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Journal of Insurance Regulation最新文献

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Evolution or revolution? How Solvency II will change the balance between reinsurance and ILS 进化还是革命?偿付能力II将如何改变再保险和ILS之间的平衡
Journal of Insurance Regulation Pub Date : 2016-08-10 DOI: 10.52227/20984.2017
Alexander Braun, J. Weber
{"title":"Evolution or revolution? How Solvency II will change the balance between reinsurance and ILS","authors":"Alexander Braun, J. Weber","doi":"10.52227/20984.2017","DOIUrl":"https://doi.org/10.52227/20984.2017","url":null,"abstract":"The introduction of Solvency II has decreased regulatory frictions for insurancelinked securities (ILS) and thus redefined how insurance and reinsurance companies can use these instruments for coverage against natural catastrophe risk. We introduce a theoretical framework and run an empirical analysis to assess the potential impact of Solvency II on the market volume of ILS compared to traditional reinsurance. Our key model parameter captures all determinants of the relative attractiveness of these two risk mitigation instruments beyond market prices. It is estimated by means of OLS, decomposed into a trend and a cyclical component using the HodrickPrescott filter, and forecasted with an ARMA(3,3) model. We complement the resulting baseline prediction by a scenario analysis, the probabilities for which are based on a Gumbel distribution. Judging by our findings, we expect Solvency II to increase the volume of ILS to more than 24% of the global property-catastrophe reinsurance limit or approximately $101 billion by the end of 2018.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"2016 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131417732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Emerging issues within the assignment of benefits clause 利益分配条款中出现的问题
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/26000.2017
Jamie Anderson-Parson, Karen Epermanis
{"title":"Emerging issues within the assignment of benefits clause","authors":"Jamie Anderson-Parson, Karen Epermanis","doi":"10.52227/26000.2017","DOIUrl":"https://doi.org/10.52227/26000.2017","url":null,"abstract":"The Assignment of Benefits (AOB) clause under an insurance contract has been recognized for quite some time and until recently has been of little consequence to homeowner's insurance. Over the past decade, however, the clause in homeowner's coverage is coming under fire. Attorneys and water remediation contractors are using Florida's attorney fee-shifting statute in conjunction with an AOB under the Insurance Services Office (ISO) (1999) Homeowners 3 (HO3) -- Special Form policy in filing claims for reimbursement of services rendered subsequent to the insured's executed AOB. As a result, insurer claims costs in Florida are escalating to a crisis point. This paper discusses the challenges within the homeowner's assignment of benefits clause as applied to water mitigation claims in the state of Florida since 2005. We analyze legal and regulatory arguments used to curtail rising litigation in this area. We draw specific attention to Florida's Homestead Exemption as an insurer defense to deflect mounting litigation efforts to pay these increasingly significant claim costs.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115301589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Regulatory issues related to autonomous vehicles 与自动驾驶汽车相关的监管问题
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/23496.2016
Cassandra R. Cole, Richard Corbett, Lynne McChristian
{"title":"Regulatory issues related to autonomous vehicles","authors":"Cassandra R. Cole, Richard Corbett, Lynne McChristian","doi":"10.52227/23496.2016","DOIUrl":"https://doi.org/10.52227/23496.2016","url":null,"abstract":"Self-driving cars mean revolution and evolution. The revolution: Humans will leave the traditional rules of the road behind as they turn over the driving to a machine. The evolution: States will not be defining who a driver is but what a driver is, as the term will gradually change from a person steering the vehicle to a product doing so. Along the way, changes are inevitable to the traditional model of auto insurance. The National Highway Traffic Safety Administration (NHTSA) is working to create a national policy on automated vehicles, and the NHTSA is encouraging states to develop best practices while focusing on consistent regulatory objectives. This article looks at where the states are now in the regulatory process and presents the issues surrounding the expected shift in liability.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"141 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124473384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
State and local policy instruments for the promotion of catastrophe mitigation 促进减灾的国家和地方政策工具
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/20999.2017
Cassandra R. Cole, Kathleen A. McCullough, Lorilee A. Medders
{"title":"State and local policy instruments for the promotion of catastrophe mitigation","authors":"Cassandra R. Cole, Kathleen A. McCullough, Lorilee A. Medders","doi":"10.52227/20999.2017","DOIUrl":"https://doi.org/10.52227/20999.2017","url":null,"abstract":"The mitigation investment decisions of property owners are subject to multiple factors other than just the cost-benefit expectations. Uncertainty regarding cost savings, the financial capacity (and uncertainty) of the decision maker, insurance costs, and responsiveness of those costs to mitigation efforts are just some of the factors contributing to choices made regarding whether and to what extent to mitigate against disaster. Given the variety of factors that contribute to the mitigation decision, the authors assert a broad framework for public policy aimed at promoting mitigation aims first for accountable and empowered property owners, specific mitigation measures most likely to provide greatest value, an engaged and collaborative private sector, and smart messaging.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116126634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Separating life and health from property/casualty insurance operations: an assessment of solvency in the Egyptian insurance market 将人寿和健康保险业务与财产/意外伤害保险业务分开:对埃及保险市场偿付能力的评估
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/26273.2022
Ahmed S. Abdelzaher, P. Born
{"title":"Separating life and health from property/casualty insurance operations: an assessment of solvency in the Egyptian insurance market","authors":"Ahmed S. Abdelzaher, P. Born","doi":"10.52227/26273.2022","DOIUrl":"https://doi.org/10.52227/26273.2022","url":null,"abstract":"In this article, we evaluate the effect of a recent change in regulation of insurers operating in the Egyptian insurance market that required all insurance companies to separate their life and health (L&H) and property/casualty (P/C) activities. We examine,specifically, the effect on the solvency of P/C insurers when they are required to form two completely separate companies for their operations (i.e., divest of their L&H business). Separating into separate entities may increase the transparency of the insurer’s operations, especially with respect to how they allocate capital across the company. Using financial data for all insurers in the Egyptian market for the period 2006–2015, we test whether solvency—captured via 13 solvency surveillance ratios—is affected by the decree. For robustness, we run the analysis for the whole market and for private companies only, focusing on P/C insurers only before and after the decree. Our findings indicate that the likelihood of insolvency, based on our evaluation of solvency ratios, increased after the decree.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116844545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The excess-of-loss reinsurance benefits for small insurers 小型保险公司的超额赔付再保险利益
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/26006.2018
Michael R. Santos, Vincent Richman, Z.X.J. Wong
{"title":"The excess-of-loss reinsurance benefits for small insurers","authors":"Michael R. Santos, Vincent Richman, Z.X.J. Wong","doi":"10.52227/26006.2018","DOIUrl":"https://doi.org/10.52227/26006.2018","url":null,"abstract":"This paper analyzes profitability and risk effects of the excess-of-loss (EoL) reinsurance coverage for a small insurer. Under the risk-based capital (RBC) standards, the small insurer with EoL reinsurance is more profitable and has smaller standard deviation. Therefore, the limited supply of EoL reinsurance can adversely affect the profitability and competitiveness of small insurers, especially after major catastrophes. Insurance regulators can mitigate this problem by establishing a residual reinsurance market where small insurers can obtain reinsurance.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129082914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
When Insurers Have Discretion: Lessons for Regulators from UK Insurers' Response to the Global Financial Crisis 当保险公司拥有自由裁量权:英国保险公司应对全球金融危机给监管机构的教训
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/26012.2019
C. O’Brien
{"title":"When Insurers Have Discretion: Lessons for Regulators from UK Insurers' Response to the Global Financial Crisis","authors":"C. O’Brien","doi":"10.52227/26012.2019","DOIUrl":"https://doi.org/10.52227/26012.2019","url":null,"abstract":"This paper examines the steps taken by life insurers writing participating business in the UK to protect their solvency during the global financial crisis of 2008. It highlights two areas where the insurers had discretion and the interest that regulators have in controlling that discretion. The first is that the regulations then in force allowed discretion to insurers in the discount rate they used to calculate their liabilities in the calculations of solvency that were required. This paper finds that one of the main responses of the insurers to the global financial crisis was to reduce the margin of prudence in the discount rate they used to value their liabilities, meaning that their liabilities were given a lower value than otherwise, with a consequent increase in their reported solvency. Insurers also used their discretion to increase their charges to and reduce the payouts to policyholders, while they also reduced risks by adopting a more conservative investment strategy. This paper then considers the effect of Solvency II regulation introduced in the European Union (EU) in 2016 and the implications for regulators generally. Regulators need to be wary of rules that offer insurers discretion in calculating their liabilities; they may use it to enhance their reported financial position in a way that is essentially artificial. Solvency II removes the discretion in choice of discount rate, implying that insurers need to review how they manage solvency in adverse circumstances. It is also suggested that European regulators review their rules to ensure that policyholders are fairly protected when insurers have discretion on charges and payouts.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"95 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124568521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analyzing the Impact of Time Horizon, Volatility and Profit Margins on Solvency Capital: Proposing a New Model for the Global Regulation of the Insurance Industry 分析时间跨度、波动率和利润率对偿付能力资本的影响:提出全球保险业监管的新模式
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/20982.2018
Cassandra R. Cole, T. Muller
{"title":"Analyzing the Impact of Time Horizon, Volatility and Profit Margins on Solvency Capital: Proposing a New Model for the Global Regulation of the Insurance Industry","authors":"Cassandra R. Cole, T. Muller","doi":"10.52227/20982.2018","DOIUrl":"https://doi.org/10.52227/20982.2018","url":null,"abstract":"The European Solvency II regime requires a solvency capital covering risks with a given shortfall probability of 1/200=0.5% on a one-year time horizon, which is extremely short compared to the contractual terms in traditional life insurances, as well as the settlement periods of several decades in some casualty branches. This approach undermines the importance of a high return margin and, given a risk-averse approach to management, may lead to an overall riskier business strategy in the long run. In light of this, we cannot help but ask whether such a short time horizon is capable of providing a meaningful guideline for a sustainable business and risk management that has a long-term perspective. In response to this question, we present a new model for assessing the evolution of the equity of an insurance company and calculating the probability that the initial equity of an insurance company will be depleted during a given time period. This model demonstrates that insolvencies mostly do not occur in the first year. Therefore, if one only considers a one-year window, as is the case under Solvency II, the risk will be underestimated. Even more serious is that the business will be managed too cautiously without aiming for a suitably high profit margin, which significantly reduces the risk only in the long term.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130018964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Characteristics of S&P 500 companies with captive insurance subsidiaries 标准普尔500强公司专属保险子公司的特点
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/26008.2018
Mu-Sheng Chang, Jiun-Lin Chen
{"title":"Characteristics of S&P 500 companies with captive insurance subsidiaries","authors":"Mu-Sheng Chang, Jiun-Lin Chen","doi":"10.52227/26008.2018","DOIUrl":"https://doi.org/10.52227/26008.2018","url":null,"abstract":"This study examines the overall characteristics of large-cap Standard & Poor's (S&P) 500 companies that own captive insurance subsidiaries to manage and fund their retained risks. Understanding why firms choose risk retention over risk transfer is important because it offers an example of how firms make choices for risk management strategies. Using a panel data set from 2000 to 2016, the logistic regression results provide evidence that larger firms are more likely to form a captive insurance company as an alternative method of risk financing. Of relevance to the use of captives is the finding that firms with captives maintain lower cash reserves than their counterparts. This partly reveals the strategic use of capital by the parent company that allocates a portion of internal funds to its captive insurer for operation and coverage. Finally, nonfinancial companies with smaller proportions of intangible assets and capital expenditures are associated with captive utilization. The use of captives is related to the New York Stock Exchange (NYSE)- listed status, particularly for firms that formed captives before 2000.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133243225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The history and development of business interruption insurance 中断保险的历史与发展
Journal of Insurance Regulation Pub Date : 1900-01-01 DOI: 10.52227/25540.2022
David L. Eckles, R. Hoyt, Johannes C. Marais
{"title":"The history and development of business interruption insurance","authors":"David L. Eckles, R. Hoyt, Johannes C. Marais","doi":"10.52227/25540.2022","DOIUrl":"https://doi.org/10.52227/25540.2022","url":null,"abstract":"This paper chronicles the development of business interruption (BI) insurance in the U.S. The origin of modern-day BI insurance is traced as it evolved from so-called “profits insurance” in the United Kingdom (UK) and an endorsement to basic fire insurance policies in the U.S. to stand-alone BI insurance as it is known today. This paper identifies significant legal rulings and insurance catastrophes that have served as inflection points for the development of BI insurance, as well as major policy formats that have provided cover for the disruption of business.","PeriodicalId":261634,"journal":{"name":"Journal of Insurance Regulation","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128426390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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