Insurance and actuarial studies Books
John Wiley & Sons Inc Integrated Operational Risk Management
Book SynopsisA hands-on and tech-aware exploration of operational risk management In Integrated Operational Risk Management: Tools, Techniques and Meeting Regulatory Expectations, distinguished risk and compliance practitioners Jimi Hinchliffe and Andrew Sheen deliver a practical discussion of operational risk management (ORM) with a pronounced focus on operational resilience and regulatory context, history, and expectations. The book offers a comprehensive explanation of how to create a holistic framework for ORM that breaks down the silos in non-financial risk management, improves efficiency, avoids duplication, and adds value to the business. The authors examine ORM's place within enterprise risk management and describes the origins and evolution of ORM as a discipline. It considers the roles of the BCBS, UK FSA and the Institute of Operational Risk. You'll also find: A variety of ORM tools and frameworks you can implement immediately to incorporate best practices on governance, risk assessment,
£42.75
John Wiley & Sons Inc Risk Management and Financial Institutions
Book SynopsisTable of ContentsBusiness Snapshots xxiii Preface xxv Chapter 1 Introduction: Risk-Return Trade-offs 1 Part 1: Financial Institutions 23 Chapter 2 Banks 25 Chapter 3 Insurance Companies and Pension Plans 47 Chapter 4 Fund Managers 75 Part 2: Financial Markets 97 Chapter 5 Financial Instruments 99 Chapter 6 The OTC Derivatives Market 129 Chapter 7 Securitization and the Global Financial Crisis 145 Chapter 8 Volatility 163 Chapter 9 Correlations and Copulas 193 Chapter 10 Valuation and Scenario Analysis 217 Part 3: Market Risk 231 Chapter 11 Value at Risk and Expected Shortfall 233 Chapter 12 Historical Simulation and Extreme Value Theory 257 Chapter 13 Model-Building Approach 279 Chapter 14 Interest Rate Risk 293 Chapter 15 Derivatives Risk 319 Chapter 16 Scenario Analysis and Stress Testing 347 Part 4: Credit Risk 365 Chapter 17 Estimating Default Probabilities 367 Chapter 18 xVAs 393 Chapter 19 Credit Value at Risk 413 Part 5: Other Risks 429 Chapter 20 Operational Risk 431 Chapter 21 Liquidity Risk 449 Chapter 22 Model Risk Management 477 Chapter 23 Climate Risk, ESG, and Sustainability 497 Chapter 24 Enterprise Risk Management 513 Part 6: Regulation 531 Chapter 25 Basel I, Basel II, and Solvency II 533 Chapter 26 Basel II.5, Basel III, and Other Post-Crisis Changes 563 Chapter 27 Fundamental Review of the Trading Book 585 Chapter 28 Economic Capital and RAROC 599 Part 7: Other Topics 617 Chapter 29 Financial Innovation 619 Chapter 30 Risk Management Mistakes to Avoid 641 Part 8: Appendices 653 Appendix A Compounding Frequencies for Interest Rates 655 Appendix B Zero Rates, Forward Rates, and Zero-Coupon Yield Curves 659 Appendix C Valuing Forward and Futures Contracts 663 Appendix D Valuing Swaps 665 Appendix E Valuing European Options 669 Appendix F Valuing American Options 673 Appendix G Taylor Series Expansions 677 Appendix H Eigenvectors and Eigenvalues 681 Appendix I Principal Components Analysis 685 Appendix J Manipulation of Credit Transition Matrices 687 Appendix K Valuation of Credit Default Swaps 689 Appendix L Synthetic CDOs and Their Valuation 693 Appendix M SIMM 697 Answers to Questions and Problems 701 Glossary 743 RMFI Software 771 Table for N(x) When x ≥ 0 775 Table for N(x) When x ≤ 0 777 Index 779
£78.75
Pearson Education Principles of Risk Management and Insurance
Book Synopsis
£63.99
John Wiley & Sons Inc Empowered Enterprise Risk Management
Book SynopsisTable of ContentsPreface ix Chapter 1: Introduction to Empowered Enterprise Risk Management 1 Chapter 2: Risk Defined 12 Chapter 3: Risk Theory 29 Chapter 4: Risk Culture 46 Chapter 5: Risk Governance 60 Chapter 6: Risk Register 78 Chapter 7: Risk Response 95 Chapter 8: Risk Appetite 116 Chapter 9: Risk Budgeting 132 Chapter 10: Risk Strategy 148 Chapter 11: Risk in Practice: The Case of Equinor 166 Chapter 12: Concluding Remarks 191 Bibliography 199 Acknowledgements 203 Index 205
£27.99
Cengage Learning, Inc 321 Code It 2024 Edition
Book SynopsisMaster the skills needed for medical coding with Green's 3-2-1 CODE IT! 2024 EDITION. Updated to reflect the most recent code sets and coding guidelines, this easy-to-use guide is ideal for anyone just beginning medical coding. Updates incorporate the latest changes to ICD-10-CM, ICD-10-PCS, CPT and HCPCS Level II code sets. The text's well-organized, intuitive approach begins with diagnosis coding before walking you through coding procedures and services. Separate chapters differentiate inpatient and outpatient coding, general and specific ICD-10-CM and ICD-10-PCS coding guidelines, HCPCS Level II coding and CPT coding and guidelines. Examples, clearly defined terms and printed and digital practice activities help you master concepts. Computer-assisted coding cases and professional tools such as encoder software help you prepare for professional coding credentials.Table of Contents1. Overview of Coding. 2. Introduction to ICD-10-CM Coding and Conventions. 3. ICD-10-CM Chapter-Specific Coding Guidelines: ICD-10-CM Chapters 1���10. 4. ICD-10-CM Chapter-Specific Coding Guidelines: ICD-10-CM Chapters 11���22. 5. ICD-10-CM Physician Office and Outpatient Coding. 6. Introduction to ICD-10-PCS Coding, Conventions, and Section Coding Guidelines. 7. ICD-10-CM and ICD-10-PCS Hospital Inpatient Coding. 8. HCPCS Level II Coding. 9. Introduction to CPT Coding. 10. CPT Evaluation and Management. 11. CPT Anesthesia. 12. CPT Surgery I. 13. CPT Surgery II. 14. CPT Surgery III. 15. CPT Surgery IV. 16. CPT Surgery V. 17. CPT Radiology. 18. CPT Pathology and Laboratory. 19. CPT Medicine. 20. Insurance and Reimbursement. Bibliography. Glossary. Index.
£84.99
John Wiley & Sons Inc Reinsurance
Book SynopsisWhile the literature on reinsurance is vast, there is currently no comprehensive treatment of the major actuarial and financial aspects of the subject. Many publications deal with specific aspects of the theory without putting them into a proper perspective. Reinsurance: Actuarial and Statistical Aspects treats the topic differently.Table of ContentsPreface ix 1 Introduction 1 1.1 What is Reinsurance? 1 1.2 Why Reinsurance? 2 1.3 Reinsurance Data 4 1.3.1 Case Study I: Motor Liability Data 5 1.3.2 Case Study II: Dutch Fire Insurance Data 10 1.3.3 Case Study III: Austrian Storm Claim Data 10 1.3.4 Case Study IV: European Flood Risk Data 11 1.3.5 Case Study V: Groningen Earthquakes 12 1.3.6 Case Study VI: Danish Fire Insurance Data 12 1.4 Notes and Bibliography 16 2 Reinsurance Forms and their Properties 19 2.1 Quota-share Reinsurance 19 2.1.1 Some Practical Considerations 20 2.2 Surplus Reinsurance 21 2.3 Excess-of-loss Reinsurance 24 2.3.1 Moment Calculations 25 2.3.2 Reinstatements 27 2.3.3 Further Practical Considerations 29 2.4 Stop-loss Reinsurance 30 2.5 Large Claim Reinsurance 31 2.6 Combinations of Reinsurance Forms and Global Protections 32 2.7 Facultative Contracts 33 2.8 Notes and Bibliography 33 3 Models for Claim Sizes 35 3.1 Tails of Distributions 35 3.2 Large Claims 36 3.3 Common Claim Size Distributions 40 3.3.1 Light-tailed Models 41 3.3.2 Heavy-tailed Models 44 3.4 Mean Excess Analysis 49 3.5 Full Models: Splicing 50 3.6 Multivariate Modelling of Large Claims 52 4 Statistics for Claim Sizes 59 4.1 Heavy or Light Tails: QQ- and Derivative Plots 60 4.2 Large Claims Modelling through Extreme Value Analysis EVA for Pareto-type Tails 63 4.2.1 EVA for Pareto-type Tails 63 4.2.2 General Tail Modelling using EVA 82 4.2.3 EVA under Upper-truncation 91 4.3 Global Fits: Splicing, Upper-truncation and Interval Censoring 97 4.3.1 Tail-mixed Erlang Splicing 97 4.3.2 Tail-mixed Erlang Splicing under Censoring and Upper-truncation 99 4.4 Incorporating Covariate Information 114 4.4.1 Pareto-type Modelling 114 4.4.2 Generalized Pareto Modelling 116 4.4.3 Regression Extremes with Censored Data 119 4.5 Multivariate Analysis of Claim Distributions 123 4.5.1 The Multivariate POT Approach 124 4.5.2 Multivariate Mixtures of Erlangs 125 4.6 Estimation of Other Tail Characteristics 128 4.7 Further Case Studies 132 4.8 Notes and Bibliography 137 5 Models for Claim Counts 139 5.1 General Treatment 139 5.1.1 Main Properties of the Claim Number Process 140 5.2 The Poisson Process and its Extensions 141 5.2.1 The Homogeneous Poisson Process 141 5.2.2 Inhomogeneous Poisson Processes 143 5.2.3 Mixed Poisson Processes 144 5.2.4 Doubly Stochastic Poisson Processes 149 5.3 Other Claim Number Processes 157 5.3.1 The Nearly Mixed Poisson Model 157 5.3.2 Infinitely Divisible Processes 158 5.3.3 The Renewal Model 160 5.3.4 Markov Models 161 5.4 Discrete Claim Counts 161 5.5 Statistics of Claim Counts 164 5.5.1 Modelling Yearly Claim Counts 164 5.5.2 Modelling the Claim Arrival Process 172 5.6 Claim Numbers under Reinsurance 183 5.6.1 Number of Claims under Excess-loss Reinsurance 183 5.7Notes and Bibliography 187 6 Total Claim Amount 189 6.1 General Formulas for Aggregating Independent Risks 189 6.2 Classical Approximations for the Total Claim Size 191 6.2.1 Approximations based on the First Few Moments 191 6.2.2 Asymptotic Approximations for Light-tailed Claims 193 6.2.3 Asymptotic Approximations for Heavy-tailed Claims 198 6.3 Panjer Recursion 199 6.4 Fast Fourier Transform 200 6.5 Total Claim Amount under Reinsurance 201 6.5.1 Proportional Reinsurance 201 6.5.2 Excess-loss Reinsurance 202 6.5.3 Stop-loss Reinsurance 204 6.6 Numerical Illustrations 206 6.7 Aggregation for Dependent Risks 208 6.8 Notes and Bibliography 212 7 Reinsurance Pricing 217 7.1 Classical Principles of Premium Calculation 219 7.2 Solvency Considerations 219 7.2.1 The Ruin Probability 223 7.2.2 One-year Time Horizon and Cost of Capital 226 7.3 Pricing Proportional Reinsurance 228 7.4 Pricing Non-proportional Reinsurance 229 7.4.1 Exposure Rating 229 7.4.2 Experience Rating 232 7.4.3 Aggregate Pure Premium 234 7.5 The Aggregate Risk Margin 235 7.6 Leading and Following Reinsurers 237 7.7 Notes and Bibliography 238 8 Choice of Reinsurance 241 8.1 Decision Criteria 243 8.2 Classical Optimality Results 245 8.2.1 Pareto-optimal Risk Sharing 245 8.2.2 Stochastic Ordering 247 8.2.3 Minimizing Retained Variance 248 8.2.4 Maximizing Expected Utility 251 8.2.5 Minimizing the Ruin Probability 253 8.2.6 Combining Reinsurance Treaties over Subportfolios 8.3 Solvency Constraints and Cost of Capital 259 8.4 Minimizing Other Risk Measures 261 8.5 Combining Reinsurance Treaties 262 8.6 Reinsurance Chains 263 8.7 Dynamic Reinsurance 264 8.8 Beyond Piecewise Linear Contracts 266 8.9 Notes and Bibliography 268 9 Simulation 273 9.1 The Monte Carlo Method 273 9.2 Variance Reduction Techniques 276 9.2.1 Conditional Monte Carlo 277 9.2.2 Importance Sampling 277 9.3 Quasi-Monte Carlo Techniques 283 9.4 Notes and Bibliography 288 10 Further Topics 291 10.1 More on Large Claim Reinsurance 291 10.1.1 The Ordered Claims 291 10.1.2 Large Claim Reinsurance 296 10.1.3 ECOMOR 298 10.2 Alternative Risk Transfer 300 10.2.1 Notes and Bibliography 304 10.3 Reinsurance and Finance 305 10.4 Catastrophic Risk 306 References 309 Index 347
£63.86
Iskaboo Publishing Ltd Risk Reward
Book Synopsis
£19.99
De Gruyter Handbook of Analytical Studies in Islamic Finance
Book SynopsisThis handbook offers a unique and original collection of analytical studies in Islamic economics and finance, and constitutes a humble addition to the literature on new economic thinking and global finance. The growing risks stemming from higher debt, slower growth, and limited room for policy maneuver raise concerns about the ability and propensity of modern economies to find effective solutions to chronic problems. It is important to understand the structural roots of inherent imbalance, persistence-in-error patterns, policy and governance failures, as well as moral and ethical failures. Admittedly, finance and economics have their own failures, with abstract theory bearing little relation with the real economy, uncertainties and vicissitudes of economic life. Economic research has certainly become more empirical despite, or perhaps because of, the lack of guidance from theory. The analytics of Islamic economics and finance may not differ from standard frameworks, methods, and techniques used in conventional economics, but may offer new perspectives on the making of financial crises, nature of credit cycles, roots of financial system instability, and determinants of income disparities. The focus is placed on the logical coherence of Islamic economics and finance, properties of Islamic capital markets, workings of Islamic banking, pricing of Islamic financial instruments, and limits of debt financing, fiscal stimulus and conventional monetary policies, inter alia. Readers with investment, regulatory, and academic interests will find the body of analytical evidence to span many areas of economic inquiry, refuting thereby the false argument that given its religious tenets, Islamic economics is intrinsically narrative, descriptive and not amenable to testable implications. Thus, the handbook may contribute toward a redefinition of a dismal science in search for an elusive balance between rationality, ethics and morality, and toward a remodeling of economies based on risk sharing and prosperity for all humanity
£88.50
De Gruyter De Gruyter Handbook of Entrepreneurial Finance
Book SynopsisAs of early 2022, seven of the ten largest firms in the world by market capitalization had been funded through various types of entrepreneurial finance. This handbook provides an up-to-date survey of what we know about this significant phenomenon in all its forms, and where our knowledge about it needs to head from here. The handbook embraces a wide range of established and emerging academic and practitioner voices across the globe to explore the theoretical and practical flux and tension in the field. Until recently, most studies have taken a supply side perspective, focusing on the perspective of those who provide funding to new ventures. This book takes a different, demand side perspective, beginning with the entrepreneur and gradually broadening our view to include close by and then more distant funding sources. Following this approach, it is organized into four parts detailing the individual level (founders’ resources, bricolage and bootstrapping, effectuation and portfolio entrepreneurship); the inner circle (informal financing, business groups, incubators and accelerators); the wider world (formal debt, microfinance, venture capital, corporate venture capital, business angels, government funding and family offices); and emerging perspectives (non-Western perspectives, gender, indigenous perspectives, post-conflict and disaster zones and ethics). The introduction considers the general state of the field, while the conclusion takes on additional topics relevant to entrepreneurial finance, such as decentralized finance, big data, behavioral economics, financial innovation and COVID-19, as well as possible ways in which entrepreneurial finance can have a greater impact on other disciplines. This handbook will be a core reference work for researchers, practitioners, and policy makers seeking an up-to-date academic survey of entrepreneurial finance. It can also be used as a primary text in Ph.D. seminars in entrepreneurship, entrepreneurial finance, and finance. Instructors in Master’s level courses in entrepreneurial finance and venture capital will also find the book of benefit.
£97.50
John Wiley & Sons Inc Against the Gods
Book SynopsisA Business Week, New York Times Business, and USA Today Bestseller "Ambitious and readable... an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism. " -The New York Times "An extraordinarily entertaining and informative book.Trade ReviewAGAINST THE GODS appeared in the "Washington Is Also Reading..." section of The Washington Post Book World. The book is described as, "A comprehensive history of man's efforts to understand risk and probability, from ancient gamblers in Greece to modern chaos theory."-The Washington Post Book World, September 20, 1998Table of ContentsAcknowledgments ix Introduction 1 TO 1200: BEGINNINGS 1. The Winds of the Greeks and the Roleof the Dice 11 2. As Easy as I, II, III 23 1200–1700: A THOUSAND OUTSTANDING FACTS 3. The Renaissance Gambler 39 4. The French Connection 57 5. The Remarkable Notions of the Remarkable Notions Man 73 1700–1900: MEASUREMENT UNLIMITED 6. Considering the Nature of Man 99 7. The Search for Moral Certainty 116 8. The Supreme Law of Unreason 135 9. The Man with the Sprained Brain 152 10. Peapods and Perils 172 11. The Fabric of Felicity 187 1900–1960: CLOUDS OF VAGUENESS AND THE DEMAND FOR PRECISION 12. The Measure of Our Ignorance 197 13. The Radically Distinct Notion 215 14. The Man Who Counted Everything Except Calories 231 15. The Strange Case of the Anonymous Stockbroker 247 DEGREES OF BELIEF:EXPLORING UNCERTAINTY 16. The Failure of Invariance 269 17. The Theory Police 284 18. The Fantastic System of Side Bets 304 19. Awaiting the Wildness 329 Notes 339 Bibliography 353 Name Index 365 Subject Index 369
£16.20
Oxford University Press Disaster Insurance Reimagined Protection in a
Book SynopsisThis book examines the growing role and importance of 'Protection Gap Entities' (PGEs). The authors use practical examples from different countries to explain how PGEs step in to maintain disaster insurance and how their work can, but does not always, improve financial and physical resilience to disaster.Trade ReviewAs the rising frequency, severity and variety of catastrophic loss events challenge the efficacy - and perhaps even the relevance - of the traditional insurance model, the authors identify and analyze a diverse set of promising but ad hoc collaborative programs for managing catastrophe risks. From this survey emerges a practical framework through which governments, the private sector, and impacted communities may constructively engage to develop holistic and sustainable solutions to some of today's most difficult-to-insure risks. * Jason Schupp, Founder & Managing Member, Center for Better Insurance *How can individuals, cities and societies insure against increasingly extreme disasters? Protection Gap Entities, as organizational innovations created between market and state, are an answer. This important and superbly clear book shows how PGEs aim to correct insurance market disequilibrium and to re-imagine insurability in a riskier world. Based on immersion in PGEs across the globe, the authors demonstrate the varied operational challenges they face as they try to save insurance from its own paradoxes. But this is much more than a book about insurance; its subject matter is urgent and existential. For this reason, it should be read widely by social scientists and policymakers * Michael Power, Professor of Accounting, London School of Economics and Political Science *Who pays for our increasing global disasters? This brilliantly researched book highlights how this complex problem depends on a fine-tuned balancing of paradoxical tensions. Anyone that wants to make more transparent the hidden realities of disaster responses, financial markets and the paradoxical tensions that inform them must read this book * Wendy Smith. Dana J. Johnson Professor of Management, University of Delaware *This timely book is essential reading for anybody with a stake in insurability at a time of intensifying natural disasters: from risk specialists to those interested in building resilient systems in the face of climate change, such as governments, development and humanitarian organizations. The way the authors discuss Protection Gap Entities (PGEs) via interlinked paradoxes is illuminating. Readers will learn to appreciate the fine balance on which insurance is built, encompassing questions of knowledge, responsibility, and market structure. I would use the authors' conceptual framework not only to discuss specialist topics around disaster insurability, but also to teach insurance fundamentals to diverse audiences, from technical experts to policymakers. * Andreas Tsanakas, Professor of Risk Management, City, University of London *Many have observed the limitations of private insurance when it comes to financial protection from disasters. When people face disasters without insurance, harm and heartache multiplies. With this book, we finally have the tools to understand why those limitations exist and the critical role played by Protection Gap Entities (PGEs) when those limitations cannot be overcome by the private sector alone. This book is essential reading; not only for what it teaches us about the complex landscape of insurance today, but also for the ways it pushes us to think creatively about how to build more sustainable and humane forms of social protection in the future. A timely, stimulating, major contribution. * Rebecca Elliott, London School of Economics and Political Science *The frequency and intensity of weather extremes is increasing due to climate change. Most affected regions are well advised to establish new and strengthen already existing disaster risk pooling arrangements. The book provides strong evidence for the effectiveness of Protection Gap Entities (PGEs) in helping close the disaster loss gap, not least as they comprehensively convene risk owners and often incentivise prevention and preparedness. A must read for decision makers aiming to strengthen disaster resilience in a comprehensive and sustainable fashion * David N. Bresch, Professor for Weather and Climate Risks, ETH Zurich / MeteoSwiss *This book is essential and riveting reading for policymakers and risk professionals interested in how we build financial and physical resilience to disasters. It provides a ground-breaking exposition of the vital role public-private partnerships (Protection Gap Entities - PGEs) play in covering insurance protection gaps. It provides an insightful tour of developed and developing insurance markets confronting disasters from earthquake, flood, cyclone, and drought to terrorism. Based on an unprecedented multi-stakeholder dataset from 17 PGEs providing disaster insurance in 49 countries, Paula and her co-authors explain why PGEs are established, how they evolve, and imagine what future role they can play in enabling insurability in the face of escalating risk. * Julian Enoizi, Global Head of Public Sector Practice, Guy Carpenter *In face of extreme weather, terrorist attacks, seismological disasters, financial collapse, and other calamities, how can we do disaster insurance well? This timely and deeply researched book, based on hundreds of interviews and hours of fieldwork across multiple countries, provides essential learning lessons for academics and practitioners alike. An outstanding contribution to unveiling the complexities of the disaster insurance system, it also illuminates crucially how cross-sector collaborations can be leveraged to bring about economic stability and greater equity. * Nina Bandelj, Chancellor's Professor, University of California, Irvine *This book reimagines disaster insurance at times where the world is facing compounding crises that can further widen the protection gap. As the climate and disaster risk finance and insurance landscape is quickly evolving, especially in emerging markets and developing economies, this book provides the reader with the right tools to understand how protection gap entities can help governments, firms and households access disaster insurance solutions and reduce the protection gap. * Olivier Mahul, Global Lead and Program Manager, Disaster Risk Financing and Insurance Program, World Bank *Disaster Insurance Reimagined: Protection in a Time of Increasing Risk is a must-read book for all catastrophe insurance professionals and all others interested in the role insurance can play in dealing with the growing loss from both the rise in exposure and climate change. Clever and easy to read, this work provides framework, sets the issues at stake and makes explicit the underlying philosophy by which catastrophe insurance is provided in very different jurisdictions. * Francisco Espejo Gil, Consorcio de Compensacion de Seguros *Table of Contents1: Protection Gap Entities: Saving insurance from itself? 2: Paradoxes of origination: Between too little and too much knowledge 3: Shouldering the burden: Who controls the market and has responsibility for protection? 4: Problem solved? Between static remits and evolving environments 5: Limiting loss: Between financial and physical resilience 6: Reimagining disaster insurance: Towards a new equilibrium Appendix A: The disaster risk transfer process Appendix B: Methodology Glossary
£35.00
Taylor & Francis Ltd Marine Insurance Law
Marine Insurance Law introduces and clearly explains all topics covered in undergraduate and postgraduate-level courses, offering students and those new to the area a comprehensive and accessible overview of this important topic in maritime law.Observing the general principles of the subject and structure and formation of insurance contracts, this text goes on to look at individual considerations in detail, including the duty of utmost good faith/fair presentation of the risk, insurable interest, terms of insurance contracts, warranties and conditions, brokers, the premium, causation and marine perils, losses, sue and labour, subrogation, fraudulent claims, and reinsurance. The third edition has been fully updated and expanded to cover additional pre-Marine Insurance Act 1906 (MIA 1906) cases, as well as the implications of the Insurance Act 2015 on the duty of fair presentation of the risk in business insurance and on the remedy for breach of a warranty. The reader
£51.99
American Library Association The ALA Guide to Information Sources in Insurance
Book SynopsisThe insurance industry is among the most highly regulated industries today, and literature on the field is a complex thicket of sources. This valuable, one-of-a-kind resource is a comprehensive guide to locating and using information resources about the insurance industry.Trade Review”A small but detailed reference work, this paperback could function as the one insurance, risk management, and actuarial science resource for academic libraries with smaller collections or for public libraries with a strong business focus. For larger institutions, this text would provide a handy quick guide in a reference collection.""— ARBATable of ContentsPreface Chapter 1: Introductory Guides to Insurance: Consumer Information Sources, Guides, and Popular Works Chapter 2: Textbooks: Insurance, Actuarial Science, Risk Management, and Related Topics Chapter 3: The Insurance Industry: Almanacs, Fact Books, and Statistics; Databases; Dictionaries and Encyclopedias; Directories; Handbooks; and Associations Chapter 4: The History of Insurance Chapter 5: Insurance Law Chapter 6: International Insurance Chapter 7: Actuarial Science Chapter 8: Risk Management Chapter 9: Health Care Reform and Health Insurance Chapter 10: Annuities and Life Insurance Chapter 11: Property/Casualty Insurance, Catastrophe Insurance, and Liability Insurance Chapter 12: Employment and Related Insurance: Disability, Employment Benefits, and Workers’ Compensation; Social Insurance and Social Security; and Employee Benefits and Retirement Plans Chapter 13: Bank and Financial Insurance: Bank and Credit Insurance and Risk Management; Economics and Insurance; and Finance and Investment Advisory Sources Chapter 14: Careers in Insurance and Insurance Education Chapter 15: Miscellaneous Insurance and Related Topics Appendix A: Abbreviations and Acronyms Appendix B: Insurance, Risk Management, and Actuarial Associations and Agencies Appendix C: Selected Insurance, Risk Management, and Actuarial Studies Journals Appendix D: Insurance, Actuarial Science, and Risk Management Schools and University Departments Appendix E: Selected Major Business and Insurance Libraries Index.
£76.00
CRC Press Risk Analysis in Finance and Insurance
Book SynopsisRisk Analysis in Finance and Insurance, Third Edition presents an accessible yet comprehensive introduction to the main concepts and methods that transform risk management into a quantitative science. Considering the interdisciplinary nature of risk analysis, the author discusses many important ideas from stochastic analysis, mathematical finance and actuarial science in a simplified manner. He explores the interconnections among these disciplines and encourages readers toward further study of the subject. This edition continues to study risks associated with financial and insurance contracts, using an approach that estimates the value of future payments based on current financial, insurance, and other information.Features of the third editionâ 12 chapters instead of 8 of the 2nd edition. Two new chapters on Wiener process as a base for financial market modeling. Option pricing in the Bachelier model, the model of Black and Scholes, the Gram-Charlier model. American options and their pricing in the Black-Scholes modelâ Several new notions, topics and results that are not reflected yet in other textbooks, and even in monographs (Binomial model with constraints, detailed exposition of quantile hedging technique, Conditional Value at Risk, Range of Value at Risk, applications to equity-linked life insurance)â Can be regarded as a self-contained issue of courses on Mathematical Finance, Actuarial Science and Risk Managementâ Replete with new exercises, problems, hints and solutions
£52.99
CRC Press Sustainable Financial Structured Products
Book SynopsisSustainable Financial Structured Products: Managing Risk Appetite across Modelling, Structuring, and Hedging gives an overview of all relevant aspects of Financial Structured Products (i.e. long-term savings products) from the risk perspective of both issuers (banks, insurers) and customers. The book contains technical details associated with both practice and theory, specifically related to modelling, product design, investments and risk management challenges and solutions, tailored to both savings institutions and customer perspectives.The book is aimed at practicing risk managers and associated professionals but can also be a useful teaching resource for courses in risk management, financial structured products, and other related topics.Features â Offers detailed theoretical background alongside concrete, cutting-edge quick wins across strategic and operational business axesâ Practical tools for professionals in the banking industry, as well as great teaching/learning resources for studentsâ Highlights operational challenges across modelling, product designs and hedging.
£188.01
Taylor & Francis Ethical Artificial Intelligence in the Insurance Industry
£105.00
Wiley Takaful Investment Portfolios
a huge range and FREE tracked UK delivery on ALL orders.
£72.00
John Wiley & Sons Inc The Black Swan Problem
Book SynopsisAn 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 Håkan Jankensgård 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 disruptionExtending the usual academic focus on individual biases to analyze Swans from an organizational perspective and prime organizations to proactive rather than reactive actionPractical applications and tactics to mitigate Black Swan risks and protect corporate strategies against catastrophic losses and the collateral damage that they causeStrategies 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.Table of ContentsPrologue 3 Chapter 1: The Swans Revisited 7 The nature of randomness 8 The Moving Tail 11 The role of expectations 16 What makes us suckers? 20 The relativity of Black Swans 24 Meet the preppers 28 Chapter 2: Corporate Swans 31 The Board’s perspective 31 Swans attack 33 Strategy Swans 35 The Swan within 39 The growth fetish 42 The fear factor 47 The Chief Executive Swan 49 Swans on the rise 52 Chapter 3: The Black Swan Problem 60 Tail risk and firm value 60 Understanding wipeouts 65 Strategy disruption 71 All you zombies 76 The affordability issue 78 The conundrum 84 Chapter 4: Greeting the Swan 90 Randomness redux 90 The roads not taken 98 Functional stupidity 102 The Swanmakers 108 On tools and models 112 A Swan radar for the Board 116 Chapter 5: Taming the Swan 122 Drawing the line 122 Distance to wipeout 129 Risk capital 131 Stress testing 140 The exit option 146 Resilience vs endurance 150 Quantitative models 155 Liquidity is king 162 Chapter 6: Catching the Swan 166 Antifragility 167 Restoring the true path 170 Buying on the cheap 173 Opportunity capital 176 Flight to safety 182 Risk as strategy 187 Chapter 7: Riding the Swan 192 Risk shifting 192 A beautiful strategy 199 Fuel for growth 203 Narcissism redeemed 208 A tail of two companies 211 End of the ride 215 Swans to the rescue? 217 Epilogue 221
£27.99
Technics Publications LLC Introduction to Data Management Functions & Tools: IDMA 201 Course Textbook
Book SynopsisThis textbook is for the IDMA 201 course in the IDMA Associate Insurance Data Manager (AIDM) designation program. This course defines data management, describes the functions of data managers, provides the business case for data management and introduces the student to concepts and tools used by data managers. Whether you are an actuary, a claims professional, business analyst, or almost any of the other key functions, knowledge of data management can help you do your job better and help you prepare, understand, and protect the raw material -- the data -- so critical to your organisation. IDMA courses, workshops, and forums are highly recommended for a broad audience including new hires, IT and data modeling professionals who want to broaden their knowledge of the business side of insurance data management, anyone who manages and governs data in the industry (statistical, or management information data), and anyone who needs to use or communicate good quality data/information -- from actuaries to underwriters, and claims and analytics professionals. Students who complete the four IDMA-developed courses and successfully pass the examinations are awarded an Associate Insurance Data Manager (AIDM) designation. The IDMA courses may be taken in any order; there are no prerequisites. However, the courses are numbered to indicate a recommended sequence. For details on the designation requirements, please refer to the IDMA Website at www.IDMA.org.
£125.79
Emerald Publishing Limited Data Alchemy in the Insurance Industry
Book SynopsisThis collected edition provides a comprehensive and practical roadmap for insurers, data scientists, technologists, and insurance enthusiasts alike, to navigate the data-driven revolution that is sweeping the insurance landscape.
£76.00
Taylor & Francis Ltd Risk
Book SynopsisRisk compensation postulates that everyone has a "risk thermostat" and that safety measures that do not affect the setting of the thermostat will be circumvented by behaviour that re-establishes the level of risk with which people were originally comfortable. It explains why, for example, motorists drive faster after a bend in the road is straightened. Cultural theory explains risk-taking behaviour by the operation of cultural filters. It postulates that behaviour is governed by the probable costs and benefits of alternative courses of action which are perceived through filters formed from all the previous incidents and associations in the risk-taker's life.; "Risk" should be of interest to many readers throughout the social sciences and in the world of industry, business, engineering, finance and public administration, since it deals with a fundamental part of human behaviour that has enormous financial and economic implications.Trade Review"Extremely counterintuitive...stimulating and rewarding." Nature"This book is to make one pause and take stock. He (the author) has a wonderfully irreverant style, dissecting phony argument and phoney statistics with an enviable ease, humour and self-deprecation." Transactions of the IBG"Having read it, none of us should ever again look at transport issues in the same way...this is why his (the author's) book deserves to be read, not just by geographers but by the whole community of transport planners and policy makers." Journal of Transport GeographyTable of ContentsChapter 01 Risk: An Introduction; Chapter 02 Risk and the Royal Society; Chapter 03 Patterns in Uncertainty; Chapter 04 Error, Chance and Culture; Chapter 05 Measuring Risk; Chapter 06 Monetizing Risk; Chapter 07 Road Safety 1: Seat Belts; Chapter 08 Road Safety 2: More Filtering; Chapter 09 A Large Risk: The Greenhouse Effect; Chapter 10 The Risk Society; Chapter 11 Can We Manage Risk Better?;
£42.99
Pixyjack Press, Inc. Surviving Wildfire: Get Prepared, Stay Alive,
Book Synopsis
£13.56
Springer International Publishing AG Shipping Operations Management
a huge range and FREE tracked UK delivery on ALL orders.
£149.99
Asian Development Bank Assessing the Enabling Environment for Disaster
Book SynopsisThis diagnostics toolkit is designed to help countries assess the financial management of disaster risk and to provide a basis for them to enhance financial resilience through insurance and other risk transfer instruments.Disasters damage and destroy infrastructure and disrupt economic activities and services, potentially delaying long-term development and hampering efforts to reduce poverty in the region. Countries require a strong enabling environment for disaster risk financing to ensure the timely availability of post-disaster funding. In the report, the framework examines the state of the enabling environment and incorporates lessons from country diagnostics assessments for Fiji, Nepal, Pakistan, and Sri Lanka.
£18.95
£46.54
The University of Chicago Press Embracing Risk The Changing Culture of Insurance
Book Synopsis'Embracing risk' offers an original approach to risk, insurance and responsibility, the provocative and wide-ranging essays demonstrate that risk has moved well beyond its origins in the insurance trade to become a central organizing principle of social and cultural life.
£30.00
Columbia University Press Underwater
Book SynopsisRebecca Elliott explores how families, communities, and governments confront problems of loss as the climate changes. She offers the first in-depth account of the politics and social effects of the U.S. National Flood Insurance Program, in an incisive consideration of the dilemmas of moral economy underlying insurance.Trade ReviewIn this essential book, Rebecca Elliott narrates the history of the individualization of risk through an unlikely lens: the de-mutualization of flood insurance in the United States. As rising global temperatures wreak havoc on the climate, those living in the path of storms are increasingly left to deal with the consequences on their own. This is a rich and deeply human story about people and organizations going underwater, learning to make sense of loss and to become ‘resilient’—until the next wave. -- Marion Fourcade, author of Economists and Societies: Discipline and Profession in the United States, Britain, and France, 1890s to 1990sUnderwater is a masterpiece of social and historical analysis, revealing the increasingly powerful and contested role of the insurance industry—through its rationalities, technologies, and moral economy—in an age of climate crisis. It opens on the impossible decision so many of us facing climate-driven catastrophes in the places we live must now make: to retreat or to remain. As Elliot shows in incisive, often painful detail, these decisions force us to reckon with multiple forms of loss—some measured in our ties to buildings, communities, landscapes, and ways of life, others in the dollar amounts of our insurance coverage and housing investments. These vital reckonings, meanwhile, differ depending on where we live, whether we own our homes, and how 'deserving' we are perceived to be—all variables profoundly shaped by race and class. Elliott compellingly situates these struggles within an emergent 'politics of loss'—itself the flip-side of ever more inadequate politics of sustainability. Disparities and precarities driven both by policy and escalating hazard have ushered in an engaged, often enraged 'climate public,' and wrought havoc in the insurance industry itself. Through this brilliant, moving, and elegantly written analysis, we see a space opening for radical reimagining. What if we reject the devolution of risk and individualizing logics of insurance and housing markets, and recognize our collective interdependence? Elliott leaves us with a crucial understanding: there can be no safer ground if we go it alone. -- Miriam Greenberg, coauthor of Crisis Cities: Disaster and Redevelopment in New York and New OrleansIn this lucidly written and brilliantly argued book, Rebecca Elliott takes us from the flooded basements of victims of Hurricane Sandy in New York—and we could add the West Coast aflame as I write—to a powerful cultural conflict standing between us and an urgently needed fix. Flood insurance. Premium costs. Risk classification. Zoning. Building standards. Buried in the ‘administrative decisions’ within each realm are momentous questions. Should the government step out and leave owners with deeply devalued homes, ‘free’ to rebuild at their own risk? Or, on the other hand, should the government bear the cost of climate denial when financial obligations spike high and flames and floods are upon us? This is a highly important book arriving at a crucial hour. Read it and pass it on. -- Arlie Russell Hochschild, author of Strangers in Their Own Land: Anger and Mourning on the American Right, a finalist for the National Book AwardUnderwater is a tragically timely, subtly scary, and completely essential book about living with loss in a climate-changed world. Elliott brings a sophisticated sociological perspective and a compassionate ethnographic eye to debates over how we protect ourselves and our neighbors as the ground shifts beneath our feet. A major contribution. -- Eric Klinenberg, author of Palaces for the People: How Social Infrastructure Can Help Fight Inequality, Polarization, and the Decline of Civic LifeUnderwater explores how Americans directly affected by storms like Hurricane Sandy have been forced to confront the impact climate change has on their homes, families, and communities. This path-breaking study shows that the terrain of these discussions, centered on struggles over arcane issues like insurance and flood maps, raises deeply political and moral questions about who should pay for and be responsible for the impacts of what will certainly be steadily worsening events. -- Neil Fligstein, University of California, BerkeleyThere is clearly a lot here for economic sociologists, as well as for scholars of natural disasters, cities and the built environment, and risk and insurance. * American Journal of Sociology *Table of ContentsAcknowledgmentsTimeline of EventsIntroduction: Insurance and the Problem of Loss in a Climate-Changed United States1. Transforming the Management of Loss: The Origins of the National Flood Insurance Program2. Losing Ground: Values at Risk in an American Floodplain3. Visions of Loss: Knowing and Pricing Flood Risk4. Shifting Responsibilities for Loss: National Reform of Flood Insurance5. Floodplain Futures: Trajectories of LossConclusion: What Do We Have to Lose?Methodological AppendixNotesIndex
£23.75
John Wiley & Sons Inc 20 Chance of Rain
Book SynopsisThere are plenty of books on specialized risk topics but few that deal with the broad diversity and daily applicability of this subject. Risk applications require a robust knowledge of many attributes of this seemingly simple subject. This book teaches the reader through examples and case studies the fundamental (and subtle) aspects of risk - regardless of the specific situation. The text allows the reader to understand the concept of risk analysis while not getting too involved in the mathematics; in this method the reader can apply these techniques across a wide range of situations. The second edition includes new examples from NASA and several other industries as well as new case studies from legal databases. The many real-life discussion topics enable the reader to form an understanding of the concepts of risk and risk management and apply them to day-to-day issues.Table of ContentsPreface ix Acknowledgments xi 1. Risk: Life’s Question Mark 1 2. Measurement: The Alchemist’s Base 15 3. Statistics: Numbers Looking for an Argument 41 4. The Value of Life and Limb, Statistically Speaking 69 5. The Evolution of Risk 93 6. Frequency and Severity: Weighing the Risk 107 7. What’s in a Risk? Perception Creates Risk Reality 128 8. Risk, Regulation, and Reason 151 9. Earth, Air, and Water: The Not-So-Bare Essentials 176 10. Food . . . for Thought 210 11. Flying: The Not-So-Wild Blue Yonder 249 12. Risk on the Roads 278 13. An Incomplete List of Life’s Risks 315 Index 337
£37.95
Wiley Risk Management for Design and Construction
a huge range and FREE tracked UK delivery on ALL orders.
£104.36
John Wiley & Sons Inc Developing Validating and Using Internal Ratings
Book SynopsisThis book provides a thorough analysis of internal rating systems. Two case studies are devoted to building and validating statistical-based models for borrowers' ratings, using SPSS-PASW and SAS statistical packages. Mainstream approaches to building and validating models for assigning counterpart ratings to small and medium enterprises are discussed, together with their implications on lending strategy. Key Features: Presents an accessible framework for bank managers, students and quantitative analysts, combining strategic issues, management needs, regulatory requirements and statistical bases. Discusses available methodologies to build, validate and use internal rate models. Demonstrates how to use statistical packages for building statistical-based credit rating systems. Evaluates sources of model risks and strategic risks when using statistical-based rating systems in lending. This book will prove to be of great value to banTable of ContentsPreface xi About the authors xiii 1 The emergence of credit ratings tools 1 2 Classifications and key concepts of credit risk 5 2.1 Classification 5 2.1.1 Default mode and value-based valuations 5 2.1.2 Default risk 6 2.1.3 Recovery risk 7 2.1.4 Exposure risk 8 2.2 Key concepts 8 2.2.1 Expected losses 8 2.2.2 Unexpected losses, VAR, and concentration risk 9 2.2.3 Risk adjusted pricing 13 3 Rating assignment methodologies 17 3.1 Introduction 17 3.2 Experts-based approaches 19 3.2.1 Structured experts-based systems 19 3.2.2 Agencies’ ratings 22 3.2.3 From borrower ratings to probabilities of default 26 3.2.4 Experts-based internal ratings used by banks 31 3.3 Statistical-based models 32 3.3.1 Statistical-based classification 32 3.3.2 Structural approaches 34 3.3.3 Reduced form approaches 38 3.3.4 Statistical methods: linear discriminant analysis 41 3.3.5 Statistical methods: logistic regression 54 3.3.6 From partial ratings modules to the integrated model 58 3.3.7 Unsupervised techniques for variance reduction and variables’ association 60 3.3.8 Cash flow simulations 73 3.3.9 A synthetic vision of quantitative-based statistical models 76 3.4 Heuristic and numerical approaches 77 3.4.1 Expert systems 78 3.4.2 Neural networks 81 3.4.3 Comparison of heuristic and numerical approaches 85 3.5 Involving qualitative information 86 4 Developing a statistical-based rating system 93 4.1 The process 93 4.2 Setting the model’s objectives and generating the dataset 96 4.2.1 Objectives and nature of data to be collected 96 4.2.2 The time frame of data 96 4.3 Case study: dataset and preliminary analysis 97 4.3.1 The dataset: an overview 97 4.3.2 Duplicate cases analysis 103 4.3.3 Missing values analysis 104 4.3.4 Missing value treatment 107 4.3.5 Other preliminary overviews 109 4.4 Defining an analysis sample 114 4.4.1 Rationale for splitting the dataset into an analysis sample and a validation sample 114 4.4.2 How to split the dataset into an analysis sample and a validation sample 114 4.5 Univariate and bivariate analyses 116 4.5.1 Indicators’ economic meanings, working hypotheses and structural monotonicity 117 4.5.2 Empirical assessment of working hypothesis 130 4.5.3 Normality and homogeneity of variance 137 4.5.4 Graphical analysis 140 4.5.5 Discriminant power 145 4.5.6 Empirical monotonicity 157 4.5.7 Correlations 160 4.5.8 Analysis of outliers 162 4.5.9 Transformation of indicators 164 4.5.10 Summary table of indicators and short listing 177 4.6 Estimating a model and assessing its discriminatory power 184 4.6.1 Steps and case study simplifications 184 4.6.2 Linear discriminant analysis 185 4.6.3 Logistic regression 210 4.6.4 Refining models 216 4.7 From scores to ratings and from ratings to probabilities of default 229 5 Validating rating models 237 5.1 Validation profiles 237 5.2 Roles of internal validation units 239 5.3 Qualitative and quantitative validation 241 5.3.1 Qualitative validation 242 5.3.2 Quantitative validation 249 6 Case study: Validating PanAlp Bank’s statistical-based rating system for financial institutions 257 6.1 Case study objectives and context 257 6.2 The ‘Development report’ for the validation unit 258 6.2.1 Shadow rating approach for financial institutions 258 6.2.2 Missing value analysis 259 6.2.3 Interpreting financial ratios for financial institutions and setting working hypotheses 260 6.2.4 Monotonicity 263 6.2.5 Analysis of means 263 6.2.6 Assessing normality of distributions: histograms and normal Q–Q plots 263 6.2.7 Box plots analysis 266 6.2.8 Normality tests 267 6.2.9 Homogeneity of variance tests 269 6.2.10 F-ratio and F-Test 270 6.2.11 ROC curves 270 6.2.12 Correlations 270 6.2.13 Outliers 270 6.2.14 Short listing and linear discriminant analysis 272 6.3 The ‘Validation report’ by the validation unit 274 7 Ratings usage opportunities and warnings 285 7.1 Internal ratings: critical to credit risk management 285 7.2 Internal ratings assignment trends 289 7.3 Statistical-based ratings and regulation: conflicting objectives? 291 7.4 Statistical-based ratings and customers: needs and fears 295 7.5 Limits of statistical-based ratings 298 7.6 Statistical-based ratings and the theory of financial intermediation 305 7.7 Statistical-based ratings usage: guidelines 310 Bibliography 315 Index 321
£71.06
John Wiley & Sons Inc The 100 Best Annuities You Can Buy
Book SynopsisComplete profiles of today's most successful annuities. Expert tips on how to maximize your returns. Variable annuities now outpace mutual funds as the number one choice among street-smart investors--and it's easy to see why.Table of ContentsALL ABOUT ANNUITIES. What Is a Variable Annuity?. How an Annuity Works. How to Invest in a Variable Annuity. Reading a Variable Annuity Prospectus. THE 100 BEST SUBACCOUNTS. How the 100 Best Subaccounts Were Determined. About the 100 Best Subaccounts. Aggressive Growth Subaccounts. Balanced Subaccounts. Corporate Bond Subaccounts. Global Stock Subaccounts. Government Bond Subaccounts. Growth Subaccounts. Growth and Income Subaccounts. High-Yield Bond Subaccounts. Metals Subaccounts. Specialty Subaccounts. Utility Stock Subaccounts. World Bond Subaccounts. Glossary of Annuity Terms. About the Author.
£22.94
Wiley Practice Management for Design Professionals
Book SynopsisIn the mid-1960s geotechnical engineers paid the highest liability insurance of any profession and by 1969 were virtually uninsurable. As a result, the ASFE was founded and helped these engineers not only lower their insurance rates, but get to the point where, by 1980, they were the least liability-prone members of the design profession. Now, John Bachner and the ASFE tell all other design professionals how to accomplish the same task. This book, which incorporates the ASFE''s Introduction to Professional Practice program for advancing architects'' and engineers'' knowledge of professional practice issues, addresses almost every aspect of the design professionals'' practice as they relate to liability, from procedures for verifying the accuracy of technical output to steps for improving client and project selection, workscope development, personnel training and dispute resolution.Table of ContentsProfessions, Professionals, Professionalism. Professional Engagement. Executing a Professional Commission. Professionals and the Law. Contracts for Professional Services. Professional Liability Insurance. Professional Risk Management. Dispute Resolution. Basic Economics of Professional Practice. Professional Human Resources Management. Professional Services Marketing and Business Planning. Professional Business Development. Communicating as a Professional. Index.
£134.06
John Wiley & Sons Inc Stochastic Processes for Insurance and Finance
Book SynopsisStochastic 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 the subject and specifically address: The principal concepts from insurance and finance Practical examples with real life data Numerical and algorithmic procedures essential for modern insurance practices Assuming competence in probability calculus, this book will provide a fairly rigorous treatment of insurance risk theory recommended for researchers and students interested in applied probability as well as practitioners of actuarial sciences. Wiley Series in Probability and StatisticsTrade Review"...an excellent text..." -- Australian & New Zealand Journal of StatisticsTable of ContentsTable of Contents: Concepts from Insurance and Finance. Probability Distributions. Premiums and Ordering of Risks. Distributions of Aggregate Claim Amount. Risk Processes. Renewal Processes and Random Walks. Markov Chains. Continuous-Time Markov Models. Martingale Techniques I. Martingale Techniques II. Piecewise Deterministic Markov Processes. Point Processes. Diffusion Models. Distribution Tables. References. Index.
£176.36
Emerald Group Publishing Limited Insurance Ethics for a More Ethical World
Book SynopsisExplores the central and unique role of organizational ethics in creating and sustaining a flourishing, pluralistic, free enterprise economy. This book examines how profit seeking and not-for-profit organizations can be conceived and designed to satisfy legitimate human needs in an ethical and meaningful way.Table of ContentsChapter 1: Introduction: Insurance Ethics for a More Ethical World. Chapter 2: Spitzers Allegations of Unethical/Illegal Behavior: Has the Insurance Industrys Ethical Environment Really Changed Dramatically? Chapter 3: AIG: Accounting and Ethical Lapses. Chapter 4: Insurance Ethics, an oxymoron? Chapter 5: Responsibility Sharing (Elements of a Framework for Understanding Insurance Business Ethics). Chapter 6: Insurance, Risk Assessment and Fairness: An Ethical Analysis. Chapter 7: Reasonable Restrictions on Underwriting. Chapter 8: Health Insurance: Economic and Ethical Issues. Chapter 9: A Medical Dilemma: How Should Physicians Respond to Patients Questions About Pay? Chapter 10: An Eye for An Eye: Investigating the Impact of Consumer Perception of Corporate Unfairness on Aberrant Consumer Behavior. Chapter 11: A Cross-Cultural Comparison of the Ethical Environments of the U.S. and South Korean Life Insurance Markets. Chapter 12: At the Movies with the Health Insurance Industry: Ethical & Environmental Issues. Chapter 13: Walker Percy: A Prophet fro Profit-Makers. Chapter 14: Workplace Romances: A Platonic Perspective.
£88.99
John Wiley & Sons Inc Informing American Health Care Policy
Book SynopsisInforming American Health Care Policy provides a critical perspective on the National Medical ExpAnditure Surveys (NMES) and how these surveys have responded to the sometimes conflicting challenges of policy and research.Trade Review"... Informing American Health Care Policy is a useful, evenentertaining book for anyone who uses health data or who wants tounderstand the history and evolution of expAnditure surveys."(Health Affairs May/June 2000) "In this important book, the lead researchers associated with NMESdescribe the development of this rich data source and, in a seriesof well-crafted papers, illustrate the use of these data ininforming major areas of health policy. It is a must-read foranyone interested in American health policy-especially for youngerprofessionals entering this growing field." (Uwe E. Reinhardt,James Madison Professor of Political Economy, PrincetonUniversity) "National health expenditure surveys have provided policymakerswith the information they need to make informed decisions. Thisvolume tells us about the evolution and contributions of thefederal government's most ambitious health care survey. I recommAndit for those interested in improving the quality of data availableto those who formulate policy." (John K. Iglehart, founding editor,Health Affairs) "I enjoyed reading this book. Thanks to the major investment inhealth expAnditure and insurance surveys and the increasinglysophisticated analytic capacity described in this volume, policyofficials now have a much more precise and up-to-date understandingof the implications of policy choices." (Karen Davis, president,The Commonwealth Fund; developed President Carter's 1977 nationalhealth reform proposal) "Thoughtful and informed reflections on the lessons learned byNMES. Provides sound guidance and procedures required to addressthe Anduring policy questions of Who's covered? Who pays?, and Howmuch? in the emerging U.S. health care environment of the future."(Lu Ann Aday, professor of behavioral sciences and management andpolicy sciences, the University of Texas School of Public Health;and author, Designing and Conducting Health Surveys, FourthEdition)Table of ContentsForeword. Preface and Acknowledgments. The Editors. The Contributors. Introduction (A. Monheit & R. Wilson). PAST CHALLLENGES AND CURRENT ISSUES. National Medical ExpAnditure Surveys: Genesis and Rationale (R.Andersen & O. Anderson). Modeling Consumer and Provider Behavior: The First NationalExpenditure Study (G. Wilensky). The Provider System and the Changing Locus of Expenditure Data:Survey Strategies from Fee-for-Service to Managed Care (J. Cohen& A. Taylor). SOURCES OF PAYMENT AND THE STRUCTURE OF HEALTH INSURANCE. Examining Health Insurance Differences: Issues of Public Equity andCost Efficiency (P. Short). Health Insurance, Employment, and the Labor Market (A.Monheit). VULNERABLE POPULATIONS: HEALTH CARE AND MEASURES OF ACCESS. The National ExpAnditure Surveys and Studies of Access to Care byVulnerable Populations (M. Berk). Evaluating Medicare and Medicaid: The Yield in Information from theNational Medical Expenditure Surveys (J. Kasper). SURVEY METHODS, BUDGET CONSTRAINTS, AND OPERATIONAL ISSUES. Better Estimates of Populations at Risk and More EfficientSampling: Changing Survey Design Strategies over Time (S.Cohen). Continuity Versus Change: Challenges in Designing a SuccessorSurvey (D. Walden). Survey Integration and End-of-Century Constraints (R.Arnett). THE ROLE OF NATIONAL DATA IN POLICY FORMULATION. Health System Reform Debates and Medical Expenditure Surveys (L.Nichols). Name Index. Subject Index.
£69.26
University of Toronto Press Extending Canadian Health Insurance
Book SynopsisThis study explores the policy options a provincial government might consider in extending health care coverage to the purchase of prescription drugs and dental care. It examines the major public policy objectives involved, such as spreading risk, redistributing wealth, and reducing the barriers to care, and evaluates alternative programs in terms of their costs and efficiency as well as their realization of the basic social objectives of health care. Using varied statistics, some drawn from schemes in other provinces, it estimates what different packages of pharmacare and denticare would have cost in Ontario in 1975. The results indicate that universal coverage may be one of the most costly and least effective options. Based on current modes of service delivery, a universal pharmacare and denticare program would transfer wealth to upper income groups without significantly improving the utilization of health care services.A study of drug manufacturing and retailing systems in
£24.29
University of Pennsylvania Press The Future of Risk Management
Book SynopsisWhether 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 poliTrade Review"Extraordinarily thoughtful and insightful, the authors of The Future of Risk Management provide students and professionals in the field of risk management new pathways for approaches and solutions to our myriad areas of risk. Moreover, anyone interested in understanding the risks our societies face should study these essays." * Franklin W. Nutter, President, Reinsurance Association of America *"The field of risk management has exploded in recent decades as natural disasters, financial meltdowns, pandemics, and other damaging events have wreaked havoc across borders. The Future of Risk Management brings together essays from leading thinkers on ways to reduce risk so that today's threats do not turn into tomorrow's catastrophes. Aimed at policy leaders seeking strategies to reduce future harm, this volume deserves a close read and a spot on the bookshelf of all forward-thinking decision-makers." * Alice Hill, The Hoover Institution, Stanford University *"The Future of Risk Management engages in a critical discussion on how we as a nation and the world as a whole should better prepare for and reduce the costs of future disasters. The authors correctly recognize that our current disaster preparedness and response paradigm is fundamentally broken-plagued by inconsistencies, short-sightedness, and a lack of integration. Instead, we need to take a holistic, long-term approach to disaster response and risk management and allocate resources based on the best objective data available." * Jason M. Tuber, U.S. Congressional Staffer *"This comprehensive, critical, and lucid survey demonstrates convincingly that effectively managing climate change and other major threats requires understanding how the average person reacts to risk. It's a story about lessons learned and lessons forgotten, about logic and bias, about positive incentives and perverse incentives-and serves as a warning that we have a long, long way to go before we manage risk effectively." * Michael Oppenheimer, Princeton University *Table of ContentsIntroduction —Howard Kunreuther, Robert J. Meyer, and Erwann O. Michel-Kerjan PART I. BEHAVIORAL FACTORS INFLUENCING DECISION-MAKING UNDER RISK AND UNCERTAINTY Chapter 1. The Arithmetic of Compassion and the Future of Risk Management —Paul Slovic and Daniel Västfjäll Chapter 2. "Risk as Feelings" and "Perception Matters": Psychological Contributions on Risk, Risk-Taking, and Risk Management —Elke U. Weber Chapter 3. Risk-Based Thinking —Baruch Fischhoff Chapter 4. Structured Empirical Analysis of Decisions Under Natural Hazard Risk —Craig E. Landry, Gregory Colson, and Mona Ahmadiani Chapter 5. Mixing Rationality and Irrationality in Insurance Demand and Supply —Mark Pauly Chapter 6. The Disaster Cycle: What We Do Not Learn from Experience —Robert J. Meyer PART II. IMPROVING RISK ASSESSMENT Chapter 7. Using Models to Set a Baseline and Measure Progress in Reducing Disaster Casualties —Robert Muir-Wood Chapter 8. Learning from All Types of Near-Misses —Robin Dillon Chapter 9. Managing Systemic Industry Risk: The Need for Collective Leadership —Paul J. H. Schoemaker Chapter 10. Measuring Economic Resilience: Recent Advances and Future Priorities —Adam Rose PART III. DEVELOPING BETTER RISK COMMUNICATION STRATEGIES Chapter 11. Improving Stakeholder Engagement for Upstream Risks —Robin Gregory and Nate Dieckmann Chapter 12. Improving the Accuracy of Geopolitical Risk Assessments —Barbara A. Mellers, Philip E. Tetlock, Joshua D. Baker, Jeffrey A. Friedman, and Richard Zeckhauser Chapter 13. Efficient Warnings, Not "Wolf or Puppy" Warnings —Lisa A. Robinson, W. Kip Viscusi, and Richard Zeckhauser PART IV. ROLE OF RISK MITIGATION, RISK-SHARING, AND INSURANCE Chapter 14. Threats to Insurability —Carolyn Kousky Chapter 15. The Role of Insurance in Risk Management for Natural Disasters: Back to the Future —Howard Kunreuther Chapter 16. Improving Individual Flood Preparedness Through Insurance Incentives —W. J. Wouter Botzen Chapter 17. Strong and Well-Enforced Building Codes as an Effective Disaster Risk Reduction Tool: An Evaluation —Jeffrey Czajkowski PART V. GOVERNMENT AND RISK MANAGEMENT Chapter 18. Getting the Blend Right: Public-Private Partnerships in Risk Management —Cary Coglianese Chapter 19. The Regulation of Insurance Markets Subject to Catastrophic Risks —Robert W. Klein Chapter 20. Rethinking Government Disaster Relief in the United States: Evidence and a Way Forward —Erwann O. Michel-Kerjan List of Contributors Index
£29.45
New York University Press Unmanageable Care An Ethnography of Health Care
Book SynopsisSet at a health insurance company dubbed Acme, this book chronicles how the privatization of the health care system in Puerto Rico transformed the experience of accessing and providing care on the island. Through interviews and participant observation, it explores the everyday contexts in which market reforms were enacted.Trade Review"A persuasive account and `insiders view of how Managed Care really works. Managed Care, Jessica Mulligan argues, is really `ungovernable care. The assumption that `rational consumers can exercise `choice ignores the way ordinary people understand and deal with their health care issues. `Consumers see themselves as retired workers, mothers, or those who have chronic diseases like diabetes. `Choice is bewildering or limited. `Satisfaction boils down to surveys that code statements like `I cant complain and omit narratives about struggles to get better care. Mulligan argues we need to diagnose these ills that characterize neoliberal models of healthcare reform before we can work to change them." -- Louise Lamphere,Distinguished Professor of Anthropology Emerita, University of New Mexico"A telling ethnography of the privatization of health care in Puerto Rico. Written from within the system of managed care, Mulligans impressive understanding of historical, cultural, economic, entrepreneurial, and moral aspects of reform paints a troubling picture of what is wrong with market approaches to care. Clear, timely, and insightful, Unmanageable Care contributes importantly to the medical anthropology of health care. It also goes beyond that to illustrate the limits and failures of market approaches to manage caregiving that are regularly overlooked by health policy experts with unfortunate results. An important book!" -- Arthur Kleinman, M.D.,Esther and Sidney Rabb Professor of Anthropology, Harvard University"Mulligan does an excellent job of, as she puts it, & tak[ing] seriously the potential of market-based solutions to reducing healthcare costs.While methodologically appealing to anthropologists, this book also has broader implications for those seeking healthcare solutions for disadvantaged populations in resource-constrained settings." * American Anthropologist *Table of ContentsContents Acknowledgments ix Introduction: Learning to Manage 1 Part I: Elements of a System 1. A History of Reform: Colonialism, Public Health, and Privatized Care 312. Regulating a Runaway Train: Everyone Is Replaceable 61 3. New Consumer Citizens: Life Histories 89 Part II: The Business of Care: Market Values and Management Strategies 4. Quality: Managing by Numbers 125 5. Complaints: The Wrong Glucometer ... Again! 151 6. Market Values: Partnering and Choice 179 Conclusion: Ungovernability as Market Rule 209 Appendix 1: A Methodological Appendix 231 Appendix 2: Interview Descriptions 241 Notes 253 Works Cited 277 Index 295 About the Author 299
£23.74
Edward Elgar Publishing Ltd U.S. Insurance Regulation
Book SynopsisTrade Review‘Richard Liskov has performed a valuable service in condensing and simplifying insurance regulation for those who have little familiarity with the subject. His book is essential reading for any lawyer with a client who is in the U.S. insurance marketplace or wants to be, any law student with an interest in how financial services are regulated in the U.S., and any insurance professional whose company is, or someday may be, under U.S. regulation.’ -- James Corcoran, Former Superintendent of Insurance for the State of New York, US‘This book provides a comprehensive overview of insurance regulation in the US. It should be required reading for all US insurance regulatory attorneys (and US insurance regulators as well). Equally important, it will prove to be a valuable resource for EU and UK attorneys who have insurance clients doing business, or who want to do business, in the US.’ -- Frederic M. Garsson, Saul Ewing LLP, US‘Insurance touches each of us in our daily lives. Having served as New York’s Attorney General for fifteen years, I know that Richard Liskov’s book is a valuable guide for lawyers, law students and those engaged in the insurance business in the United States – or indeed anyone interested in how insurance is regulated. It should be on everyone’s bookshelf.’ -- Robert Abrams, Former Attorney General of New York, USTable of ContentsContents: 1 An overview of U.S. insurance regulation and some key definitions 2 The respective roles of state and federal governments in U.S. insurance regulation 3 How state insurance departments are organized and operate 4 How states define what “insurance” is and who is an insurer, and how states license insurance companies and insurance professionals 5 How states monitor the financial condition of licensed insurance companies 6 How U.S. state insurance regulators deal with financially troubled insurance companies 7 How state insurance regulators supervise the market conduct of insurance companies and insurance professionals 8 How the U.S. federal government and state insurance regulators supervise health insurance 9 U.S. insurance regulation heading into the global technological future Index
£75.00
John Wiley & Sons Inc Insurance Fraud Casebook
Book SynopsisReal case studies on insurance fraud written by real fraud examiners Insurance Fraud Casebook is a one-of-a-kind collection consisting of actual cases written by fraud examiners out in the field. These cases were hand selected from hundreds of submissions and together form a comprehensive picture of the many types of insurance fraudhow they are investigated, across industries and throughout the world. Entertaining and enlightening, the cases cover every type of insurance fraud, from medical fraud to counterfeiting. Each case outlines how the fraud was engineered, how it was investigated, and how perpetrators were brought to justice Written for fraud examiners, auditors, and insurance auditors Other titles by Wells: Fraud Fighter and Corporate Fraud Handbook, Third Edition Edited by Dr. Joseph T. Wells, the founder and Chairman of the Association of Certified Fraud Examiners (ACFE), the world''s leading anti-frTable of ContentsPreface ix Insurance Fraud Classification System xiii Chapter 1 Needles in a Paystack 1Charles Piper Chapter 2 The Good Doctor and Insurance Consultant 11Michael King Chapter 3 Greasing the Wheels in the Oil Business 21Abdulrazaq Al-Morjan Chapter 4 Living the Dream, Keeping Up the Lie 31Andries J. Brummer Chapter 5 Extinguishing an Arson Fraud 39Barry Zalma Chapter 6 Weakest Link in the Chain 47Angela Bisasor Chapter 7 Everyone Gets Hurt: A Study in Workers’ Compensation Fraud 57Michael Sputo Chapter 8 The Hazards of Doing Business with Friends 67Bill Maloney Chapter 9 There’s Gold in Them Thar Malls! 75Carl Knudson Chapter 10 Damsel in Diamonds 83Michael Skrypek Chapter 11 Operation Give and Go 93Edward P. Buttimore Chapter 12 An Inspection Is Worth a Thousand Photos 103Ed Madge Chapter 13 The Danger of Trusting Too Much 113Joe Bonk Chapter 14 The Twin Cities Machine 121Bob Weir Chapter 15 With Friends Like These . . . 131John Fifarek Chapter 16 All the Buzz 139Dalene Bartholomew Chapter 17 Getting Rich from the Elderly 149John R. Holley Chapter 18 Transparent Greed 159Joseph Licandro Chapter 19 Fault of Fortune 169Jyoti Khetarpal Chapter 20 Going Blind to Fraud 179Karen Wright Chapter 21 Going Against the Cartel 191Loftin C. Woodiel Chapter 22 Falling Prey to Online Charms 199Tina Hancock Chapter 23 Big Bills in Little Cuba 209Mark Starinsky Chapter 24 Rushing an Insurance Claim 217Peter Parillo Chapter 25 Ignorance Is Bliss, While It Lasts 229Rebecca Busch Chapter 26 The Name Game 239William D. Meader Chapter 27 Woo, Wed, Insure, Murder 249William P. Hight Chapter 28 Mystery Shopping for Fraud 259Stephen Pedneault Index 269
£59.25
John Wiley & Sons Inc Value and Capital Management
Book SynopsisA 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 Table of ContentsList of Abbreviations xiii Preface xvii Acknowledgments xix About the Author xxiii Part One Introduction 1 Chapter 1 Why is Value Management Important? 3 Better Information 3 Better Insights 6 Better Decisions 8 Why Shareholder Value? 12 Chapter 2 How do CFOs and CROs Add Value? 15 The Evolution of the Corporate Center as “Shareholder Surrogate” 15 The Implications for the CFO 20 The Implications for the CRO 24 Part Two Better Information – Measuring Value 29 Chapter 3 RAPMs – The Industry Standard 31 What Makes Financial Services Unique? 31 What do RAPMs do and How? 34 The RAPM (R)evolution 37 Three RAPMs for Three Distinct Purposes 41 Linking Directly to Shareholder Value 46 Insurance Example 49 Banking Example 50 Chapter 4 Two Challenges in Using RAPMs 51 Do RAPMs Influence Strategy? 51 Do RAPMs Give the Right Signals? 55 Chapter 5 Valuing Financial Services – The Theory 71 What Determines Share Value? Market Multiples, RoE and Growth 71 But What Determines Market Multiples? 73 Why a Market-Consistent Approach? 77 Value: Where it Comes from and How to Create More of it 80 Chapter 6 Valuing Financial Services – The Evidence 85 Evidence from the Insurance Industry 85 Evidence from Banking 96 Is it Just me or are Others Thinking the Same Thing? 98 Chapter 7 Market-Consistent Valuation for Insurers 101 Introduction to Fair Valuation for Insurers 101 Calculating Traditional Embedded Value 104 European Embedded Value 106 Market Consistent Embedded Value (MCEV) 109 How is MCEV Calculated in Practice? 115 From MCEV to MVBS 120 Final Comments: Whither MCEV? 122 Part Three Better Insights – Managing Value 125 Chapter 8 Property and Casualty Insurance 127 History and Economic Rationale 127 From Principles to Rules of the Game 133 From Rules to the Valuation of PC Businesses 135 PC KPIs: Understanding and Managing Value 140 Chapter 9 Life and Health Insurance 151 History and Economic Rationale 151 From Principles to “Rules of the Game” 163 LH Valuation 167 Understanding Value Creation: Capital Intensity and Financial Risk Taking 171 Chapter 10 Banking 189 History 189 Products 195 Economic Rationale 197 From Principles to “Rules of the Game” 199 From “Rules” to Value 201 Chapter 11 Achieving Profitable Growth 211 Rules of the Game and KPIs 211 Management Actions – Three Horizons of Growth 217 Horizon 1 – Increasing Sales Productivity 218 Horizon 1 – Going Multi-channel 221 Horizon 1 – Getting More out of Existing Customers; cross sell, big data and customer loyalty 224 Horizon 1 – Managing the Customer Portfolio Skew 228 Horizon 2 – Anticipating Mega-trends 230 Horizon 2 – Exploiting Adjacencies 232 Horizon 2 – Transformational and Bolt-on Acquisitions 234 Horizon 3 – Creative Disruptions 238 Chapter 12 Achieving Operating Efficiency 241 The Importance of Operating Efficiency 242 Rules of the Game 248 Pay Less: Optimize Procurement 249 Pay Less: From Business Process Redesign to Outsourcing 250 Use Less, But More Effectively: Digitize and Automate 253 Use Less, But More Effectively: Re-engineer the Product Portfolio 254 Use Less, But More Effectively: Managing Acquisition Expenses 257 Part Four Better Decisions – Capital, Balance Sheet and Risk Management 261 Chapter 13 Corporate Strategy and Capital Allocation 263 Corporate Strategy, Capital Allocation and Performance Management 263 Capital Allocation: The Capital Budget, from Sources to Uses of Capital 265 Capital Allocation: Optimizing the Corporate Portfolio 273 Capital Allocation: Aligning Financial Resources within Constraints 278 Chapter 14 Strategic Planning and Performance Management 285 What is Strategic Planning? 285 Why does Strategic Planning Fail and What can be done About it? 295 Corporate Strategy 302 Chapter 15 Balance Sheet Management 311 Balance Sheet Management Activities 311 The Asset/Liability Committee (ALCO) Mandate and Agenda 314 The Asset/Liability Management (ALM) Unit 323 The Insurer ALM-Investment Value Chain 330 The Treasury Function 339 Chapter 16 The Economics of Asset/Liability Management 345 The Role of ALM Earnings 345 The Risks: Some Spectacular ALM Failures 349 The Returns: Are Shareholders Willing to Pay a Premium or a Discount? 361 Chapter 17 The Practical Aspects of Asset/Liability Management 371 ALM Performance and Risk Measures 372 Calculating Funds Transfer Prices (FTPs) 385 Measuring Alpha 406 Chapter 18 Cash and Liquidity Management 413 Managing Funding Liquidity Risk 413 What Happens if it Goes Wrong? 416 Measuring Funding Liquidity Risk 420 Chapter 19 Managing the Capital and Funding Structure 431 Capital Funding Management 431 Determining the Optimal Capital Structure 436 The Empirical Reality: What Determines Capital Structure? 446 Chapter 20 Risk Management 451 Enterprise Risk Management 451 Taking the Right Decisions 460 The Role of Culture 463 Chapter 21 Risk Governance and Organization 477 Risk Governance Principles 477 Role of the Board and Management 478 Three-Line-of-Defense Model 480 The Risk Function 484 Chapter 22 Risk Identification and Evaluation 491 From Risk Identification to Evaluation 491 Data-Driven Approaches 497 Evaluation-Based Approaches 499 Building a Resilient Organization 507 Chapter 23 Risk Underwriting – Strategy and Governance 513 Underwriting Context 513 Underwriting Strategy 518 Underwriting Governance 522 Chapter 24 Risk Underwriting – Technical Tools 527 Retail Segment: “Scoring” Models 527 Commercial Lines: Leveraging Expert Judgment 535 Underwriting Structured Solutions 541 Underwriting Controls, Validation and Learning 542 Chapter 25 Risk Underwriting – From Technical Pricing to Value Maximization 549 Technical Production Cost: RAPM Pricing 549 From Technical Pricing to Optimal Price 558 Chapter 26 Managing Operational and Reputational Risks 571 Defining Operational Risk 571 Managing Operational Risk 581 Chapter 27 Risk and Limit Controlling 589 Risk Reporting 589 An Effective Risk Limit Framework 601 Final Thoughts on Risk and Limit Reporting 606 Appendices Appendix A: Market Multiple Approaches 609 Appendix B: Derivation of Steady-State Valuation Multiples 613 Appendix C: Valuing Banks and Insurers: The Link Between Value and New Business and Investment RAPM 621 Appendix D: Beyond Debt and Equity 629 Glossary 641 References 653 Index 675
£79.80
John Wiley & Sons Inc Introduction to Bayesian Estimation and Copula
Book SynopsisPresents an introduction to Bayesian statistics, presents an emphasis on Bayesian methods (prior and posterior), Bayes estimation, prediction, MCMC,Bayesian regression, and Bayesian analysis of statistical modelsof dependence, and features a focus on copulas for risk management Introduction to Bayesian Estimation and Copula Models of Dependence emphasizes the applications of Bayesian analysis to copula modeling and equips readers with the tools needed to implement the procedures of Bayesian estimation in copula models of dependence. This book is structured in two parts: the first four chapters serve as a general introduction to Bayesian statistics with a clear emphasis on parametric estimation and the following four chapters stress statistical models of dependence with a focus of copulas. A review of the main concepts is discussed along with the basics of Bayesian statistics including prior information and experimental data, prior and posterior distributions, with an emphasis on BayTable of ContentsIntroduction 1 How This Book Is Different: The Eric Tyson/Ray Brown Difference 1 Foolish Assumptions 2 Icons Used in This Book 3 Beyond the Book 4 Where to Go from Here 4 Part 1: Getting Started with Selling Your House 5 Chapter 1: Deciding to Sell 7 Figuring Out If You Really Need to Sell 9 Good reasons to stay 10 Reasons to consider selling 15 Knowing the Health of Your Housing Market 17 Selling in a depressed housing market 17 Selling during a strong market 21 Chapter 2: Selling and Your Personal Finances 23 Trading Up 23 Examining your housing budget 24 Figuring your expected expenses after trading up 27 Determining the financial impact on your future goals 31 Exploring the other costs of trading up 31 Making Retirement Housing Decisions 32 Trading down 32 Researching reverse mortgages 38 Tax Facts Sellers and Landlords Ought to Know 43 Chapter 3: Exploring the Economics of Selling 45 Estimating Proceeds of Sale 46 Estimated sale price 46 Closing costs 47 Mortgage payoff 48 Moving expenses 50 Putting it all together 51 Assessing the Financial Feasibility of a Move 52 Researching living costs and employment opportunities 52 Avoiding relocation traps 54 Chapter 4: Confronting Financing Issues 57 Financing Decisions When Trading Up 58 Choosing your mortgage 58 Financing improvements 59 The Trials and Tribulations of Seller Financing 61 Asking yourself why you’d ever want to be a lender 62 Deciding if seller financing is for you 63 Finding creditworthy buyers 64 Deciding what to charge 72 Protecting yourself legally 73 Part 2: Tactical Considerations 75 Chapter 5: Timing Is Everything 77 Timing the Sale of Your House 77 First peak season: Spring flowers and For Sale signs bloom 79 First valley: Summer doldrums 79 Second peak season: Autumn leaves and houses of every color 80 Death Valley: Real estate activity hibernates until spring 82 The Seller’s Quandary: Timing the Purchase of Your Home 82 Consolidating Your Sale and Purchase 83 Determine your house’s current value 83 Check your buying power 84 Familiarize yourself with the market 85 Take action 86 Chapter 6: For Sale By Owner 89 Eyeing the Potential FSBO Advantages 89 You want to save money on commissions 90 You may already have a ready, willing, and able buyer 90 You may know the house and neighborhood well 91 You may be more motivated than an agent 91 You like challenges 92 You want to be in control 93 Your house may sell itself 93 Focusing on Potential FSBO Disadvantages 93 You may not know how to price property 93 You may not know how to prepare your house for sale 94 You may not know how to market your property 94 You may not know how to separate real buyers from fakes 94 You may not have enough experience as a negotiator 95 You may get yourself into legal trouble 95 You may not know how to close the sale 95 Increasing Your Chances of Success 96 Educate yourself 96 Ensure that other team members are especially strong 96 Cooperate with agents 97 Financially qualify prospective buyers 97 Chapter 7: Your Real Estate Team 99 Teaming Up — A Winning Concept 99 Landing the Perfect Listing Agent 101 Understanding agent relationships 102 Recognizing the best listing agents 104 Choosing your listing agent 105 Achieving top performance from the winner 112 Bringing in the Broker 113 Handling House Inspectors 114 Arranging premarketing property inspections 114 Exploring the advantages of inspecting before marketing 115 Investigating inspectors 117 The Officiating Escrow Officer 120 Finding Financial and Tax Advisors 121 Locating a Good Lawyer 122 Choosing among lawyers 123 Working well with your lawyer 124 Chapter 8: Listing Contracts and Commissions 125 Understanding Listing Contracts 125 Considering the Types of Listings 127 Exclusive listings 127 Open listings 137 Examining Broker Compensation 139 Commissions 139 Net listings 144 Discount brokers 145 Preparing Seller Disclosure Statements 147 What information should you disclose? 147 An ounce of prevention is worth a pound of cure 152 Part 3: Getting Top Dollar When You Sell 155 Chapter 9: Preparing Your House for Sale 157 Handling Presale Preparation 158 Creating curb appeal 158 Exteriors attract, but interiors sell 160 Staging 162 Think Again: Avoiding Major Improvements 165 Chapter 10: Determining Your House’s Value 167 Defining Cost, Price, and Value 168 Value is elusive 168 Cost is history 169 Price is the here and now 170 Determining Fair Market Value (FMV) 170 Need-based pricing isn’t FMV 171 Median prices aren’t FMV 171 Using a Comparable Market Analysis 173 Playing with the numbers 176 Interpreting CMA adjustments and flaws 177 Considering appraisals versus CMAs 179 Bidding Wars 180 How buyers and sellers get to FMV 180 Why “buying a listing” ruins property pricing 181 Chapter 11: Price It Right and Buyers Will Come 183 Getting a Grasp on Pricing Methods 184 Four-phase pricing: Prevalent but ineffective 184 Pleasure-pleasure-panic pricing: Fast, top-dollar sales 185 Quantum pricing: An effective technique 188 Identifying Incentives and Gimmicks 190 Deal-making incentives 191 Deceptive gimmicks 191 Overpricing Your House 192 Can’t sell versus won’t sell 193 Three factors all buyers consider 193 Danger signs of overpricing 194 The foolproof way to correct overpricing 195 Placing the blame where it belongs 197 Part 4: the Brass Tacks of Selling Your House 199 Chapter 12: Marketing Your House 201 Advertising That Works 201 For Sale sign 202 Classified ads 203 Multiple listing service (MLS) 206 Listing statement 207 Computers 208 Word of mouth 208 Arranging Open Houses 209 Brokers’ opens 210 Weekend open houses 210 Showing Your Property 211 Preshowing preparations 212 The final showing 213 Chapter 13: Using Technology to Sell Your House 215 Knowing the Internet’s Limitations: The Net Alone Can’t Sell Your House 216 Ensure good web promo of your house 216 Knowing the truth about for-sale-by-owner (FSBO) sites 217 Realize the limits of valuing your house online 219 Relying on Technology to Determine Whether to Sell 220 Chapter 14: Negotiating Strategies for Sellers 223 Mastering Your Feelings 224 Putting emotions in their place 225 Gaining detachment through an agent 226 Following Some Basic Rules 227 Surviving the Bargaining Process 227 Receiving an offer to purchase 229 Dealing with contingencies — necessary uncertainty 231 Making a counteroffer 232 Negotiating from a Position of Strength 236 Handling multiple offers 237 Delaying presentation of offers 237 Setting guidelines for an orderly presentation process 238 Selecting the best offer 239 Negotiating from a Position of Weakness 241 Rejecting lowball offers 242 Considering other offers usually made in weak markets 244 Negotiating credits in escrow 247 Distinguishing Real Buyers from Fakes 251 Are the buyers creditworthy? 252 Are the buyers realistic? 252 Are the buyers motivated? 252 Do the buyers have a time frame? 252 Are the buyers cooperative? 253 Chapter 15: It Ain’t Over ’til the Check Clears 255 Entering the Neutral Territory of an Escrow 255 Understanding the role of the escrow officer 256 Maximizing your escrow 257 Avoiding the curse of December escrows 261 Letting Go of Your House 262 Moving daze 263 The final verification of condition 265 Surviving Seller’s Remorse or (Gasp) the Dreaded Double Whammy 265 Confronting your fears 266 Facing the ultimate test 267 Chapter 16: Income Tax Filings after the Sale 269 Profits from a House Sale 269 Defining profits 270 Excluding house sale profits from tax 270 Tax Filings Required after the Sale 271 Schedule D: Capital Gains and Losses 272 State income taxes on housing profits 275 Part 5: the Part of Tens 277 Chapter 17: Ten Things to Do After You Sell 279 Keep Copies of the Closing and Settlement Papers 279 Keep Proof of Improvements and Prior Purchases 280 Stash Your Cash in a Good Money Market Fund 280 Double-Check the Tax Rules for Excluding Tax on House Sale Profits 281 Cast a Broad Net When You Consider Your Next Home 282 Remember That Renting Can Be a Fine Strategy 282 Reevaluate Your Personal Finances When Things Change 283 Don’t Simply Rehire Your Listing Agent When You Repurchase 283 Think Through Your Next Down Payment 284 Remember to Send Change of Address Notices 284 Chapter 18: Ten Tips for Selling Rental Real Estate 287 Don’t Inadvertently Convert Your House into Income Property 287 Exercise Extra Care When You Sell Rental Property 289 Know How to Defer Your Investment Property Profits 289 Understand Your Local Market to Time Your Sale 290 Understand Opportunities for Adding Value 291 Maximize Your Property’s Rental Income 292 Minimize Your Property’s Expenses 292 Utilize Agents with Investment Property Experience 293 Visit Comparables and Review the Valuation Analysis 293 Work with Tax and Legal Advisors Who Understand Rental Property 294 Chapter 19: Answers for Ten Questions Home Buyers May Ask 295 What Do You Like Best and Least about Living Here? 296 Why Are You Selling This Lovely House? 296 How Much Did You Pay for This House? 297 How Did You Establish the Asking Price? 298 Have You Received Inspection Reports? 298 May I See Your Written Defect Disclosure Statement? 298 Are There Any Neighborhood Changes That May Affect the Home’s Desirability? 299 How Many Times in the Last Year Have You Called the Police and Why? 299 What Problems Have You Had with the House? 300 What Are the Local Public Schools Like? 301 Part 6: Appendixes 303 Appendix A: Sample Real Estate Purchase Contract 305 Appendix B: Example of a Good Inspection Report 317 Appendix C: Glossary 333 Index 349
£86.36
John Wiley & Sons Inc Analytics for Insurance
Book SynopsisThe business guide to Big Data in insurance, with practical application insight Big Data and Analytics for Insurers is the industry-specific guide to creating operational effectiveness, managing risk, improving financials, and retaining customers. Written from a non-IT perspective, this book focusses less on the architecture and technical details, instead providing practical guidance on translating analytics into target delivery. The discussion examines implementation, interpretation, and application to show you what Big Data can do for your business, with insights and examples targeted specifically to the insurance industry. From fraud analytics in claims management, to customer analytics, to risk analytics in Solvency 2, comprehensive coverage presented in accessible language makes this guide an invaluable resource for any insurance professional. The insurance industry is heavily dependent on data, and the advent of Big Data and analytics represents a major advancTrade Review"..essential reading for insurance management of all levels and specialities, for students, and for IT suppliers to the insurance industry." (Only Strategic, December 2016)Table of ContentsPreface xi Acknowledgements xiii About the Author xv CHAPTER 1 Introduction – The New ‘Real Business’ 1 1.1 On the Point of Transformation 2 1.1.1 Big Data Defined by Its Characteristics 3 1.1.2 The Hierarchy of Analytics, and how Value is Obtained from Data 6 1.1.3 Next Generation Analytics 7 1.1.4 Between the Data and the Analytics 9 1.2 Big Data and Analytics for All Insurers 10 1.2.1 Three Key Imperatives 10 1.2.2 The Role of Intermediaries 13 1.2.3 Geographical Perspectives 14 1.2.4 Analytics and the Internet of Things 15 1.2.5 Scale Benefit – or Size Disadvantage? 15 1.3 How Do Analytics Actually Work? 17 1.3.1 Business Intelligence 18 1.3.2 Predictive Analytics 20 1.3.3 Prescriptive Analytics 22 1.3.4 Cognitive Computing 23 Notes 24 CHAPTER 2 Analytics and the Office of Finance 25 2.1 The Challenges of Finance 26 2.2 Performance Management and Integrated Decision-making 27 2.3 Finance and Insurance 27 2.4 Reporting and Regulatory Disclosure 29 2.5 GAAP and IFRS 29 2.6 Mergers, Acquisitions, and Divestments 30 2.7 Transparency, Misrepresentation, The Securities Act and ‘SOX’ 31 2.8 Social Media and Financial Analytics 32 2.9 Sales Management and Distribution Channels 33 2.9.1 Agents and Producers 34 2.9.2 Distribution Management 35 Notes 36 CHAPTER 3 Managing Financial Risk across the Insurance Enterprise 37 3.1 Solvency II 37 3.2 Solvency II, Cloud Computing and Shared Services 40 3.3 ‘Sweating the Assets’ 40 3.4 Solvency II and IFRS 41 3.5 The Changing Role of the CRO 42 3.6 CRO as the Customer Advocate 45 3.7 Analytics and the Challenge of Unpredictability 45 3.8 The Importance of Reinsurance 46 3.9 Risk Adjusted Decision-Making 46 Notes 49 CHAPTER 4 Underwriting 51 4.1 Underwriting and Big Data 52 4.2 Underwriting for Specialist Lines 54 4.3 Telematics and User-Based Insurance as an Underwriting Tool 55 4.4 Underwriting for Fraud Avoidance 56 4.5 Analytics and Building Information Management (BIM) 57 Notes 58 CHAPTER 5 Claims and the ‘Moment of Truth’ 61 5.1 ‘Indemnity’ and the Contractual Entitlement 61 5.2 Claims Fraud 62 5.2.1 Opportunistic Fraud 63 5.2.2 Organized Fraud 64 5.3 Property Repairs and Supply Chain Management 66 5.4 Auto Repairs 71 5.5 Transforming the Handling of Complex Domestic Claims 73 5.5.1 The Digital Investigator 73 5.5.2 Potential Changes in the Claims Process 75 5.5.3 Reinvention of the Supplier Ecosystem 76 5.6 Levels of Inspection 77 5.6.1 Reserving 78 5.6.2 Business Interruption 79 5.6.3 Subrogation 80 5.7 Motor Assessing and Loss Adjusting 81 5.7.1 Motor Assessing 82 5.7.2 Loss Adjusting 83 5.7.3 Property Claims Networks 84 5.7.4 Adjustment of Cybersecurity Claims 87 5.7.5 The Demographic Time Bomb in Adjusting 87 Notes 88 CHAPTER 6 Analytics and Marketing 91 6.1 Customer Acquisition and Retention 93 6.2 Social Media Analytics 96 6.3 Demography and How Population Matters 97 6.4 Segmentation 98 6.5 Promotion Strategy 100 6.6 Branding and Pricing 100 6.7 Pricing Optimization 101 6.8 The Impact of Service Delivery on Marketing Success 102 6.9 Agile Development of New Products 103 6.10 The Challenge of ‘Agility’ 104 6.11 Agile vs Greater Risk? 105 6.12 The Digital Customer, Multi- and Omni-Channel 105 6.13 The Importance of the Claims Service in Marketing 106 Notes 107 CHAPTER 7 Property Insurance 109 7.1 Flood 109 7.1.1 Predicting the Cost and Likelihood of Flood Damage 110 7.1.2 Analytics and the Drying Process 111 7.2 Fire 112 7.2.1 Predicting Fraud in Fire Claims 113 7.3 Subsidence 115 7.3.1 Prediction of Subsidence 116 7.4 Hail 119 7.4.1 Prediction of Hail Storms 120 7.5 Hurricane 121 7.5.1 Prediction of Hurricane Damage 121 7.6 Terrorism 122 7.6.1 Predicting Terrorism Damage 123 7.7 Claims Process and the ‘Digital Customer’ 124 Notes 125 CHAPTER 8 Liability Insurance and Analytics 127 8.1 Employers’ Liability and Workers Compensation 127 8.1.1 Fraud in Workers Compensation Claims 128 8.1.2 Employers’ Liability Cover 130 8.1.3 Effective Triaging of EL Claims 130 8.2 Public Liability 131 8.3 Product Liability 132 8.4 Directors and Officers Liability 133 Notes 134 CHAPTER 9 Life and Pensions 135 9.1 How Life Insurance Differs from General Insurance 136 9.2 Basis of Life Insurance 137 9.3 Issues of Mortality 138 9.4 The Role of Big Data in Mortality Rates 139 9.5 Purchasing Life Insurance in a Volatile Economy 140 9.6 How Life Insurers Can Engage with the Young 141 9.7 Life and Pensions for the Older Demographic 142 9.8 Life and Pension Benefits in the Digital Era 143 9.9 Life Insurance and Bancassurers 145 Notes 147 CHAPTER 10 The Importance of Location 149 10.1 Location Analytics 149 10.1.1 The New Role of the Geo-Location Expert 149 10.1.2 Sharing Location Information 150 10.1.3 Geocoding 150 10.1.4 Location Analytics in Fraud Investigation 151 10.1.5 Location Analytics in Terrorism Risk 152 10.1.6 Location Analytics and Flooding 152 10.1.7 Location Analytics, Cargo and Theft 154 10.2 Telematics and User-Based Insurance (‘UBI’) 155 10.2.1 History of Telematics 155 10.2.2 Telematics in Fraud Detection 157 10.2.3 What is the Impact on Motor Insurers? 157 10.2.4 Telematics and Vehicle Dashboard Design 158 10.2.5 Telematics and Regulation 159 10.2.6 Telematics – More than Technology 160 10.2.7 User-Based Insurance in Other Areas 161 10.2.8 Telematics in Commercial Insurances 162 Notes 164 CHAPTER 11 Analytics and Insurance People 167 11.1 Talent Management 167 11.1.1 The Need for New Competences 168 11.1.2 Essential Qualities and Capabilities 169 11.2 Talent, Employment and the Future of Insurance 173 11.2.1 Talent Analytics and the Challenge for Human Resources 173 11.3 Learning and Knowledge Transfer 174 11.3.1 Reading Materials 175 11.3.2 Formal Qualifications and Structured Learning 175 11.3.3 Face-to-Face Training 176 11.3.4 Social Media and Technology 177 11.4 Leadership and Insurance Analytics 178 11.4.1 Knowledge and Power 179 11.4.2 Leadership and Influence 179 11.4.3 Analytics and the Impact on Employees 181 11.4.4 Understanding Employee Resistance 182 Notes 184 CHAPTER 12 Implementation 185 12.1 Culture and Organization 188 12.1.1 Communication and Evangelism 192 12.1.2 Stakeholders’ Vision of the Future 193 12.2 Creating a Strategy 193 12.2.1 Program Sponsorship 194 12.2.2 Building a Project Program 195 12.2.3 Stakeholder Management 197 12.2.4 Recognizing Analytics as a Tool of Empowerment 198 12.2.5 Creation of Open and Trusting Relationships 199 12.2.6 Developing a Roadmap 200 12.2.7 Implementation Flowcharts 202 12.3 Managing the Data 202 12.3.1 Master Data Management 203 12.3.2 Data Governance 203 12.3.3 Data Quality 204 12.3.4 Data Standardization 204 12.3.5 Storing and Managing Data 205 12.3.6 Security 207 12.4 Tooling and Skillsets 207 12.4.1 Certification and Qualifications 208 12.4.2 Competences 208 Notes 209 CHAPTER 13 Visions of the Future? 211 13.1 Auto 2025 211 13.2 The Digital Home in 2025 – ‘Property Telematics’ 214 13.3 Commercial Insurance – Analytically Transformed 218 13.4 Specialist Risks and Deeper Insight 220 13.5 2025: Transformation of the Life and Pensions Industry 221 13.6 Outsourcing and the Move Away from Non-Core Activities 223 13.7 The Rise of the Super Supplier 224 Notes 225 CHAPTER 14 Conclusions and Reflections 227 14.1 The Breadth of the Challenge 229 14.2 Final Thoughts 230 Notes 231 APPENDIX A Recommended Reading 233 APPENDIX B Data Summary of Expectancy of Reaching 100 235 APPENDIX C Implementation Flowcharts 239 APPENDIX D Suggested Insurance Websites 265 APPENDIX E Professional Insurance Organizations 267 Index 269
£57.00
John Wiley & Sons Inc Artificial Intelligence for Risk Mitigation in
Book SynopsisArtificial Intelligence for Risk Mitigation in the Financial Industry This book extensively explores the implementation of AI in the risk mitigation process and provides information for auditing, banking, and financial sectors on how to reduce risk and enhance effective reliability. The applications of the financial industry incorporate vast volumes of structured and unstructured data to gain insight into the financial and non-financial performance of companies. As a result of exponentially increasing data, auditors and management professionals need to enhance processing capabilities while maintaining the effectiveness and reliability of the risk mitigation process. The risk mitigation and audit procedures are processes involving the progression of activities to transform inputs into output. As AI systems continue to grow mainstream, it is difficult to imagine an aspect of risk mitigation in the financial industry that will not require AI-related assurance or AI-assisted advisory serv
£140.40
Kogan Page Navigating Insurtech
Book SynopsisJanthana Kaenprakhamroy, based in London, UK, is founder of multiple award-winning insurtech Tapoly, the first on-demand insurance platform for the gig economy in Europe. Recognized as a trailblazer working at the intersection of insurance and technology, she was named one of Forbes' Top 100 Women Founders to Watch (no.6), one of the Insurtech Institute's Top Ten InsurTech Influencers, one of the Most Influential Women in Tech, the winner of Elite Women in 2021 and an Insurance Leader of the Year.
£85.50
John Wiley and Sons Ltd The Economics of Risk and Insurance
Book SynopsisWritten for advanced undergraduate and master's level courses, this book builds from a base of asymmetric information issues to discuss a wide array of topics and is illustrated with some timely examples.Table of Contents0. Introduction. Part I: Fundamentals of Insurance. 1. Risk and Expected Utility. 2. Risk Aversion and Riskiness. 3. Principles of Insurance: Risk Sharing and Transfer. Part II: Demand for Insurance and Insurance Contract. 4. Risk Aversion and Insurance. 5. Corporate Insurance and Risk Management. 6. Liability and Insurance. Part III: Information and Insurance Contract. 7. Basic Adverse Selection Models. 8. Advanced Topics in Adverse Selection. 9. Moral Hazard. 10. Ex Post Moral Hazard and Fraud. Part IV: Insurance Market. 11. Insurer Organization. 12. Competition in the Insurance Market. 13. Insurance Cycle and Capacity. Part V: Insurer Management. 14. Insurance Distribution Systems. 15. Insurance Pricing.
£52.20
Plunkett Research, Ltd Plunkett's Insurance Industry Almanac 2024:
Book SynopsisInsurance and risk management make up an immense, complex global industry, one which is constantly changing. Competition continues to heat up as mergers and acquisitions create international mega-firms. As the insurance industry grows more global, underwriters see huge potential in China, the world's fastest-growing business market, as well as India, Indonesia, Africa and other emerging markets. Specialty insurance is creating high profits. Meanwhile, technology is making back-office tasks easier and more efficient, while direct selling and e-commerce are changing the shape of the insurance industry. This carefully researched book is a complete insurance market research and business intelligence tool - everything you need to know about the business of insurance and risk management. The book includes our analysis of insurance and risk management industry trends; dozens of statistical tables; an industry glossary; a database of industry associations and professional organizations; and our in-depth profiles of more than 300 of the world's leading insurance companies, both in the U.S. and abroad. You'll find a complete overview, industry analysis and market research report in one superb, value-priced package.Table of Contents Introduction 1 How to Use This Book 3 Chapter 1: Major Trends Affecting the Insurance Industry 7 1) Introduction to the Insurance Industry 8 2) Sophisticated Risk Management and Prevention Programs Lead to Lower Losses 9 3) Risk Managers Seek Certification 10 4) Independent Agencies Continue to Dominate Commercial Insurance, but Play a Lesser Role in Personal Lines 10 5) Insurance Direct Selling and E-Commerce Grow 10 6) Insurance Underwriting Uses Artificial Intelligence (AI)/Policy Holders Allow Their Habits to Be Tracked for Lower Insurance Rates 12 7) Artificial Intelligence (AI) Enables Life Insurance Underwriting 14 8) States Pick Up Some Wind and Flood Risk for Homeowners/Underwriters Rely on Sophisticated Risk Analysis Technology to Set Rates 14 9) No End in Sight to the Growth of Specialized Insurance Lines 15 10) Health Sharing Ministries Attract Millions of Members 16 11) Annuity Account Managers Create New Product Strategies 16 12) Major U.S., Japanese and European Insurance Firms See Vast Promise in Chinese, Southeast Asian and Emerging Markets 16 13) Continued Rise in Health Care Costs 18 14) Number of Uninsured Americans Declines But Remains High 19 15) U.S. Affordable Care Act (ACA) of 2010 Rewrote the Rules and Increased Coverage, But Costs Continue to Rise 19 16) Employers Fight Rapidly Growing Health Care Premiums/Require Employees to Pay a Significant Share of Costs 19 17) Insurance Companies Change Strategies Due to Affordable Care Act (ACA) and Rapidly Rising Costs of Care 21 18) Malpractice Suits Are Blamed for Rising Health Care Costs/Tort Reform Is Capping Awards for Damages 21 19) Hedge Funds and Private Equity Play a Major Role in Financial Products Including Derivatives, Lending and Insurance 22 20) Aging Populations, Baby Boomers Create Opportunities/U.S. Pension Accounts Top $36.7 Trillion 23 21) Basel III, Dodd-Frank Act and Volcker Act Increase Regulation/European Solvency II and MiFID 2 Take Effect 24 22) Financial Technology (FinTech) Enables Online Lending, Insurance and Robo Advisors 25 23) Drones Save Time and Money in a Variety of Industries Including Insurance, Real Estate and Construction 27 24) Gig Economy and Self-Driving Cars Pose Insurance Challenges and Underwriting Opportunities 27 25) The Future of the Insurance Industry and Risk Management 28 Chapter 2: Insurance Industry Statistics 29 Insurance Industry Statistics and Market Size Overview 30 Assets & Liabilities of U.S. Property-Casualty Insurance Companies: 2020-2nd Quarter 2023 31 Assets & Liabilities of U.S. Life Insurance Companies: 2020-2nd Quarter 2023 32 Employers' Costs for Total Compensation and Health Insurance, by Selected Characteristics, U.S.: Selected Years, 2019-2023 33 The Nation's Health Dollar: 2023 Where It Came From (Projected) 34 The Nation's Health Dollar: 2023 Where It Went (Estimated) 35 Number & Percent of Persons of All Ages with and without Health Insurance Coverage, U.S.: 2007-2022 36 Number & Percent of Persons without Health Insurance Coverage, by Age Group, U.S.: 2000-2022 37 Medical Care Benefits in the U.S.: Access, Participation and Take-Up Rates, March 2023 38 Retirement Benefits in the U.S.: Access, Participation and Take-Up Rates, March 2023 39 Employment in the Insurance Industry, U.S.: 2017-July 2023 40 Chapter 3: Important Insurance Industry Contacts 41 (Addresses, Phone Numbers and Internet Sites) Chapter 4: THE INSURANCE 350: Who They Are and How They Were Chosen 61 Index of Companies Within Industry Groups 62 Alphabetical Index 71 Index of U.S. Headquarters Location by State 75 Index of Non-U.S. Headquarters Location by Country 78 Individual Data Profiles on Each of THE INSURANCE 350 81 Additional Indexes Index of Hot Spots for Advancement for Women/Minorities 444 Index by Subsidiaries, Brand Names and Selected Affiliations 446 A Short Insurance Industry Glossary 465
£297.00
Edward Elgar Publishing Ltd Takaful and Islamic Cooperative Finance:
Book SynopsisIslamic finance distinguishes itself from conventional finance with its strong emphasis on the moral consequences of financial transactions; prohibiting interest, excessive uncertainty, and finance of harmful business. When it comes to risk mitigation, it is unique in its risk sharing approach.This authoritative book tracks the evolution of the takaful industry over the course of the last four decades and makes a major attempt to highlight the importance of risk sharing through a discussion of various models of cooperation and critical analysis of their performance, including illuminating case studies and a critical assessment of the Islamic insurance model and the role of alternate financing mechanisms. Its high level discourse on shari'ah compliance and its nuances places emphasis on the importance of solidarity, cooperation, mutuality and reciprocity.Scholars and practitioners working in Islamic Finance will appreciate the context and nuance of this important book, and it will be essential reading for anyone interested in alternative forms of shari'ah compliant cooperative finance. The book is equally vital for academics and researchers interested in understanding various takaful models and their shari'ah considerations.Contributors include: A. Abozaid, A.U.F. Ahmad, A. Akhtar, S.N. Ali, H. Allam, M. Ayub, M. Al Bashir Al Amine, A. Bhatty, J.W. Bradford, S.E.B. Carmody, M.A. El-Gamal, M. Faisal, M.F. Haq, I. Bin Mahbob, A. Nana, V. Nienhaus, S. Nisar, U.A. Oseni, M. Rahman, A. Rehman, M.A. Samad, B. Shafiq, H. Sultan, A.-R. Syed, T.A. UddinTrade Review'This volume is probably the first of its kind in which the topic of takaful -- often neglected by literature -- is dealt with in a comprehensive fashion by leading academics and practitioners. The strength of the volume stems from its discussion of the ideas of mutuality and cooperatives, legal and regulatory frameworks, and the potential for takaful in social finance with a view towards sustainable development. Professors Ali and Nisar deserve congratulations for making this important and significant contribution to the literature on takaful.' --Zamir Iqbal, The World Bank Global Islamic Finance Development Center, Turkey'This book is a welcome addition to the literature on takaful, providing fresh perspectives, critical analysis and informative case studies which illustrate how Islamic insurance contributes to social finance in India and Indonesia. The principles of mutuality and solidarity are examined from different perspectives and the merits of a waqf-wakalah model are discussed. The legal and regulatory framework within which takaful operates is examined. The potential for shari ah-compliant cooperative financial services is assessed and a novel proposal is made for a lifetime annuity in family takaful. The standard of scholarship is impressive and Drs Nazim Ali and Shariq Nisar are to be congratulated in bringing together such a distinguished group of academics and professionals. The book is an essential purchase for libraries with collections in Islamic finance.' --Rodney Wilson, Durham University and INCEIF, Kuala LumpurTable of ContentsContents: Introduction PART I: INTRODUCTION TO TAKAFUL: FORM, FUNCTION AND CRITICISM 1. Takaful Journey: the Past and Present and Future Ajmal Bhatty and Shariq Nisar 2. Solidarity, Cooperation, and Mutuality in Takāful Volker Nienhaus 3. Mutuality, Reciprocity, and Justice within the Context of a Unified Theory of Riba and Ghara Mahmoud A. El-Gamal 4. A Proposed Marriage between Endowments, Mutual Insurance, and the Institution of Agency in Islamic Law—An Introduction to the Waqf-Wakalah Model of Takaful Abdullah Nana 5. A Critical Shari’ah Review of Takaful Structures: Towards a Better Model Abdulazeem Abozaid PART II: REGULATORY ENVIRONMENT AND LEGAL ASPECTS OF TAKAFUL 6. New Horizons: The Potential for Shari’ah-compliant Cooperative and Mutual Financial Services Sara E.B. Carmody 7. Toward a Watershed in Takaful Dispute Resolution: From Litigation to Effective Dispute Management Umar A. Oseni 8. Fatwā and its Role in Regulatory Capture and Arbitrage Joe W. Bradford PART III: TAKAFUL PRODUCT ANALYSIS 9. The Nature of Retakaful: Risk Sharing or Transferring Risks? Abu Umar Faruq Ahmad, Ismail Bin Mahbob and Muhammad Ayub 10. Commercial Credit Takaful Muhammad Al Bashir Muhammad Al Amine 11. Shari’ah Compliant High Watermark Protected Lifetime Annuity in Family Takaful? Hiba Allam and Volker Nienhaus PART IV: TAKAFUL AS SOCIAL FINANCE 12. Reimagining takaful: A New Model for Social Banking Hussam Sultan and Abdur-Rahman Syed 13. Islamic Co-operatives: A Route to Poverty Alleviation and Economic Development Mian Farooq Haq and Bushra Shafiq 14. Scaling Poverty Reduction in Indonesia: Enhancing the Institutional Effectiveness of Islamic Microfinance Institutions Tanvir Ahmed Uddin and Muhammad Maaz Rahman 15. Micro-takaful in India: A Path Towards Financial Inclusion and Sustainable Development Mohammad Faisal, Asif Akhtar, Asad Rehman and M. Abdul Samad Index
£131.00
