Download or read book Deregulating Property Casualty Insurance Pricing written by Anthony J. Barkume and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Property and casualty lines of insurance have traditionally been subject to more regulatory price control than most goods in the U.S. economy. However, beginning in the 1970s, some states began to deregulate these lines of insurance, dropping either mandatory pricing in concert by means of rating bureaus or, in addition, dropping regulatory prior approval of premiums. This paper assesses the impact of rate deregulation in workers' compensation insurance. Besides examining the impact of deregulation on price, we examine effects on injury rates, as rate regulation may have reduced incentives for workplace safety by restricting price differences across risk classes. We find that eliminating both rate bureau pricing and prior approval reduced long-run premiums by 13.7 percent and reduced injury rates by at most 8.2 percent. In contrast, eliminating only rating bureau pricing had small effects.
Download or read book Deregulating Property Liability Insurance written by J. David Cummins and published by Rowman & Littlefield. This book was released on 2004-06-23 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the United States has successfully deregulated prices and restrictions on most previously-regulated industries, including airlines, trucking, railroads, telecommunications, and banking. Only a few industries remain regulated, the largest being the property-liability insurance business. In light of recent sweeping financial modernization legislation in other sectors of the insurance industry, this timely volume examines the basis for continued regulation of rates and forms of the U.S. property-liability insurance market. The book focuses on private passenger automobile insurance—the most important personal line of property-liability coverage, with annual premiums of about $120 billion. The authors analyze five state case studies: California, Massachusetts, and New Jersey—three of the most heavily regulated states—as well as Illinois, which has been deregulated for about 30 years, and South Carolina, which began to deregulate in 1997. The study also includes an econometric analysis based on all fifty states over a 25-year period that gauges the impact of regulation on insurance price levels, price volatility, and the proportion of automobiles insured in residual markets. The authors conclude that regulation does not significantly reduce long-run prices for consumers, and generally limits availability of coverage, reduces the quality and variety of services available in the market, inhibits productivity growth, and increases price volatility. Contributors include Dwight Jaffee (University of California, Berkeley), Thomas Russell (Santa Clara University ), Laureen Regan (Temple University), Sharon Tennyson (Cornell University), Mary Weiss (Temple University), John Worrall (Rutgers University), Stephen D'Arcy (University of Illinois, Urbana-Champaign), Martin Grace (Georgia State University), Robert Klein (Georgia State University), Richard Phillips (Georgia State University), Georges Dionne (University of Montreal), and Richard Butler (Brigham Young University).
Download or read book Property and Casualty Modernization Act written by Janet Brierton and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses model bill deregulating property and casualty insurance rates.
Download or read book Insurance and Issues in Financial Soundness written by Nigel Davies and published by International Monetary Fund. This book was released on 2003-07-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores insurance as a source of financial system vulnerability. It provides a brief overview of the insurance industry and reviews the risks it faces, as well as several recent failures of insurance companies that had systemic implications. Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. Building on this experience and the experience gained under the FSAP, the paper proposes key indicators that should be compiled and used for surveillance of financial soundness of insurance companies and the insurance sector as a whole.
Download or read book The Future of Insurance Regulation in the United States written by Martin Francis Grace and published by Brookings Institution Press. This book was released on 2009 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Enhances research and informs the debate on restructuring the framework for U.S. insurance regulation. Evaluates proposed legislation to create an Optional Federal Charter for insurance companies and agents. Also goes beyond discussion of OFC and lays out the broader context and need for regulatory reform in the insurance industry"--Provided by publisher.
Download or read book Insurance Class Actions in the United States written by Nicholas M. Pace and published by Rand Corporation. This book was released on 2007-05-18 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Class actions, which are civil cases in which parties initiate a lawsuit on behalf of other plaintiffs not specifically named in the complaint, often make headlines and arouse policy debates. However, policymakers and the public know little about most class actions. This book presents the results of surveys of insurers and of state departments of insurance to learn more about class litigation against insurance companies.
Download or read book Deregulating Property Liability Insurance written by J. David Cummins and published by Rowman & Littlefield. This book was released on 2004-06-23 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the United States has successfully deregulated prices and restrictions on most previously-regulated industries, including airlines, trucking, railroads, telecommunications, and banking. Only a few industries remain regulated, the largest being the property-liability insurance business. In light of recent sweeping financial modernization legislation in other sectors of the insurance industry, this timely volume examines the basis for continued regulation of rates and forms of the U.S. property-liability insurance market. The book focuses on private passenger automobile insurance—the most important personal line of property-liability coverage, with annual premiums of about $120 billion. The authors analyze five state case studies: California, Massachusetts, and New Jersey—three of the most heavily regulated states—as well as Illinois, which has been deregulated for about 30 years, and South Carolina, which began to deregulate in 1997. The study also includes an econometric analysis based on all fifty states over a 25-year period that gauges the impact of regulation on insurance price levels, price volatility, and the proportion of automobiles insured in residual markets. The authors conclude that regulation does not significantly reduce long-run prices for consumers, and generally limits availability of coverage, reduces the quality and variety of services available in the market, inhibits productivity growth, and increases price volatility. Contributors include Dwight Jaffee (University of California, Berkeley), Thomas Russell (Santa Clara University ), Laureen Regan (Temple University), Sharon Tennyson (Cornell University), Mary Weiss (Temple University), John Worrall (Rutgers University), Stephen D'Arcy (University of Illinois, Urbana-Champaign), Martin Grace (Georgia State University), Robert Klein (Georgia State University), Richard Phillips (Georgia State University), Georges Dionne (University of Montreal), and Richard Butler (Brigham Young University).
Download or read book Pricing in General Insurance written by Pietro Parodi and published by CRC Press. This book was released on 2014-10-15 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the syllabus of the actuarial industry course on general insurance pricing — with additional material inspired by the author’s own experience as a practitioner and lecturer — Pricing in General Insurance presents pricing as a formalised process that starts with collecting information about a particular policyholder or risk and ends with a commercially informed rate. The main strength of this approach is that it imposes a reasonably linear narrative on the material and allows the reader to see pricing as a story and go back to the big picture at any time, putting things into context. Written with both the student and the practicing actuary in mind, this pragmatic textbook and professional reference: Complements the standard pricing methods with a description of techniques devised for pricing specific products (e.g., non-proportional reinsurance and property insurance) Discusses methods applied in personal lines when there is a large amount of data and policyholders can be charged depending on many rating factors Addresses related topics such as how to measure uncertainty, incorporate external information, model dependency, and optimize the insurance structure Provides case studies, worked-out examples, exercises inspired by past exam questions, and step-by-step methods for dealing concretely with specific situations Pricing in General Insurance delivers a practical introduction to all aspects of general insurance pricing, covering data preparation, frequency analysis, severity analysis, Monte Carlo simulation for the calculation of aggregate losses, burning cost analysis, and more.
Download or read book Handbook of International Insurance written by J. David Cummins and published by Springer Science & Business Media. This book was released on 2007-12-23 with total page 1000 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of International Insurance: Between Global Dynamics and Local Contingencies analyzes key trends in the insurance industry in more than 15 important national insurance markets that represent over 90 percent of world insurance premiums. Well-known academics from Europe, the Americas and Asia examine their own national insurance markets, including the competitive structure, product and service innovations, and regulatory developments. The book provides academics and executives with an unprecedented range of information about today’s insurance markets. This book also provides important 'new' information on the evolution of the financial sector worldwide and comprehensive chapters on reinsurance, Lloyd’s of London, alternative risk transfer, South and East Asian insurance markets, and European insurance markets. Setting the stage is an overview chapter by the editors focusing on overall conclusions on globalization.
Download or read book The Financing of Catastrophe Risk written by Kenneth A. Froot and published by University of Chicago Press. This book was released on 2007-12-01 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is it possible that the insurance and reinsurance industries cannot handle a major catastrophe? Ten years ago, the notion that the overall cost of a single catastrophic event might exceed $10 billion was unthinkable. With ever increasing property-casualty risks and unabated growth in hazard-prone areas, insurers and reinsurers now envision the possibility of disaster losses of $50 to $100 billion in the United States. Against this backdrop, the capitalization of the insurance and reinsurance industries has become a crucial concern. While it remains unlikely that a single event might entirely bankrupt these industries, a big catastrophe could place firms under severe stress, jeopardizing both policy holders and investors and causing profound ripple effects throughout the U.S. economy. The Financing of Catastrophe Risk assembles an impressive roster of experts from academia and industry to explore the disturbing yet realistic assumption that a large catastrophic event is inevitable. The essays offer tangible means of both reassessing and raising the level of preparedness throughout the insurance and reinsurance industries.
Download or read book Property Casualty Insurance Core with Georgia written by and published by . This book was released on 2021-11 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Reinsurance for Disasters written by David Torregrosa and published by DIANE Publishing. This book was released on 2002 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Download or read book The Impact of Insurance Pricing Deregulation on the Employers Costs of Workers Compensation Insurance written by Timothy P. Schmidle and published by . This book was released on 1994 with total page 820 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Insurance Agent Commission Deregulation written by United States. Congress. House. Committee on Small Business. Subcommittee on General Oversight and published by . This book was released on 1982 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Guide to Trade Credit Insurance written by The International Credit Insurance & Surety Association and published by Anthem Press. This book was released on 2015-06-01 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: ‘A Guide to Trade Credit Insurance’ is a reference book on trade credit insurance, written from an international perspective. It is a compilation of contributions from various authors and reviewers drawn from ICISA member companies. The book provides an overview of the whole process regarding trade credit insurance, including the history of trade credit insurance, trade credit insurance providers, the underwriting process, premium calculation, claims handling, case studies and a glossary of terminology.
Download or read book Catastrophe Risk Financing in Developing Countries written by J. David Cummins and published by World Bank Publications. This book was released on 2009 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Catastrophe Risk Financing in Developing Countries' provides a detailed analysis of the imperfections and inefficiencies that impede the emergence of competitive catastrophe risk markets in developing countries. The book demonstrates how donors and international financial institutions can assist governments in middle- and low-income countries in promoting effective and affordable catastrophe risk financing solutions. The authors present guiding principles on how and when governments, with assistance from donors and international financial institutions, should intervene in catastrophe insurance markets. They also identify key activities to be undertaken by donors and institutions that would allow middle- and low-income countries to develop competitive and cost-effective catastrophe risk financing strategies at both the macro (government) and micro (household) levels. These principles and activities are expected to inform good practices and ensure desirable results in catastrophe insurance projects. 'Catastrophe Risk Financing in Developing Countries' offers valuable advice and guidelines to policy makers and insurance practitioners involved in the development of catastrophe insurance programs in developing countries.
