Insurance and actuarial studies Books

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Book SynopsisPresents various legal, political, historical, and financial arguments about the two types of auto insurance.Table of ContentsSeries Editor's PrefaceRita J. SimonThe Case for Automobile Tort Liability Jerry J. Phillips The Case for No-Fault Insurance Stephen Chippendale ResponsesRejoinder-Jerry J. PhillipsRejoinder-Stephen Chippendale Index

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Book SynopsisSustainable Life Insurance: Managing Risk Appetite for Insurance Savings and Retirement Products gives an overview of all relevant aspects of traditional and non-traditional savings and retirement products from both insurers' and policyholders' respective risk appetites. Examples of such products include general accounts, whole life, annuities (variable, fixed and fixed indexed, structured), index-linked products, CPPI-based products, etc.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 insurers' and policyholders' perspectives.Features The book offers not only theoretical background but also concrete, cutting-edge quick wins across strategic and operational business axes. It will be an asset for professionals in the insurance industry, and a great teachinTable of ContentsIntroduction. 1. The transformation of the Risk Appetite for Sustainable Savings and Retirement. 1.1. The transformation of the insurance business since the past decade. 1.2. Securing long-term sustainable business growth: from Governance to effective risk management. 2. Products Risk Appetite for Sustainable Savings and Retirement. 2.1. The increasingly selective customer’ Risk Appetite across the four axes: yields/flexibility/financial guarantees/cost. 2.2. Meeting both shareholders and policyholders Appetites through sustainable Capital-light products? 3. Measuring Risk Appetite for Sustainable Savings and Retirement. 3.1. Considerations on Risk-neutral vs. Real-world pricing framework. 3.2. Hybrid Financial Risks Modelling for Sustainable Savings and Retirement. 3.3. Computational challenges and opportunities: accelerating the computational Run Time by Speeding up the convergence of Monte Carlo simulations. 4. Designing Products aligned with Risk Appetite for Sustainable Savings and Retirement. 4.1. Screening sustainable opportunities balancing shareholders vs. customers’ interests within persistent low rates and growing regulatory constraints. 4.2 Sustainable Liabilities designs enhancements. 4.3 Sustainable Investment Assets designs. 5. Hedging Risks aligned with Risk Appetite for Sustainable Savings and Retirement. 5.1. Hedging principles, processes and PandL attribution. 5.2. From Dynamic hedging to Semi-static hedging. 5.3. Managing hedging liquidity constraints. Bibliography.

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Book SynopsisThis is the first book to focus on the legal question of the incorporation of arbitration clauses, even though this issue constitutes a common problem that arises frequently in practice. Arbitration Clauses and Third Parties compares different branches of law, namely shipping, reinsurance, and construction, where the legal notion of incorporation is often implemented. It evaluates how the differences and peculiarities of the said branches of law impact the outcome of the incorporation of arbitration clauses and therefore why a âone size fits allâ approach should be avoided. The book provides both an in-depth legal analysis of the incorporation of arbitration clauses as well as the legal position of the third parties regarding arbitration agreements and a detailed evaluation of the relevant case law. It further offers a unique comparative analysis of English law and Singapore law with regards to the incorporation of arbitration clauses and features recent case law on Table of ContentsTable of Cases, Preface, Part I Muddying the Water: Incorporation of Arbitration Clauses in Shipping, Reinsurance, and Construction Chain Contracts, Chapter 1 The Foundations of Incorporation and Arbitration Clauses, Chapter 2 Incorporation of Charterparty Arbitration Clauses into Bills of Lading, Chapter 3 Incorporation of Arbitration Clauses into Reinsurance Contracts, Chapter 4 Construction Contracts and the Incorporation of Arbitration Clauses, Chapter 5 Singapore Law and Incorporation of Arbitration Clauses, PART II Not Incorporation – but a Close Analogy: Arbitration Clauses Binding Third Parties, Chapter 6 Arbitration Agreements and Third Parties, Index

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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

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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

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Book SynopsisA one-stop guide for the theories, applications, and statistical methodologies essential to operational risk Providing a complete overview of operational risk modeling and relevant insurance analytics, Fundamental Aspects of Operational Risk and Insurance Analytics: A Handbook of Operational Risk offers a systematic approach that covers the wide range of topics in this area. Written by a team of leading experts in the field, the handbook presents detailed coverage of the theories, applications, and models inherent in any discussion of the fundamentals of operational risk, with a primary focus on Basel II/III regulation, modeling dependence, estimation of risk models, and modeling the data elements. Fundamental Aspects of Operational Risk and Insurance Analytics: A Handbook of Operational Risk begins with coverage on the four data elements used in operational risk framework as well as processing risk taxonomy. The book then goes further Table of ContentsPreface xvii Acronyms xix List of Distributions xxi 1 OpRisk in Perspective 1 1.1 Brief History 1 1.2 Risk-Based Capital Ratios for Banks 5 1.3 The Basic Indicator and Standardized Approaches for OpRisk 9 1.4 The Advanced Measurement Approach 10 1.4.1 Internal Measurement Approach 11 1.4.2 Score Card Approach 11 1.4.3 Loss Distribution Approach 12 1.4.4 Requirements for AMA 13 1.5 General Remarks and Book Structure 16 2 OpRisk Data and Governance 17 2.1 Introduction 17 2.2 OpRisk Taxonomy 17 2.2.1 Execution, Delivery, and Process Management 19 2.2.2 Clients, Products, and Business Practices 21 2.2.3 Business Disruption and System Failures 22 2.2.4 External Frauds 23 2.2.5 Internal Fraud 23 2.2.6 Employment Practices and Workplace Safety 24 2.2.7 Damage to Physical Assets 25 2.3 The Elements of the OpRisk Framework 25 2.3.1 Internal Loss Data 26 2.3.2 Setting a Collection Threshold and Possible Impacts 26 2.3.3 Completeness of Database (Under-reporting Events) 27 2.3.4 Recoveries and Near Misses 27 2.3.5 Time Period for Resolution of Operational Losses 28 2.3.6 Adding Costs to Losses 28 2.3.7 Provisioning Treatment of Expected Operational Losses 28 2.4 Business Environment and Internal Control Environment Factors (BEICFs) 29 2.4.1 Risk Control Self-Assessment (RCSA) 29 2.4.2 Key Risk Indicators 31 2.5 External Databases 33 2.6 Scenario Analysis 34 2.7 OpRisk Profile in Different Financial Sectors 37 2.7.1 Trading and Sales 37 2.7.2 Corporate Finance 38 2.7.3 Retail Banking 38 2.7.4 Insurance 39 2.7.5 Asset Management 40 2.7.6 Retail Brokerage 42 2.8 Risk Organization and Governance 43 2.8.1 Organization of Risk Departments 44 2.8.2 Structuring a Firm Wide Policy: Example of an OpRisk Policy 46 2.8.3 Governance 47 3 Using OpRisk Data for Business Analysis 48 3.1 Cost Reduction Programs in Financial Firms 49 3.2 Using OpRisk Data to Perform Business Analysis 53 3.2.1 The Risk of Losing Key Talents: OpRisk in Human Resources 53 3.2.2 OpRisk in Systems Development and Transaction Processing 54 3.3 Conclusions 58 4 Stress-Testing OpRisk Capital and the Comprehensive Capital Analysis and Review (CCAR) 59 4.1 The Need for Stressing OpRisk Capital Even Beyond 99.9% 59 4.2 Comprehensive Capital Review and Analysis (CCAR) 60 4.3 OpRisk and Stress Tests 68 4.4 OpRisk in CCAR in Practice 70 4.5 Reverse Stress Test 75 4.6 Stressing OpRisk Multivariate Models—Understanding the Relationship Among Internal Control Factors and Their Impact on Operational Losses 76 5 Basic Probability Concepts in Loss Distribution Approach 79 5.1 Loss Distribution Approach 79 5.2 Quantiles and Moments 85 5.3 Frequency Distributions 88 5.4 Severity Distributions 89 5.4.1 Simple Parametric Distributions 90 5.4.2 Truncated Distributions 92 5.4.3 Mixture and Spliced Distributions 93 5.5 Convolutions and Characteristic Functions 94 5.6 Extreme Value Theory 97 5.6.1 EVT—Block Maxima 98 5.6.2 EVT—Random Number of Losses 99 5.6.3 EVT—Threshold Exceedances 100 6 Risk Measures and Capital Allocation 102 6.1 Development of Capital Accords Base I, II and III 103 6.2 Measures of Risk 106 6.2.1 Coherent and Convex Risk Measures 107 6.2.2 Comonotonic Additive Risk Measures 109 6.2.3 Value-at-Risk 109 6.2.4 Expected Shortfall 114 6.2.5 Spectral Risk Measure 120 6.2.6 Higher-Order Risk Measures 122 6.2.7 Distortion Risk Measures 125 6.2.8 Elicitable Risk Measures 126 6.2.9 Risk Measure Accounting for Parameter Uncertainty 130 6.3 Capital Allocation 133 6.3.1 Coherent Capital Allocation 134 6.3.2 Euler Allocation 136 6.3.3 Standard Deviation 138 6.3.4 Expected Shortfall 139 6.3.5 Value-at-Risk 140 6.3.6 Allocation by Marginal Contributions 142 6.3.7 Numerical Example 143 7 Estimation of Frequency and Severity Models 146 7.1 Frequentist Estimation 146 7.1.1 Parameteric Maximum Likelihood Method 149 7.1.2 Maximum Likelihood Method for Truncated and Censored Data 151 7.1.3 Expectation Maximization and Parameter Estimation 152 7.1.4 Bootstrap for Estimation of Parameter Accuracy 156 7.1.5 Indirect Inference–Based Likelihood Estimation 157 7.2 Bayesian Inference Approach 159 7.2.1 Conjugate Prior Distributions 161 7.2.2 Gaussian Approximation for Posterior (Laplace Type) 161 7.2.3 Posterior Point Estimators 162 7.2.4 Restricted Parameters 163 7.2.5 Noninformative Prior 163 7.3 Mean Square Error of Prediction 164 7.4 Standard Markov Chain Monte Carlo (MCMC) Methods 166 7.4.1 Motivation for Markov Chain Methods 167 7.4.2 Metropolis–Hastings Algorithm 177 7.4.3 Gibbs Sampler 178 7.4.4 Random Walk Metropolis–Hastings within Gibbs 179 7.5 Standard MCMC Guidelines for Implementation 180 7.5.1 Tuning, Burn-in, and Sampling Stages 180 7.5.2 Numerical Error 185 7.5.3 MCMC Extensions: Reducing Sample Autocorrelation 187 7.6 Advanced MCMC Methods 188 7.6.1 Auxiliary Variable MCMC Methods: Slice Sampling 189 7.6.2 Generic Univariate Auxiliary Variable Gibbs Sampler: Slice Sampler 189 7.6.3 Adaptive MCMC 192 7.6.4 Riemann–Manifold Hamiltonian Monte Carlo Sampler (Automated Local Adaption) 196 7.7 Sequential Monte Carlo (SMC) Samplers and Importance Sampling 201 7.7.1 Motivating OpRisk Applications for SMC Samplers 202 7.7.2 SMC Sampler Methodology and Components 210 7.7.3 Incorporating Partial Rejection Control into SMC Samplers 216 7.7.4 Finite Sample (Nonasymptotic) Accuracy for Particle Integration 219 7.8 Approximate Bayesian Computation (ABC) Methods 220 7.9 OpRisk Estimation and Modeling for Truncated Data 223 7.9.1 Constant Threshold - Poisson Process 224 7.9.2 Negative Binomial and Binomial Frequencies 227 7.9.3 Ignoring Data Truncation 228 7.9.4 Threshold Varying in Time 232 7.9.5 Unknown and Stochastic Truncation Level 236 8 Model Selection and Goodness-of-Fit Testing for Frequency and Severity Models 238 8.1 Qualitative Model Diagnostic Tools 238 8.2 Tail Diagnostics 240 8.3 Information Criterion for Model Selection 242 8.3.1 Akaike Information Criterion for LDA Model Selection 242 8.3.2 Deviance Information Criterion 245 8.4 Goodness-of-Fit Testing for Model Choice (How to Account for Heavy Tails!) 246 8.4.1 Convergence Results of the Empirical Process for GOF Testing 247 8.4.2 Overview of Generic GOF Tests—Omnibus Distributional Tests 256 8.4.3 Kolmogorov–Smirnov Goodness-of-Fit Test and Weighted Variants: Testing in the Presence of Heavy Tails 260 8.4.4 Cramer-von-Mises Goodness-of-Fit Tests and Weighted Variants: Testing in the Presence of Heavy Tails 271 8.5 Bayesian Model Selection 283 8.5.1 Reciprocal Importance Sampling Estimator 284 8.5.2 Chib Estimator for Model Evidence 285 8.6 SMC Sampler Estimators of Model Evidence 286 8.7 Multiple Risk Dependence Structure Model Selection: Copula Choice 287 8.7.1 Approaches to Goodness-of-Fit Testing for Dependence Structures 293 8.7.2 Double Parameteric Bootstrap for Copula GOF 297 9 Flexible Parametric Severity Models: Basics 300 9.1 Motivation for Flexible Parametric Severity Loss Models 300 9.2 Context of Flexible Heavy-Tailed Loss Models in OpRisk and Insurance LDA Models 301 9.3 Empirical Analysis Justifying Heavy-Tailed Loss Models in OpRisk 303 9.4 Quantile Function Heavy-Tailed Severity Models 305 9.4.1 g-and-h Severity Model Family in OpRisk 311 9.4.2 Tail Properties of the g-and-h, g, h, and h–h Severity in OpRisk 321 9.4.3 Parameter Estimation for the g-and-h Severity in OpRisk 324 9.4.4 Bayesian Models for the g-and-h Severity in OpRisk 328 9.5 Generalized Beta Family of Heavy-Tailed Severity Models 333 9.5.1 Generalized Beta Family Type II Severity Models in OpRisk 333 9.5.2 Sub families of the Generalized Beta Family Type II Severity Models 336 9.5.3 Mixture Representations of the Generalized Beta Family Type II Severity Models 337 9.5.4 Estimation in the Generalized Beta Family Type II Severity Models 339 9.6 Generalized Hyperbolic Families of Heavy-Tailed Severity Models 340 9.6.1 Tail Properties and Infinite Divisibility of the Generalized Hyperbolic Severity Models 342 9.6.2 Subfamilies of the Generalized Hyperbolic Severity Models 344 9.6.3 Normal Inverse Gaussian Family of Heavy-Tailed Severity Models 346 9.7 Halphen Family of Flexible Severity Models: GIG and Hyperbolic 350 9.7.1 Halphen Type A: Generalized Inverse Gaussian Family of Flexible Severity Models 355 9.7.2 Halphen Type B and IB Families of Flexible Severity Models 361 10 Dependence Concepts 365 10.1 Introduction to Concepts in Dependence for OpRisk and Insurance 365 10.2 Dependence Modeling Within and Between LDA Model Structures 366 10.2.1 Where Can One Introduce Dependence Between LDA Model Structures? 368 10.2.2 Understanding Basic Impacts of Dependence Modeling Between LDA Components in Multiple Risks 369 10.3 General Notions of Dependence 372 10.4 Dependence Measures 387 10.4.1 Linear Correlation 390 10.4.2 Rank Correlation Measures 393 10.5 Tail Dependence Parameters, Functions, and Tail Order Functions 398 10.5.1 Tail Dependence Coefficients 398 10.5.2 Tail Dependence Functions and Orders 407 10.5.3 A Link Between Orthant Extreme Dependence and Spectral Measures: Tail Dependence 410 11 Dependence Models 414 11.1 Introduction to Parametric Dependence Modeling Through a Copula 414 11.2 Copula Model Families for OpRisk 422 11.2.1 Gaussian Copula 428 11.2.2 t-Copula 430 11.2.3 Archimedean Copulas 435 11.2.4 Archimedean Copula Generators and the Laplace Transform of a Non-Negative Random Variable 439 11.2.5 Archimedean Copula Generators, l1-Norm Symmetric Distributions and the Williamson Transform 441 11.2.6 Hierarchical and Nested Archimedean Copulae 452 11.2.7 Mixtures of Archimedean Copulae 454 11.2.8 Multivariate Archimedean Copula Tail Dependence 456 11.3 Copula Parameter Estimation in Two Stages: Inference for the Margins 457 11.3.1 MPLE: Copula Parameter Estimation 458 11.3.2 Inference Functions for Margins (IFM): Copula Parameter Estimation 459 12 Examples of LDA Dependence Models 462 12.1 Multiple Risk LDA Compound Poisson Processes and Lévy Copula 462 12.2 Multiple Risk LDA: Dependence Between Frequencies via Copula 468 12.3 Multiple Risk LDA: Dependence Between the k-th Event Times/Losses 468 12.3.1 Common Shock Processes 469 12.3.2 Max-Stable and Self-Chaining Copula Models 470 12.4 Multiple Risk LDA: Dependence Between Aggregated Losses via Copula 474 12.5 Multiple Risk LDA: Structural Model with Common Factors 477 12.6 Multiple Risk LDA: Stochastic and Dependent Risk Profiles 478 12.7 Multiple Risk LDA: Dependence and Combining Different Data Sources 482 12.7.1 Bayesian Inference Using MCMC 484 12.7.2 Numerical Example 485 12.7.3 Predictive Distribution 487 12.8 A Note on Negative Diversification and Dependence Modeling 489 13 Loss Aggregation 492 13.1 Analytic Solution 492 13.1.1 Analytic Solution via Convolutions 493 13.1.2 Analytic Solution via Characteristic Functions 494 13.1.3 Moments of Compound Distribution 496 13.1.4 Value-at-Risk and Expected Shortfall 499 13.2 Monte Carlo Method 499 13.2.1 Quantile Estimate 500 13.2.2 Expected Shortfall Estimate 502 13.3 Panjer Recursion 503 13.4 Panjer Extensions 509 13.5 Fast Fourier Transform 511 13.6 Closed-Form Approximation 514 13.7 Capital Charge Under Parameter Uncertainty 519 13.7.1 Predictive Distributions 520 13.7.2 Calculation of Predictive Distributions 521 13.8 Special Advanced Topics on Loss Aggregation 523 13.8.1 Discretisation Errors and Extrapolation Methods 524 13.8.2 Classes of Discrete Distributions: Discrete Infinite Divisibility and Discrete Heavy Tails 527 13.8.3 Recursions for Convolutions (Partial Sums) with Discretised Severity Distributions (Fixed n) 535 13.8.4 Alternatives to Panjer Recursions: Recursions for Compound Distributions with Discretised Severity Distributions 543 13.8.5 Higher Order Recursions for Discretised Severity Distributions in Compound LDA Models 545 13.8.6 Recursions for Discretised Severity Distributions in Compound Mixed Poisson LDA Models 547 13.8.7 Continuous Versions of the Panjer Recursion 550 14 Scenario Analysis 556 14.1 Introduction 556 14.2 Examples of Expert Judgments 559 14.3 Pure Bayesian Approach (Estimating Prior) 561 14.4 Expert Distribution and Scenario Elicitation: Learning from Bayesian Methods 563 14.5 Building Models for Elicited Opinions: Hierarchical Dirichlet Models 566 14.6 Worst-Case Scenario Framework 568 14.7 Stress Test Scenario Analysis 571 14.8 Bow-Tie Diagram 574 14.9 Bayesian Networks 576 14.9.1 Definition and Examples 577 14.9.2 Constructing and Simulating a Bayesian Net 580 14.9.3 Combining Expert Opinion and Data in a Bayesian Net 581 14.9.4 Bayesian Net and Operational Risk 582 14.10 Discussion 584 15 Combining Different Data Sources 585 15.1 Minimum Variance Principle 586 15.2 Bayesian Method to Combine Two Data Sources 588 15.2.1 Estimating Prior: Pure Bayesian Approach 590 15.2.2 Estimating Prior: Empirical Bayesian Approach 592 15.2.3 Poisson Frequency 593 15.2.4 The LogNormal Severity 597 15.2.5 Pareto Severity 601 15.3 Estimation of the Prior Using Data 606 15.3.1 The Maximum Likelihood Estimator 606 15.3.2 Poisson Frequencies 607 15.4 Combining Expert Opinions with External and Internal Data 609 15.4.1 Conjugate Prior Extension 610 15.4.2 Modeling Frequency: Poisson Model 611 15.4.3 LogNormal Model for Severities 618 15.4.4 Pareto Model 620 15.5 Combining Data Sources Using Credibility Theory 625 15.5.1 Bühlmann–Straub Model 626 15.5.2 Modeling Frequency 628 15.5.3 Modeling Severity 631 15.5.4 Numerical Example 633 15.5.5 Remarks and Interpretation 634 15.6 Nonparametric Bayesian Approach via Dirichlet Process 635 15.7 Combining Using Dempster–Shafer Structures and p-Boxes 638 15.7.1 Dempster–Shafer Structures and p-Boxes 639 15.7.2 Dempster’s Rule 641 15.7.3 Intersection Method 643 15.7.4 Envelope Method 644 15.7.5 Bounds for the Empirical Data Distribution 645 15.8 General Remarks 647 16 Multifactor Modeling and Regression for Loss Processes 649 16.1 Generalized Linear Model Regressions and the Exponential Family 649 16.1.1 Basic Components of a Generalized Linear Model Regression in the Exponential Family 650 16.1.2 Basis Function Regression 654 16.2 Maximum Likelihood Estimation for Generalized Linear Models 655 16.2.1 Iterated Weighted Least Squares Maximum Likelihood for Generalised Linear Models 655 16.2.2 Model Selection via the Deviance in a GLM Regression 657 16.3 Bayesian Generalized Linear Model Regressions and Regularization Priors 659 16.3.1 Bayesian Model Selection for Regularlized GLM Regression 665 16.4 Bayesian Estimation and Model Selection via SMC Samplers 666 16.4.1 Proposed SMC Sampler Solution 667 16.5 Illustrations of SMC Samplers Model Estimation and Selection for Bayesian GLM Regressions 668 16.5.1 Normal Regression Model 668 16.5.2 Poisson Regression Model 669 16.6 Introduction to Quantile Regression Methods for OpRisk 672 16.6.1 Nonparametric Quantile Regression Models 674 16.6.2 Parametric Quantile Regression Models 675 16.7 Factor Modeling for Industry Data 681 16.8 Multifactor Modeling under EVT Approach 683 17 Insurance and Risk Transfer: Products and Modeling 685 17.1 Motivation for Insurance and Risk Transfer in OpRisk 685 17.2 Fundamentals of Insurance Product Structures for OpRisk 688 17.3 Single Peril Policy Products for OpRisk 692 17.4 Generic Insurance Product Structures for OpRisk 694 17.4.1 Generic Deterministic Policy Structures 694 17.4.2 Generic Stochastic Policy Structures: Accounting for Coverage Uncertainty 700 17.5 Closed-Form LDA Models with Insurance Mitigations 705 17.5.1 Insurance Mitigation Under the Poisson-Inverse-Gaussian Closed-Form LDA Models 705 17.5.2 Insurance Mitigation and Poisson-α-Stable Closed-Form LDA Models 712 17.5.3 Large Claim Number Loss Processes: Generic Closed-Form LDA Models with Insurance Mitigation 719 17.5.4 Generic Closed-Form Approximations for Insured LDA Models 734 18 Insurance and Risk Transfer: Pricing Insurance-Linked Derivatives, Reinsurance, and CAT Bonds for OpRisk 750 18.1 Insurance-Linked Securities and CAT Bonds for OpRisk 751 18.1.1 Background on Insurance-Linked Derivatives and CAT Bonds for Extreme Risk Transfer 755 18.1.2 Triggers for CAT Bonds and Their Impact on Risk Transfer 760 18.1.3 Recent Trends in CAT Bonds 763 18.1.4 Management Strategies for Utilization of Insurance-Linked Derivatives and CAT Bonds in OpRisk 763 18.2 Basics of Valuation of ILS and CAT Bonds for OpRisk 765 18.2.1 Probabilistic Pricing Frameworks: Complete and Incomplete Markets, Real-World Pricing, Benchmark Approach, and Actuarial Valuation 771 18.2.2 Risk Assessment for Reinsurance: ILS and CAT Bonds 794 18.3 Applications of Pricing ILS and CAT Bonds 796 18.3.1 Probabilistic Framework for CAT Bond Market 796 18.3.2 Framework 1: Assuming Complete Market and Arbitrage-Free Pricing 798 18.3.3 Framework 2: Assuming Incomplete Arbitrage-Free Pricing 809 18.4 Sidecars, Multiple Peril Baskets, and Umbrellas for OpRisk 815 18.4.1 Umbrella Insurance 816 18.4.2 OpRisk Loss Processes Comprised of Multiple Perils 817 18.5 Optimal Insurance Purchase Strategies for OpRisk Insurance via Multiple Optimal Stopping Times 823 18.5.1 Examples of Basic Insurance Policies 826 18.5.2 Objective Functions for Rational and Boundedly Rational Insurees 828 18.5.3 Closed-Form Multiple Optimal Stopping Rules for Multiple Insurance Purchase Decisions 830 18.5.4 Aski-Polynomial Orthogonal Series Approximations 835 A Miscellaneous Definitions and List of Distributions 842 A.1 Indicator Function 842 A.2 Gamma Function 842 A.3 Discrete Distributions 842 A.3.1 Poisson Distribution 842 A.3.2 Binomial Distribution 843 A.3.3 Negative Binomial Distribution 843 A.3.4 Doubly Stochastic Poisson Process (Cox Process) 844 A.4 Continuous Distributions 844 A.4.1 Uniform Distribution 844 A.4.2 Normal (Gaussian) Distribution 844 A.4.3 Inverse Gaussian Distribution 845 A.4.4 LogNormal Distribution 845 A.4.5 Student’s t Distribution 846 A.4.6 Gamma Distribution 846 A.4.7 Weibull Distribution 846 A.4.8 Inverse Chi-Squared Distribution 847 A.4.9 Pareto Distribution (One-Parameter) 847 A.4.10 Pareto Distribution (Two-Parameter) 847 A.4.11 Generalized Pareto Distribution 848 A.4.12 Beta Distribution 848 A.4.13 Generalized Inverse Gaussian Distribution 849 A.4.14 d-variate Normal Distribution 849 A.4.15 d-variate t-Distribution 850 Bibliography 851 Index 892

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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

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Book SynopsisThe future of the insurance regulation begins now For those involved with the insurance industry, from investment professionals to policy makers, and regulators to legislators, tremendous change is coming. With insurance premiums constituting an ever-growing portion of annual U.S.Table of ContentsPreface Acknowledgments Chapter 2: Life Insurance’s Importance to American Families and Industry’s Concern about Regulation (Dirk Kempthorne) Chapter 3: Why Insurance Needs a Federal Regulator Option (Roger W. Ferguson, Jr.) Chapter 4: Observations on Insurance Regulation – Uniformity, Efficiency, and Financial Stability (Therese M. Vaughan) Chapter 5: Lessons Learned from AIG for Modernizing Insurance Regulation (Eric R. Dinallo) Chapter 6: Assessing the Vulnerability of the U.S. Life Insurance Industry (Anna Paulson, Thanases Plestis, Richard Rosen, Robert McMenamin and Zain Mohey-Dean) Appendix 6A: Details on Estimating Asset Risk Chapter 7: Systemic Risk and Regulation of the U.S. Insurance Industry (J. David Cummins and Mary A. Weiss) Chapter 8: Designation and Supervision of Insurance SIFIs (Scott E. Harrington and Alan B. Miller) Chapter 9: Is the Insurance Industry Systemically Risky? (Viral V Acharya and Matthew Richardson1) Chapter 10: Modernizing the Safety Net for Insurance Companies (John H. Biggs) Chapter 11: Policyholder Protection in the Wake of the Financial Crisis (Peter G. Gallanis) Appendix 11A: The Critical Role of “Prompt Corrective Action” Appendix 11B: Table of Relevant Guaranty Association Coverage Levels by State As of September 19, 2013 (Subject to Change) Chapter 12: Comparative Regulation of Market Intermediaries: Insights from the Indian Life Insurance Market (Santosh Anagol (Wharton), Shawn Cole (Harvard Business School), and Shayak Sarkar (Harvard University)) About the Authors About the Website Index

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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

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Book SynopsisThe definitive and timeless guide to the principles of banking and finance, addressing and meeting the challenges of competition, strategy, regulation and the digital age.Table of ContentsForeword xvii Paul Fisher Foreword xxi Professor Alexander Lipton Foreword xxiii Rundheersing Bheenick Preface xxv Acknowledgments xxxi About the Author xxxix List of Extract Book Titles xli Part I Principles Of Banking, Finance And Financial Products 3 Chapter 1 A Primer on Banking, Finance and Financial Instruments 5 Chapter 2 Derivative Instruments and Hedging 121 Chapter 3 The Yield Curve 273 Chapter 4 Eurobonds, Securitisation and Structured Finance 345 Part II Bank Regulatory Capital and Risk Management 407 Chapter 5 Banks and Risk Management 409 Chapter 6 Banks and Credit Risk 465 Chapter 7 Understanding and Managing Operational Risk 523 Chapter 8 Regulatory Capital and the Capital Adequacy Assessment Process 541 Chapter 9 Financial Statements, Ratio Analysis, and Credit Analysis 617 Part III Bank Treasury and Strategic Asset–Liability Management 653 Chapter 10 The Bank Treasury Operating Model and ALCO Governance Process Best-Practice 655 Chapter 11 Bank Asset–Liability Management (ALM) and “Strategic ALM” 697 Chapter 12 Liquidity and Funding: Policy, Management, and Risk Management 795 Chapter 13 Market Risk and Non-Traded Market Risk (Interest-Rate Risk in the Banking Book) 971 Chapter 14 The Future of Bank Treasury and Balance Sheet Risk Management 1033 Chapter 15 Regulatory Reporting and Principles of Policy Documentation 1055 Part IV The Future of Banking: Strategy, Governance and Culture 1087 Chapter 16 Strategy Setting: Principles for Sustained Bank Viability 1091 Chapter 17 Present and Future Principles of Governance and Culture 1147 Chapter 18 Present and Future Principles of Banking: Business Model and Customer Service 1187 Part V Case Studies: Analysis, Coherent Advice and Problem Solving 1211 Chapter 19 Case Studies: Analysis, Coherent Advice and Problem Solving 1213 Chapter 20 Guide to the Website 1245 Afterword 1251 Index 1253

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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

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Book SynopsisLearn from some of the most respected women in insurance and risk management Women to Watch presents the advice, guidance, and lessons learned from the most successful women in risk management and insurance.Table of ContentsForeword ix Joanne Wojcik Acknowledgments xiii Chapter 1 I’m Strong 1 Ingrid Lindberg Chapter 2 My College-Self Says, “What Glass Ceiling?”. My Now-Self Responds 15 Lindsey Frase Chapter 3 Building Your Personal Brand 25 Kimberly George Chapter 4 Hear Me Roar 35 Caryn Siebert Chapter 5 Lessons Learned in a 30-Year Career 49 Carol Arendall Chapter 6 The Myth of Work-Life Balance 57 Carolina Klint Chapter 7 Dirty Glass Ceilings 65 Yvette Connor Chapter 8 Integration: The Key to Happiness 79 Janet Pane Chapter 9 Women on Boards 89 Terrie Pohjola Chapter 10 A Growth Story 103 Carol L. Murphy Chapter 11 What If 117 Linda Lane Chapter 12 Game Changers 129 Artemis Emslie Appendix Women to Watch (by year) 139 About the Authors 151 Index 163

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Book SynopsisGain a holistic view of agricultural (re)insurance and capital market risk transfer Increasing agricultural production and food security remain key challenges for mankind. In order to meet global food demand, the Food and Agriculture Organisation estimates that production has to increase by 50% by 2050 and requires large investments. Agricultural insurance and financial instruments have been an integral part to advancing productivity and are becoming more important in increasingly globalized and specialized agricultural supply chains in the wake of potentially more frequent and severe natural disasters in today's key producing markets. Underwriting, pricing and transferring agricultural risks is complex and requires a solid understanding of the production system, exposure, perils and the most suitable products, which vastly differ among developed and developing markets. In the last decade, new insurance schemes in emerging agricultural markets have greatly contrTable of ContentsForeword ix Introduction xi Acknowledgements xiii Special Thanks xv CHAPTER 1 Agricultural Markets and Risk Management 1 CHAPTER 2 Concepts of Insurance 21 CHAPTER 3 Agricultural Perils and Risk Modelling Concepts 45 CHAPTER 4 Agricultural Data and Proxies 103 CHAPTER 5 Agricultural Insurance 149 CHAPTER 6 Crop Insurance 189 CHAPTER 7 Livestock Insurance 271 CHAPTER 8 Aquaculture Insurance 311 CHAPTER 9 Forest Insurance 333 CHAPTER 10 Risk Transfer to Reinsurance Markets 363 CHAPTER 11 Risk Transfer to Capital Markets 393 ACRONYMS AND ABBREVIATIONS 407 INDEX 409

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Book SynopsisReduce or prevent risk failure losses with new and emerging technologies Rogues of Wall Street analyzes the recent risk failures and errors that have overwhelmed Wall Street for the past decade. Written by a veteran risk, compliance, and governance specialist, this book helps bank leaders and consultants identify the tools they need to effectively manage operational risk. Citing different types of risk events such as: Rogue and Insider Trading, cyber security, AML, the Mortgage Crisis, and other major events, chapters in the first half of the book detail each operational risk type along with its causative and contributing factors. The second half of the book takes an overarching approach to the tools and solutions available to financial institutions to manage such events in the future. From technology, to culture, to governance, and more, this book does more than simply identify the problemit provides real-world solutions with actionable insight. Expert discussiTable of ContentsIntroduction: A Risky Business ix Acknowledgments xvii About the Author xix 1 The Historical Context 1 2 The Rogue Trader 7 3 Genius Traders: Who They Are and How to Catch Them 19 4 Insider Trading 27 5 Price Manipulation Risk: The Big Unknown 37 6 The Mortgage Mess 45 7 Ponzi Schemes and Snake Oil Salesmen 53 8 Rogue Computer 63 9 Funding the Bad Guys—Winning the AML Battle 73 10 Litigation and Big Data Risk 85 11 Twitter Risk and Fake News Risk 91 12 Spreadsheet Risk: Should We Ban Excel? 95 13 Acts of God Risk 99 14 Cybersecurity— The Threat from Outside and Inside the Firewall 101 15 Turning the Tables on Risk 107 16 Building the Right Culture: Values, Organization, and Culture 113 17 The 360-Degree Risk Management Function 123 18 What We Talk about When We Talk about Risk 137 19 The Future Is Unknowable, the Present Burdensome; Only the Past Can Be Understood 147 20 The New Tools of the Trade 159 21 Cognitive Technologies 169 22 The Role of Government and Regulators in Managing Risk 177 23 Case Studies and Guiding Principles in Planning for Disaster 185 24 The Risk Management Society and Its Friends 191 25 Conclusion: Seven Traits for Successfully Managing Cognitive Risk 203 Index 207

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Book SynopsisThe non-technical handbook for cyber security risk management Solving Cyber Risk distills a decade of research into a practical framework for cyber security. Blending statistical data and cost information with research into the culture, psychology, and business models of the hacker community, this book providesbusiness executives, policy-makers, and individualswith a deeper understanding of existing future threats, and an action plan for safeguarding their organizations. Key Risk Indicators reveal vulnerabilities based on organization type, IT infrastructure and existing security measures, while expert discussion from leading cyber risk specialists details practical, real-world methods of risk reduction and mitigation. By the nature of the business, your organization's customer database is packed with highly sensitive information that is essentially hacker-bait, and even a minor flaw in security protocol could spell disaster. This book takes you deep into the cyber threat landscape tTable of ContentsAbout the Authors ix Acknowledgments xi CHAPTER 1 Counting the Costs of Cyber Attacks 1 1.1 Anatomy of a Data Exfiltration Attack 1 1.2 A Modern Scourge 7 1.3 Cyber Catastrophes 12 1.4 Societal Cyber Threats 19 1.5 Cyber Risk 21 1.6 How Much Does Cyber Risk Cost Our Society? 24 Endnotes 30 CHAPTER 2 Preparing for Cyber Attacks 33 2.1 Cyber Loss Processes 33 2.2 Data Exfiltration 34 2.3 Contagious Malware Infection 41 2.4 Denial of Service Attacks 56 2.5 Financial Theft 63 2.6 Failures of Counterparties or Suppliers 68 Endnotes 78 CHAPTER 3 Cyber Enters the Physical World 81 3.1 A Brief History of Cyber-physical Interactions 81 3.2 Hacking Attacks on Cyber-physical Systems 83 3.3 Components of Cyber-physical Systems 86 3.4 How to Subvert Cyber-physical Systems 88 3.5 How to Cause Damage Remotely 91 3.6 Using Compromises to Take Control 92 3.7 Operating Compromised Systems 93 3.8 Expect the Unexpected 95 3.9 Smart Devices and the Internet of Things 99 Endnotes 101 CHAPTER 4 Ghosts in the Code 103 4.1 All Software Has Errors 103 4.2 Vulnerabilities, Exploits, and Zero Days 104 4.3 Counting Vulnerabilities 108 4.4 Vulnerability Management 113 4.5 International Cyber Response and Defense 118 Endnotes 122 CHAPTER 5 Know Your Enemy 125 5.1 Hackers 125 5.2 Taxonomy of Threat Actors 127 5.3 The Insider Threat 143 5.4 Threat Actors and Cyber Risk 145 5.5 Hackonomics 147 Endnotes 151 CHAPTER 6 Measuring the Cyber Threat 153 6.1 Measurement and Management 153 6.2 Cyber Threat Metrics 158 6.3 Measuring the Threat for an Organization 162 6.4 The Likelihood of Major Cyber Attacks 170 Endnotes 182 CHAPTER 7 Rules, Regulations, and Law Enforcement 183 7.1 Cyber Laws 183 7.2 US Cyber Laws 186 7.3 EU General Data Protection Regulation (GDPR) 190 7.4 Regulation of Cyber Insurance 192 7.5 A Changing Legal Landscape 194 7.6 Compliance and Law Enforcement 196 7.7 Law Enforcement and Cyber Crime 199 Endnotes 205 CHAPTER 8 The Cyber-Resilient Organization 207 8.1 Changing Approaches to Risk Management 207 8.2 Incident Response and Crisis Management 208 8.3 Resilience Engineering 212 8.4 Attributes of a Cyber-resilient Organization 214 8.5 Incident Response Planning 218 8.6 Resilient Security Solutions 219 8.7 Financial Resilience 225 Endnotes 234 CHAPTER 9 Cyber Insurance 235 9.1 Buying Cyber Insurance 235 9.2 The Cyber Insurance Market 244 9.3 Cyber Catastrophe Risk 248 9.4 Managing Portfolios of Cyber Insurance 251 9.5 Cyber Insurance Underwriting 258 9.6 Cyber Insurance and Risk Management 263 Endnotes 264 CHAPTER 10 Security Economics and Strategies 267 10.1 Cost-Effectiveness of Security Enhancements 267 10.2 Cyber Security Budgets 271 10.3 Security Strategies for Society 276 10.4 Strategies of Cyber Attack 283 10.5 Strategies of National Cyber Defense 289 Endnotes 294 CHAPTER 11 Ten Cyber Problems 295 11.1 Setting Problems 295 1 The Canal Safety Decision Problem 298 2 The Software Dependency Problem 300 3 The Vulnerability Inheritance Problem 301 4 The Vulnerability Count Problem 302 5 The Malware Overlap Problem 303 6 The Vulnerability Lifespan Problem 304 7 The Binary Similarity Problem 304 8 The Virus Modification Problem 306 9 The Cyber Criminal’s Dilemma Problem 306 10 The Security Verification Problem 307 Endnotes 308 CHAPTER 12 Cyber Future 309 12.1 Cybergeddon 309 12.2 Cybertopia 315 12.3 Future Technology Trends 321 12.4 Getting the Cyber Risk Future We Want 328 Endnotes 331 References 333 Index 355

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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

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Book SynopsisDiscover what demographics can tell us about the economy, markets, and the future In Demographics Unravelled, renowned Macro-Demographics expert Amlan Roy delivers an insightful and timely exploration of the impact that people characteristics have on national economies. Considering factors like gender, race, migrant status, family background, and education, the author delves deeply into a subject that drives market behavior and economic variables, including growth, debt, inflation, employment, and productivity. These have national and international policy implications. In this one-of-a-kind book, you'll discover: Why the study of demographics is the hidden key to understanding economic growth, asset prices, and capital flowsHow to use detailed demographics to forecast future scenarios in economics, socioeconomics, geopolitics, and the environmentThe short-, medium-, and long-term effects of consumer and worker behaviorHow understanding demographics is key to understanding health, pensions, migration, sustainability and social policies. It is intimately linked to the Sustainable Development Goals of the UNGender, Climate, Poverty and Inequality Perfect for institutional investors, insurance professionals, economists, and business leaders, Demographics Unravelled will also earn a place in the libraries of academics and students studying a variety of economic disciplines and seeking a one-stop and in-depth discussion of demographics-drivenmacroeconomic effects.Table of ContentsAcknowledgements xv Selected Abbreviations xvii Preface xix Chapter 1: Introduction 1 1.1 Recasting Demographics 2 1.2 Effects and Implications of Demographics 5 Chapter 2: Core Data: Past, Present, and Future 11 2.1 Economic History and the History of Global Population Trends 13 2.2 Core Demographic Variables: Data, Analysis, and Some Observations 16 2.2.1 Population Size and Population Growth 16 2.2.2 Ageing Populations 18 2.2.3 Life Expectancy Increases 20 2.2.4 Total Fertility Rates 21 2.2.5 Dependency Ratios 23 2.2.6 Gender Ratios 26 2.2.7 Age Structure and Population Pyramids 29 2.2.8 The Demographic Transition Model 32 2.3 The Role of Migration 35 2.4 Urbanisation 46 2.5 Small Nation- States: Demographics 50 2.6 Changing Longevity— Metrics Need Changing 51 2.7 Changing Social and Individual Behaviour 53 2.8 Multiple Generations 55 2.9 Conclusion 57 Chapter 3: Demographics and Macroeconomics 59 3.1 Demographics and Economic Growth 60 3.2 The “Demographic Dividend” and GDP per Capita Growth 66 3.3 Inflation 70 3.4 Debt, Deficits, and Fiscal Sustainability 84 3.5 Demographics, Monetary Policy, and Interest Rates 90 3.6 Demographics and Unemployment 93 3.7 Demographics, Capital Flows, and Current Account 95 3.8 Conclusions 96 Chapter 4: Demographics and Asset Prices 99 4.1 Theories of Life- Cycle Consumption, Savings, and the Permanent Income Hypothesis 100 4.1.1 Life- Cycle Consumption Theory 100 4.1.2 Permanent Income Hypothesis 102 4.1.3 Consumption, Savings, and Intertemporal Loans: Pioneer Paul Samuelson 104 4.2 How Demographics Influences Equity Prices and Markets 105 4.3 Will There Be an Asset Market Meltdown When the Baby Boomers Retire? 116 4.4 Demographic Changes and Interest Rates (Bond Yields) 119 4.5 Demographics and Risk Premiums 124 4.6 Asset Holdings and Age 125 4.7 Demographics and Equity Sectors 128 4.8 Demographics and Real Estate 136 4.9 Demographics and Commodities 140 4.10 Conclusions 143 Chapter 5: Health and Longevity 147 5.1 Health Issues, Expenditures, and Measures 149 5.1.1 Health Expenditures 150 5.1.2 Global Health Security 152 5.1.3 Global Burden of Disease 155 5.1.4 Health in Emerging Countries 157 5.2 Longevity 163 5.2.1 Increases in Life Expectancy and Conditional Life Expectancy 164 5.2.2 Life Expectancy vs. Healthy Life Expectancy 166 5.2.3 DALYs and Their Causes 168 5.2.4 Longevity and Mortality: More Than Just Births and Deaths 169 5.2.5 Longevity Risk and the Uncertain Future of Longevity 172 5.2.6 Longevity Forecasting Models: Countries and Regions 174 5.2.7 Short Summary of Longevity Models 177 5.2.8 Annuities as a Longevity Risk Management Tool 183 5.2.9 Other Longevity Risk Management Tools and Instruments 187 5.3 Conclusions 190 Chapter 6: Pensions and Retirement 193 6.1 A Brief History of Social Security and Pensions 194 6.1.1 Pre–Social Security 195 6.1.2 Committee on Economic Security 196 6.2 Evaluating Pension Systems: Indicators and Cross- Country Comparisons 200 6.3 Evaluating Age- Related Pension Expenditures Across Countries 208 6.4 Pensions and Pension Systems: The Experts 210 6.5 Pensions, Asset Allocation, Investments, and Capital Markets 224 6.6 Pensions and Corporate Finance/Equity Prices 230 6.7 The Future of Retirement and Conclusions 231 Chapter 7: Quality of Life, Gender, Governance and Sustainability 235 7.1 Utility Theory, Social Welfare, and Happiness 236 7.2 Quality of Life: Human Development Index (HDI) 243 7.3 Gender and Governance 245 7.4 Corruption and Transparency 249 7.5 Sustainability and Climate Change 252 7.6 Politics and Geopolitics 254 7.7 Conclusion 256 Chapter 8: Summary and Conclusions 257 Notes 263 Index 283

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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

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Book SynopsisThere is increasing pressure for all of us to take responsibility for our own financial security and wellbeing, but we often overlook how the benefits that come with a job can help us do that. Essential Personal Finance: A Practical Guide for Employees focuses on these valuable work benefits and shows how you can build on this important foundation to achieve financial security and your life goals.This unique book explores how making effective and practical use of these work benefits (such as pension scheme, life cover, sick pay, cheap loans, savings schemes and even financial coaching), means facing up to the behavioural biases we are all plagued with. Given that these can get in the way of even the best intentions, Essential Personal Finance tackles these biases head-on with practical ideas and tips for overcoming or harnessing them for good, and will help you to develop a positive and fruitful relationship with your money. With financial stress bTrade Review"Progressive employers understand the importance of offering their employees financial wellness benefits and this new book is a great additional resource to help them be better with money." — Asesh Sarkar, CEO & co-founder of www.salaryfinance.com"A rich source of practical tips, underpinned by academic research, connecting employment, money and happiness. This book will also be a great resource for HR professionals, to help them better understand how to improve their workforce's financial and mental wellbeing." — Ruston Smith, Chair of the Workplace Steering Group, delivering MAS’s Financial Capability Strategy for the UK"This book is essential reading for anyone who wants to feel in control and confident about using money. Through short, easy to read chapters with clear action points, it provides very practical guidance on how to make the most of income from work, and how to protect yourself and your family from financial difficulties." — Helen White, Ex Head of Financial Capability, Money Advice Service"A great read that should help anyone increase their personal financial wellbeing." — Sanjay Sha, Ex CEO – Succession Wealth Management "Day to day financial worries dog too many people. This unique book will encourage and enable money education at the most obvious location for learning – the workplace. Straightforward case studies and simple check-lists help employees to take full advantage of what is available through their employment. It will also serve as a useful guide for employers to better support their employees’ financial wellbeing." — Brian Dennehy, Founder, www.fundexpert.co.uk "A thoughtful, comprehensive guide, packed with essential money tips and strategies." — Danny Cox, Head of Communications, Hargreaves LansdownTable of ContentsList of figures. List of tables. Introduction. Chapter 1 Jobs, money and happiness. Chapter 2 Work and financial planning. Chapter 3 Building resilience and wealth through saving. Chapter 4 Protecting against dying too young. Chapter 5 Protecting your income. Chapter 6 Love your workplace pension. Chapter 7 Managing loans and credit. Chapter 8 Getting help and advice. Chapter 9 Conclusion. Glossary. Useful contacts. Index

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Book SynopsisRetirement Plans (formerly titled Pension Planning through the ninth edition) is a classic, relied upon by generations of faculty and thousands of professionals throughout the world. It reliably provides the reader with the features, costs, investment opportunities, and regulatory issues governing all the various types of retirement and other deferred compensation plans. The 12th edition keeps the book at the forefront of the discipline, with extensive coverage of Moving Ahead for Progress in the 21st Century Act and the American Taxpayer Relief Act, a discussion of the effects of behavioral economics on retirement planning, a detailed look at the enormous growth in target date funds, and much more.

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Book SynopsisGain an understanding of today's ICD-10-CM and ICD-10-PCS diagnostic and procedural coding system, including the latest 2019 ICD-10-CM and ICD-10-PCS coding guidelines and new 2019 ICD-10 codes, with Bowie's UNDERSTANDING ICD-10-CM AND ICD-10-PCS: A WORKTEXT, 4E. Using a unique, extremely hands-on approach, this worktext provides comprehensive, detailed coverage packed with applications. Numerous learning features and helpful tools reinforce understanding within each chapter. You can immediately practice what you learn with professionally focused exercises, genuine coding assignments and actual case studies. Vivid color illustrations throughout this edition also demonstrate how a thorough knowledge of anatomy and disease processes can increase coding accuracy. Trust this hands-on resource for diagnostic and procedural coding success in today's medical environment.Table of Contents1. Introduction to Coding and Coding Professions. 2. An Overview of ICD-10-CM. 3. ICD-10-CM Coding Conventions. 4. Steps in Diagnostic Code Selection. 5. Diagnostic Coding Guidelines. 6. Infectious and Parasitic Diseases. 7. Neoplasms. 8. Diseases of the Blood and Blood-Forming Organs. 9. Endocrine, Nutritional, and Metabolic Diseases. 10. Mental, Behavioral, and Neurodevelopmental Disorders. 11. Diseases of the Nervous System. 12. Disorders of the Eye and Adnexa. 13. Diseases of the Ear and Mastoid Process. 14. Diseases of the Circulatory System. 15. Diseases of the Respiratory System. 16. Diseases of the Digestive System. 17. Diseases of the Skin and Subcutaneous Tissue. 18. Diseases of the Musculoskeletal System and Connective Tissue. 19. Diseases of the Genitourinary System. 20. Pregnancy, Childbirth, and the Puerperium. 21. Certain Conditions Originating in the Perinatal Period. 22. Congenital Malformations, Deformations, and Chromosomal Abnormalities. 23. Symptoms, Signs, and Abnormal Clinical Laboratory Findings. 24. Injury, Poisoning, and Certain Other Consequences of External Causes. 25. External Causes of Morbidity. 26. Factors Influencing Health Status and Contact with Health Services. 27. Introduction to ICD-10-PCS. 28. Medical and Surgical Section. 29. Obstetrics Section. 30. Placement Section. 31. Administration Section. 32. Measurement and Monitoring Section. 33. Extracorporeal Assistance and Performance and Extracorporeal Therapies Sections. 34. Osteopathic, Other Procedures, and Chiropractic Sections. 35. Imaging, Nuclear Medicine, and Radiation Oncology Sections. 36. Physical Rehabilitation and Diagnostic Audiology Section. 37. Mental Health and Substance Abuse Treatment. 38. New Technology Section.

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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

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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.

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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.

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Book SynopsisAn insightful overview of health insurers and a guide to sustainability for provider organizations. Physicians experience ongoing frustrations in their relationships with health plans. Even as they struggle to keep up with accelerating clinical advances, they face daunting challenges from payers that are transitioning from traditional fee-for-service contracts to complex alternative payment models. In Health Plans Unmasked, Martin Lustick, MD, offers insights and guidance for those who face the herculean task of transforming their business practices to achieve financial stability while improving outcomes for their patients. By explaining both how and why insurance companies behave the way they do, Dr. Lustick helps providers avoid mistakes and take advantage of opportunities for success. He provides information on: The evolution of health care financing in the United States The nuts and bolts of health plan capabilities and the real motives of health plan administrators Tips for suTable of ContentsForewordAcknowledgmentsSection 1: The Basics1. Historical Context2. What is a Health Plan?3. Medicare4. Medicaid5. Commercial Insurance6. Brokers and ConsultantsSection 2: Reimbursement Basics7. The ABCs of Fee for Service8. What Happens to a Claim?9. Payment Errors10. Health Plan Strategic Concerns11. Analytics12. Cost Management Strategies13. Quality14. Care Management15. Health Plan CommitteesSection 3: Contracting16. Health Plan Contracting 10117. Value-Based Budgeting18. Incentive Payments19. Risk MitigationSection 4: Opportunities and Obstacles in Value-Based Care20. Price Transparency21. Subrogation22. Pharmacy Benefit Management23. On Becoming a PayviderSection 5: A Shifting Paradigm24. Closing ThoughtsGlossary of AcronymsIndex

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Book SynopsisThis textbook aims to fill the gap between those that offer a theoretical treatment without many applications and those that present and apply formulas without appropriately deriving them. The balance achieved will give readers a fundamental understanding of key financial ideas and tools that form the basis for building realistic models, including those that may become proprietary. Numerous carefully chosen examples and exercises reinforce the student's conceptual understanding and facility with applications.  The exercises are divided into conceptual, application-based, and theoretical problems, which probe the material deeper.The book is aimed toward advanced undergraduates and first-year graduate students who are new to finance or want a more rigorous treatment of the mathematical models used within. While no background in finance is assumed, prerequisite math courses include multivariable calculus, probTrade Review“The book is thick with rich with applications and solid justifications of all concepts. … If you are a financial mathematics instructor, this book is for you. It progresses through easier topics to more advanced topics very well and is practical, meaningful, and more importantly, relevant to the 21st century financial student. … can be used as the one standard book for your class but can also be a springboard to research projects with your more advanced and curious students.” (Peter T. Olszewski, MAA Reviews, August, 2017)“This self-contained book is well organized and covers a broad range of classical topics of financial mathematics. A rich source of examples and exercises, the book is an ideal textbook for both undergraduate and graduate students that are interested in mathematical models in finance. The book can also be used for mathematically trained students and individuals in actuarial science to prepare for professional exams.” (Zhuo Jin, Mathematical Reviews, May, 2017)“The book is an undergraduate textbook in mathematical finance with applications. … The textbook is aimed at advanced undergraduates, and also at master's degree students who want a more rigorous treatment of the mathematical models in finance. This text will be a very good textbook for a year-long course on introductory mathematical finance.” (Anatoliy Swishchuk, zbMATH 1348.91002, 2016)Table of ContentsPreface.- 1. Preliminaries and Financial Markets.- 2. The Time Value of Money.- 3. Markowitz Portfolio Theory.- 4. Capital Market Theory and Portfolio Risk Measures.- 5. Binomial Trees and Security Pricing Modeling.- 6. Stochastic Calculus and Geometric Brownian Motion Model.- 7. Derivatives: Forwards, Futures, Swaps and Options.- 8. The BSM Model and European Option Pricing.- Index.

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Book SynopsisInsurance is an important – if still poorly understood – mechanism for dealing with a broad variety of risks associated with modern life. This book conducts an in-depth examination of one of the largest and longest-established private insurance industries in Europe: British life insurance. In doing so, it draws on over 40 oral history interviews to trace how the sector has changed since the 1970s, a period characterized by rampant financialization and neoliberalization. Combining insights from science and technology studies and economic sociology, this is an unprecedented study of the evolution of insurance practices and an invaluable contribution to our understanding of financial capitalism.Table of ContentsChapter 1: Life Insurance in the Age of Finance Chapter 2: Financialization, Quantification and Evaluation Chapter 3: Shifting Boundaries between Insurance and Finance Chapter 4: Actuaries Going on a Random Walk Chapter 5: ‘Authors of Their Own Misfortune’ Chapter 6: ‘Taking Account of What the Market Has To Say’ Chapter 7: Managing Risk in Insurance Chapter 8: The Long Road to Solvency II (and Back Again?) Chapter 9: De-Risking Pensions, Managing Assets Chapter 10: Financial Evaluation and the Future of Insurance Society References

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Book SynopsisThe National Flood Insurance Program (NFIP) was established by the National Flood Insurance Act of 1968 and was most recently reauthorized to September 30, 2020, through a series of short-term reauthorizations. The general purpose of the NFIP is both to offer primary flood insurance to properties with significant flood risk, and to reduce flood risk through the adoption of floodplain management standards. This book provides information on key components of the NFIP.Table of ContentsPreface; Preparing for the Storm: Reauthorization of the National Flood Insurance Program; Introduction to the National Flood Insurance Program (NFIP); The National Flood Insurance Program: Selected Issues and Legislation in the 116th Congress; Private Flood Insurance and the National Flood Insurance Program; National Flood Insurance Program: The Current Rating Structure and Risk Rating 2.0; National Flood Insurance Program Administrative Reform Act of 2019; A Brief Introduction to the National Flood Insurance Program; A Brief Introduction to the National Flood Insurance Program: Homeland Security Issues in the 116th Congress; The National Flood Insurance Program (NFIP), Reinsurance, and Catastrophe Bonds; Selected Issues for National Flood Insurance Program (NFIP) Reauthorization and Reform; Private Flood Insurance and the National Flood Insurance Program (NFIP); National Flood Insurance Program Borrowing Authority; What Happens If the National Flood Insurance Program (NFIP) Lapses?; Index.

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Book SynopsisThis guide explains the answers to questions most commonly asked by consumers about automobile insurance in New York State. The author offers tips, many never before revealed in print, to help the consumer, whether they are a new driver who has never before owned an insurance policy or someone more experienced, purchase the best possible insurance policy.

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Book SynopsisMedicare is a nation-wide health insurance programme for the aged and certain disabled persons. Over its 32 year history, it has provided important protection for millions of Americans. However, the programme is now facing a number of problems. The first and most pressing concern is whether Medicare''s financing mechanism will be able to sustain it in the long run. Many people are also concerned that the programme''s structure, which in large measure reflects both the health care delivery system as well as political considerations in effect at the time of enactment, has failed to keep pace with the changes in the health care system as a whole. A related concern is whether the programme''s benefit structure adequately responds to the health care need of today''s aged and disabled populations. This book addresses these and other related issues.

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Book SynopsisMedicaid, America's government-run health insurance program for the poor, should be a lifeline that provides needed health care to Americans with no other options. Surprisingly, however, it doesn't. The medical literature reveals a $450 billion-a-year scandal: that people on Medicaid have far worse health outcomes than those with private insurance, and no better outcomes than those with no insurance at all. Why is this so? In How Medicaid Fails the Poor, Avik Roy explains how Medicaid's clumsy design and perverse incentives make it hard for people on Medicaid to get the medical care they need. Medicaid doesn't reimburse doctors or hospitals for the cost of caring for Medicaid enrollees, forcing many doctors to opt out of the program. The Affordable Care Act, otherwise known as Obamacare, doubles down on this broken system. Roy shows us that there are better ways, using private insurance, to provide needed care to our poorest citizens.

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Book SynopsisToday’s insurance regulation in the United States is at a crossroads: while some segments of the insurance industry are moving away from a state-based approach toward regulation, others favor a greater role for the federal government—despite the opposition from other stakeholders. Written by leading scholars in risk management, this book addresses some of the most important questions facing the future of state and federal regulation of the insurance industry. Examining not only the impetus behind various reform proposals, but also the historical development of insurance regulation in the United States, it discusses alternative regulatory frameworks used in the United States and in the European Union and, thereby, increases the options that reformers may wish to consider.

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Book SynopsisIGNITE is your all-access pass to some of the world’s greatest thought leaders on personal growth, marketing, sales, and leadership. Each is interviewed by publisher Paul Feldman, whose monthly magazine has topped rankings in the insurance and financial industry. These intimate conversations are presented like never before, with each one illuminating new ideas that Feldman’s subjects hadn’t revealed in the more than three hundred books they’ve authored and coauthored. Not only do they share specific advice and strategies for producers, advisors, and agents but these dialed-in conversations also reveal inspiration for all aspects of life, in any industry. Whether you’re an entrepreneur, business owner, or employee seeking your way to the top, this book is your entry point to an infinite wealth of tips, strategies, and inspiration—and will ignite all that lies within you to turn your greatest dreams into reality.

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