scholarly journals The Finances of Slave Life Insurance: Did Life Insurers Act Appropriately from a Financial Perspective?

Ad Americam ◽  
2019 ◽  
Vol 20 ◽  
pp. 45-66
Author(s):  
William Wise
Keyword(s):  
United States ◽  
Labor Force ◽  
Life Insurance ◽  
Insurance Companies ◽  
Life Insurers ◽  
Financial Perspective ◽  
National Economies

An important part of having slaves as a labor force is insuring their lives and their income. This paper explores whether antebellum life insurance companies insuring slaves did so appropriately and/or responsibly from a financial perspective. Determining whether antebellum life insurance companies did so is essential, as life insurance is a major segment of the economy of most countries and hence it is vital that life insurers perform well and are viable for the benefit of other industries and national economies, including with respect to the antebellum United States. This is the first study to investigate several critical financial elements, including premiums, expenses and mortality, of antebellum life insurance companies regarding feasibility. One characteristic of the results is that if firms employed a suitable expense assumption then the premium did not have a high enough mortality assumption and vice-versa. Additionally, most premium increases used regarding hazardous occupations, sum insured limits and location failed to adequately account for the associated increased mortality. The overall result is that, from a financial perspective, antebellum life insurers had trouble accounting for slave life insurance appropriately and/or responsibly.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

The Pioneer in American Life Insurance Marketing

1938 ◽  
Vol 12 (5) ◽  
pp. 65-75
Author(s):  
J. Owen Stalson
Keyword(s):  
United States ◽  
Eighteenth Century ◽  
North America ◽  
Life Insurance ◽  
General Public ◽  
Colonial America ◽  
The United States ◽  
Insurance Companies ◽  
Insurance Company ◽  
Fire Insurance

Colonial America gave little thought to life insurance selling. The colonists secured protection against marine risks from private underwriters, first in London, eventually at home. It has been asserted that Philadelphia had no fire insurance until 1752; Boston none before 1795. The first corporations formed in this country for insuring lives were those of the Presbyterian Ministers Fund (1759) and a similar company organized for the benefit of Episcopal ministers (1769). Neither of these corporations offered insurance to the general public. In the last decade of the eighteenth century many insurance companies were formed in the United States. At least five were chartered to underwrite life risks, but only one, The Insurance Company of North America, appears to have accepted any. There is no basis for saying that any of these early companies tried to sell life insurance.

scholarly journals On Legislation as to Life Insurance and Life Insurance Companies

1871 ◽  
Vol 16 (2) ◽  
pp. 77-98 ◽  
Author(s):  
T. B. Sprague
Keyword(s):  
United States ◽  
United Kingdom ◽  
Life Insurance ◽  
United States Of America ◽  
The United States ◽  
Insurance Companies ◽  
The Past ◽  
Life Assurance ◽  
The United Kingdom ◽  
The Law

The past session of Parliament has witnessed the passing of an Act for the regulation of Life Assurance Companies in the United Kingdom, which, while introducing great changes in the law, still stops very far short of the system of legislation which has been for several years in operation in a few of the United States of America, and which is warmly approved of and urgently recommended for adoption by some persons in this country. The present may therefore be considered a fitting time for reviewing what has been done and considering whether any further legislation is desirable, and if any, of what nature it should be.

Determinants of Derivative Usage in the Life and General Insurance Industry: The Australian Evidence

2003 ◽  
Vol 06 (04) ◽  
pp. 405-431 ◽  
Author(s):  
Marc De Ceuster ◽  
Liam Flanagan ◽  
Allan Hodgson ◽  
Mohammad I. Tahir
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Cost Effective ◽  
Insurance Companies ◽  
Long Tail ◽  
Life Insurers ◽  
Market Risks ◽  
Life Insurance Industry ◽  
General Insurance ◽  
Standard Operating

Core business and financial market risks are not easily reduced by standard operating procedures in insurance companies. Derivatives theoretically provide a cost effective vehicle to hedge these risks. This paper provides an empirical analysis of the determinants of derivative usage as well as the extent of derivative usage in the Australian insurance industry in both life and general insurance companies for the period 1997–1999. Empirical results for the Australian life insurance industry in general confirm the findings of UK and US based research. However, the Australian general insurance industry does not appear to follow the conclusions of previous literature. Our results indicate that for life insurers, the determinants of derivative usage were size, leverage and reinsurance. For the general insurance industry the determinants were size and the extent of long tail lines of business written. As regards the determinants of the extent of derivative usage, these were size and asset-liability duration mismatches for life insurers. For the general insurance industry the determinants of the extent of derivative usage were size, the extent of long tail lines of business written, and the reporting year.

Performance Benchmarking of Indian Life Insurers

2015 ◽  
Vol 5 (2) ◽  
pp. 44-53
Author(s):  
Ram Pratap Sinha ◽  
Nitish Datta
Keyword(s):  
Technical Efficiency ◽  
Hybrid Model ◽  
Life Insurance ◽  
Operating Performance ◽  
Insurance Companies ◽  
Significant Progress ◽  
Unified Framework ◽  
Performance Benchmarking ◽  
Life Insurers ◽  
The Mean

In the last one decade, the life insurance companies operating in India have made significant progress in terms of business consolidation. In view of the same, it is of interest to make an enquiry about the operating performance of these companies. The present paper compares fifteen life insurance companies operating in India for the period 2005-06 to 2009-10 using the Hybrid Efficiency Model (Tone,2004). The Hybrid Model provides a unified framework for the estimation of technical efficiency integrating the radial and non-radial characterisation of inputs and outputs. The results from the study indicate that out of the fifteen in-sample life insurance companies, the number of technically efficient life insurers declined from 9 in 2005-06 to 4 in 2006-07 and further to 3 in 2007-08 and 2008-09. However, in 2009-10 the number increased to 5. The mean technical efficiency scores of the in-sample life insurers declined sharply between 2005-06 and 2006-07 and improved somewhat thereafter. However, it again declined in 2009-10 implying a greater divergence in performance.

Performance Benchmarking of the Indian Life Insurance Industry

2015 ◽  
pp. 616-625
Author(s):  
Ram Pratap Sinha ◽  
Nitish Datta
Keyword(s):  
Technical Efficiency ◽  
Life Insurance ◽  
Insurance Industry ◽  
Operating Performance ◽  
Insurance Companies ◽  
Unified Framework ◽  
Performance Benchmarking ◽  
Life Insurers ◽  
Life Insurance Industry ◽  
The Mean

In the last decade, the life insurance companies operating in India have made significant progress in terms of business consolidation. In view of the same, it is of interest to make an enquiry about the operating performance of these companies. This chapter compares 15 life insurance companies operating in India from the period 2005-06 to 2008-09 using the Hybrid Efficiency Model (Tone, 2004). The Hybrid Model provides a unified framework for the estimation of technical efficiency integrating the radial and non-radial characterisation of inputs and outputs. Out of the 15 in-sample life insurance companies, the number of technically efficient life insurers declined from 9 in 2005-06 to 4 in 2006-07 and further to 3 in 2007-08 and 2008-09. The mean technical efficiency scores of the in-sample life insurers declined sharply between 2005-06 and 2006-07 and improved somewhat thereafter.

The Condition and Progress of German Life Insurance Companies in the Year 1873

1875 ◽  
Vol 19 (1) ◽  
pp. 42-55
Author(s):  
A. Emminghaus ◽  
D. A. Bumsted
Keyword(s):  
United States ◽  
Great Britain ◽  
Life Insurance ◽  
Social Life ◽  
The United States ◽  
Insurance Companies ◽  
General State ◽  
The Past ◽  
Recent Outbreak ◽  
The Future

The progress of life insurance in Germany in the year 1873 was far greater than could have been anticipated from the course of events during the year. For at a time of violent reaction, such as Germany and Austria experienced in the past year, succeeding a period during which mercantile speculations had been engaged in with such frantic eagerness by all classes of the community, we should not have expected to find men either willing or able to give that calm and self-denying consideration to the future, upon which life insurance depends. With the necessaries of life at exorbitant prices, it was natural to suppose that there would be a considerable diminution in the number of those who, after meeting the claims of the day, would be able to provide for the future. While the general state of society thus led to the conclusion that there would be a diminution in the number of insurances, there was also reason to fear that the mortality would be greatly increased through the recent outbreak of cholera, which extended over a large district, and held its ground very firmly for some time. In both respects, the returns for 1873 were more favourable than we expected; and this furnishes another proof of the fact that, in those parts of central Europe from which our returns are derived, life insurance has not yet become so general, that all the occurrences of domestic and social life, or even events involving important changes, have any distinct influence upon its development. It cannot be denied that in Germany, Austria, and Switzerland, life insurance is not nearly so well understood as in Great Britain and the United States.

Does Organizational Heritage Matter in the Development of Offshore Markets? The Case of Australian Life Insurers

2013 ◽  
Vol 87 (2) ◽  
pp. 255-277 ◽  
Author(s):  
Monica Keneley
Keyword(s):  
Financial Markets ◽  
Life Insurance ◽  
International Markets ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Global Networks ◽  
Financial Firms ◽  
Life Insurers ◽  
Sphere Of Influence ◽  
Late Starters

The globalization of financial markets over the past decade has focused the spotlight on the responsiveness of financial firms to international pressures. Insurance markets have traditionally relied on global networks not only to expand the insurers' sphere of influence but also to support domestic business. Until relatively recently, Australian insurance companies have not played a significant role in the development of international markets. However, in the last decade of the twentieth century Australian insurers ventured overseas on a scale without precedence. This article presents an historical perspective on the internationalization of the Australian life-insurance market with a view to understanding why these firms have been classified “late starters” in the internationalization stakes. In a broader capacity it provides insights into the impediments to overseas expansion and the forces encouraging or discouraging the development of cross border networks.

scholarly journals The Importance of the Efficiency of Mutual Life Insurers: A Comparison to Stock Life Insurers

2020 ◽  
Vol 20 (1) ◽  
pp. 474-505
Author(s):  
William Wise
Keyword(s):  
Life Insurance ◽  
Research Methodology ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Economic Problems ◽  
Life Insurers ◽  
Life Insurance Industry ◽  
Life Insurer ◽  
The One ◽  
Total Stock

AbstractResearch background: Mutual companies are a major component of the life insurance industry worldwide and moreover are growing in importance. Efficiency, potentially affected by whether a life insurer company is mutual or stock, can determine how well said companies perform.Purpose: The aim of this paper is to demonstrate the importance of examining the efficiency of mutual and takaful (similar to mutuals) life insurance companies.Research methodology: This research coordinates 1) ideas regarding the size and importance of the mutual and takaful life industries worldwide, 2) theoretical aspects concerning how the efficiency of mutual/takafuls is expected to compare to that of stock insurers and 3) the outcomes of germane life insurance efficiency studies.Results: The outcomes of life insurance efficiency studies tend to show that, in total, stock insurers are more efficient than mutuals apart from one conspicuous element. As mutuals are substantial within several of the world’s largest life markets and the global life industry their being inefficient can be exceedingly negative. The overall conclusion is that such inefficiency can lead to dire economic problems so it is imperative to investigate the efficiency of mutuals/takafuls and perhaps the one element of stocks.Novelty: This article is the first to investigate the results of mutual/takaful life insurer efficiency studies in concert with the abovementioned theory and draws a vital conclusion regarding mutual/takaful life insurer inefficiency.

Sign in / Sign up

Export Citation Format

Share Document