The book examines how the absence of insurance in the past led to some special maritime liability law principles such as 'general average' (i.e., losses or expenses shared by all the parties to a maritime adventure) and the limitation of shipowners' liability. In the absence of insurance, these principles served the function of insurance mostly for shipowners. As commercial marine insurance is now widely available, these principles have lost their justification and may in fact interfere with the most important goal of liability law i.e., deterrence from negligence. The work thus recommends their abolition. It further argues that when insurance is easily available and affordable to the both parties to a liability claim, the main goal of liability law should be deterrence as opposed to compensation. This is exactly the case with the maritime cargo liability claims where both cargo owners and shipowners are invariably insured. As a result, the sole focus of cargo liability law should be and to a great extent, is deterrence. On the other hand in the vessel-source oil pollution liability setting, pollution victims are not usually insured. Therefore oil pollution liability law has to cater both for compensation and deterrence, the two traditional goals of liability law. The final question the work addresses is whether the deterrent effect of liability law is affected by the availability of liability insurance. Contrary to the popular belief the work attempts to prove that the presence of liability insurance is not necessarily a hindrance but can be a complementary force towards the realization of deterrent goal of liability law.

This international comparison of pension plans lends great understanding to the transformation taking place in almost every nation around the world. It covers ten of the twelve countries of the European Union, as well as the United States and Japan. The project is interdisciplinary, covering a number of fields, such as economics, law, actuarial science, sociology, and political science, that contribute to the analysis of retirement income systems. The chapters vary in scope - some are comparative, some are restricted to a single country or to one type of plan in one country. Despite their diversity, the chapters share a common awareness of three aspects of pension plans: the importance of actors' roles in shaping each system, the different economic and social domains affected by retirement plans, and the interconnections between social security and supplementary plans.

One of the most urgent issues facing the United States today is how to establish a comprehensive health insurance program at a time when nearly one in seven Americans lack insurance and costs for health care and medical fees are increasing at about 20 percent annually. An interdisciplinary team of experts provides a unique overview of the most important current problems and speaks to the key questions of risk, allocation, and equity. This text is designed for college, university, and professional courses in health and medical policy, public policy, public administration, law and society, bioethics, nursing, science and technology, and hospital administration. This public policy study offers a general framework for assessing health insurance from many vantage points, in terms of health policy impacts, the care of the needy, health insurance implementation, and prevention and risk. Chapters assess various national health insurance proposals, current congressional action and Medicare decisions, the social impacts of health insurance policy, coverage for displaced workers, the uninsured and hospital care in the inner city, charity care and community benefits, insuring high-risk persons, preventive health care screening for older women, and medical malpractice insurance, among other subjects. These analyses with real-life examples provide a solid introduction to all who want to understand health insurance and public policy issues today.

Deposit insurance has risen rapidly over the last few years across the world. It was brought into renewed prominence with the reform of the system in the United States in the 1980s after the Savings and Loans crisis, and was accelerated by the rash of financial crises that have struck Europe, Asia and South America in recent years. The contributions to this volume strike a fascinating balance between the interest of regulators, the view of academics as to how the issues should be handled, and the interests of banks and their depositors.

Many risks face the global insurance industry today, including the aging populations of developed countries, competition from other financial institutions, and both disparate and quickly changing regulatory demands, to name a few. The book's contributors offer their unique perspectives on challenges confronting the insurance industry and how attendant risks can be most effectively managed.

This volume collects a selection of refereed papers of the more than one hundred presented at the InternationalConference MAF 2008 - Mathematicaland Statistical Methods for Actuarial Sciences and Finance. The conference was organised by the Department of Applied Mathematics and theDepartment ofStatisticsoftheUniversityCa'Foscari Venice(Italy), withthec- laborationofthe Department ofEconomics and StatisticalSciences ofthe University ofSalerno(Italy).Itwas heldinVenice, fromMarch 26to28,2008, attheprestigious CavalliFranchettipalace, alongGrand Canal, oftheIstitutoVenetodiScienze, Lettere ed Arti. This conference was the ?rst international edition of a biennial national series begunin2004, whichwas bornof thebrilliantbeliefofthe colleagues -and friends- oftheDepartmentofEconomicsandStatisticalSciences oftheUniversityofSalerno: the idea following which the cooperation between mathematicians and statisticians in working in actuarial sciences, in insurance and in ?nance can improve research on these topics. The proof of this consists in the wide participation in these events. In particular, with reference to the 2008 internationaledition: - More than 150 attendants, both academicians and practitioners; - More than 100 accepted communications, organised in 26 parallel sessions, from authors coming from about twenty countries (namely: Canada, Colombia, Czech Republic, France, Germany, Great Britain, Greece, Hungary, Ireland, Israel, Italy, Japan, Poland, Spain, Sweden, Switzerland, Taiwan, USA); - two plenary guest-organised sessions; and - aprestigiouskeynotelecturedeliveredbyProfessorWolfgangHa ]rdleoftheH- boldt Universityof Berlin (Germany)

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a[A] work that provides newly detailed history and analysis of title insurance, a little-studied industry.a
--"Library Journal"

"In this important and fascinating book, the authors expose a scam that has fleeced Americans of billions of their hard-earned dollars since World War II. The title insurance industry, they show, has captured its regulators, and imposed exceedingly high costs on American homebuyers by means of a cartel-like arrangement. If that arrangement can be broken, price gouging would end and all American homeowners would enjoy what Canadians and Iowans do--reasonably priced peace of mind."
--Robert E. Wright, Stern School of Business, New York University

After World War II, banks and other mortgage lenders began requiring insurance to protect them against flawed or defective real estate titles. Over the past sixty years, the title insurance industry has grown steadily in size, power, and secrecy: policies are available for both lenders and property owners and many title insurers offer an array of other real estate services, such as escrow and appraisal. Yet details about the industryas operational procedures remain closely guarded from public exposure.

In The American Title Insurance Industry, Joseph and David Eaton present evidence that improvements in recordkeeping over the last sixty years--particularly the advent of computers--have reduced the likelihood of a defective title going unnoticed in a property transaction. But the industryas flaws run deeper than mere obsolescence: in most states, title insurers are allowed to engage in anticompetitive business practices, including price-fixing. Amongthe findings in this meticulously researched study are instances of insurers charging premiums well above the amount necessary to compensate them for assuming the risk of defect and identical policies with identical risk that vary in price by hundreds of percentage points for different geographic locations.The authors also examine the widely ignored role that the federal and most state governments play in perpetuating the title insurance industryas unfair practices. Whereas most private industries prefer as little government intervention as possible, title insurers welcome it. Federal statue exempts title insurers from anti-trust liability, opening the door for price-fixing and destroying any semblance of free-market competition or market power for consumers.A landmark study for elected officials, and all those involved in the insurance, real estate, and brokerage industries, The American Title Insurance Industry brings to light a long-neglected problem--and offers suggestions for how it might be remedied.

"Written by leading academics, researchers and insurance industry experts, this book offers a diversified perspective on how the regulatory and supervisory framework for the insurance sector will develop over the coming years. It is supported by The Geneva Association, the world-leading insurance think-tank of the private industry"-- Provided by publisher.

Huge economic losses from natural disasters, including nearly 100 000 fatalities world wide in 1999 alone, gave rise to a renewed recognition by government, industry and the public that national governments and international agencies cannot simply go on as they have in the past. Changes in financial cover, better enforcement procedures for building standards, better business contingency planning, and well developed emergency response were demanded from all sides. In this volume an international group of experts present recent research on the variety of approaches adopted by different countries to assess natural hazard risks and the incentives for mitigating and financing them, the particular focus being in earthquake risks. The volume also presents an in-depth summary of recent reforms in Turkey related to seismic risks, with comparative research from many other countries. Linkages are emphasised between science and engineering infrastructure, insurance and risk management, and public policy.

Private and governmental insurance systems in the United States have been suffering an ongoing series of crises. Automobile liability insurance, malpractice protection, health insurance, pension plans, and property insurance have been troubled in recent times by such matters as the threat of insolvency, extremely high premiums, lack of availability for many applicants, and discriminatory selling practices. For over a century, private insurance has been heavily regulated. Governmental insurance, particularly social programs such as Social Security and Medicare, also face serious funding and availability problems. These ongoing problems suggest that regulators have not been doing a very effective job. Unhappy consumers are making different demands both on the industry and on regulators. Some call for deregulation in the belief that market forces will make insurance more efficient, available, and affordable. Others insist that governmental regulators, whether legislators, insurance commissioners, or judges, step in and help solve these problems. Regulators, very much a part of the political process, have avoided these controversial areas of difficult choices. Avoidance is no longer an option for regulators.

McDowell explores what competing types of regulation, whether market, industrial, or governmental, might be used, what goals regulators are committed to, the different regulatory philosophies of federal and state agencies, whether the problems are caused by under-regulation or over-regulation, and difficulties of enforcement. He discusses in detail these regulatory problems in the fields of automobile liability insurance, health insurance, and the demand of other financial service institutions to compete in the insurance business. Throughout the book, he compares what American regulators are doing with the practices in Canada in order to illuminate problems and possible solutions for American regulators to consider. Finally, he closes with an analysis of whether the emerging trends of internationalization and interdependence of personal and economic spheres, the increase in magnitude of risks, and the increased speed of transactions will require changes in insurance regulation. Insurance regulators and professionals in governmental and private insurance as well as scholars and students of insurance law will be interested in this book. Even consumers who are concerned or angry about the future of their insurance protection will find it valuable.

The book will serve as a guide to many actuarial concepts and statistical techniques in multiple decrement models and their application in calculation of premiums and reserves in life insurance products with riders and in pension and employee benefit plans as in these schemes, the benefit paid on termination of employment depends upon the several causes of termination. Multiple state models are discussed to accommodate the insurance products in which the payment of benefits or premiums is dependent on being in a given state or moving between a given pair of states at a given time, for example, disability income insurance model. The book also discusses stochastic models for interest rates and calculation of premiums for some products in this set up. The highlight of the book is usage of R software, freely available from public domain, for computations of various monetary functions involved in insurance business. R commands are given for all the computations."

The American Way is incompatible with the U.S. experience of post-World War II capitalism. National and individual self-determination are collapsing in the face of profit-seeking, social compulsions, and the imperatives of global competition. Iain Hay states that the illusion of free choice and the misguided rhetoric of individualism remain: they mask new realities of compulsion and collectivism. This cultural contradiction is thoroughly analyzed by Hay from an unusual, outside perspective through an investigation of the development of medical liability insurance and its implications for tort law reform and health care provision in the United States.

"Money, Medicine, and Malpractice in American Society" transcends traditional disciplinary boundaries to provide a straightforward account of circumstances giving rise to particular forms of legal, medical, and social regulation in the United States. Hay explores the roots of change in medical and legal regulation in the United States through an inquiry into medical malpractice and health care costs in the ever-changing domestic and worldwide arena. It provides the first comprehensive association of American medical liability issues, health care spending, and post-War national and international contexts. This book will be of particular interest to scholars, students, and doctors as it provides a useful framework for understanding legal and medical change associated with medical liability and its insurance.

"Brackenridge's Medical Selection of Life Risks" has long been recognized as the leading reference book on insurance medicine. The fifth edition provides a comprehensive guide to life expectancy for underwriters and clinicians involved in the life insurance industry. Extensively revised and expanded the new edition reflects developments in life and healthcare insurance as well as medicine. There is expanded coverage of disability issues and full account is taken of new developments in genetics and gene therapy and also recent technology and regulatory and compliance issues. Part I deals with the principles of life and disability insurance and the logistics of life underwriting. Part II is devoted to a systematic clinical appraisal of underwriting problems, mainly relating to life insurance but also, where appropriate, to disability, critical illness and long term care insurance.

Banking markets have experienced a general trend towards conglomeration in recent years which has been facilitated by the deregulation of banks' activities. A particular feature of financial conglomeration has been the diversification of banks into insurance activities, and especially life insurance. This book provides a comprehensive analysis of the concept and market characteristics of the bancassurance phenomenon. It also evaluates the impact on banking risks associated with diversification into the insurance business.

With a foreword by Gabriel Bernardino, Chairman of EIOPASolvency II (Directive 2009/138/EC ) regulates the solvency requirements for EU insurers and reinsurers. It aims to reduce the risk that an insurer would be unable to meet claims, to provide early warning to supervisors so that they can intervene promptly if capital falls below the required level, and to promote confidence in the financial stability of the insurance sector. Solvency II not only sets out the capital requirements to guarantee policyholder protection, but also includes measures to stimulate risk management and good governance and to improve transparency.This book provides a thorough and well-structured overview of the regulatory regime and how it will affect insurers, re-insurers and other market participants, including policyholders. The author, who was closely involved in the making of Solvency II, offers all the necessary insights and explanations to better understand the new solvency regime. While Solvency I only sets basic solvency standards, Solvency II is more sophisticated introducing a risk based solvency capital regime and modernising EU insurance regulation thus putting much emphasis on high quality prudential supervision. This improves the protection of policyholders, creates an incentive for good risk management, recognizes the economic reality of a group, establishes market transparency and provides for a modern risk based supervisory regime, in short, as the book's subtitle already suggests, Solvency II is good for you.Solvency Requirements for EU Insurers provides a unique insight into the complex world of insurance and will be useful to risk managers, actuaries, accountants, lawyers, board members of (re) insurance companies, insurance intermediaries, consultants, regulators, supervisors, academics, students and, more generally, all those involved with or interested in insurance and in the operation of the insurance market.

This work offers a comprehensive view on bancassurance from its origin to future challenges and opportunities, considering the relevant changes currently interesting the financial services industry. It also provides a detailed review of theoretical and empirical literature dealing with financial conglomeration.

Although much has been written about the economy of the Soviet Union, little attention has been given to its insurance system. Providing a unique introduction to the topic, Insurance in the Soviet Union examines whether socialist ideology changes the legal foundations and implementation of insurance. The book describes the administrative structure, market, extent of protection, types of policies, and the place of insurance in the general structure of Soviet finance.

Insurance is a concept, a technique, and an economic institution. It is a major tool of risk management, and plays an important role in the economic, social, and political life of all countries. Economic growth throughout the world has even expanded the role of insurance. Theory and Practice of Insurance aims to describe the significance of insurance institutions, the reasons they exist and how they function. The author emphasizes fundamental principles in risk and insurance, using an international frame of reference. This volume begins with an introduction to the concept of risk, then proceeds to cover insurance and its relationship to the economy; the principles of risk management and insurance; and the characteristics and performance of insurance companies.