Climate change brings about a new set of major economic risks arising from changing weather patterns, extreme weather events and rising sea levels. Most at risk are developing countries who, despite considerable post-disaster donor aid, have been bearing the major brunt of disaster-related losses. One adaptation solution that is rapidly gaining the support of countries and international donors is a risk transfer to the global reinsurance and capital markets. This volume, a special issue of the journal Climate Policy, explores the role that insurance-based mechanisms can play in helping developing countries prepare for climate change. It offers a unique and comprehensive perspective on the potential role of insurance solutions in global adaptation to climate change and attempts to engender debate on the role of insurance in reducing global emissions and encouraging climate-friendly corporate behaviour.

Unassuming but formidable, American maritime insurers used their position at the pinnacle of global trade to shape the new nation. The international information they gathered and the capital they generated enabled them to play central roles in state building and economic development. During the Revolution, they helped the U.S. negotiate foreign loans, sell state debts, and establish a single national bank. Afterward, they increased their influence by lending money to the federal government and to its citizens. Even as federal and state governments began to encroach on their domain, maritime insurers adapted, preserving their autonomy and authority through extensive involvement in the formation of commercial law. Leveraging their claims to unmatched expertise, they operated free from government interference while simultaneously embedding themselves into the nation's institutional fabric. By the early nineteenth century, insurers were no longer just risk assessors. They were nation builders and market makers. Deeply and imaginatively researched, Underwriters of the United States uses marine insurers to reveal a startlingly original story of risk, money, and power in the founding era.

Fire had always been one of the greatest threats to an early modern British society that relied on the naked flame as the prime source of heating, lighting and cooking. Yet whilst the danger of fire had always been taken seriously, it was not until the start of the eighteenth century that a sophisticated system of insurance became widely available. Whilst a number of high profile fires during the seventeenth century had drawn attention to the economic havoc a major conflagration could wreak, it was not until the effects of sustained industrialization began to alter the economic and social balance of the nation, that fire insurance really took off as a concept. The culmination of ten years of research, this book is the definitive work on early British fire insurance. It also provides a foundation for future comparative international studies of this important financial service, and for a greater level of theorising by historians about the relationship between insurance, perceptions of risk, economic development and social change. Through a detailed study of the archives of nearly 50 English and Scottish insurance companies founded between 1696 and 1850 - virtually all the records currently available - together with the construction of many new datasets on output, performance and markets, this book presents one of the most comprehensive histories ever written of a financial service. As well as measuring the size, market structure and growth rate of insurance, and the extent to which the first industrial revolution was insured, it also demonstrates ways in which insurance can be linked into wider issues of economic and social change in Britain. These range from an examination of the joint-stock company form of organization - to an analysis of changing attitudes towards fire hazard during the course of the eighteenth century. The book concludes by emphasising the ambivalent character of fire insurance in eighteenth and early nineteenth century Britain, contrasting the industry's dynamic long-run rate of growth with its more conservative attitude to product design and diversification.

A value management framework designed specifically for banking and insurance The Value Management Handbook is a comprehensive, practical reference written specifically for bank and insurance valuation and value management. Spelling out how the finance and risk functions add value in their respective spheres, this book presents a framework for measuring and more importantly, influencing the value of the firm from the position of the CFO and CRO. Case studies illustrating value-enhancing initiatives are designed to help Heads of Strategy offer CEOs concrete ideas toward creating more value, and discussion of "hard" and "soft" skills put CFOs and CROs in a position to better influence strategy and operations. The challenge of financial services valuation is addressed in terms of the roles of risk and capital, and business-specific "value trees" demonstrate the source of successful value enhancement initiatives. While most value management resources fail to adequately address the unique role of risk and capital in banks, insurance, and asset management, this book fills the gap by providing concrete, business-specific information that connects management actions and value creation, helping readers to: * Measure value accurately for more productive value-based management initiatives and evaluation of growth opportunities * Apply a quantitative, risk-adjusted value management framework reconciled with the way financial services shares are valued by the market * Develop a value set specific to the industry to inspire initiatives that increase the firm's value * Study the quantitative and qualitative management frameworks that move CFOs and CROs from measurement to management The roles of CFO and CRO in financial firms have changed dramatically over the past decade, requiring business savvy and the ability to challenge the CEO. The Value Management Handbook provides the expert guidance that leads CFOs and CROs toward better information, better insight, and better decisions.

This set gathers together key writings which chart the formative years of insurance and reviews important stages in the history of the subject from contemporary perspectives.

This book examines the challenges for the life insurance sector in Europe arising from new technologies, socio-cultural and demographic trends, and the financial crisis. It presents theoretical and applied research in all areas related to life insurance products and markets, and explores future determinants of the insurance industry's development by highlighting novel solutions in insurance supervision and trends in consumer protection. Drawing on their academic and practical expertise, the contributors identify problems relating to risk analysis and evaluation, demographic challenges, consumer protection, product distribution, mortality risk modeling, applications of life insurance in contemporary pension systems, financial stability and solvency of life insurers. They also examine the impact of population aging on life insurance markets and the role of digitalization. Lastly, based on an analysis of early experiences with the implementation of the Solvency II system, the book provides policy recommendations for the development of life insurance in Europe.

"International Dictionary of Insurance and Finance" is an efficient and useful book for business professionals, consumers, business students, insurance professionals, and corporate risk managers. All aspects of international insurance, including life, health, property, casualty, marine, disability, business interruption, copyright and trademark protection, and a host of other insurance topics, are covered. Arranged in an easy-to-use alphabetical format, the "Dictionary" provides definition, explanation, and illustration of each term. The "Dictionary" is also multi-disciplinary, covering a number of related terms in finance and investments.

This volume features a selection of contributions presented at the 2019 Wroclaw Conference in Finance, covering a wide range of topics in finance and financial economics, e.g. financial markets; monetary policy; corporate, personal and public finance; and risk management and insurance. Reflecting the diversity and richness of research in the field, the papers discuss both fundamental and applied finance, and offer a detailed analysis of current financial-market problems, including specifics of the Polish and Central European markets. They also examine the results of advanced financial modeling. Accordingly, the proceedings offer a valuable resource for researchers at universities and policy institutions, as well as graduate students and practitioners in economics and finance at both private and government organizations.

A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints of the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry.

A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints of the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry.

A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints of the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry.

A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints of the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry.

A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints of the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry.

A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints of the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry.

A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints of the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry.

A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry. An introductory essay traces the history of actuarial science and illumminates key texts. The themes covered include accountancy, annuities, compound interest, demography, investments, life contingencies, pensions, probability, sickness and tontines.

A practical guide to adopting an accurate risk analysis methodology The Failure of Risk Management provides effective solutionstosignificantfaults in current risk analysis methods. Conventional approaches to managing risk lack accurate quantitative analysis methods, yielding strategies that can actually make things worse. Many widely used methods have no systems to measure performance, resulting in inaccurate selection and ineffective application of risk management strategies. These fundamental flaws propagate unrealistic perceptions of risk in business, government, and the general public. This book provides expert examination of essential areas of risk management, including risk assessment and evaluation methods, risk mitigation strategies, common errors in quantitative models, and more. Guidance on topics such as probability modelling and empirical inputs emphasizes the efficacy of appropriate risk methodology in practical applications. Recognized as a leader in the field of risk management, author Douglas W. Hubbard combines science-based analysis with real-world examples to present a detailed investigation of risk management practices. This revised and updated second edition includes updated data sets and checklists, expanded coverage of innovative statistical methods, and new cases of current risk management issues such as data breaches and natural disasters. Identify deficiencies in your current risk management strategy and take appropriate corrective measures Adopt a calibrated approach to risk analysis using up-to-date statistical tools Employ accurate quantitative risk analysis and modelling methods Keep pace with new developments in the rapidly expanding risk analysis industry Risk analysis is a vital component of government policy, public safety, banking and finance, and many other public and private institutions. The Failure of Risk Management: Why It's Broken and How to Fix It is a valuable resource for business leaders, policy makers, managers, consultants, and practitioners across industries.

Unique combination of risk and construction insurance Fully up to date with FIDIC 2017 Suite of Contracts used globally on engineering and construction projects, particularly in the Middle East The book and author have been highly influential in changing the FIDIC contracts and the author has won awards for his work with the FIDIC organisation

This book examines interesting new topics in applied economics from the perspectives of the economics of information and risk, two fields of economics that address the consequences of asymmetric information, environmental risk and uncertainty for the nature and efficiency of interactions between individuals and organizations. In the economics of information, the essential task is to examine the condition of asymmetric information under which the information gap is exploited. For the economics of risk, it is important to investigate types of behavior including risk aversion, risk sharing, and risk prevention, and to reexamine the classical expected utility approach and the relationships among several types of the changes in risk. Few books have ever analyzed topics in applied economics with regard to information and risk. This book provides a comprehensive collection of applied analyses, while also revisiting certain basic concepts in the economics of information and risk. The book consists of two parts. In Part I, several aspects of applied economics are investigated, including public policy, labor economics, and political economics, from the standpoint of the economics of (asymmetric) information. First, several basic frameworks of the incentive mechanism with regard to transaction-specific investment are assessed, then various tools for market design and organization design are explored. In Part II, mathematical measures of risk and risk aversion are examined in more detail, and readers are introduced to stochastic selection rules governing choice behavior under uncertainty. Several types of change in the random variable for the cumulative distribution function (CDF) and probability distribution function (PDF) are discussed. In closing, the part investigates the comparative static results of these changes in CDF or PDF on the general decision model, incorporating uncertain situations in applied economics.

Especially since the 2003 SARS crisis, China's healthcare system has become a growing source of concern, both for citizens and the Chinese government. China's once praised public health services have deteriorated into a system driven by economic constraints, in which poor people often fail to get access, and middle-income households risk to be dragged into poverty by the rising costs of care. The New Rural Co-operative Medical System (NRCMS) was introduced to counter these tendencies and constitutes the main system of public health insurance in China today. This book outlines the nature of the system, traces the processes of its enactment and implementation, and discusses its strengths and weaknesses. It argues that the contested nature of the fields of health policy and social security has long been overlooked, and reinterprets the NRCMS as a compromise between opposing political interests. Furthermore, it argues that structural institutional misfits facilitate fiscal imbalances and a culture of non-compliance in local health policy, which distort the outcomes of the implementation and limit the effectiveness of insurance. These dynamics also raise fundamental questions regarding the effectiveness of other areas of the comprehensive New Health Reform, which China has initiated to overhaul its healthcare system.

This book offers fresh insights into the economic development and financial markets of Southeastern and Central European countries. The first part analyses macroeconomic trends and monetary policy issues, while the second part explores the development of financial and insurance markets. With contributions covering topics such as regional and income inequalities, economic embeddedness, industrial competitiveness, entrepreneurship, financial integration, insurance markets, and other socio-economic aspects, it appeals to scholars in the field of economics and finance interested in the further economic development of the Balkans and Eastern European countries as well as to professionals in the financial and insurance sectors.

A Hands-On Approach to Understanding and Using Actuarial Models Computational Actuarial Science with R provides an introduction to the computational aspects of actuarial science. Using simple R code, the book helps you understand the algorithms involved in actuarial computations. It also covers more advanced topics, such as parallel computing and C/C++ embedded codes. After an introduction to the R language, the book is divided into four parts. The first one addresses methodology and statistical modeling issues. The second part discusses the computational facets of life insurance, including life contingencies calculations and prospective life tables. Focusing on finance from an actuarial perspective, the next part presents techniques for modeling stock prices, nonlinear time series, yield curves, interest rates, and portfolio optimization. The last part explains how to use R to deal with computational issues of nonlife insurance. Taking a do-it-yourself approach to understanding algorithms, this book demystifies the computational aspects of actuarial science. It shows that even complex computations can usually be done without too much trouble. Datasets used in the text are available in an R package (CASdatasets).

This Volume of the AIDA Europe Research Series on Insurance Law and Regulation explores the key trends in InsurTech and the potential legal and regulatory issues that accompany them. There is a proliferation of ideas and concepts within InsurTech that will fundamentally change the market in the next few years. These innovations have the potential to change the way the insurance industry works and alter the relationships between customers and insurers, resulting in insurance products that are more closely aligned to individual preferences and priced more appropriately to the risk. Increasing use of technology in the insurance sector is having both a disruptive and transformative impact on areas including product development, distribution, modelling, underwriting and claims and administration practice. The result is a new industry, known as InsurTech. But while the insurance market looks to technology for greater efficiency, regulators are beginning to raise concerns about managing potential risks. The first part of the book examines technological innovations relevant for insurance, such as FinTech, InsurTech, Sharing Economy, and the Internet of Things. The second part then gathers contributions on insurance contract law in a digitalized world, while the third part focuses on cyber insurance and robots. Last but not least, the fourth part of the book discusses legal and ethical questions regarding autonomous vehicles and transportation, including the shipping industry, as well as their impact on the insurance sector and civil liability. Written by legal scholars and practitioners, the book offers international, comparative and European perspectives. The Chapters "FinTech, InsurTech and the Regulators" by Viktoria Chatzara, "Smart Contracts in Insurance. A Law and Futurology Perspective" by Angelo Borselli and "Room for Compulsory Product Liability Insurance in the European Union for Smart Robots?" by Aysegul Bugra are available open access under a CC BY 4.0 license at link.springer.com. All three open access chapters were funded by BIPAR.