Sharing the Risk

2021 ◽  
pp. 281-298
Author(s):  
Andrew C. A. Elliott
Keyword(s):  
Climate Change ◽  
Law Of Large Numbers ◽  
Insurance Market ◽  
Insurance Companies ◽  
Marine Insurance ◽  
Fire Insurance ◽  
Large Numbers ◽  
Mutual Insurance ◽  
The Face ◽  
Friendly Societies

Insurance makes use of the law of large numbers to mitigate the effects of risks on individuals by allowing them to be shared collectively. Early insurance arrangements arose as friendly societies and mutual insurance companies. Marine insurance has a long history and remains a major insurance market. Fire insurance provides compensation in the face of a capricious and frightening risk, but also invites fraudulent claims. Increasing amounts of information provide challenges for insurance underwriting: can there be too much information? The principle of insurance is that of averaging out of independent risks, but when risks are not independent, as may be the case when it comes to climate change, is there still any role for insurance?

The cyber-insurance market in Norway

2019 ◽  
Vol 28 (1) ◽  
pp. 54-67 ◽  
Author(s):  
Hayretdin Bahşi ◽  
Ulrik Franke ◽  
Even Langfeldt Friberg
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Supply Side ◽  
Insurance Company ◽  
Marine Insurance ◽  
Structured Interviews ◽  
Content Type ◽  
General Data Protection Regulation ◽  
Cyber Insurance ◽  
General Data

Purpose This paper aims to describe the cyber-insurance market in Norway but offers conclusions that are interesting to a wider audience. Design/methodology/approach The study is based on semi-structured interviews with supply-side actors: six general insurance companies, one marine insurance company and two insurance intermediaries. Findings The Norwegian cyber-insurance market supply-side has grown significantly in the past two years. The General Data Protection Regulation (GDPR) is found to have had a modest effect on the market so far but has been used by the supply-side as an icebreaker to discuss cyber-insurance with customers. The NIS Directive has had little or no impact on the Norwegian cyber-insurance market until now. Informants also indicate that Norway is still the least mature of the four Nordic markets. Practical implications Some policy lessons for different stakeholders are identified. Originality/value Empirical investigation of cyber-insurance is still rare, and the paper offers original insights on market composition and actor motivations, ambiguity of coverage, the NIS Directive and GDPR.

Solidarity Not Charity

Social Text ◽  
2020 ◽  
Vol 38 (1) ◽  
pp. 131-151 ◽  
Author(s):  
Dean Spade
Keyword(s):  
Climate Change ◽  
Social Movements ◽  
Social Relations ◽  
Disaster Relief ◽  
Mutual Aid ◽  
Border Enforcement ◽  
Large Numbers ◽  
The Face ◽  
Wealth Gap ◽  
Prison Abolition

This article argues that, in the face of worsening conditions from climate change, enhanced border enforcement, a growing wealth gap, housing crises, and policing, social movements should focus on expanding mutual aid strategies. Mutual aid projects directly address survival needs, mobilize large numbers of people to participate in movements actively rather than solely participating online or through voting, and offer spaces to practice new social relations. The article looks at examples from efforts for migrant justice, police and prison abolition, disaster relief, and other contemporary struggles and discusses potential pitfalls of mutual aid strategies, such as supplementing and therefore stabilizing existing systems of maldistribution and adopting principles and practices from the charity frameworks that proliferate in capitalism.

scholarly journals Communicating about Climate Change with Corporate Leaders and Stakeholders

2016 ◽  
Author(s):  
Andrew J. Hoffman
Keyword(s):  
Climate Change ◽  
Raw Materials ◽  
Business Leaders ◽  
Insurance Companies ◽  
Market Demand ◽  
Strategic Responses ◽  
Corporate Leaders ◽  
Goods And Services ◽  
The Face ◽  
Physical Effects

Within the corporate sector, climate change represents an unfolding market shift, one that is driven by policy but also by pressures from a variety of market constituents such as consumers, suppliers, buyers, insurance companies, banks, and others. The shift takes place in both mitigation of greenhouse gas emissions and adaptation to the physical effects of a changing climate. It is manifest in shifts in market demand, cost of capital, operational efficiency, energy efficiency, access to raw materials within supply chains, and other issues of business concern. In fact, when viewed in this way, business leaders and stakeholders can be agnostic about the science of climate change and still see it as a business issue. In the face of a market shift, successful companies must innovate. And as in any market shift, the implications of addressing climate change are not uniform; the burden will not fall evenly. There are both risks and opportunities; there will be both winners and losers. Certain companies, industries, and sectors will be impacted more than others. This article will discuss the ways in which climate change poses market risk and the strategic responses that companies might adopt to respond to and mitigate that risk. This focus is critically important as the solutions to climate change must come from the market. The market is the most powerful institution on earth, and business is the most powerful entity within it. The market compels business to make the goods and services we rely upon: the clothes we wear, the food we eat, the forms of mobility we use, and the buildings we live and work in. If the market does not lead the way toward solutions for a carbon-neutral world, there will be no solutions.

scholarly journals Widespread variation in heat tolerance of the coral Acropora hyacinthus spanning variable thermal regimes across Palau

2020 ◽  
Author(s):  
Brendan Cornwell ◽  
Katrina Hounchell ◽  
Nia Walker ◽  
Yimnang Golbuu ◽  
Victor Nestor ◽  
...  
Keyword(s):  
Climate Change ◽  
Large Scale ◽  
Habitat Restoration ◽  
Low Frequency ◽  
Experimental Assessment ◽  
Large Numbers ◽  
Thermal Regimes ◽  
The Face ◽  
Acropora Hyacinthus ◽  
Population Resilience

ABSTRACTClimate change is poised to dramatically change ecosystem composition and productivity, leading scientists to consider the best approaches to fostering population resilience and diversity in the face of these changes. Here we present results of a large-scale experimental assessment of bleaching resistance, a critical trait for coral population persistence as oceans warm, in 293 colonies of the coral Acropora hyacinthus across 39 reefs in Palau. We find bleaching resistant individuals originate significantly more often from warmer reefs, although they inhabit almost every reef regardless of temperature at low frequency. High levels of variation within reefs, where colonies experience similar temperatures, suggests that bleaching resistance is not solely due to phenotypic plasticity, but also involves adaptive alleles and host-symbiont interactions. To the extent that it is heritable, bleaching resistance could be used in promoting nursery growth, habitat restoration, or breeding, while employing large numbers of resistant colonies to preserve genetic variation.

The Oxford Handbook of Mutual, Co-Operative, and Co-Owned Business

2017 ◽  
Keyword(s):  
Industrial Revolution ◽  
Significant Proportion ◽  
Limited Liability ◽  
Insurance Companies ◽  
Economic Sectors ◽  
Mutual Insurance ◽  
Friendly Societies ◽  
Multi Stakeholder ◽  
Almost All ◽  
Building Societies

This handbook investigates ‘member-owned’ organizations, whether consumer co-operatives, agricultural and producer co-operatives, worker co-operatives, mutual building societies, friendly societies, credit unions, solidarity organizations, mutual insurance companies, or employee-owned companies. Such organizations can be owned by the consumers, producers, or employees—whether through single-stakeholder or multi-stakeholder ownership. ‘Employee-owned’ business means businesses where a significant proportion of the company is owned by its employees, whether as individual shareholders or through a trust, or some combination of the two; ‘significant’ is generally taken as at least 25 per cent. This complex set of organizations is named differently across countries: from ‘mutuals’ in the United Kingdom, to ‘solidarity co-operatives’ in Latin America. In some countries, such organizations are not officially recognized. For the sake of clarity, the handbook will refer to member-owned organizations to encompass the variety of non-investor-owned organizations, and in the national case-study chapters the terms used will be those most widely employed in that country. These alternative corporate forms have emerged in a variety of economic sectors in almost all advanced economies since the time of the Industrial Revolution and the development of capitalism, through the subsequent creation and dominance of the limited liability company. Until recently, these organizations were generally regarded as a rather marginal component of the economy. However, in recent years, they have come to be seen in some countries as potentially attractive in light of their ability to tackle various economic and social concerns, and their relative resilience during the financial and economic crises of 2007–2016.

Introduction to Probability

2019 ◽  
pp. 3-10
Author(s):  
Therese M. Donovan ◽  
Ruth M. Mickey
Keyword(s):  
Probability Distribution ◽  
Random Process ◽  
Law Of Large Numbers ◽  
Empirical Distribution ◽  
Sample Space ◽  
Event Probability ◽  
Large Numbers ◽  
The Face ◽  
Basic Vocabulary ◽  
Outcome Event

In this chapter, the concept of probability is introduced. The rolling of a die is an example of a random process: the face that comes up is subject to chance. In probability, the goal is to quantify such a random process. That is, we want to assign a number to it. This chapter introduces some basic terms used in the study of probability; by the end of the chapter, the reader will be able to define the following terms: sample space, outcome, discrete outcome, event, probability, probability distribution, trial, empirical distribution, and Law of Large Numbers. Using an example, the chapter focuses on a single characteristic and introduces basic vocabulary associated with probability.

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