{"title":"Huebner International Series On Risk Insurance And Economic Security","description":null,"products":[{"product_id":"handbook-of-insurance-book-georges-dionne-9780792378709","title":"Handbook of Insurance","description":"In the 1970's, the research agenda in insurance was dominated by optimal insurance coverage, security design, and equilibrium under conditions of imperfect information. The 1980's saw a growth of theoretical developments including non-expected utility, price volatility, retention capacity, the pricing and design of insurance contracts in the presence of multiple risks, and the liability insurance crisis. The empirical study of information problems, financial derivatives, and large losses due to catastrophic events dominated the research agenda in the 1990's. This handbook provides a single reference source on insurance for professors, researchers, graduate students, regulators, consultants, and practitioners, that reviews the research developments in insurance and its related fields that have occurred since the 1970s. The book starts with the history and foundations of insurance theory and moves on to review asymmetric information, risk management and insurance pricing, and the industrial organization of insurance markets. The book ends with life insurance, pensions, and economic security.","brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50365258891537,"sku":"CIN0792378709G","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/B07FPDCXF9.jpg?v=1751233424"},{"product_id":"catastrophe-modeling-book-patricia-grossi-9780387230825","title":"Catastrophe Modeling","description":"Catastrophe Modeling: A New Approach to Managing Risk is the first book that systematically analyzes how catastrophe models can be used for assessing and managing risks of extreme events. It focuses on natural disaster risk, but also discusses the management of terrorism risk. A unique feature of this book is the involvement of three leading catastrophe modeling firms, AIR Worldwide, EQECAT, and Risk Management Solutions, who examine the role of catastrophe modeling in rate setting, portfolio management and risk financing.       Using data from three model cities (Oakland, CA, Long Beach, CA and Miami\/Dade County, FLA), experts from the Wharton School of the University of Pennsylvania examine the role of catastrophe modeling to develop risk management strategies for reducing and spreading the losses from future disasters. Given the uncertainties associated with terrorism the book points out the opportunities for utilizing catastrophe models to set insurance rates and to examine public-private partnerships for providing financial assistance in the event of a terrorist attack.   \"This book fills a critical need in setting forth the role of modern risk analysis in managing catastrophe risk. There is no comparable reference work for this important subject area. The book is well written and well organized. It contains contributions from many of the most distinguished experts in the fields of risk analysis and risk management. It strikes a good balance between the technical aspects of the subject and the practical aspects of decision making.\"      \"This book is strongly recommended for individuals who must make decisions regarding the management of impacts of catastrophe risks including those in both the public and private sector.\"      Wilfred D. Iwan Professor of Applied Mechanics, Emeritus Director, Earthquake Engineering Research Laboratory California Institute of Technology      \"The authors have captured the essence of catastrophe modeling: its value, its utility and its limitations. Every practitioner in the catastrophe risk field should read this book.\"   Franklin W. Nutter, President Reinsurance Association of America","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51001956106513,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":51001958596881,"sku":"NIN9780387230825","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52676183785745,"sku":"NLS9780387230825","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0387230823.jpg?v=1751292542"},{"product_id":"managing-the-insolvency-risk-of-insurance-companies-book-j-david-cummins-9789401057264","title":"Managing the Insolvency Risk of Insurance Companies","description":"Two different applications have been considered, automobile claims from Massachusetts and health expenses from the Netherlands. We have fit 11 different distributions to these data. The distributions are conveniently nested within a single four parameter distribution, the generalized beta of the second type. This relationship facilitates analysis and comparisons. In both cases the GB2 provided the best fit and the Burr 3 is the best three parameter model. In the case of automobile claims, the flexibility of the GB2 provides a statistically siE;nificant improvement in fit over all other models. In the case of Dutch health expenses the improvement of the GB2 relative to several alternatives was not statistically significant. * The author appreciates the research assistance of Mark Bean, Young Yong Kim and Steve White. The data used were provided by Richard Derrig of The Massachusetts Automobile Rating and Accident Prevention Bureau and by Bob Van der Laan and The Silver Cross Foundation for the medical insurance claim data. 2~ REFERENCES Arnold, B. C. 1983. Pareto Distributions. Bartonsville: International Cooperative Publishing House. Cummins, J. D. and L. R. Freifelder. 1978. A comparative analysis of alternative maximum probable yearly aggregate loss estimators. Journal of Risk and Insurance 45:27-52. *Cummins, J. D., G. Dionne, and L. Maistre. 1987. Application of the GB2 family of distributions in collective risk theory. University of Pennsylvania: Mimeographed manuscript. Hogg, R. V. and S. A. Klugman. 1983. On the estimation of long tailed skewed distributions with actuarial applications.","brand":"WoB","offers":[{"title":"US \/ NEW \/ INGRAM","offer_id":51084230230289,"sku":"NIN9789401057264","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52427758928145,"sku":"NLS9789401057264","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9401057265.jpg?v=1750873189"},{"product_id":"handbook-of-international-insurance-book-j-david-cummins-9780387341620","title":"Handbook of International Insurance","description":"Insurance and financial markets have been radically and deeply changed in the last 20 years. Deregulation, internationalization of insurance and financial institutions, increasing competition, electronic commerce, bancassurance, and the emergence of new risks are among the challenges faced by insurers and other financial firms. These developing trends pose both global and local challenges for financial firms participating in insurance markets.    \"The Handbook of International Insurance: Between Global Dynamics and Local Contingencies\" increases understanding of insurance markets by adopting an international comparative approach. Leading scholars and practitioners worldwide provide detailed information on market trends, regulation, taxation, and economic developments for thirteen specific countries in Europe, the Americas, and Asia. Each country chapter covers key aspects of insurance: life insurance, non-life insurance, and public and private social insurance programs.    The book also includes 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. A unique source of information on the evolution of insurance markets worldwide, this book provides valuable perspectives for scholars, practitioners, and policy makers.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51141422481681,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":51141428936977,"sku":"NIN9780387341620","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52431410364689,"sku":"NLS9780387341620","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/B06XFXC96S.jpg?v=1751134070"},{"product_id":"managing-the-insolvency-risk-of-insurance-companies-book-j-david-cummins-9780792391524","title":"Managing the Insolvency Risk of Insurance Companies","description":"The data used were provided by Richard Derrig of The Massachusetts Automobile Rating and Accident Prevention Bureau and by Bob Van der Laan and The Silver Cross Foundation for the medical insurance claim data.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52123349975313,"sku":"NLS9780792391524","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":53561466847505,"sku":"NIN9780792391524","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792391524.jpg?v=1757449448"},{"product_id":"insurance-rate-litigation-book-jk-mintel-9780898381399","title":"Insurance Rate Litigation","description":"The idea for this book came from my decision to update an article by Roy C. 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Once an initial draft was prepared, a number of my associates cooperated by reading and commenting on the manuscript. I would like to give special thanks to Michael J. Miller and James F. Perry who unselfishly shared their time and knowledge to improve this work. Needless to say, none of those who read the manuscript is responsible for any errors in concept or detail that may remain.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52125540319505,"sku":"NLS9780898381399","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780898381399.jpg?v=1757466348"},{"product_id":"financial-management-of-life-insurance-companies-book-j-david-cummins-9780792393542","title":"Financial Management of Life Insurance Companies","description":"th This book is published to commemorate the 50 Anniversary of the S.S. Huebner Foundation for Insurance Education. Administered at the Wharton School of the University of Pennsylvania, the Huebner Foundation was established in 1941 to strengthen insurance education at the collegiate level by increasing the number of professors specializing in insurance and enriching the literature in the field. The financial support of leading life insurance companies has enabled the Foundation to provide post-graduate education for prospective insurance teachers and scholars. Through its fellowship program, the Foundation supports students in the Ph.D. program in Risk and Insurance at the Wharton School. The success of the Foundation is measured by the accomplishments of its alumni. Former Huebner Fellows play leading roles in every major area of insurance education. Fellows teach insurance to tens of thousands of undergraduate and MBA students each year and have written hundreds of books and thousands of articles on insurance. Fellows hold leadership positions at the American College, the Life Office Management Association, and the Certified Employee Benefit Specialist Program. The Foundation was created in honor of Dr. Solomon S. Huebner, a pioneer in insurance education. Dr. Huebner taught the first organized course on the economics of insurance ever offered at the collegiate level in 1904. An internationally recognized author and teacher, Dr. Huebner had a profound impact on both insurance education and the insurance industry. He served on the faculty of the Wharton School for more than nearly fifty years.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52125772251409,"sku":"NLS9780792393542","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792393542.jpg?v=1757468475"},{"product_id":"financial-models-of-insurance-solvency-book-j-david-cummins-9780792390183","title":"Financial Models of Insurance Solvency","description":"The First International Conference on Insurance Solvency was held at the Wharton School, University of Pennsylvania from June 18th through June 20th, 1986. The conference was the inaugural event for Wharton's Center for Research on Risk and Insurance. In atten- dance were thirty-nine representatives from Australia, Canada, France, Germany, Israel, the United Kingdom, and the United States. The papers presented at the Conference are published in two volumes, this book and a companion volume, Classical Insurance Solvency Theory, J. D. Cummins and R. A. Derrig, eds. (Norwell, MA: Kluwer Academic Publishers, 1988). The first volume presented two papers reflecting important advances in actuarial solvency theory. The current volume goes beyond the actuarial approach to encom- pass papers applying the insights and techniques of financial economics. The papers fall into two groups. The first group con- sists of papers that adopt an essentially actuarial or statistical ap- proach to solvency modelling. These papers represent methodology advances over prior efforts at operational modelling of insurance companies. The emphasis is on cash flow analysis and many of the models incorporate investment income, inflation, taxation, and other economic variables. The papers in second group bring financial economics to bear on various aspects of solvency analysis. These papers discuss insurance applications of asset pricing models, capital structure theory, and the economic theory of agency.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52126551343377,"sku":"NLS9780792390183","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792390183.jpg?v=1757476913"},{"product_id":"classical-insurance-solvency-theory-book-j-david-cummins-9789401077071","title":"Classical Insurance Solvency Theory","description":"The problem of solvency is, in fact, as old as insurance. The history of the industry knows many ways to meet the risks involved with underwriting, such as spreading the risk portfolio (Cato, Senior already applied it), risk selection, reserve funds, reinsurance, etc. Whilst these measures too often proved ineffective, the establish- ment of legislative control and public supervision ensued. However, not until the last few decades has the solvency issue become an ob- ject of intensive studies, very much thanks to the progress of related empirical and theoretical knowledge, and in the under- standing of the concerned complicated processes. The research activities have grown extensively in many countries in recent years. The more the studies advance the more new relevant aspects are detected and a great variety of alternative proposals have come up for discussion. Therefore, it has become necessary to attempt a survey of the whole problem area in order to be able to place the quite numerous pieces of knowledge in their proper context, and also, among other things, to avoid the pitfalls of handling isolated problems omitting vital tie-ins to the environment. Many of the rele- vant problems and subproblems are still lacking adequate and well tested solutions. Therefore, a survey of the whole problem area can also hopefully serve as guidance for future research efforts.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52126946033937,"sku":"NLS9789401077071","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9789401077071.jpg?v=1757481416"},{"product_id":"strategic-planning-and-modeling-in-property-liability-insurance-book-j-david-cummins-9789401089968","title":"Strategic Planning and Modeling in Property-Liability Insurance","description":"The Geneva Association and Risk Economics The Geneva Association The Geneva Association (International Association for the Study of Insurance Economics) commenced its activities in June 1973, on the initiative of twenty-two members in eight European countries. It now has fifty-four members in sixteen countries in Europe and in the United States. The members of the association are insurance companies which provide financial support for its activities. The aims and strategy of the Geneva Association were clearly defined in 1971 by the founding committee. They were set forth in the first report to the Assembly of Members in 1974: To make an original contribution to the progress of insurance by objective studies on the interdependence between economics and insurance. In pursuit of this objective, the Association strives to place insurance problems in the context of the modern economy and to overcome the antagonism between different groups and institutions by showing that they all have a common interest in tackling the problem of risk in a changing world. In consequence, the studies made by the Association had to move away from the subjects familiar to insurance professionals and explore related fields, dealing with opinions and behavior falling outside the profession's vii FOREWORD viii traditional framework of analysis. It is in this direction that the Association's preoccupations have been directed from the beginning, towards areas in which insurance activities come into contact with those of other economic sectors such as government, banking, manufacturing, and households.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52126955831569,"sku":"NLS9789401089968","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9789401089968.jpg?v=1757481458"},{"product_id":"benefits-costs-and-cycles-in-workers-compensation-book-philip-s-borba-9789401074766","title":"Benefits, Costs, and Cycles in Workers' Compensation","description":"Workers' compensation insurance presents a set of institutional charac- teristics that are unique. For every other form of insurance, both the insurer and the coverage provided under the policy are completely controlled either by the federal or a state government, or by an arrangement between the insured and a property-casualty insurer. Unemployment insurance, Social Security, and bank-deposit insurance are examples for which a legis- lative body sets the benefits. and a government agency prescribes the in- surance premium. By contrast, the coverage and premiums for automobile, homeowners, and fire insurance are individual contractual arrangements between a policyholder and one of the more than 1800 U. S. property- casualty insurance companies. Workers' compensation insurance, however, is a hybrid in which state legislatures stipulate the terms of coverage, while regulated competition is the major determinant of prices. State legislatures enact statutes that prescribe the replacement rate and duration of indemnity benefits, as well as full reimbursement of medical expenses. And although the manual rates for workers' compensation insurance continue to be administered by a prior approval process in most states, the competitive-market price for coverage is achieved through a variety of price-modification plans (Appel and Borba, 1988).","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52126991843601,"sku":"NLS9789401074766","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9789401074766.jpg?v=1757481802"},{"product_id":"pension-reform-in-latin-america-and-its-lessons-for-international-policymakers-book-tapen-sinha-9780792378822","title":"Pension Reform in Latin America and Its Lessons for International Policymakers","description":"The experience of privatization of social security has been  predominantly in the Latin American region. Eight countries have  undertaken either full or partial privatization of pensions:  Argentina, Bolivia, Chile, Colombia, El Salvador, Mexico, Peru, and  Uruguay. What did the policymakers expect? Were expectations realized?  Can we learn anything from the collective experience of these  countries? Can they be applied to other countries that are aspiring to  privatize? How did the World Bank and other international institutions  affect these policies? Pension Reform in Latin America and Its  Lessons for International Policymakers analyzes in detail  these important questions.    The book begins with a detailed account of economic conditions in  Latin America. It then discusses various models that policymakers rely  on. Starting with a purely demographic model, it lays out advanced  models of overlapping generations of Samuelson. The book gives  extensive details of privatized pensions in each of the eight  reforming countries. Two chapters are devoted to analyzing the reform  in each country. Finally, detailed lessons are drawn that will help  shape the debate for policymakers in other countries.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52127655624977,"sku":"NLS9780792378822","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":53495040540945,"sku":"NIN9780792378822","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792378822.jpg?v=1757487439"},{"product_id":"loss-reserving-book-gregory-taylor-9780792385028","title":"Loss Reserving","description":"All property and casualty insurers are required to carry out  loss reserving as a statutory accounting function. Thus, loss  reserving is an essential sphere of activity, and one with its own  specialized body of knowledge. While few books have been devoted to  the topic, the amount of published research literature on loss  reserving has almost doubled in size during the last fifteen years.     Greg Taylor's book aims to provide a comprehensive, state-of-the-art  treatment of loss reserving that reflects contemporary research  advances to date. Divided into two parts, the book covers both the  conventional techniques widely used in practice, and more specialized  loss reserving techniques employing stochastic models. Part I,  Deterministic Models, covers very practical issues through the  abundant use of numerical examples that fully develop the techniques  under consideration. Part II, Stochastic Models, begins with a chapter  that sets up the additional theoretical material needed to illustrate  stochastic modeling. The remaining chapters in Part II are  self-contained, and thus can be approached independently of each  other. A special feature of the book is the use throughout of a single  real life data set to illustrate the numerical examples and new  techniques presented. The data set illustrates most of the difficult  situations presented in actuarial practice. This book will meet the  needs for a reference work as well as for a textbook on loss  reserving.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52131013460241,"sku":"NLS9780792385028","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792385028.jpg?v=1757506776"},{"product_id":"bayesian-statistics-in-actuarial-science-book-stuart-a-klugman-9780792392125","title":"Bayesian Statistics in Actuarial Science","description":"The two greatest advantages to the actuary of the Bayesian approach are that the method is independent of the model and that interval estimates are as easy to obtain as point estimates. The former attribute means that once one learns how to analyze one problem, the solution to similar, but more complex, problems will be no more difficult.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52131498426641,"sku":"NLS9780792392125","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792392125.jpg?v=1757510574"},{"product_id":"strategic-planning-and-modeling-in-property-liability-insurance-book-j-david-cummins-9780898381597","title":"Strategic Planning and Modeling in Property-Liability Insurance","description":"The Geneva Association and Risk Economics The Geneva Association The Geneva Association (International Association for the Study of Insurance Economics) commenced its activities in June 1973, on the initiative of twenty-two members in eight European countries. It now has fifty-four members in sixteen countries in Europe and in the United States. The members of the association are insurance companies which provide financial support for its activities. The aims and strategy of the Geneva Association were clearly defined in 1971 by the founding committee. They were set forth in the first report to the Assembly of Members in 1974: To make an original contribution to the progress of insurance by objective studies on the interdependence between economics and insurance. In pursuit of this objective, the Association strives to place insurance problems in the context of the modern economy and to overcome the antagonism between different groups and institutions by showing that they all have a common interest in tackling the problem of risk in a changing world. In consequence, the studies made by the Association had to move away from the subjects familiar to insurance professionals and explore related fields, dealing with opinions and behavior falling outside the profession's vii FOREWORD viii traditional framework of analysis. It is in this direction that the Association's preoccupations have been directed from the beginning, towards areas in which insurance activities come into contact with those of other economic sectors such as government, banking, manufacturing, and households.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52134623052049,"sku":"NLS9780898381597","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780898381597.jpg?v=1757544057"},{"product_id":"benefits-costs-and-cycles-in-workers-compensation-book-philip-s-borba-9780792390374","title":"Benefits, Costs, and Cycles in Workers Compensation","description":"Workers' compensation insurance presents a set of institutional charac- teristics that are unique. For every other form of insurance, both the insurer and the coverage provided under the policy are completely controlled either by the federal or a state government, or by an arrangement between the insured and a property-casualty insurer. Unemployment insurance, Social Security, and bank-deposit insurance are examples for which a legis- lative body sets the benefits. and a government agency prescribes the in- surance premium. By contrast, the coverage and premiums for automobile, homeowners, and fire insurance are individual contractual arrangements between a policyholder and one of the more than 1800 U. S. property- casualty insurance companies. Workers' compensation insurance, however, is a hybrid in which state legislatures stipulate the terms of coverage, while regulated competition is the major determinant of prices. State legislatures enact statutes that prescribe the replacement rate and duration of indemnity benefits, as well as full reimbursement of medical expenses. And although the manual rates for workers' compensation insurance continue to be administered by a prior approval process in most states, the competitive-market price for coverage is achieved through a variety of price-modification plans (Appel and Borba, 1988).","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52139644354833,"sku":"NLS9780792390374","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":53588759937297,"sku":"NIN9780792390374","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792390374.jpg?v=1757570188"},{"product_id":"financial-models-of-insurance-solvency-book-j-david-cummins-9789401076319","title":"Financial Models of Insurance Solvency","description":"The First International Conference on Insurance Solvency was held at the Wharton School, University of Pennsylvania from June 18th through June 20th, 1986. The conference was the inaugural event for Wharton's Center for Research on Risk and Insurance. In atten- dance were thirty-nine representatives from Australia, Canada, France, Germany, Israel, the United Kingdom, and the United States. The papers presented at the Conference are published in two volumes, this book and a companion volume, Classical Insurance Solvency Theory, J. D. Cummins and R. A. Derrig, eds. (Norwell, MA: Kluwer Academic Publishers, 1988). The first volume presented two papers reflecting important advances in actuarial solvency theory. The current volume goes beyond the actuarial approach to encom- pass papers applying the insights and techniques of financial economics. The papers fall into two groups. The first group con- sists of papers that adopt an essentially actuarial or statistical ap- proach to solvency modelling. These papers represent methodology advances over prior efforts at operational modelling of insurance companies. The emphasis is on cash flow analysis and many of the models incorporate investment income, inflation, taxation, and other economic variables. The papers in second group bring financial economics to bear on various aspects of solvency analysis. These papers discuss insurance applications of asset pricing models, capital structure theory, and the economic theory of agency.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52142342045969,"sku":"NLS9789401076319","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9789401076319.jpg?v=1757579820"},{"product_id":"classical-insurance-solvency-theory-book-j-david-cummins-9780898382723","title":"Classical Insurance Solvency Theory","description":"The problem of solvency is, in fact, as old as insurance. The history of the industry knows many ways to meet the risks involved with underwriting, such as spreading the risk portfolio (Cato, Senior already applied it), risk selection, reserve funds, reinsurance, etc. Whilst these measures too often proved ineffective, the establish- ment of legislative control and public supervision ensued. However, not until the last few decades has the solvency issue become an ob- ject of intensive studies, very much thanks to the progress of related empirical and theoretical knowledge, and in the under- standing of the concerned complicated processes. The research activities have grown extensively in many countries in recent years. The more the studies advance the more new relevant aspects are detected and a great variety of alternative proposals have come up for discussion. Therefore, it has become necessary to attempt a survey of the whole problem area in order to be able to place the quite numerous pieces of knowledge in their proper context, and also, among other things, to avoid the pitfalls of handling isolated problems omitting vital tie-ins to the environment. Many of the rele- vant problems and subproblems are still lacking adequate and well tested solutions. Therefore, a survey of the whole problem area can also hopefully serve as guidance for future research efforts.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52144467476753,"sku":"NLS9780898382723","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780898382723.jpg?v=1757589070"},{"product_id":"international-comparison-of-workers-compensation-book-c-arthur-williams-9780792391418","title":"An International Comparison of Workers Compensation","description":"Until a few years ago I concentrated my attention on workers' compensa tion programs in the United States and Canada. Because the United States has 52 programs and Canada has eight, I was exposed to a diversity of approaches that caused me to believe that few other approaches existed. Since 1984 I have become more aware of what the rest of the world has been doing and discovered that my knowledge needed to be broadened significantly. The trigger action was a 1984 faculty research exchange agreement between Keio University in Tokyo and the University of Minnesota that made it possible for me to spend much of my time studying Japan's workers' compensation program and comparing it with the United States approaches. Japan's program had several features that I had not encountered in the United States or Canada. After this experience I attached considerably more value to and spent more time studying the Social Security Administration's biennial reports on Social Security Pro grams Throughout The World, which include workers' compensation programs. I also presented papers at two meetings of the International Insurance Society based on my Japanese and Social Security Adminis tration report research. Many participants urged further study in this area and offered to send me materials describing their nations' programs. 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It is with only a few particular types of policy (for instance, sickness insurance, when the insured starts working again after a period of sickness) that a valid claim can be made on a number of different occasions. On the other hand, the general rule in non-life insurance is that the policyholder is liable to be the victim of several losses (in automobile insurance, of course, but also in burglary and fire insurance, householders' comprehensive insurance, and so on). 2. In the field of life insurance, the amount to be paid by the company- excluding any bonuses-is determined at the inception of the policy. For the various types of life insurance contracts, the sum payable on death or at maturity of the policy is known in advance. 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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. 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While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. 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The essays compiled within this volume are intended as an appropriate tribute to this occasionally outrageous individual who touched the lives of so many within the insurance community. Bob Mehr was a teacher who expected and demanded nothing less than perfect scholarship and flawless, efficient writing. Among alumni of the University of lllinois insurance doctoral program, stories still abound of late night and early morning sessions in which students and professor painstakingly debated precise words and phrases for dissertations, journal articles, and textbooks. Bob's respect for language was both immense and contagious, if at times more than a little compulsive. He joked that he could not read letters or novels without pencil in hand for editing. Bob's respect for his doctoral students was equally evident. The confidence he displayed in his students' abilities was sometimes startling, but competence assumed often begot competence in fact. The accomplishments and records amassed by the many who studied with Bob Mehr are impressive and ongoing. On the dedication page in his final textbook, Fundamentals of Insurance, Bob spoke of his affection for those he called his academic progeny and wished them happiness as they build their own academic families.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52336534028561,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52336534683921,"sku":"NLS9780792394105","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792394105.jpg?v=1758163645"},{"product_id":"economics-and-politics-of-choice-no-fault-insurance-book-edward-l-jr-lascher-9781461356059","title":"The Economics and Politics of Choice No-Fault Insurance","description":"In recent years, choice no-fault has emerged as a popular but  controversial proposal for addressing the problem of high automobile  insurance rates. Choice plans offer consumers the option of a  lower-cost insurance policy with restrictions on filing lawsuits or a  higher-cost policy with full tort rights. Some American states have  implemented choice programs, and major federal choice legislation is  now pending in the United States Congress.   Choice no-fault has caught the attention of policy makers, the  insurance industry, and academics. Until now, however, no single book  has pulled together the available research on the topic. The  Economics and Politics of Choice No-Fault Insurance fills  that gap. Edited by scholars from different disciplines, each of whom  has written extensively on automobile insurance issues, the book  includes some of the best work in the area. Former Massachusetts  Governor and presidential candidate Michael S. Dukakis wrote the  foreword.   Contributors include University of Virginia Law Professor Jeffrey  O'Connell, widely considered the `father of no-fault,' as well as  authors of the influential RAND study of the potential effects of  choice no-fault on insurance rates. The book chapters, most of which  were written especially for this volume, cover topics ranging from the  impact of choice no-fault on accidents and driving behavior, to the  effects of choice on medical care usage, to alternative approaches for  resolving accidents involving both `no-fault' and `tort' electors, to  the political feasibility of choice legislative proposals. 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While few books have been devoted to  the topic, the amount of published research literature on loss  reserving has almost doubled in size during the last fifteen years.     Greg Taylor's book aims to provide a comprehensive, state-of-the-art  treatment of loss reserving that reflects contemporary research  advances to date. Divided into two parts, the book covers both the  conventional techniques widely used in practice, and more specialized  loss reserving techniques employing stochastic models. Part I,  Deterministic Models, covers very practical issues through the  abundant use of numerical examples that fully develop the techniques  under consideration. Part II, Stochastic Models, begins with a chapter  that sets up the additional theoretical material needed to illustrate  stochastic modeling. The remaining chapters in Part II are  self-contained, and thus can be approached independently of each  other. A special feature of the book is the use throughout of a single  real life data set to illustrate the numerical examples and new  techniques presented. The data set illustrates most of the difficult  situations presented in actuarial practice. 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In the present volume, h- ever, only four of the fourteen chapters directly concern workers' c- pensation insurance benefits, while the other ten concern the pricing of workers compensation insurance. This is not to suggest that workers' compensation cost increases have abated. In 1989, workers' compensation incurred losses exceeded $45 billion to continue the annual double-digit cost increases. Two explanations can be offered for the somewhat altered focus of this volume. 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Indeed, motor vehicle accidents are a significant cause of death in  comparison with air and space transport accidents, homicides and even  HIV infections, causes which are more often highlighted in the media.  As shown in this book, motor vehicle accidents are particularly  damaging to very young drivers.    The assessment of driving risks is a common concern for road  transportation safety and the automobile insurance industry. In both  cases, there is an awareness of the great losses resulting from the  deaths, injuries and property damage caused by traffic accidents.  Research is essential to counteract this public health threat, to  assess the success or failure of countermeasures, and to solve the  problems it generates in the insurance industry.    This book is for people concerned about road crashes (prevention and  compensation) and about the insurance problems they pose -  namely private and public institutional authorities, consultants,  administrators, practitioners, and researchers interested in sharing  the authors' experience in this domain. The book presents original  contributions related to motor vehicle insurance and road safety. All  papers have been evaluated by external referees. 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Indeed, motor vehicle accidents are a significant cause of death in  comparison with air and space transport accidents, homicides and even  HIV infections, causes which are more often highlighted in the media.  As shown in this book, motor vehicle accidents are particularly  damaging to very young drivers.    The assessment of driving risks is a common concern for road  transportation safety and the automobile insurance industry. In both  cases, there is an awareness of the great losses resulting from the  deaths, injuries and property damage caused by traffic accidents.  Research is essential to counteract this public health threat, to  assess the success or failure of countermeasures, and to solve the  problems it generates in the insurance industry.    This book is for people concerned about road crashes (prevention and  compensation) and about the insurance problems they pose -  namely private and public institutional authorities, consultants,  administrators, practitioners, and researchers interested in sharing  the authors' experience in this domain. The book presents original  contributions related to motor vehicle insurance and road safety. All  papers have been evaluated by external referees. 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Can they be applied to other countries that are aspiring to  privatize? How did the World Bank and other international institutions  affect these policies? Pension Reform in Latin America and Its  Lessons for International Policymakers analyzes in detail  these important questions.    The book begins with a detailed account of economic conditions in  Latin America. It then discusses various models that policymakers rely  on. Starting with a purely demographic model, it lays out advanced  models of overlapping generations of Samuelson. The book gives  extensive details of privatized pensions in each of the eight  reforming countries. Two chapters are devoted to analyzing the reform  in each country. 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Since 1984 I have become more aware of what the rest of the world has been doing and discovered that my knowledge needed to be broadened significantly. The trigger action was a 1984 faculty research exchange agreement between Keio University in Tokyo and the University of Minnesota that made it possible for me to spend much of my time studying Japan's workers' compensation program and comparing it with the United States approaches. Japan's program had several features that I had not encountered in the United States or Canada. After this experience I attached considerably more value to and spent more time studying the Social Security Administration's biennial reports on Social Security Pro grams Throughout The World, which include workers' compensation programs. I also presented papers at two meetings of the International Insurance Society based on my Japanese and Social Security Adminis tration report research. Many participants urged further study in this area and offered to send me materials describing their nations' programs. The result is this study which I hope that readers will find interesting and worthwhile.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52428732858641,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52428733645073,"sku":"NLS9789401057233","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9789401057233.jpg?v=1759165023"},{"product_id":"risk-classification-in-life-insurance-book-j-david-cummins-9780898381146","title":"Risk Classification in Life Insurance","description":"The research project leading to this book was initiated in the fall of 1979 when the American Council of Life Insurance (ACLI) contacted Dan McGill, chairman of the Wharton School Insurance Department, about conducting a study on risk classification in life insurance. 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Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. 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Mehr. His death in 1988 signalled the passing of not only a gifted writer and researcher, but also a pioneering teacher, mentor, and friend. The essays compiled within this volume are intended as an appropriate tribute to this occasionally outrageous individual who touched the lives of so many within the insurance community. Bob Mehr was a teacher who expected and demanded nothing less than perfect scholarship and flawless, efficient writing. Among alumni of the University of lllinois insurance doctoral program, stories still abound of late night and early morning sessions in which students and professor painstakingly debated precise words and phrases for dissertations, journal articles, and textbooks. Bob's respect for language was both immense and contagious, if at times more than a little compulsive. He joked that he could not read letters or novels without pencil in hand for editing. Bob's respect for his doctoral students was equally evident. 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