We seem to be living at a time when insurance is strained to the breaking point. From hurricanes and earthquakes to terrorist attacks and threats of nuclear devastation, enormous risks to life and property; and accompanying liabilities; proliferate on an unprecedented scale. Insurer insolvency is not yet common, but it is not unusual either. And at the root of such failures often lies the compound failure of uncollectable reinsurance. This important book proposes that a significant part of the emerging insurance crisis results from inadequate regulation of reinsurance.
In a detailed and cogent analysis of what an effective regulatory regime for reinsurance must entail, the author examines such factors as the following:
The author's concluding chapter presents an essential legal infrastructure that allows for efficiency, security, and individual market characteristics. Professor Wang then applies this framework to the Taiwanese insurance market, demonstrating convincingly how his proposed regime can solve specific problems while respecting Taiwan's distinct market environment. As a meticulously considered appraisal of, and solution to, a world problem that is growing quickly and uncontrollably, Reinsurance Regulation will be of immense value to lawyers, professors, academics, and officials who deal with any facet of economic law.
Within all large consumer facing organizations, most decisions about how to deal with people are made automatically by computerized decision making systems. Information about people, their lifestyle and past behavior are used to predict how they are expected to behave in the future. It can be determined if someone applying for a bank loan will make their repayments, who will respond to a marketing communication and the likelihood that someone will claim on their insurance policy. This book provides a step-by-step guide to how Predictive Analytics is used by some of the world's most influential organizations. This includes international banks, leading insurance providers, credit reference agencies and national governments. It covers all stages of the Predictive Analytics process. This includes project management, data collection, sampling, data transformation and pre-processing, model construction, validation, implementation and post-implementation monitoring of the model's performance.
Statistics published by the U. S. Department of Commerce (1980) indicate that in 1977 we spent 8. 1% of our gross national product (GNP) on life, health, property-casualty, and other forms of insurance. An additional 5. 7% was used to pay the Social Security tax, which is another form of insurance premium, for a total of 14. 8% of the GNP. Although insurance had its historical origin in marine insurance, it has now developed into one of the major industries of the American economy and extends into many areas of economic activity. One area where growth has been particularly strong is the medical sector. Health insurance is a major institution in all industrialized countries. It became a government responsibility in 1883 when Bismarck intro- duced a compulsory program of health insurance for industrial workers in Germany. Programs for workers in various industrial and income categories soon followed in other European countries-Austria (1888), Hungary (1891), Norway (1909), Servia (1910), Great Britain (1911), and Russia and Romania (1912) (Rubinow, 1913:250). Programs in these countries were extended in subsequent years, and other countries in Europe followed with their own programs. Consequently, today most industrial countries have universal or near-universal health insurance coverage. In the United States the issue of national health insurance has been seriously debated since just prior to World War I, and polling data since the 1930s show that a substantial majority of the public has been supportive of such a program (Erskine, 1975).
William Wilkie Collins (1824 - 1889) was an English novelist, playwright, and author of short stories. His best-known works are The Woman in White (1859), No Name (1862), Armadale (1866), and The Moonstone (1868). Collins's works were classified at the time as "sensation novels," a genre seen nowadays as the precursor to detective and suspense fiction. He also wrote penetratingly on the plight of women and on the social and domestic issues of his time. For example, his 1854 Hide and Seek contained one of the first portrayals of a deaf character in English literature. As did many writers of his time, Collins published most of his novels as serials in magazines such as Dickens's All the Year Round and was known as a master of the form, creating just the right degree of suspense to keep his audience reading from week to week. Sales of All The Year Round increased when The Woman in White followed A Tale of Two Cities.
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.