Pub Date : 2009-04-27DOI: 10.1111/J.1540-6296.1997.TB00067.X
S. G. Gustavson, James S. Trieschmann
: The authors describe a program which has been devised for students at the University of Georgia. The program allows students and faculty to interact with industry leaders. As the authors point out, the same type of program could be implemented at other universities. This article describes the project for which the authors received the 1996 Les Strickler Innovation in Instruction Award, given at the 1996 annual meeting of the American Risk and Insurance Association.
{"title":"INTEGRATING STUDENTS, FACULTY AND INDUSTRY EXECUTIVES","authors":"S. G. Gustavson, James S. Trieschmann","doi":"10.1111/J.1540-6296.1997.TB00067.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00067.X","url":null,"abstract":": The authors describe a program which has been devised for students at the University of Georgia. The program allows students and faculty to interact with industry leaders. As the authors point out, the same type of program could be implemented at other universities. This article describes the project for which the authors received the 1996 Les Strickler Innovation in Instruction Award, given at the 1996 annual meeting of the American Risk and Insurance Association.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"15 1","pages":"106-111"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86577979","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}
Pub Date : 2009-04-27DOI: 10.1111/J.1540-6296.1997.TB00061.X
J. Ambrose, A. Butler
: Numerous methods for helping consumers deal with medical care costs have been suggested. One way that has been discussed is the use of Medical Saving Accounts. A pilot program introducing Medical Spending Accounts was passed by Congress as part of the Health Insurance Reform Act of 1996. The authors review the major points of this program and attempt to examine what impact this program could have on medical care cost.
{"title":"A Theoretical Analysis Of Design Issues In Medical Savings Accounts: The Policy Implications","authors":"J. Ambrose, A. Butler","doi":"10.1111/J.1540-6296.1997.TB00061.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00061.X","url":null,"abstract":": Numerous methods for helping consumers deal with medical care costs have been suggested. One way that has been discussed is the use of Medical Saving Accounts. A pilot program introducing Medical Spending Accounts was passed by Congress as part of the Health Insurance Reform Act of 1996. The authors review the major points of this program and attempt to examine what impact this program could have on medical care cost.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"13 1","pages":"18-31"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73493254","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}
Pub Date : 2009-04-27DOI: 10.1111/J.1540-6296.1997.TB00060.X
Joan T. Schmit, M. Browne, Han-Duck Lee
: Currently, the U.S. Congress continues to debate the passage of a tort reform bill. Such a bill is intended to limit legal liabilities, particularly as they relate to product accidents. While passage of a federal law in the 1990s remains difficult, many states found tort reform a successful proposition a decade earlier. The intent of this paper is to add to the discussion regarding the expected effects of tort law modifications by providing some background on the most widely enacted state tort reforms, presenting results from the literature on actual and expected effects of these reforms, and presenting new empirical evidence on the efficacy of these same reforms. The results indicate that caps on non-economic damages and imposition of fines on frivolous litigation are negatively related to the rate of tort filings, while modification of joint and several liability demonstrates a positive relationship with the rate of tort filings, and reforms of the collateral source rule and imposition of punitive damages demonstrate no effect.
{"title":"THE EFFECT OF STATE TORT REFORMS ON CLAIM FILINGS","authors":"Joan T. Schmit, M. Browne, Han-Duck Lee","doi":"10.1111/J.1540-6296.1997.TB00060.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00060.X","url":null,"abstract":": Currently, the U.S. Congress continues to debate the passage of a tort reform bill. Such a bill is intended to limit legal liabilities, particularly as they relate to product accidents. While passage of a federal law in the 1990s remains difficult, many states found tort reform a successful proposition a decade earlier. The intent of this paper is to add to the discussion regarding the expected effects of tort law modifications by providing some background on the most widely enacted state tort reforms, presenting results from the literature on actual and expected effects of these reforms, and presenting new empirical evidence on the efficacy of these same reforms. The results indicate that caps on non-economic damages and imposition of fines on frivolous litigation are negatively related to the rate of tort filings, while modification of joint and several liability demonstrates a positive relationship with the rate of tort filings, and reforms of the collateral source rule and imposition of punitive damages demonstrate no effect.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"1 1","pages":"1-17"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82493715","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}
Pub Date : 2009-04-27DOI: 10.1111/J.1540-6296.1997.TB00063.X
James Barrese, Jack M. Nelson
: This paper extends the study of the relative cost efficiency of insurance delivery systems from the primary market to the market for non-life reinsurance services. As in the primary market for insurance services there are two predominant methods of marketing reinsurance services: reinsurers who rely on employees, termed direct writers, and those who rely on brokers. An extensive literature relating to the primary market for non-life insurance consistently indicates that independent agency insurers have a cost disadvantage relative to exclusive agency insurers. This literature also suggests that independent agency insurers may supply superior service but a continuing erosion of the market share of independent agency insurers suggests that the perceived service differential is not valued sufficiently to offset the perceived cost differential. The authors find evidence that, cet. par., broker supplied reinsurers operate with lower costs than direct reinsurers but we find less convincing evidence of a service differential favoring direct reinsurers. More significantly, we observe that the largest component of the traditional measure of the reinsurer's cost is the commission paid back to the primary insurer: the seemingly lower cost brokers provide a higher net cost product. Yet brokers thrive in the marketplace suggesting the existence of a product differentiated by service or quality. With the important caveat that measures of service are imperfect and data is limited, we find no evidence of a service differential.
{"title":"RELATIVE EFFICIENCIES OF NON-LIFE REINSURANCE MARKETING METHODS","authors":"James Barrese, Jack M. Nelson","doi":"10.1111/J.1540-6296.1997.TB00063.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00063.X","url":null,"abstract":": This paper extends the study of the relative cost efficiency of insurance delivery systems from the primary market to the market for non-life reinsurance services. As in the primary market for insurance services there are two predominant methods of marketing reinsurance services: reinsurers who rely on employees, termed direct writers, and those who rely on brokers. \u0000 \u0000 \u0000 \u0000An extensive literature relating to the primary market for non-life insurance consistently indicates that independent agency insurers have a cost disadvantage relative to exclusive agency insurers. This literature also suggests that independent agency insurers may supply superior service but a continuing erosion of the market share of independent agency insurers suggests that the perceived service differential is not valued sufficiently to offset the perceived cost differential. \u0000 \u0000 \u0000 \u0000The authors find evidence that, cet. par., broker supplied reinsurers operate with lower costs than direct reinsurers but we find less convincing evidence of a service differential favoring direct reinsurers. More significantly, we observe that the largest component of the traditional measure of the reinsurer's cost is the commission paid back to the primary insurer: the seemingly lower cost brokers provide a higher net cost product. Yet brokers thrive in the marketplace suggesting the existence of a product differentiated by service or quality. With the important caveat that measures of service are imperfect and data is limited, we find no evidence of a service differential.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"72 1","pages":"51-64"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85925296","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}
Pub Date : 2009-04-27DOI: 10.1111/J.1540-6296.1997.TB00066.X
M. Jablonowski
: The author examines the problems for risk managers associated with knowledge imperfections. He describes how fuzzy logic can be used to deal with situations when there is a lack of knowledge
作者探讨了风险管理者与知识不完善相关的问题。他描述了如何使用模糊逻辑来处理缺乏知识的情况
{"title":"MODELING IMPERFECT KNOWLEDGE IN RISK MANAGEMENT AND INSURANCE","authors":"M. Jablonowski","doi":"10.1111/J.1540-6296.1997.TB00066.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00066.X","url":null,"abstract":": The author examines the problems for risk managers associated with knowledge imperfections. He describes how fuzzy logic can be used to deal with situations when there is a lack of knowledge","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"40 1","pages":"98-105"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73054634","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}
Pub Date : 2009-04-27DOI: 10.1111/J.1540-6296.1997.TB00068.X
S. Cassidy
: The risk management and insurance discipline faces a number of challenges. The author poses some questions which focus on those challenges.
风险管理和保险学科面临着许多挑战。针对这些挑战，笔者提出了一些问题。
{"title":"ISSUES IN INSURANCE AND RISK MANAGEMENT EDUCATION","authors":"S. Cassidy","doi":"10.1111/J.1540-6296.1997.TB00068.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00068.X","url":null,"abstract":": The risk management and insurance discipline faces a number of challenges. The author poses some questions which focus on those challenges.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"1 1","pages":"112-115"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77951033","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}
Pub Date : 2009-03-01DOI: 10.1111/J.1540-6296.2009.01152.X
Dan R. Anderson, K. Anderson
This article features a panel discussion on sustainability risk management organized by Dan R. Anderson for the American Risk and Insurance Association 2007 annual meeting. The moderator, Mr. Dan Anderson, is the Leslie P. Schulz Professor of Risk Management and Insurance at the University of Wisconsin-Madison School of Business and author of Corporate Survival: The Critical Importance of Sustainability Risk Management. Anderson is a past president of the American Risk and Insurance Association (ARIA) and the 2007 winner of the Geneva Association/International Insurance Society Research Award, including a $10,000 stipend, for his paper, "Sustainability Risk Management as a Critical Component of Enterprise Risk Management (ERM): Global Warrning-Climate Change Risks." He also was recently presented with the Risk Innovator Award by Risk and Insurance magazine for his work in sustainability risk management. The next panelist is Kenneth E. Anderson, Director of Aon's Environmental Services Group. Mr. Kenn Anderson is a graduate of the University of Wisconsin's Risk and Insurance Management program and has spent the last 20 years advising organizations about their exposure to environmental risk and designing, negotiating and implementing appropriate environmental insurance programs to meet specific client needs. He will emphasize business opportunities associated with sustainability risk management and the availability of insurance coverage for sustainability risks. Dan R. Anderson: Sustainability risk is a newly emerging risk area and, I believe, one of the critical risk areas of the 21st century. During this discussion I will introduce the general area of sustainability risk management and talk about the identification/ assessment function. I have been thinking about sustainability risks probably for my entire career, but especially during the last 10 years. Sustainability risk management is concerned with environmental and social responsibility risks. That is, corporations are being pressured to address their environmental and social responsibility performance, in addition to the traditional bottom line. I have long tried to make a business argument for companies to become more sustainable by using risk management principles. There are several informed authors who have written exceUent books on sustainabiUty, but no one has really approached it from a risk management framework or recognized that it needs to be approached in this manner. Further, sustainabiUty risk management needs to be a critical part of enterprise risk management (ERM). Table 1 contains a list of companies that are financiaUy successful and have strong sustainability records. Of course, this Ust is not meant to be an exclusive one. Improving environmental conditions inside the company and improving the social conditions of workers used to be thought of as a social cost. Now, the argument can be made that the firm will buUd a better reputation, enhance financial performance and imp
本文以Dan R. Anderson为美国风险与保险协会2007年年会组织的关于可持续性风险管理的小组讨论为特色。主持人Dan Anderson先生是威斯康星大学麦迪逊分校商学院风险管理和保险专业的Leslie P. Schulz教授，也是《企业生存:可持续风险管理的关键重要性》一书的作者。安德森是美国风险与保险协会(ARIA)的前任主席，并因其论文《可持续风险管理作为企业风险管理(ERM)的关键组成部分:全球变暖-气候变化风险》而获得2007年日内瓦协会/国际保险协会研究奖，其中包括10,000美元的津贴。他最近还因其在可持续风险管理方面的工作而被《风险与保险》杂志授予风险创新者奖。下一位嘉宾是怡安集团环境服务部主任肯尼思·e·安德森。他毕业于the University of Wisconsin的风险和保险管理计划，在过去的20年里，他为组织提供有关环境风险的建议，并设计、谈判和实施适当的环境保险计划，以满足特定的客户需求。他将强调与可持续性风险管理相关的商业机会以及可持续性风险保险的可用性。Dan R. Anderson:可持续性风险是一个新兴的风险领域，我相信，也是21世纪最关键的风险领域之一。在这次讨论中，我将介绍可持续性风险管理的一般领域，并讨论识别/评估功能。在我的整个职业生涯中，我一直在思考可持续性风险，尤其是在过去的10年里。可持续性风险管理涉及环境和社会责任风险。也就是说，除了传统的底线之外，企业还面临着解决环境和社会责任绩效的压力。长期以来，我一直试图通过运用风险管理原则，为企业提供更具可持续性的商业论据。有几位消息灵通的作者撰写了关于可持续性的优秀书籍，但没有人真正从风险管理框架出发，或者认识到需要以这种方式来处理它。此外，可持续性风险管理需要成为企业风险管理(ERM)的关键部分。表1包含了财务成功且具有良好可持续性记录的公司列表。当然，这并不意味着是一个独家的。改善公司内部的环境条件和改善工人的社会条件过去被认为是一种社会成本。现在，可以提出的论点是，公司将建立一个更好的声誉，提高财务绩效，并通过追求可持续的风险管理提高竞争优势。可持续性风险管理可以用英国著名顾问、《带叉子的食人族》一书作者约翰·埃尔金顿(John Elkington)提出的“三底Une”(TBL)来考虑。TBL可以表述如下:最大化:F + E + SR = TBL，其中F =财务绩效，E =环境绩效，SR =社会责任绩效，TBL = F -风险成本的E -风险成本的SR。根据埃尔金顿，你需要考虑三个方面来最大化三重底线。您可以看到TBL的风险管理方面，因为风险成本从利润(或财务业绩)中扣除。显然，如果你减少环境和社会责任风险成本，其他一切保持不变，TBL将会增加。为了提供与可持续性风险相关的范围和暴露的背景，我将非常简要地讨论可持续性风险的六个领域:全球变暖/气候变化，抵制，环境责任，生态系统，社会责任以及董事和管理人员责任。…
{"title":"Sustainability Risk Management","authors":"Dan R. Anderson, K. Anderson","doi":"10.1111/J.1540-6296.2009.01152.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.2009.01152.X","url":null,"abstract":"This article features a panel discussion on sustainability risk management organized by Dan R. Anderson for the American Risk and Insurance Association 2007 annual meeting. The moderator, Mr. Dan Anderson, is the Leslie P. Schulz Professor of Risk Management and Insurance at the University of Wisconsin-Madison School of Business and author of Corporate Survival: The Critical Importance of Sustainability Risk Management. Anderson is a past president of the American Risk and Insurance Association (ARIA) and the 2007 winner of the Geneva Association/International Insurance Society Research Award, including a $10,000 stipend, for his paper, \"Sustainability Risk Management as a Critical Component of Enterprise Risk Management (ERM): Global Warrning-Climate Change Risks.\" He also was recently presented with the Risk Innovator Award by Risk and Insurance magazine for his work in sustainability risk management. The next panelist is Kenneth E. Anderson, Director of Aon's Environmental Services Group. Mr. Kenn Anderson is a graduate of the University of Wisconsin's Risk and Insurance Management program and has spent the last 20 years advising organizations about their exposure to environmental risk and designing, negotiating and implementing appropriate environmental insurance programs to meet specific client needs. He will emphasize business opportunities associated with sustainability risk management and the availability of insurance coverage for sustainability risks. Dan R. Anderson: Sustainability risk is a newly emerging risk area and, I believe, one of the critical risk areas of the 21st century. During this discussion I will introduce the general area of sustainability risk management and talk about the identification/ assessment function. I have been thinking about sustainability risks probably for my entire career, but especially during the last 10 years. Sustainability risk management is concerned with environmental and social responsibility risks. That is, corporations are being pressured to address their environmental and social responsibility performance, in addition to the traditional bottom line. I have long tried to make a business argument for companies to become more sustainable by using risk management principles. There are several informed authors who have written exceUent books on sustainabiUty, but no one has really approached it from a risk management framework or recognized that it needs to be approached in this manner. Further, sustainabiUty risk management needs to be a critical part of enterprise risk management (ERM). Table 1 contains a list of companies that are financiaUy successful and have strong sustainability records. Of course, this Ust is not meant to be an exclusive one. Improving environmental conditions inside the company and improving the social conditions of workers used to be thought of as a social cost. Now, the argument can be made that the firm will buUd a better reputation, enhance financial performance and imp","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"115 1","pages":"25-38"},"PeriodicalIF":0.0,"publicationDate":"2009-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76871790","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}
Pub Date : 2009-03-01DOI: 10.1111/J.1540-6296.2009.01150.X
Therese M. Vaughan
I have thought a great deal during the past year about this address, mostly trying to figure a way out of doing it. I once had an elected commissioner tell me that it was far more difficult to run for office among your peers (say, for office in the legislature) than to seek votes from the general population. I suspect the same comparison applies to giving a Presidential Address. I'm going to ask your permission to deviate from tradition in a couple of ways. First, you will note that I don't have any cartoons, pictures, graphs, or charts. I have no bullet points. In fact, I'm not using PowerPoint at all. Instead, I just want to talk to you, and I hope you will humor me in that request. Second, I have given much thought to what I would talk to you about. I did the obligatory reading of the prior presidential addresses looking for ideas, but no luck. Mary Weiss suggested at one point that I talk about regulation, given that I spent over 10 years doing that, and it was not that long ago. I have taken that suggestion to heart. So I'm not going to talk about the traditional topics of the history or future of American Risk and Insurance Association (ARIA) or of our discipline. I'm also not going to try to give a scholarly address on regulation, or to talk to you about federal versus state regulation. Instead, I just want to share with you some of my experiences as commissioner, what I learned from the job, and some of my thoughts after returning to academics. I want to start by telling you how I got into the position of insurance commissioner. This is a story I have told before, and I know some of you have already heard it. I apologize to those of you, but I enjoy telling it, so I'm going to do it again. In May 1994, I was on the faculty at Drake University in Des Moines. The then-Iowa insurance commissioner-Dave Lyons-resigned suddenly at this time to take the job of director of economic development. I had come to know several regulators over the years-particularly financial regulators-because of some educational work I had done for them. One of them called me to suggest I consider applying for the position. My initial reaction was to dismiss the idea. But the seed had been planted, and I went home and started to think about it. I called my father-Emmett Vaughan-who was a longtime professor of insurance at the University of Iowa, to get his advice. By the way, Karyn, who just received the Hedges Award, is the first Vaughan Scholar at the University of Iowa, and I couldn't be more pleased. My dad said he thought the idea was insane. I was an academic, not a politician. As I recall, he said I'd get eaten alive, or something like that. These were probably the words of a father trying to protect his daughter. Anyway, we talked about it for quite a while. I gave him all of the reasons I was interested in doing this-most notably that I could gain an understanding of how things really worked from the inside. Finally, he said he could see why I might be intere
在过去的一年里，我对这次演讲想了很多，主要是想找出一个解决办法。曾经有一位当选的委员告诉我，在你的同僚中竞选公职(比如，竞选立法机构的职位)比在普通民众中寻求选票要困难得多。我怀疑同样的对比也适用于总统演讲。我想请求你允许我在几个方面偏离传统。首先，您会注意到我没有任何漫画、图片、图形或图表。我没有要点。事实上，我根本不用ppt。相反，我只是想和你谈谈，我希望你能满足我的这个要求。第二，我对今天要跟大家讲的内容想了很多。我义务性地阅读了前任总统的演讲，寻找灵感，但没有运气。玛丽·韦斯曾建议我谈谈监管，因为我花了10多年的时间来做这件事，而且这不是很久以前的事。我把那个建议牢记在心。所以我不打算谈论美国风险与保险协会(ARIA)的历史或未来，或者我们学科的传统话题。我也不打算做一个关于监管的学术演讲，或者和你们讨论联邦和州的监管。相反，我只想与你们分享我作为专员的一些经历，我从这份工作中学到的东西，以及我回到学术界后的一些想法。首先，我想告诉大家我是如何成为保险专员的。这是一个我以前讲过的故事，我知道你们中的一些人已经听过了。我向你们中的一些人道歉，但我喜欢讲这个，所以我要再讲一遍。1994年5月，我在得梅因的德雷克大学任教。当时的爱荷华州保险专员戴夫·莱昂斯(dave lyons)在这个时候突然辞职，担任经济发展主任一职。这些年来，我认识了几个监管机构——尤其是金融监管机构——因为我为他们做过一些教育工作。其中一个打电话给我，建议我考虑申请这个职位。我最初的反应是不理会这个想法。但是种子已经种下了，我回到家开始思考这个问题。我打电话给父亲埃米特·沃恩(emmett vaughan)，征求他的意见，他是爱荷华大学(University of Iowa)长期的保险教授。顺便说一下，刚刚获得赫奇斯奖的Karyn，是爱荷华大学第一位沃恩学者，我非常高兴。我爸说他觉得这个主意太疯狂了。我是个学者，不是政治家。我记得，他说我会被生吞活剥之类的。这可能是一位父亲想要保护自己女儿的话。不管怎样，我们讨论了很长时间。我告诉了他我对做这件事感兴趣的所有原因——最明显的是，我可以从内部了解事物的真正运作方式。最后，他说他能理解为什么我可能会对它感兴趣，为什么这可能是一次很好的经历，然后他以一条建议结束。“尽量不要在这个过程中被起诉。”对于你们当中比较年轻的人来说，这对保险专员来说是个周期性的问题。所以我说，“这是一个目标。”我和院长谈了谈，他同意如果我得到那份工作，就给我两年的假期。我重新整理了我的简历，起草了一封求职信寄给州长。长话短说，州长叫我去面试，随后给了我这份工作。正如我所说，我的动机与其说是为了做好事，为社会做贡献，不如说是为了做一些有趣的事情，并在这个过程中学到一些东西。最初的几个星期是很好的学习经历。我最初的观察涉及到这些问题的强度和多样性。让我给你一个第一个月的感觉。上班第一天，证券局长就来找我。…
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Pub Date : 2008-09-01DOI: 10.1111/J.1540-6296.2008.00141.X
Kenneth A. Froot
Yet, in spite of these problems, the reinsurance market continues on. It doesn’t appear to have been extinguished or even hindered by the unwillingness of insurers to cede their risks. Nevertheless, insurers rightly wish to know why it should be so expensive and rare to find reinsurers who are willing to take on extreme catastrophic risks. After all, natural perils are both objectively modelable and unsystematic in their occurrences–qualities that, if anything, should make it relatively more attractive to supply reinsurance capital. Most recently, in the aftermath of Hurricane Katrina, the market has continued to show signs of trouble in providing capital cheaply and quickly. Why, with all the last decade’s improvements in financial intermediation and risk sharing, aren’t things easier? At times of excess demand, one would think there is an opportunity to add to reinsurance supply. A badly needed product that sells at prices well above the cost of production should be supplied aggressively. This conundrum of short supply combined with high prices makes the topic of financing catastrophes a fertile one for academics and practitioners alike. In this article, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections—e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also summarize the recent evolution of intermediation for catastrophic risk. A simple framework for an integrated theory of optimal financial policy for insurers and reinsurers is discussed. Finally, policy implications for intermediation of financial risks in view of evolving financial solutions for catastrophic risk are proposed.
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Pub Date : 2008-09-01DOI: 10.1111/J.1540-6296.2008.00140.X
R. Derrig, J. Fishman, Martin Grace, Joan T. Schmit
This article features a presentation and discussant comments on hurricane and wind insurance organized by Richard A. Derrig for the American Risk and Insurance Association (ARIA) 2007 Annual Meeting in Quebec City, Quebec, Canada. The moderator, Richard A. Derrig, is President of OPAL Consulting LLC, Providence, RI. Richard formed OPAL after retiring in 2004 from the Auto Insurers and Insurance Fraud Bureaus of Massachusetts. He has published numerous articles on auto insurance, fraud, and other important insurance issues in risk and insurance and actuarial journals. The principal presenter is Jay S. Fishman, Chairman and Chief Executive Officer of The Travelers Companies, Inc., a Fortune 100 company with assets in excess of $100 billion and revenues in excess of $25 billion. Travelers offers a wide range of property and casualty insurance products and services to businesses, organizations, and individuals in the United States and selected international markets. Mr. Fishman was named President and Chief Executive Officer of Travelers in 1998 and Chairman in 2000. From early 2000 until October 2001, he also served as Chief Operating Officer of Finance and Risk for Citigroup, as head of Citigroup's global insurance businesses and head of its consumer business in Japan and Western Europe. Mr. Fishman is an alumnus of the University of Pennsylvania, having graduated with a bachelor's degree in economics, magna cum laude, in 1974 and with a master's degree in accounting from the Wharton School, also in 1974. At the University of Pennsylvania, he is a member of the Board of Trustees, the Board of Overseers of the Graduate School of Education, and the Industry Advisory Board of the Financial Institutions Center for the Wharton School. He serves on the Board of Directors of the National Academy Foundation. Also, he is an active member of the Business Council, a Vice Chairman of the Kennedy Center Corporate Fund Board in Washington, D.C., and a past Chairman of the American Insurance Association. Our two discussants are Professors Joan Schmit and Martin Grace. Joan holds the American Family Insurance Chair in Risk Management and Insurance at the University of Wisconsin-Madison, where she has been on the faculty since 1988. Currently, she is Chair of the Actuarial Science, Risk Management, and Insurance Department in the School of Business. She also holds a visiting appointment with the University of St. Gallen. Dr. Schmit has been active in several important professional associations. She has been an academic moderator for the International Insurance Society and on the Research Committee of that organization. She is a past President of ARIA, the Insurance Society, and the Risk Theory Society. She has served on the board of the Griffith Foundation and is a Research Fellow at the China Center for Insurance and Social security Research at Peking University. The second discussant, Professor Grace, is currently the Associate Director of Research at the Center
本文以Richard a. Derrig为在加拿大魁北克省魁北克市举行的美国风险和保险协会(ARIA) 2007年年会上组织的关于飓风和风力保险的演讲和讨论家评论为特色。主持人Richard A. Derrig是OPAL Consulting LLC，普罗维登斯，RI的总裁。Richard于2004年从马萨诸塞州汽车保险公司和保险欺诈局退休后成立了OPAL。他在风险、保险和精算期刊上发表了大量关于汽车保险、欺诈和其他重要保险问题的文章。主要的演讲者是旅行者公司董事长兼首席执行官Jay S. Fishman，该公司是一家财富100强公司，资产超过1000亿美元，收入超过250亿美元。旅行者为美国和部分国际市场的企业、组织和个人提供广泛的财产和意外伤害保险产品和服务。Fishman先生于1998年被任命为Travelers的总裁兼首席执行官，并于2000年被任命为董事长。从2000年初到2001年10月，他还担任花旗集团的财务和风险首席运营官，花旗集团全球保险业务负责人以及日本和西欧消费者业务负责人。Fishman先生是the University of Pennsylvania的校友，于1974年以优异成绩获得经济学学士学位，并于1974年获得沃顿商学院(Wharton School)会计硕士学位。在宾夕法尼亚大学，他是董事会成员，教育研究生院监督委员会成员，以及沃顿商学院金融机构中心行业咨询委员会成员。他是美国国家科学院基金会的董事会成员。此外，他是商业委员会的活跃成员，华盛顿特区肯尼迪中心企业基金委员会的副主席，以及美国保险协会的前任主席。我们的两位讨论者是Joan Schmit和Martin Grace教授。Joan自1988年以来一直在威斯康星大学麦迪逊分校担任风险管理和保险美国家庭保险主席。目前，她是商学院精算科学、风险管理和保险系主任。她还将访问圣加仑大学(University of St. Gallen)。他一直活跃于几个重要的专业协会。她一直是国际保险协会和该组织研究委员会的学术主持人。她是ARIA、保险协会和风险理论协会的前任主席。她是格里菲斯基金会的董事会成员，也是北京大学中国保险与社会保障研究中心的研究员。第二位讨论家Grace教授现任乔治亚州立大学风险管理与保险中心研究副主任。他是安德鲁杨公共政策研究学院的副教授，拥有佛罗里达大学的法学学位和经济学博士学位。Grace博士的研究重点是公共政策、监管和税收，他的研究成果发表在许多经济学、保险和公共政策期刊上。他是风险理论协会的前任主席，现任风险与保险杂志的副主编。Richard A. Derrig(主持人):今天讨论的重点是损失分配的尾部。尾巴与灾难或风险有关，如卡特里娜飓风、威尔玛飓风、安德鲁飓风和其他飓风造成的破坏像这样的灾难不仅仅是美国的问题，而是一个国际问题。Jay Fishman将提供他对风在灾难性损失中的影响的观点，而Schmit教授和Grace教授将随后讨论将风灾害置于一般保险背景下。…
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