility for participation by insurers who could not otherwise write the insurance for the particularly sensitive nuclear risk. All acceptances are for the net retention of each Member without recourse to individual reinsurance protection. Common account reinsurance is arranged with other Nuclear Pools all over the world. Thus, a transparency is created, which ensures the highest degree of reinsurance security and imposes a known finite limit to each participating insurer's commitment. Therefore, Pool-members are prepared to make a greater commitment to nuclear risks than would be case where they felt uncertain as regards their total exposure following a significant loss. (author)

  16. Community Rating in Health Insurance : Trade-Off Between Coverage and Selection

    NARCIS (Netherlands)

    Bijlsma, M.; Boone, Jan; Zwart, G.T.J.

    2015-01-01

    We analyze the role of community rating in the optimal design of a risk adjustment scheme in competitive health insurance markets when insurers have better information on their customers’ risk profiles than the sponsor of health insurance. The sponsor offers insurers a menu of risk adjustment

  17. Federal Deposit Insurance Corporation (FDIC) Insured Banks

    Data.gov (United States)

    Department of Homeland Security — The Summary of Deposits (SOD) is the annual survey of branch office deposits for all FDIC-insured institutions including insured U.S. branches of foreign banks. Data...

  18. How does age affect the care dependency risk one year after stroke? A study based on claims data from a German health insurance fund.

    Science.gov (United States)

    Schnitzer, Susanne; von dem Knesebeck, Olaf; Kohler, Martin; Peschke, Dirk; Kuhlmey, Adelheid; Schenk, Liane

    2015-10-23

    The objective of this study is to investigate the effect of age on care dependency risk 1 year after stroke. Two research questions are addressed: (1) How strong is the association between age and care dependency risk 1 year after stroke and (2) can this association be explained by burden of disease? The study is based on claims data from a German statutory health insurance fund. The study population was drawn from all continuously insured members with principal diagnoses of ischaemic stroke, hemorrhagic stroke, or transient ischaemic attack in 2007 who survived for 1 year after stroke and who were not dependent on care before their first stroke (n = 2864). Data were collected over a 1-year period. People are considered to be dependent on care if they, due to a physical, mental or psychological illness or disability, require substantial assistance in carrying out activities of daily living for a period of at least 6 months. Burden of disease was assessed by stroke subtype, history of stroke, comorbidities as well as geriatric multimorbidity. Regression models were used for data analysis. 21.6 % of patients became care dependent during the observation period. Post-stroke care dependency risk was significantly associated with age. Relative to the reference group (0-65 years), the odds ratio of care dependency was 11.30 (95 % CI: 7.82-16.34) in patients aged 86+ years and 5.10 (95 % CI: 3.88-6.71) in patients aged 76-85 years. These associations were not explained by burden of disease. On the contrary, age effects became stronger when burden of disease was included in the regression model (by between 1.1 and 28 %). Our results show that age has an effect on care dependency risk that cannot be explained by burden of disease. Thus, there must be other underlying age-dependent factors that account for the remaining age effects (e.g., social conditions). Further studies are needed to explore the causes of the strong age effects observed.

  19. Unemployment Insurance Query (UIQ)

    Data.gov (United States)

    Social Security Administration — The Unemployment Insurance Query (UIQ) provides State Unemployment Insurance agencies real-time online access to SSA data. This includes SSN verification and Title...

  20. Application of Actuarial Modelling in Insurance Industry

    OpenAIRE

    Burcã Ana-Maria; Bãtrînca Ghiorghe

    2011-01-01

    In insurance industry, the financial stability of insurance companies represents an issue of vital importance. In order to maintain the financial stability and meet minimum regulatory requirements, actuaries apply actuarial modeling. Modeling has been at the center of actuarial science and of all the sciences from the beginning of their journey. In insurance industry, actuarial modeling creates a framework that allows actuaries to identify, understand, quantify and manage a wide range of risk...

  1. 14 CFR 198.13 - Premium insurance-payment of premiums.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 3 2010-01-01 2010-01-01 false Premium insurance-payment of premiums. 198... (CONTINUED) WAR RISK INSURANCE AVIATION INSURANCE § 198.13 Premium insurance—payment of premiums. The insured must pay the premium for insurance issued under this part within the stated period after receipt of...

  2. Risk of bleeding and antibiotic use in patients receiving continuous phenprocoumon therapy. A case-control study nested in a large insurance- and population-based German cohort.

    Science.gov (United States)

    Abbas, Sascha; Ihle, Peter; Harder, Sebastian; Schubert, Ingrid

    2014-05-05

    There is major concern about coumarins interacting with various drug classes and increasing the risk of overanticoagulation. The aim of the study was to assess bleeding risk in patients with concurrent use of antibiotics and phenprocoumon, the most widely prescribed coumarin in many European countries. We conducted a nested-case-control study within a cohort of 513,338 incident and continuous phenprocoumon users ≥ 18 years of age using claims data of the statutory health insurance company AOK, covering 30% of the German population. Bleeding risk associated with current use of antibiotics for systemic use (antibacterials/antimycotics) was calculated using conditional logistic regression in 13,785 cases with a bleeding event and 55,140 risk-set sampling-matched controls. Bleeding risk associated with any antibacterial use in phenprocoumon users was significantly increased [odds ratio (OR) 2.37, 95% confidence interval (CI) 2.20-2.56]. The association was stronger for gastrointestinal than for cerebral bleeding (OR 2.09, 95% CI 1.84-2.38 and OR 1.34, 95% CI 1.03-1.74, respectively) and highest for other/unspecified bleeding (OR 2.92, 95% CI 2.62-3.26). Specific antibiotic classes were strongly associated with bleeding risk, e.g. cotrimoxazole (OR 3.86, 95% CI 3.08-4.84) and fluorquinolones (OR 3.13, 95% CI 2.74-3.59), among those highest for ofloxacin (OR 5.00, 95% CI 3.01-8.32). Combined use of phenprocoumon and antimycotics was not significantly associated with bleeding risk. Risk was not significantly modified by age (pint=0.25) or sex (pint=0.96). The association was stronger the closer the antibiotic exposure was to the bleeding event. Among continuous phenprocoumon users, antibiotics - particularly quinolones and cotrimoxazole - should be prescribed after careful consideration due to an increased bleeding risk. Close monitoring of international normalised ratio levels after prescription is recommended.

  3. Handbook of international insurance between global dynamics and local contingencies

    CERN Document Server

    Venard, Bertrand

    2007-01-01

    THE HANDBOOK OF INTERNATIONAL INSURANCE Gordon Stewart, President, Insurance Information Institute, New York, USA "The globalization of insurance markets means that understanding both international developments and local trends around the world is now fundamental for insurance executives coping with today’s complex and competitive environment. By providing such a comprehensive picture of the world’s insurance markets, this unique and necessary book becomes an essential tool for anyone seeking to operate wisely and successfully. Richard D. Phillips, Professor and Chairman, Department of Risk Management and Insurance, Georgia State University, Atlanta, USA "Comprehensive surveys, written by international experts, provide in depth descriptions and discuss recent developments of the world’s major insurance markets. Each chapter contains essential insights for insurance executives and academic researchers interested in risk management and the globalization of insurance markets." Patrick Liedtke, Secretary Ge...

  4. The Problem of Multiplicity of Insurance Contracts from the Fire to the Money of the Insured in the Jordanian Civil Law

    Directory of Open Access Journals (Sweden)

    Dr. Nabeel Farhan Al Shatanawi

    2017-11-01

    Full Text Available The insured, in some cases the conclusion of more than a decade of insurance against risk of fire to more than insurance companies, so as to increase the total amount of insurance cover for the value of the money of the insured, what is the extent of commitment by all insurance companies to pay compensation when the risk of fire? This study sheds light on the position of the Jordanian legislature to demonstrate the shortcomings and imperfections in the drawback of legislative texts the issue of multiple insurance contracts from the fire, and realized the need to restore the Jordanian legislature consideration of this legislative regulation in terms of the need to distinguish between the insurer and the good faith and bad faith in the case of multiple insurance contracts and their impact on the right to obtain compensation when the danger, and the provisions of the commitment of the insured to notify the insurance company in multiple insurance contracts.

  5. Improving Risk Management and Resiliency: A Plan for a Proactive National Policy on Insurance Practices in FEMA’s Public Assistance Program

    Science.gov (United States)

    2013-12-01

    and reduce insurance costs. 178 Department of Finance and Deregulation , “Managing the Cost of Damage to Road Infrastructure Caused by Natural...MANAGEMENT AND RESILIENCY: A PLAN FOR A PROACTIVE NATIONAL POLICY ON INSURANCE PRACTICES IN FEMA’S PUBLIC ASSISTANCE PROGRAM by Gregory W. Eaton...AND RESILIENCY: A PLAN FOR A PROACTIVE NATIONAL POLICY ON INSURANCE PRACTICES IN FEMA’S PUBLIC ASSISTANCE PROGRAM 5. FUNDING NUMBERS 6. AUTHOR(S

  6. Integrasi Frame Work Risk and Insurance Management Society (RIMS) dalam Analisis Kematangan Implementasi Manajemen Risiko (Studi Kasus: PLTA Maninjau)

    OpenAIRE

    Taufik Taufik; Ahmad Fauzan

    2016-01-01

    Indonesia electrical energy consumption growth that reached 9.2% per year requires every plant to always pursue consistent and sustainable improvement to be able to cope with the growth. Maninjau Hydropower is one of the assets of strategic energy resources to meet the electrical energy supply, especially for the southern Sumatera region. Risk management in Maninjau hydropower take place without any standard of measurement standards, so management and risk management actors do not have an ove...

  7. Constant Proportion Portfolio Insurance

    DEFF Research Database (Denmark)

    Jessen, Cathrine

    2014-01-01

    on the theme, originally proposed by Fischer Black. In CPPI, a financial institution guarantees a floor value for the “insured” portfolio and adjusts the stock/bond mix to produce a leveraged exposure to the risky assets, which depends on how far the portfolio value is above the floor. Plain-vanilla portfolio...... insurance largely died with the crash of 1987, but CPPI is still going strong. In the frictionless markets of finance theory, the issuer’s strategy to hedge its liability under the contract is clear, but in the real world with transactions costs and stochastic jump risk, the optimal strategy is less obvious...

  8. Introducing risk adjustment and free health plan choice in employer-based health insurance: Evidence from Germany.

    Science.gov (United States)

    Pilny, Adam; Wübker, Ansgar; Ziebarth, Nicolas R

    2017-12-01

    To equalize differences in health plan premiums due to differences in risk pools, the German legislature introduced a simple Risk Adjustment Scheme (RAS) based on age, gender and disability status in 1994. In addition, effective 1996, consumers gained the freedom to choose among hundreds of existing health plans, across employers and state-borders. This paper (a) estimates RAS pass-through rates on premiums, financial reserves, and expenditures and assesses the overall RAS impact on market price dispersion. Moreover, it (b) characterizes health plan switchers and investigates their annual and cumulative switching rates over time. Our main findings are based on representative enrollee panel data linked to administrative RAS and health plan data. We show that sickness funds with bad risk pools and high pre-RAS premiums lowered their total premiums by 42 cents per additional euro allocated by the RAS. Consequently, post-RAS, health plan prices converged but not fully. Because switchers are more likely to be white collar, young and healthy, the new consumer choice resulted in more risk segregation and the amount of money redistributed by the RAS increased over time. Copyright © 2017 Elsevier B.V. All rights reserved.

  9. Women's Health Insurance Coverage

    Science.gov (United States)

    ... Women's Health Policy Women’s Health Insurance Coverage Women’s Health Insurance Coverage Published: Oct 31, 2017 Facebook Twitter LinkedIn ... that many women continue to face. Sources of Health Insurance Coverage Employer-Sponsored Insurance: Approximately 57.9 million ...

  10. Health Insurance Basics

    Science.gov (United States)

    ... Staying Safe Videos for Educators Search English Español Health Insurance Basics KidsHealth / For Teens / Health Insurance Basics What's ... thought advanced calculus was confusing. What Exactly Is Health Insurance? Health insurance is a plan that people buy ...

  11. Insure Thyself: A Look at Alternatives

    Science.gov (United States)

    Weeks, Richard

    2011-01-01

    Annual double-digit increases in health insurance premiums may be the reality for school districts and private-sector employers for the foreseeable future. The author presents several factors that account for this unwelcome possibility. One cost-saving alternative for districts is to self-insure employees and assume the risks. Districts are…

  12. Nuclear insurance in the future Internal Market

    International Nuclear Information System (INIS)

    Mueller-Stein, J.

    1991-01-01

    Summarizing, it is prognosticated that nuclear insurance practice will not drastically change on account of the Internal Market. This assumption is based on the unanimous estimation of the nuclear energy risk by the international insurance industry, as is documented by their traditional good cooperation in pools. (orig.) [de

  13. The Multiplication Effect of Legal Insurance

    NARCIS (Netherlands)

    J.P.B. De Mot (Jef); B. Depoorter (Ben); M.G. Faure (Michael)

    2016-01-01

    textabstractBecause legal insurance policies cover the expenses of plaintiffs in bringing legal claims, such policies increase the risk of negligent or careless acts by tortfeasors. For this reason, potential tortfeasors would prefer to avoid injuring holders of legal insurance policies. Since

  14. Determinants of health insurance and hospitalization

    Directory of Open Access Journals (Sweden)

    Tadashi Yamada

    2014-12-01

    Full Text Available Our paper empirically examines how the decision to purchase private insurance and hospitalization are made based on household income, socio-demographic factors, and private health insurance factors in both Japan and the USA. Using these two data-sets, we found some similarities and dissimilarities between Japan and the United States. As income of households rises, households have a positive effect on purchasing health insurance as a normal good. Another similarity between the two countries is seen in the income effect on risk of hospitalization, which is negative for both Japanese and US cases. For dissimilarity, the insurance premium effect on risk of hospitalization is positive for the Japanese case, while negative for the US case. Since the Japanese insurance data had variables such as payments per day of hospitalization if household gets hospitalized, insurance payments upon death of an insured person, and annuity payments at maturity, we tested to see if these characteristics affect the risk of hospitalization for households; we do not eliminate a possibility of adverse selection. For the US pure health issuance characteristics, an increase in premium of health insurance policies cause individuals to substitute more health capital investment which causes lower risk of hospitalization.

  15. Transport insurance of unirradiated nuclear fuels

    International Nuclear Information System (INIS)

    Matto, H.

    1985-01-01

    Special conditions must be taken into account in transport insurance for nuclear materials even if the nuclear risk involved is negligible, as in shipments of unirradiated nuclear fuels. The shipwreck of the 'Mont Louis' has raised a number of open points which must be solved pragmatically within the framework of transport insurance. Some proposals are outlined in the article. (orig.) [de

  16. Willingness to Pay for Insurance in Denmark

    DEFF Research Database (Denmark)

    Hansen, Jan V.; Højbjerg Jacobsen, Rasmus; Lau, Morten I.

    We estimate the maximum amount that Danish households are willing to pay for three different types of insurance: auto, home and house insurance. We use a unique combination of claims data from the largest private insurance company in Denmark, measures of individual risk attitudes and discount rates...... possible states of nature, where all uncertainty is realized in the initial period and any loss incurred by an accident is subtracted from initial wealth. The estimated willingness to pay is based on annual claims and should thus be considered as an annual premium. Since there is some uncertainty about...... of the insurance claims....

  17. The development and implementation of stroke risk prediction model in National Health Insurance Service's personal health record.

    Science.gov (United States)

    Lee, Jae-Woo; Lim, Hyun-Sun; Kim, Dong-Wook; Shin, Soon-Ae; Kim, Jinkwon; Yoo, Bora; Cho, Kyung-Hee

    2018-01-01

    The purpose of this study was to build a 10-year stroke prediction model and categorize a probability of stroke using the Korean national health examination data. Then it intended to develop the algorithm to provide a personalized warning on the basis of each user's level of stroke risk and a lifestyle correction message about the stroke risk factors. Subject to national health examinees in 2002-2003, the stroke prediction model identified when stroke was first diagnosed by following-up the cohort until 2013 and estimated a 10-year probability of stroke. It sorted the user's individual probability of stroke into five categories - normal, slightly high, high, risky, very risky, according to the five ranges of average probability of stroke in comparison to total population - less than 50 percentile, 50-70, 70-90, 90-99.9, more than 99.9 percentile, and constructed the personalized warning and lifestyle correction messages by each category. Risk factors in stroke risk model include the age, BMI, cholesterol, hypertension, diabetes, smoking status and intensity, physical activity, alcohol drinking, past history (hypertension, coronary heart disease) and family history (stroke, coronary heart disease). The AUC values of stroke risk prediction model from the external validation data set were 0.83 in men and 0.82 in women, which showed a high predictive power. The probability of stroke within 10 years for men in normal group (less than 50 percentile) was less than 3.92% and those in very risky group (top 0.01 percentile) was 66.2% and over. The women's probability of stroke within 10 years was less than 3.77% in normal group (less than 50 percentile) and 55.24% and over in very risky group. This study developed the stroke risk prediction model and the personalized warning and the lifestyle correction message based on the national health examination data and uploaded them to the personal health record service called My Health Bank in the health information website - Health

  18. Insurance Games

    NARCIS (Netherlands)

    Suijs, J.P.M.

    1999-01-01

    This paper generalizes the results of Suijs, De Waegenaere and Borm (1998) to arbitrary risks. It provides Pareto optimal allocations and shows that the zero utility premium calculation principle yields a core-allocation.

  19. Efficiency Assessment in the Automobile Insurance Sector

    OpenAIRE

    Mar Molinero, Cecilio; Segovia, Maria-Manuela; Contreras, Ignacio

    2009-01-01

    Insurance companies have to take risk and cost into account when pricing car insurance policies in order to design new products to cover the risk of private use of cars. In this paper we use data from 80,000 car insurance policies in\\ud order to assess, once risk and cost have been taken into account, the policies that generate the highest returns for the company. After different profiles of clients are identified, including among the characteristics the regional\\ud location of the clients, w...

  20. Liability and Insurance for Suborbital Flights

    Science.gov (United States)

    Masson-Zwaan, T.

    2012-01-01

    This paper analyzes and compares liability and liability insurance in the fields of aviation and spaceflight in order to propose solutions for a liability regime and insurance options for suborbital flights. Suborbital flights can be said to take place in the grey zone between air and space, between air law and space law, as well as between aviation insurance and space insurance. In terms of liability, the paper discusses air law and space law provisions in the fields of second and third party liability for damage to passengers and 'innocent bystanders' respectively, touching upon international treaties, national law and EU law, and on insurance to cover those risks. Although the insurance market is currently not ready to provide tailor-made products for operators of suborbital flights, it is expected to adapt rapidly once such flights will become reality. A hybrid approach will provide the best solution in the medium term.

  1. System for inspection of stacked cargo containers

    Science.gov (United States)

    Derenzo, Stephen [Pinole, CA

    2011-08-16

    The present invention relates to a system for inspection of stacked cargo containers. One embodiment of the invention generally comprises a plurality of stacked cargo containers arranged in rows or tiers, each container having a top, a bottom a first side, a second side, a front end, and a back end; a plurality of spacers arranged in rows or tiers; one or more mobile inspection devices for inspecting the cargo containers, wherein the one or more inspection devices are removeably disposed within the spacers, the inspection means configured to move through the spacers to detect radiation within the containers. The invented system can also be configured to inspect the cargo containers for a variety of other potentially hazardous materials including but not limited to explosive and chemical threats.

  2. Design of heavy lift cargo aircraft

    Data.gov (United States)

    National Aeronautics and Space Administration — This is the bird of the skies of the future. The heavy lift cargo aircraft which is currently being developed by me has twice the payload capacity of an Antonov...

  3. 46 CFR 98.30-11 - Cargo pumps.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 4 2010-10-01 2010-10-01 false Cargo pumps. 98.30-11 Section 98.30-11 Shipping COAST..., ARRANGEMENT, AND OTHER PROVISIONS FOR CERTAIN DANGEROUS CARGOES IN BULK Portable Tanks § 98.30-11 Cargo pumps. No person may operate a cargo pump to transfer a product to or from a portable tank unless the pump...

  4. 46 CFR 154.195 - Aluminum cargo tank: Steel enclosure.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 5 2010-10-01 2010-10-01 false Aluminum cargo tank: Steel enclosure. 154.195 Section... Equipment Hull Structure § 154.195 Aluminum cargo tank: Steel enclosure. (a) An aluminum cargo tank and its... the aluminum cargo tank must meet the steel structural standards of the American Bureau of Shipping...

  5. 46 CFR 154.562 - Cargo hose: Hydrostatic test.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 5 2010-10-01 2010-10-01 false Cargo hose: Hydrostatic test. 154.562 Section 154.562 Shipping COAST GUARD, DEPARTMENT OF HOMELAND SECURITY (CONTINUED) CERTAIN BULK DANGEROUS CARGOES SAFETY... Hose § 154.562 Cargo hose: Hydrostatic test. Each cargo hose must pass a hydrostatic pressure test at...

  6. How does sex affect the care dependency risk one year after stroke? A study based on claims data from a German health insurance fund.

    Science.gov (United States)

    Schnitzer, Susanne; Deutschbein, Johannes; Nolte, Christian H; Kohler, Martin; Kuhlmey, Adelheid; Schenk, Liane

    2017-09-01

    The study explores the association between sex and care dependency risk one year after stroke. The study uses claims data from a German statutory health insurance fund. Patients were included if they received a diagnosis of ischemic or hemorrhagic stroke between 1 January and 31 December 2007 and if they survived for one year after stroke and were not dependent on care before the event (n = 1851). Data were collected over a one-year period. Care dependency was defined as needing substantial assistance in activities of daily living for a period of at least six months. Geriatric conditions covered ICD-10 symptom complexes that characterize geriatric patients (e.g. urinary incontinence, cognitive deficits, depression). Multivariate regression analyses were performed. One year after the stroke event, women required nursing care significantly more often than men (31.2% vs. 21.3%; odds ratio for need of assistance: 1.67; 95% CI: 1.36-2.07). Adjusted for age, the odds ratio decreased by 65.7% to 1.23 (n.s.). Adjusted for geriatric conditions, the odds ratio decreased further and did not remain significant (adjusted OR: 1.18 (CI: 0.90-1.53). It may be assumed that women have a higher risk of becoming care-dependent after stroke than men because they are older and suffer more often from geriatric conditions such as urinary incontinence at onset of stroke. Preventive strategies should therefore focus on geriatric conditions in order to reduce the post-stroke care dependency risk for women.

  7. Cargo Release from Polymeric Vesicles under Shear

    Directory of Open Access Journals (Sweden)

    Yingying Guo

    2018-03-01

    Full Text Available In this paper we study the release of cargo from polymeric nano-carriers under shear. Vesicles formed by two star block polymers— A 12 B 6 C 2 ( A B C and A 12 B 6 A 2 ( A B A —and one linear block copolymer— A 14 B 6 ( A B , are investigated using dissipative particle dynamics (DPD simulations. A - and C -blocks are solvophobic and B -block is solvophilic. The three polymers form vesicles of different structures. The vesicles are subjected to shear both in bulk and between solvophobic walls. In bulk shear, the mechanisms of cargo release are similar for all vesicles, with cargo travelling through vesicle membrane with no preferential release location. When sheared between walls, high cargo release rate is only observed with A B C vesicle after it touches the wall. For A B C vesicle, the critical condition for high cargo release rate is the formation of wall-polymersome interface after which the effect of shear rate in promoting cargo release is secondary. High release rate is achieved by the formation of solvophilic pathway allowing cargo to travel from the vesicle cavity to the vesicle exterior. The results in this paper show that well controlled target cargo release using polymersomes can be achieved with polymers of suitable design and can potentially be very useful for engineering applications. As an example, polymersomes can be used as carriers for surface active friction reducing additives which are only released at rubbing surfaces where the additives are needed most.

  8. Monopoly Insurance and Endogenous Information

    DEFF Research Database (Denmark)

    Lagerlöf, Johan N. M.; Schottmüller, Christoph

    2018-01-01

    We study a monopoly insurance model with endogenous information acquisi- tion. Through a continuous effort choice, consumers can determine the precision of a privately observed signal that is informative about their accident risk. The equilibrium effort is, depending on parameter values, either...

  9. Communications Centre Model in Insurance Business

    Directory of Open Access Journals (Sweden)

    Danijel Bara

    2013-07-01

    Full Text Available The aim of this paper is to define a communications centre model in an insurance company that essentially has two objectives. The first objective is focused on providing quality support with the sales process thereby creating a strategic advantage over the competition while the second objective is focused on improving the link between internal organizational units whose behaviour can often render decision-making at all levels difficult. The function of sales is fundamental for an insurance company. Whether an insurance company will fulfil its basic function, which is transfer of risk from the insured party to the insurer who agrees tonreimburse incidental damages to the damaged party and distribute them among all members of the risk group on the principles of reciprocity and solidarity, depends on successful sales and billing (Andrijašević & Petranović, 1999. For an insurance company to operate successfully in a demanding market, it is necessary to meet the needs of potential clients who then must be at the centre of all the activities of the insurer. A satisfied policy holder, who is respected by the insurer as a partner, is a guarantee that the sales of insurance services will be successful and that the insured party will come back to the same insurance company. In the era of globalization and all-pervading new technologies and modes of communication, policy holders need to be able to communicate with insurance company employees. Quality communication is a good foundation for a sales conversation. A fast flow of all types of information within an organisation using a single communication module makes decision-making at all levels quicker and easier.

  10. A cargo-sorting DNA robot.

    Science.gov (United States)

    Thubagere, Anupama J; Li, Wei; Johnson, Robert F; Chen, Zibo; Doroudi, Shayan; Lee, Yae Lim; Izatt, Gregory; Wittman, Sarah; Srinivas, Niranjan; Woods, Damien; Winfree, Erik; Qian, Lulu

    2017-09-15

    Two critical challenges in the design and synthesis of molecular robots are modularity and algorithm simplicity. We demonstrate three modular building blocks for a DNA robot that performs cargo sorting at the molecular level. A simple algorithm encoding recognition between cargos and their destinations allows for a simple robot design: a single-stranded DNA with one leg and two foot domains for walking, and one arm and one hand domain for picking up and dropping off cargos. The robot explores a two-dimensional testing ground on the surface of DNA origami, picks up multiple cargos of two types that are initially at unordered locations, and delivers them to specified destinations until all molecules are sorted into two distinct piles. The robot is designed to perform a random walk without any energy supply. Exploiting this feature, a single robot can repeatedly sort multiple cargos. Localization on DNA origami allows for distinct cargo-sorting tasks to take place simultaneously in one test tube or for multiple robots to collectively perform the same task. Copyright © 2017, American Association for the Advancement of Science.

  11. Specialization and Flexibility in Port Cargo Handling

    Directory of Open Access Journals (Sweden)

    Hakkı KİŞİ

    2016-11-01

    Full Text Available Cargo handling appears to be the fundamental function of ports. In this context, the question of type of equipment and capacity rate need to be tackled with respect to cargo handling principles. The purpose of this study is to discuss the types of equipment to be used in ports, relating the matter to costs and capacity. The question is studied with a basic economic theoretical approach. Various conditions like port location, size, resources, cargo traffic, ships, etc. are given parameters to dictate the type and specification of the cargo handling equipment. Besides, a simple approach in the context of cost capacity relation can be useful in deciding whether to use specialized or flexible equipment. Port equipment is sometimes expected to be flexible to handle various types of cargo as many as possible and sometimes to be specialized to handle one specific type of cargo. The cases that might be suitable for those alternatives are discussed from an economic point of view in this article. Consequently, effectiveness and efficiency criteria play important roles in determining the handling equipment in ports.

  12. Clustering of risk factors for non-communicable disease and healthcare expenditure in employees with private health insurance presenting for health risk appraisal: a cross-sectional study.

    Science.gov (United States)

    Kolbe-Alexander, Tracy L; Conradie, Jaco; Lambert, Estelle V

    2013-12-21

    The global increase in the prevalence of NCD's is accompanied by an increase in risk factors for these diseases such as insufficient physical activity and poor nutritional habits. The main aims of this research study were to determine the extent to which insufficient physical activity (PA) clustered with other risk factors for non-communicable disease (NCD) in employed persons undergoing health risk assessment, and whether these risk factors were associated with higher healthcare costs. Employees from 68 companies voluntarily participated in worksite wellness days, that included an assessment of self-reported health behaviors and clinical measures, such as: blood pressure (BP), Body Mass Index (BMI), as well as total cholesterol concentrations from capillary blood samples. A risk-related age, 'Vitality Risk Age' was calculated for each participant using an algorithm that incorporated multiplicative pooled relative risks for all cause mortality associated with smoking, PA, fruit and vegetable intake, BMI, BP and cholesterol concentration. Healthcare cost data were obtained for employees (n = 2 789). Participants were 36±10 years old and the most prevalent risk factors were insufficient PA (67%) and BMI ≥ 25 (62%). Employees who were insufficiently active also had a greater number of other NCD risk factors, compared to those meeting PA recommendations (chi2 = 43.55; p employees meeting PA guidelines had significantly fewer visits to their family doctor (GP) (2.5 versus 3.11; p Physical inactivity was associated with clustering of risk factors for NCD in SA employees. Employees with lower BMI, better self-reported health status and readiness to change were more likely to meet the PA guidelines. These employees might therefore benefit from physical activity intervention programs that could result in improved risk profile and reduced healthcare expenditure.

  13. Demand of Insurance under the Cost-of-Capital Premium Calculation Principle

    Directory of Open Access Journals (Sweden)

    Michael Merz

    2014-06-01

    Full Text Available We study the optimal insurance design problem. This is a risk sharing problem between an insured and an insurer. The main novelty in this paper is that we study this optimization problem under a risk-adjusted premium calculation principle for the insurance cover. This risk-adjusted premium calculation principle uses the cost-of-capital approach as it is suggested (and used by the regulator and the insurance industry.

  14. Characterizing X-ray Attenuation of Containerized Cargo

    Energy Technology Data Exchange (ETDEWEB)

    Birrer, N. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Divin, C. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Glenn, S. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Martz, H. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Wang, G. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States)

    2016-08-02

    X-ray inspection systems can be used to detect radiological and nuclear threats in imported cargo. In order to better understand performance of these systems, the attenuation characteristics of imported cargo need to be determined. This project focused on developing image processing algorithms for segmenting cargo and using x-ray attenuation to quantify equivalent steel thickness to determine cargo density. These algorithms were applied to over 450 cargo radiographs. The results are summarized in this report.

  15. Defining the key-parameters of insurance product in Islamic insurance

    Directory of Open Access Journals (Sweden)

    Galim Zaribzyanovich Vakhitov

    2015-06-01

    Full Text Available Objective to define the range of actuarial calculations in Islamic insurance to study the main differences of the traditional and Islamic insurance to define what changes in calculations entail the above differences. Methods mathematical modeling probabilistic analysis of insurance risks adaptation of methods of actuarial mathematics to the principles of Islamic insurance. Results the mathematical form of the takafulfund models is presented the distribution is analyzed of a random variable of the resulting insurance fund or the insurance company balance in a particular fixed insurance portfolio. Scientific novelty calculation are presented of the optimal tariff rate in takaful. Islamic insurance is an innovative area of insurance industry. Actuarial calculations that meet the Sharia rules are still being developed. The authors set the new tasks of actuarial calculations including the specified changes in the calculation of the optimal tariff rate imposed by the Islamic insurance principles. Practical value the results obtained can be used in the actuarial calculations of the Islamic insurance companies. nbsp

  16. Expanding Access to Insurance by the Poor : Policy, Regulation and ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Expanding Access to Insurance by the Poor : Policy, Regulation and Supervision of Micro Insurance. This project aims to facilitate poor people's access to insurance products and services as a means of addressing their vulnerability to risk. It will do so by carrying out case studies in five countries. Potential candidates ...

  17. Investment Strategy and Efficiency of Investment Activity of European Insurers

    Directory of Open Access Journals (Sweden)

    Zhabynets Olga Yo.

    2014-02-01

    Full Text Available The article studies investment strategy and efficiency of investment activity of European insurance companies. In particular, it analyses the share of investments of insurance companies of Europe in GDP, investment portfolio of European insurers and its structure, contribution of insurance companies – leaders of investment activity – into the European investment portfolio. It studies influence of the financial crisis upon investment strategy of European insurers and analyses efficiency of investment activity of European insurers in risk insurance and life insurance. The article proves that investment business models of insurance companies are capable of resisting crisis phenomena more efficiently than other financial institutions. It marks out that measures of insurance companies that are directed at increase of profitability of investments require from them both significant expenditures on creation of the system of investment risk management and open access to different categories of financial assets and markets, which influences the general risk level, taken upon by an insurance company. The author draws a conclusion that, taking into account recent developments, European insurers should focus on equity and investment risk management, finding new possibilities for their (investments growth and also adaptation of new systems and operations for solution of these important tasks.

  18. 7 CFR 762.123 - Insurance and farm inspection requirements.

    Science.gov (United States)

    2010-01-01

    ... requirements. (a) Insurance. (1) Lenders must require borrowers to maintain adequate property, public liability, and crop insurance to protect the lender and Government's interests. (2) By loan closing, applicants must either: (i) Obtain at least the catastrophic risk protection (CAT) level of crop insurance...

  19. Addison's disease with polyglandular autoimmunity carries a more than 2·5-fold risk for adrenal crises: German Health insurance data 2010-2013.

    Science.gov (United States)

    Meyer, Gesine; Badenhoop, Klaus; Linder, Roland

    2016-09-01

    Adrenal crises are potentially life-threatening complications in patients with adrenal insufficiency (AI). Our objective was to investigate the frequency of adrenal crises in different forms of AI. The Statutory Health Insurance (SHI) database of the Techniker Krankenkasse - covering more than 12% of the German population - was analysed for diagnostic codes from 1 January 2010 to 31 December 2013. By analysis of routine data from a large healthcare provider. Diagnoses of AI were recorded and classified in primary AI, secondary AI and autoimmune polyglandular syndrome (APS). The ICD-code E27·2 (AC) was retrieved in all cohorts. We found a prevalence of 222/million for secondary and 126/million for primary AI. AC was documented with a frequency of 4·8/100 patient years. Crises were significantly more frequent in patients with primary (7·6/100 patient years) compared to those with secondary AI (3·2/100 patient years; P < 0·0001). Prevalence of crises was higher in individuals with APS (10·9/100 patient years) and highest in patients with primary AI and type 1 diabetes (12·5/100 patient years). Applying a SHI database comprising more than 9 million individuals, we identified robust data about the risk of AC in different groups of patients with AI. Our data confirm and extend the clinical observation that patients with APS are at highest risk for AC. Approximately 1 of 8 patients with primary AI and type 1 diabetes suffers from an AC each year. Specific targeting of efforts aiming at the prevention of AC is necessary. © 2016 John Wiley & Sons Ltd.

  20. BEHAVIORAL ASPECTS IN INSURANCE MARKET

    Directory of Open Access Journals (Sweden)

    Stroe Andreea

    2013-07-01

    In this paper there are showed and debated some situation in which psychological effects like loss aversion, reference point, status-quo and framming effects can influence the deccision of the consumer and are not consistent with the standard economic model.In addition to this aspects, Cumulative Prspect Theory enhance the fact that decision makers overestimate low peobabilities and underestimate high probabilities,thus buying inadequate insurance in many situation.in thiss sense, in order to support this idea I tried to make a qualitative presentation of the model used on the insurance market using Prelec function which is the function related with the Cumulative Prospect Theory which can be used in the insurance context.The weak points of the theory of expected utility are explained through this new perspectives and nevertheless aspects like insensivity to bad news concerning incomes,elasticity of price,displacements of status-quo and default,disposition effect and equity premium are taken into consideration.As example,I chose a Kunreuther experiment about insurance decision in with is underlyined the fact that for moderate risk people buy insurance with premiums that exceed the expected loss.There are demands for low deductibles in the the markets for extended guarantees and insurances for mobile phones where was observed that the insurance underwriting rate increases with the probability of loss keeping the expected loss constant.It is better to mention that the theory and the model that are presented here comes as complementary to the economic standard theory not as a substitute.

  1. Indirect estimation of radioactivity in containerized cargo

    International Nuclear Information System (INIS)

    Jarman, K.D.; Scherrer, C.; Smith, L.E.; Chilton, L.K.; Anderson, K.K.; Ressler, J.J.; Trease, L.L.

    2011-01-01

    Naturally occurring radioactive material in containerized cargo challenges the state of the art in national and international efforts to detect illicit nuclear and radiological material in transported containers. Current systems are being evaluated and new systems envisioned to provide the high probability of detection necessary to thwart potential threats, combined with extremely low nuisance and false alarm rates necessary to maintain the flow of commerce impacted by the enormous volume of commodities imported in shipping containers. Maintaining flow of commerce also means that inspection must be rapid, requiring relatively non-intrusive, indirect measurements of cargo from outside containers to the extent possible. With increasing information content in such measurements, it is natural to ask how the information might be combined to improve detection. Toward this end, we present an approach to estimating isotopic activity of naturally occurring radioactive material in cargo grouped by commodity type, combining container manifest data with radiography and gamma-ray spectroscopy aligned to location along the container. The heart of this approach is our statistical model of gamma-ray counts within peak regions of interest, which captures the effects of background suppression, counting noise, convolution of neighboring cargo contributions, and down-scattered photons to provide estimates of counts due to decay of specific radioisotopes in cargo alone. Coupled to that model, we use a mechanistic model of self-attenuated radiation flux to estimate the isotopic activity within cargo, segmented by location within each container, that produces those counts. We test our approach by applying it to a set of measurements taken at the Port of Seattle in 2006. This approach to synthesizing disparate available data streams and extraction of cargo characteristics, while relying on several simplifying assumptions and approximations, holds the potential to support improvement of

  2. Sum Insured Determination for Cereal, Citrus and Vineyards in the Spanish Agricultural Insurance System

    Science.gov (United States)

    Lozano, C.; Tarquis, A. M.; Gómez-Barona, J. A.

    2012-04-01

    In general, insurance is a form of risk management used to hedge against a contingent loss. The conventional definition is the equitable transfer of a risk of loss from one entity to another in exchange for a premium or a guaranteed and quantifiable small loss to prevent a large and possibly devastating loss being agricultural insurance a special line of property insurance. Agriculture insurance, as actually are designed in the Spanish scenario, were established in 1978. At the macroeconomic insurance studies scale, it is necessary to know a basic element for the insurance actuarial components: sum insured. When a new risk assessment has to be evaluated in the insurance framework, it is essential to determinate venture capital in the total Spanish agriculture. In this study, three different crops (cereal, citrus and vineyards) cases are showed to determinate sum insured as they are representative of the cases found in the Spanish agriculture. Crop sum insured is calculated by the product of crop surface, unit surface production and crop price insured. In the cereal case, winter as spring cereal sowing, represents the highest Spanish crop surface, above to 6 millions of hectares (ha). Meanwhile, the four citrus species (oranges, mandarins, lemons and grapefruits) occupied an extension just over 275.000 ha. On the other hand, vineyard target to wine process shows almost one million of ha in Spain. A new method has been applied to estimate crop sum insured in these three cases. Under the maximum economic impact assumption, the maximum market price has been used to insurance each species. Depending on crop and reliability of the data base available, the insured area or insured production has been used in this estimation. When for a certain crop varieties or type of varieties show different insurance prices a geometric average was used as average insurance price for that particular crop. One extreme difficult case was vineyards, where differentiate prices based on

  3. Affective Decision Making in Insurance Markets

    OpenAIRE

    Anat Bracha

    2004-01-01

    This paper suggests incorporating affective considerations into decision making theory and insurance decision in particular. I describe a decision maker with two internal accounts - the rational account and the mental account. The rational account decides on insurance to maximize expected (perceived) utility, while the mental account chooses risk perceptions which then affect the perceived expected utility. The two accounts interact to reach a decision which is composed of both risk perceptio...

  4. FEATURES OF PROFESSIONAL LIABILITY INSURANCE REALIZATION IN UKRAINE

    Directory of Open Access Journals (Sweden)

    О. Lobova

    2015-04-01

    Full Text Available The signs of professional liability insurance are generalized in the article. It is the presence of losses, additional costs that require mechanisms and sources of compensation. The essence of the professional responsibility concept is determined and it is characterized like specialists material liability of different professions, lack of qualifications, errors and omissions are due to carelessness or negligence may cause harm to the client The main elements of the professional liability insurance contract, such as insurance objects, insurance compensation, insurance risks are described. The types of professional liability insurance are characterized. There are such types of the professional liability insurance: professional liability insurance of architect, lawyer, auditor (accountant, appraiser, notary, customs broker and doctor. It is determined, that the most widespread in Ukraine is the professional liability insurance of lawyer and customs broker because the policy is purchased for the sole purpose to obtain a license. The size of insurance rates in the provision of professional liability insurance in different insurance companies of Ukraine are analyzed. It is established that insurance rate depends on the type of professional activity, scope of service, qualifications and the other factors. The development impulse can only provide judicial and legal definition of professions wide list that are subject under mandatory professional liability insurance.

  5. The legal and documentary aspects of sale of oil cargoes

    International Nuclear Information System (INIS)

    Bassindale, J.

    1993-01-01

    The paper is divided into three main sections. The first part discusses a number of specific areas where sale contracts in the oil markets differ from traditional CIF or FOB contracts in other trades and where difficulties have therefore arisen which are peculiar to the oil trade. The second part deals with the passing of ownership and risk in oil cargoes. Finally it looks at certain documentary aspects of oil trading transactions, again concentrating on areas such as letters of indemnity, where the oil markets differ from the traditional commodity markets. (author)

  6. Optimization of the air cargo supply chain

    Directory of Open Access Journals (Sweden)

    María Pérez Bernal

    2012-10-01

    Full Text Available Purpose: This paper aims to evaluate and optimize the various operations within the air cargo chain. It pursues to improve the efficiency of the air cargo supply chain and to provide more information to the decision-makers to optimize their fields.Design/methodology/approach: The method used is a process simulation modelling software, WITNESS, which provides information to the decision-makers about the most relevant parameters subject to optimization. The input for the simulation is obtained from a qualitative analysis of the air cargo supply chain with the involved agents and from a study of the external trade by air mode, given that their behaviour depend on the location. The case study is focused on a particular location, the Case of Zaragoza Airport (Spain.Findings: This paper demonstrates that efficiency of the air cargo supply chain can increase by leveraging several parameters such as bottlenecks, resources or warehouses.Originality/value: It explores the use of a simulation modeling software originally intended for manufacturing processes and extended to support decision making processes in the area of air cargo.

  7. Chinese nuclear insurance and Chinese nuclear insurance pool

    International Nuclear Information System (INIS)

    Gong Zhiqi

    2000-01-01

    Chinese Nuclear Insurance Started with Daya Bay Nuclear Power Station, PICC issued the insurance policy. Nuclear insurance cooperation between Chinese and international pool's organizations was set up in 1989. In 1996, the Chinese Nuclear Insurance Pool was prepared. The Chinese Nuclear Insurance Pool was approved by The Chinese Insurance Regulatory Committee in May of 1999. The principal aim is to centralize maximum the insurance capacity for nuclear insurance from local individual insurers and to strengthen the reinsurance relations with international insurance pools so as to provide the high quality insurance service for Chinese nuclear industry. The Member Company of Chinese Nuclear Pool and its roles are introduced in this article

  8. Disability Income Insurance

    OpenAIRE

    Hayhoe, Celia Ray; Smith, Mike, CPF

    2009-01-01

    The purpose of disability income insurance is to partially replace your income if you are unable to work because of sickness or an accident. This guide reviews the types of disability insurance, important terms and concepts and employer provided benefits.

  9. Understanding health insurance plans

    Science.gov (United States)

    ... page: //medlineplus.gov/ency/patientinstructions/000879.htm Understanding health insurance plans To use the sharing features on this ... plan for you and your family. Types of Health Insurance Plans Depending on how you get your health ...

  10. 24 CFR 266.602 - Mortgage insurance premium: Insured advances.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Insured... Contract Rights and Obligations Mortgage Insurance Premiums § 266.602 Mortgage insurance premium: Insured.... On each anniversary of the initial closing, the HFA shall pay an interim mortgage insurance premium...

  11. Farmers Insures Success

    Science.gov (United States)

    Freifeld, Lorri

    2012-01-01

    Farmers Insurance claims the No. 2 spot on the Training Top 125 with a forward-thinking training strategy linked to its primary mission: FarmersFuture 2020. It's not surprising an insurance company would have an insurance policy for the future. But Farmers takes that strategy one step further, setting its sights on 2020 with a far-reaching plan to…

  12. Characterizing Complexity of Containerized Cargo X-ray Images

    International Nuclear Information System (INIS)

    Wang, Guangxing; Martz, Harry; Glenn, Steven; Divin, Charles; Birrer, Nat

    2016-01-01

    X-ray imaging can be used to inspect cargos imported into the United States. In order to better understand the performance of X-ray inspection systems, the X-ray characteristics (density, complexity) of cargo need to be quantified. In this project, an image complexity measure called integrated power spectral density (IPSD) was studied using both DNDO engineered cargos and stream-of-commerce (SOC) cargos. A joint distribution of cargo density and complexity was obtained. A support vector machine was used to classify the SOC cargos into four categories to estimate the relative fractions.

  13. Characterizing Complexity of Containerized Cargo X-ray Images

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Guangxing [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Martz, Harry [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Glenn, Steven [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Divin, Charles [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Birrer, Nat [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States)

    2016-08-19

    X-ray imaging can be used to inspect cargos imported into the United States. In order to better understand the performance of X-ray inspection systems, the X-ray characteristics (density, complexity) of cargo need to be quantified. In this project, an image complexity measure called integrated power spectral density (IPSD) was studied using both DNDO engineered cargos and stream-of-commerce (SOC) cargos. A joint distribution of cargo density and complexity was obtained. A support vector machine was used to classify the SOC cargos into four categories to estimate the relative fractions.

  14. Delivery of Cargo to Lysosomes Using GNeosomes.

    Science.gov (United States)

    Hamill, Kristina M; Wexselblatt, Ezequiel; Tong, Wenyong; Esko, Jeffrey D; Tor, Yitzhak

    2017-01-01

    Liposomes have been used to improve the intracellular delivery of a variety of cargos. Encapsulation of cargos in liposomes leads to improved plasma half-lives and minimized degradation. Here, we present a method for improving the selective delivery of liposomes to the lysosomes using a guanidinylated neomycin (GNeo) transporter. The method for synthesizing GNeo-lipids, incorporating them into liposomes, and the enhanced lysosomal delivery of encapsulated cargo are presented. GNeo-liposomes, termed GNeosomes, are capable of delivering a fluorescent dye to the lysosomes of Chinese hamster ovary cells as shown using confocal microscopy. GNeosomes can also be used to deliver therapeutic quantities of lysosomal enzymes to fibroblasts isolated from patients with a lysosomal storage disorder.

  15. DRAFT DIGITAL FLOOD INSURANCE RATE MAP DATABASE, CHEROKEE COUNTY, SC

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  16. Digital Flood Insurance Rate Map Database, Buchanan County, Iowa, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  17. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, FLEMING COUNTY, KY

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  18. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, Charles COUNTY, MD, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  19. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, BUTLER COUNTY, NE

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  20. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, SACRAMENTO COUNTY, CALIFORNIA, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  1. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, CITY OF SACRAMENTO, CALIFORNIA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  2. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, HONOLULU COUNTY, HI, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  3. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, KAUAI COUNTY, HAWAII, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  4. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, SARPY COUNTY, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  5. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, LUCAS COUNTY, OHIO

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  6. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, NASSAU COUNTY, NEW YORK

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  7. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, HARDIN COUNTY, TX

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  8. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, SULLIVAN COUNTY, NEW YORK

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  9. Digital Flood Insurance Rate Map Database, PRINCE GEORGE, VA, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  10. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, SHELBY COUNTY, OHIO, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  11. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, WAGONER COUNTY, OKLAHOMA, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  12. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, SUFFOLK COUNTY, MASSACHUSETTS

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  13. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, FAIRFIELD COUNTY, CONNECTICUT

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  14. DIGITAL FLOOD INSURANCE RATE MAP DATABASE ROCKLAND COUNTY, NY, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  15. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, OTTAWA COUNTY, OHIO, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  16. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, SAUNDERS COUNTY, NEBRASKA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  17. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, RED WILLOW COUNTY, NEBRASKA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  18. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, CHEROKEE COUNTY, KANSAS

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  19. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, POLK COUNTY, NEBRASKA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  20. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, HARLAN COUNTY, NEBRASKA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...