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This book explores the central problems underlying the insurance of aviation war and terrorism risks and associated perils. It critically analyses the reasons why conventional insurance markets are unwilling or unable to provide sustainable insurance coverage for aviation war and terrorism risks in the aftermath of catastrophic events such as the terrorist events of September 11, 2001. It also examines some of the prominent concepts proposed and/or implemented after 9/11 to determine whether and to what extent these concepts avoid identified pitfalls. Like many of life's essentials, the importance of insurance is most evident when it is not available. The sheer scale and magnitude of the insurance losses that followed 9/11 caused conventional insurance markets (which hitherto had been offering generous insurance coverage for aviation war and terrorism risks to air transport operators for little or no premium) to withdraw coverage forthwith. The ensuing absence or insufficiency of commercial insurance coverage for aviation war and terrorism risks has sparked a global search for viable and sustainable alternatives. Ten years have since elapsed, and despite numerous efforts, the fundamental problems remain unresolved. The book proceeds on the premise that the underlying issues are not entirely legal in nature; they have immense economic, psychological and policy implications that cannot be underestimated. A multidisciplinary approach is therefore used in examining the issues, drawing heavily upon analytical principles adapted from law and economics and behavioural law and economics. It is hoped that the resulting study will be beneficial not only to lawyers and those interested in aviation insurance but also to economists, air transport insurance program managers, capital market investors and governmental policymakers, both at the national and international levels.
This book presents a market-consistent valuation framework for implicit embedded options in life insurance contracts. This framework is used to perform an empirical analysis based on more than 110,000 actual and in-force life insurance policies and with a focus on the modeling of interest rates. Its results are the answer to the central question posed in the objectives: What value do the embedded options and guarantees considered have? This question is answered both absolutely and relative to the current policy reserves, from the perspective of the insurer, the policyholder and the shareholder respectively
The social security systems that, perhaps more than any other governmental programs, have characterized the development of industrial societies are under siege. On the threshold of the twenty-first century, the future of social insurance is uncertain; it may even be seriously threatened.
In this important book, nine leading scholars probe deeply into the nature of social rights, trying to read the near future and locate the most meaningful and effective role that social insurance can play as today's new socioeconomic patterns develop.
In-depth chapters analyse existing systems and recent and ongoing reforms in seven countries--Germany, the United Kingdom, Sweden, the United States, Japan, Taiwan, and China. There is also a chapter on the European Union's work toward a harmonised scheme to match other programs of integration, and a chapter on the all-important interpenetration of social insurance and human rights. The authors clearly demonstrate that the unprecedented challenges faced by social insurance today arise not only from changes in the patterns of society, but also from lack of confidence and ideological prejudice on the part of both academia and public policy.
As a major analysis of why and how a great milestone in human progress is faltering under contemporary pressures, this book is of enormous value. It deserves to be read and absorbed by all professionals in the field who want to use their knowledge and skill to ensure a future in which every man, woman, and child is provided with opportunity to live as full a life as possible.
This book chronicles the life of a football fan from childhood in the 1980s up until 2016. Written by a Manchester City fan, this story also includes memories of Crewe Alexandra, Everton and Shrewsbury Town. All of these clubs have touched the author's life. Also included is memories of the England and Wales international teams. As well as these memories the author also provides plenty of opinions and views of the current state of English football, all from the viewpoint of a passionate football fan.
In China's Social Insurance in the Twentieth Century, Aiqun Hu develops a framework of "interactive diffusion of global models" in examining the history of China's social insurance since the 1910s. The book covers both Nationalist- and Communist-controlled areas (1927-1949) and Taiwan (1949-present), surpassing the party divide. It argues that China's progression in social insurance resulted from diffusion of two global models (German capitalist and Soviet socialist social insurance) until the early 1990s. Thereafter, China's social insurance reforms were increasingly directed by the World Bank's neoliberal models, which also influenced Taiwan's pension reforms. During the entire process, however, global forces provided the basic intellectual framework, while national forces determined the timing and specifics of adopting the models.