Risk Modeling for Hazards and Disasters covers all major aspects of catastrophe risk modeling, from hazards through to financial analysis. It explores relevant new science in risk modeling, indirect losses, assessment of impact and consequences to insurance losses, and current changes in risk modeling practice, along with case studies. It also provides further insight into the shortcomings of current models and examines model risk and ideas to diversify risk assessment. Risk Modeling for Hazards and Disasters instructs readers on how to assess, price and then hedge the losses from natural and manmade catastrophes. This book reviews current model development and science and explains recent changes in the catastrophe modeling space, including new initiatives covering uncertainty and big data in the assessment of risk for insurance pricing and portfolio management. Edited by a leading expert in both hazards and risk, this book is authored by a global panel including major modeling vendors, modeling consulting firms, and well-known catastrophe modeling scientists. Risk Modeling for Hazards and Disasters provides important insight into how models are used to price and manage risk.

An incisive framework for companies seeking to increase their resilience In The Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty, renowned risk and finance expert Hakan Jankensgard delivers an extraordinary and startling discussion of how firms should navigate a world of uncertainty and unexpected events. It examines three fundamental, high-level strategies for creating resilience in the face of "black swan" risks, highly unlikely but devastating events: insurance, buffering, and flexibility: The author also presents: Detailed case studies, stories, and examples of major firms that failed to anticipate Black Swan Problems and, as a result, were either wiped out or experienced a major strategy disruption Extending the usual academic focus on individual biases to analyze Swans from an organizational perspective and prime organizations to proactive rather than reactive action Practical applications and tactics to mitigate Black Swan risks and protect corporate strategies against catastrophic losses and the collateral damage that they cause Strategies and tools for turning Black Swan events into opportunities, reflecting the fact that resilience can be used for strategic advantage An expert blueprint for companies seeking to anticipate, mitigate, and process tail risks, The Black Swan Problem is a must-read for students and practitioners of risk management, executives, founders, managers, and other business leaders.

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 contribute to the transcendence of liberalism? By making a distinction between capable life as object of insurance, and potential life as that which escapes its control, the book conducts a historical epistemological analysis of the problems of valuation, truth production, securitisation, classification, and gendering that constitute life insurance products and practices. Insuring Life offers a critical engagement with the epistemology of life insurance to demonstrate the unnecessary and precarious character of the conditions that make this instrument of liberal governance possible. It concludes that the transcendence of liberalism relies on the technological agency of these instruments and that its challenge begins by redefining the terms under which the potential of life, if invaluable, is to be thought as event. The book follows Insuring War as the third of a trilogy that analyses how concepts and practices of power, risk and security materialise in the form of insurance as a central instrument of governance in the liberal world. It will be of great use to scholars, researchers, and postgraduate students of political economy, critical security studies and political theory, the biopolitics of security and post-structural politics. Insuring War: https://www.routledge.com/products/search?keywords=insuring+war Insuring Security: https://www.routledge.com/Insuring-Security-Biopolitics-security-and-risk/Lobo-Guerrero/p/book/9780415522854

Big data - unstructured and/or structured data being used to influence underwriting, rating, pricing, forms, marketing and claims handling and incentivize risk reduction - is a relatively recent development in the insurance industry, the data sets previously being too impossibly great to analyse through traditional methods. However, with the global capacity to collect and store data growing alongside advancements in AI and machine learning technology, insurers need to seriously evaluate their technology stacks to ensure they can remain competitive and respond to growing customer demand. Striking a balance between the technical characteristics of the subject and the practical aspects of decision making, spanning from fraud analytics in claims management, to customer analytics, to risk analytics in solvency, the comprehensive coverage presented makes Big Data an invaluable resource for any insurance professional. Providing high quality academic research, Emerald Studies in Finance, Insurance, and Risk Management provides a platform for authors to explore, analyse and discuss current and new financial models and theories, and engage with innovative research on an international scale. Subjects of interest may include banking, accounting, auditing, compliance, sustainability, behaviour, management, and business economics.

China's current social medical insurance system has nominally covered more than 95 per cent of 1.4 billion population in China and is moving towards the ambitious goal of universal health insurance coverage. Challenges posed by a rapidly ageing population, an inherently discriminatory design of the health insurance system, the disorder of drug distribution system and an immature legal system constrain the Chinese government from realizing its goal of universal health insurance coverage in the long run. This book uses a refined version of historical institutionalism to critically examine China's pathway to universal health insurance coverage since the mid-1980s. It pays crucial attention to the processes of transforming China's healthcare financing system into the basic social medical insurance system alongside rapid socio-economic changes. Financing Healthcare in China will interest researchers and government and think-tank officials interested in the state of healthcare reforms in China. Healthcare specialists outside of East Asia may also be interested in its general study of healthcare in developing countries. Scholars and students interested in the healthcare field will also find this useful.

First Published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.

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 contribute to the transcendence of liberalism? By making a distinction between capable life as object of insurance, and potential life as that which escapes its control, the book conducts a historical epistemological analysis of the problems of valuation, truth production, securitisation, classification, and gendering that constitute life insurance products and practices. Insuring Life offers a critical engagement with the epistemology of life insurance to demonstrate the unnecessary and precarious character of the conditions that make this instrument of liberal governance possible. It concludes that the transcendence of liberalism relies on the technological agency of these instruments and that its challenge begins by redefining the terms under which the potential of life, if invaluable, is to be thought as event. The book follows Insuring War as the third of a trilogy that analyses how concepts and practices of power, risk and security materialise in the form of insurance as a central instrument of governance in the liberal world. It will be of great use to scholars, researchers, and postgraduate students of political economy, critical security studies and political theory, the biopolitics of security and post-structural politics. Insuring War: https://www.routledge.com/products/search?keywords=insuring+war Insuring Security: https://www.routledge.com/Insuring-Security-Biopolitics-security-and-risk/Lobo-Guerrero/p/book/9780415522854

Despite their economic and social importance, there are relatively few book-length studies of national insurance industries. This collection of nine essays by a group of international experts redresses this balance; providing an extensive geographical and thematic spread, linked via an extensive introduction.

This book provides a comprehensive account of the theory and practice of takaful, which is an Islamic alternative to insurance. The concepts are explained using real-life case studies, calculations, and exhibits to aid in reader learning and reflection. Takaful, both as an academic subject and as well as practice, is growing particularly in the world leading financial and learning hubs such as in the UK and the USA and countries with large Muslim populations in Asia, Africa, and Middle East.

There is a broad range of literature on the economics of insurance and risk management. This timely publication contains recent theoretical contributions to the economics of insurance and presents empirical tests and applications of the theory to many different insurance markets. It also offers important insights into the factors influencing corporate risk management decisions, and the theoretical underpinnings for why corporations with well-diversified shareholders would reduce risk. This two-volume set will be an essential resource to everyone with an interest in these important subjects.

This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: "Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!"Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University "This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field."Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech "The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance."Michel Crouhy, Head of Research and Development, NATIXIS

This book explores the role of the insurance industry in contributing to, and responding to, the harms that climate change has brought and will bring either directly or indirectly. The Anthropocene signifies a new role for humankind: we are the only species that has become a driving force in the planetary system. What might criminology be in the Anthropocene? What does the Anthropocene suggest for future theory and practice of criminology? Criminology and Climate, as part of Routledge's Criminology at the Edge Series, seeks to contribute to this research agenda by exploring differing vantage points relevant to thinking within criminology. Contemporary societies are presented with myriad intersecting and interacting climate-related harms at multiple scales. Criminology and Climate brings attention to the finance sector, with a particular focus on the insurance industry as one of its most significant components, in both generating and responding to new climate 'harmscapes'. Bringing together thought leaders from a variety of disciplines, this book considers what finance and insurance have done and might still do, as 'fulcrum institutions', to contribute to the realisation of safe and just planetary spaces. An accessible and compelling read, this book will appeal to students and scholars of criminology, sociology, law and environmental studies and provides readers with a basis to analyse the challenges and opportunities for the finance sector, and in particular the insurance industry, in the regulation of climate harms.

This timely Encyclopedia is a much-needed thorough reference on Islamic insurance policy and the ways in which this can be modelled to cohere with Shari'ah law. The authors explore the ways in which Islamic insurance can be halal, contradicting the widely held belief that insurance policies are not appropriate or moral, utilizing evidence from both the Qu'ran and top Islamic scholars to do so. The book explores Takaful, an insurance paradigm that is in accordance with Islamic principles and suits the needs of modern Islamic economies and communities. It examines the practices, principles, framework and importance of the notion of Takaful, using evidence from the Qu'ran and Islamic teachings to support this. Chapters examine how Takaful is different to conventional insurance models that are not permissible under Shari'ah law, contradicting misconceptions about the possibility of an insurance policy that is achievable within Islamic communities. The book further explores the room for cooperation between Takaful services and Islamic banking, offering insight into how this can be improved in the future. A valuable asset for Islamic insurance and Islamic economics scholars, this timely book offers a thorough analysis of Takaful, Retakaful and Islamic insurance in our modern world. It will also be a useful read for those practising Takaful to ensure that their advice coheres with Shari'ah law.

First Published in 2005. This book is an attempt by a layman to explain to other laymen the purposes and processes of industrial assurance, an institution which exercises a far-reaching influence upon the life of the community, and in which for that reason the community, through its political organs of Parliament and administration, has long taken an inquisitive, critical, and entirely proper interest. This will be of interest to those studying the long experience which will enable its standards to be still further raised and those vested in its professional practitioners.

A clear and accessible guide to finance, which provides the ideal introduction for the non-specialist. Packed with examples and case studies, the book features numerous real-world demonstrations of key concepts and ideas. This new edition includes coverage of ESG investing, a brand new chapter on digital currencies and electronic payments, and new case studies on sustainability versus profit maximization, environmental financing, socially responsible investing, the rise of fintech, the perils of cryptocurrency, global debt pressures and 'the rise of the South' in finance. The fourth edition will be supplemented by useful digital resources in the form of instructor PowerPoint slides and a testbank of questions for students.

With the Solvency II deadline approaching, and full implementation expected from January 2016, affected entities are at varying states of readiness with embedding Solvency II into everyday practices becoming a major focus. Programme stakeholder communications needs to be robust to secure compliance and buy-in on both internal and external fronts. If your CEO fails to communicate to the markets your organization's ability to deliver on the EU Directive, or if a local Regulator finds that your Board has failed to embed a risk culture that is aligned with Solvency II, your ability to operate in the Solvency II world will be questioned. Solvency II: Stakeholder Communications and Change explains how to negate such risks. Gabrielle O'Donovan demonstrates how to approach stakeholder communications and change management in a structured and disciplined way, framed by the EU Directive's governance requirements. She demonstrates how to use a variety of tools and techniques to engage people with change and embed new ways of doing things. She reveals how to embed risk consciousness into your culture, helping you secure Solvency II approval and operate successfully in the Solvency II world. Based on the author's original research and the latest industry developments, Solvency II: Stakeholder Communications and Change is well-structured, readable and above all essential for all involved in Solvency II implementation.

There are two questions often asked of risk communication: what has been learned from past work, and what is needed to push the field forward? Drawing on the experience of leading risk researchers and practitioners, Effective Risk Communication focuses on answering these questions. The book draws together new examples of research and practice from contexts as diverse as energy generation, human health, nuclear waste, climate change, food choice, and social media. This book treats risk communication as much more than the interchange of risk information between experts and non-experts; rather, it aims to emphasise the diversity in viewpoints and practices. In each specially commissioned chapter, the authors reflect on the theoretical and applied underpinnings of their best projects and comment on how their approach could be used effectively by others. Building upon each other, the chapters will provoke new discussion and action around a discipline which many feel is neither meeting important needs in practice, nor living up to its potential in research. Through a more careful examination of the work already done in risk communication, the book will help develop better, more reflective practice for the future.

Whether man-made or naturally occurring, large-scale disasters can cause fatalities and injuries, devastate property and communities, savage the environment, impose significant financial burdens on individuals and firms, and test political leadership. Moreover, global challenges such as climate change and terrorism reveal the interdependent and interconnected nature of our current moment: what occurs in one nation or geographical region is likely to have effects across the globe. Our information age creates new and more integrated forms of communication that incur risks that are difficult to evaluate, let alone anticipate. All of this makes clear that innovative approaches to assessing and managing risk are urgently required. When catastrophic risk management was in its inception thirty years ago, scientists and engineers would provide estimates of the probability of specific types of accidents and their potential consequences. Economists would then propose risk management policies based on those experts' estimates with little thought as to how this data would be used by interested parties. Today, however, the disciplines of finance, geography, history, insurance, marketing, political science, sociology, and the decision sciences combine scientific knowledge on risk assessment with a better appreciation for the importance of improving individual and collective decision-making processes. The essays in this volume highlight past research, recent discoveries, and open questions written by leading thinkers in risk management and behavioral sciences. The Future of Risk Management provides scholars, businesses, civil servants, and the concerned public tools for making more informed decisions and developing long-term strategies for reducing future losses from potentially catastrophic events. Contributors: Mona Ahmadiani, Joshua D. Baker, W. J. Wouter Botzen, Cary Coglianese, Gregory Colson, Jeffrey Czajkowski, Nate Dieckmann, Robin Dillon, Baruch Fischhoff, Jeffrey A. Friedman, Robin Gregory, Robert W. Klein, Carolyn Kousky, Howard Kunreuther, Craig E. Landry, Barbara Mellers, Robert J. Meyer, Erwann Michel-Kerjan, Robert Muir-Wood, Mark Pauly, Lisa Robinson, Adam Rose, Paul J. H. Schoemaker, Paul Slovic, Phil Tetlock, Daniel Vastfjall, W. Kip Viscusi, Elke U. Weber, Richard Zeckhauser.

The United States is engaged in a critically important and contentious debate on how to overhaul the way it delivers and pays for long-term care. Most families that are confronted with caring for a disabled elderly relative are often guaranteed financial catastrophe. The authors of this book examine a wide range of financing approaches to reforming long-term care and the impacts they would have over the next twenty-five years. The central issues in the debate about reforming long-term care concerns the relative roles of the public and private sectors. The authors urge that private insurance be encouraged and predict it will grow. Nevertheless, they conclude, private insurance will probably play only a modest role in financing nursing home and at-home care. For that reason, careful attention must also be given to reforming public programs. They recommend a strategy that includes expanded social insurance covering more at-home care and some limited nursing home coverage, the liberalization of Medicaid eligibility requirements so that complete impoverishment is not required before benefits are given, and an enhanced role for private insurance to provide asset protection to the upper-middle- income and wealthy elderly. The authors examine the cost of public and private initiatives and who would pay for them. Their answers emerge from a large computer simulation model that the authors developed. This book is accessible to non-specialists and is essential reading for anyone interested in the future of American health care.

By the eve of the Great Depression, there existed in America the equivalent of a policy for every man, woman and child, and in Britain it grew from its narrow aristocratic base to cover all social classes. This primary resource collection is the first comparative history of British and American life insurance industries.

By the eve of the Great Depression, there existed in America the equivalent of a policy for every man, woman and child, and in Britain it grew from its narrow aristocratic base to cover all social classes. This primary resource collection is the first comparative history of British and American life insurance industries.

First published in 1986, Insurance for Unemployment proposes a radical approach to the reform of unemployment and social insurance. The book develops the ethical, economic and actuarial case for the proposed reforms, whereby the individual pays the contributions which reflect the unemployment risk that he wishes to insure. Such ideas provide a libertarian alternative to the social security systems that have been adopted by most countries in the world based on Beveridge's conception of social insurance, and the book provides an original basis for privatising unemployment insurance. Conventional acceptance of the welfare state is challenged, while the book stands as a landmark in relating market principles to issues of social policy.

Enables critical thinking about the current state of risk management and ERM Demonstrates contemporary shortcomings and challenges from real life cases Draws from a global selection of cases from well-known organisations Provides a basis for developing more effective risk management approaches

This timely research review successfully combines economically-oriented legal scholarship on insurance with policy-relevant economics scholarship on insurance. Professor Schwarcz has selected seminal contributions from the past twenty years to explore some of the central questions involving the role of the state in insurance markets. These include rules governing the interpretation and enforceability of insurance contracts, the regulation of insurers and insurance markets, and the role of public programs in supporting private insurance markets. This essential title will be of immense value and interest to students and academics interested in the diverse field of the law and economics of insurance.

The Wiley Paperback Series makes valuable content more accessible to a new generation of statisticians, mathematicians and scientists.

"Stochastic Processes for Insurance and Finance" offers a thorough yet accessible reference for researchers and practitioners of insurance mathematics. Building on recent and rapid developments in applied probability the authors describe in general terms models based on Markov processes, martingales and various types of point processes.

Discussing frequently asked insurance questions, the authors present a coherent overview of this subject and specifically address: the principle concepts of insurance and financepractical examples with real life datanumerical and algorithmic procedures essential for modern insurance practices

Assuming competence in probability calculus, this book will provide a rigorous treatment of insurance risk theory recommended for researchers and students interested in applied probability as well as practitioners of actuarial sciences.

"An excellent text"

Australian & New Zealand Journal of Statistics