Accidents of a Novel Trade: Industrial Catastrophe, Fire Insurance, and Mary Barton

2010 ◽  
Vol 65 (3) ◽  
pp. 315-347
Author(s):  
Paul Fyfe
Keyword(s):  
Risk Management ◽  
Henry James ◽  
Insurance Industry ◽  
Victorian Novel ◽  
Political Landscape ◽  
Industrial Novel ◽  
Fire Insurance ◽  
Workplace Accidents ◽  
Insurance Business

Paul Fyfe, "Accidents of a Novel Trade: Industrial Catastrophe, Fire Insurance, and Mary Barton"(pp. 315––347) This essay argues for the industrial novel as a form of risk management, in dialog with the insurance business and its particular problems with fire. elizabeth Gaskell's abiding concerns for workplace accidents and compensation in Mary Barton (1848), focused by a spectacular mill fire, contests the definition and "writing"of risk on commercial terrain. At the same time, various fire insurers, scrambling to manage a risk that seemed beyond control, invented hybrid strategies of description that impinged on the domain of novelists. I demonstrate how changing concepts of accident and risk characterize the unstable political landscape of England's industrial north, measure the increasingly material pressures on property and life, and inform diverse practices of writing, particularly those that novelists shared with the insurance industry. ultimately, the "queer elements of the accidental and the arbitrary"for which Henry James denigrates the Victorian novel may derive from such historical circumstances in which writers like Gaskell absorb accidents as a practice of the genre.

Non-life Insurance and the Statistician

1965 ◽  
Vol 17 (05) ◽  
pp. 452-470
Author(s):  
V. Harding
Keyword(s):  
Public Service ◽  
Life Insurance ◽  
Insurance Industry ◽  
National Level ◽  
Potential Value ◽  
The Poor ◽  
General Insurance ◽  
Fire Insurance ◽  
Large Fires ◽  
Insurance Business

At the present time the non-life side of the insurance industry is faced with many difficult problems. The poor results often shown by motor insurance accounts are bringing many insurance men to the conclusion that it is virtually impossible to conduct the business on a sound basis and that they must regard it as an onerous public service. Fire insurance business, for so long the backbone of many general insurance accounts, has caused increasing concern in recent years as the national level of fire wastage and the proportion of large fires have continued to increase. It seems worth while therefore, to ask whether the statistician can help to solve some of the problems of transacting non-life insurance in these circumstances. In this paper the author draws on three years' experience of research into the statistical aspects of general insurance to paint a broad picture of a scene unfamiliar to most actuaries. It is hoped that attention is thereby drawn to the potential value in this context of the techniques of probability and mathematical statistics.

scholarly journals Insurance Business and Sustainable Development

2021 ◽  
Author(s):  
Dietmar Pfeifer ◽  
Vivien Langen
Keyword(s):  
Climate Change ◽  
Sustainable Development ◽  
Risk Management ◽  
Sustainable Development Goals ◽  
Insurance Industry ◽  
Solvency Ii ◽  
Insurance Companies ◽  
Development Goals ◽  
Insurance Business ◽  
Early Modern Times

In this study, we will discuss recent developments in risk management of the global financial and insurance business with respect to sustainable development. So far climate change aspects have been the dominant aspect in managing sustainability risks and opportunities, accompanied by the development of several legislative initiatives triggered by supervisory authorities. However, a sole concentration on these aspects misses out other important economic and social facets of sustainable development goals formulated by the UN. Such aspects have very recently come into the focus of the European Committee concerning the Solvency II project for the European insurance industry. Clearly the new legislative expectations can be better handled by larger insurance companies and holdings than by small- and medium-sized mutual insurance companies which are numerous in central Europe, due to their historic development starting in the late medieval ages and early modern times. We therefore also concentrate on strategies within the risk management of such small- and medium-sized enterprises that can be achieved without much effort, in particular those that are not directly related to climate change. We start this study with a general overview of the UN sustainable development goals and their implementation in the financial sector world-wide, with a major focus on climate change aspects of investments in a lower carbon economy and economic support of underdeveloped countries that were prevailing until very recently. Although the insurance sector can be considered as a particular branch of the finance industry there are several particularities which need a separate consideration. In the first place, insurance provides a protection of individuals and companies against severe material and non-material losses. Therefore the insurance premiums must be invested safely, in particular under actual insurance regulations like Solvency II. But the insurance industry is also faced with new emerging risks due to climate change, in both the life and non-life sector. Moreover, the European development of insurance regulation has very recently focused also on other sustainability aspects than those related to climate change. We discuss this aspect of risk management in a separate section of this study. Finally, we discuss in detail appropriate strategies how small- and medium sized insurance companies in Europe can handle the new challenges of insurance supervision without too much effort. Our suggestions are mainly driven by own experiences from practice.

Effective Customer Support System of Life Insurance Companies

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Rajesh Srivastava ◽  
Dr. Preeti Sharma
Keyword(s):  
Life Insurance ◽  
Economies Of Scale ◽  
New Technologies ◽  
Insurance Industry ◽  
Integrated Approach ◽  
Customer Experience ◽  
Disruptive Innovation ◽  
Insurance Companies ◽  
Insurance Business ◽  
Strategic Imperative

Increased competition, new technologies and the shift in power from the provider to the customer have produced unrelenting pressure on life insurance business. The market forces point to one overwhelming strategic imperative: customer-focused strategy. Customers are willing to build long-term relationships based on trust and mutual respect with firms that provide a differentiated and personalized service offering. Over the past few years, life insurance industry responded to intensified competition and high customer attrition by entering each other’s markets to capture greater “wallet share” and ostensibly lower their economies of scale. The service delivery process is influenced by quality of personnel, information technology, internal processes, human resource practices, and even an institution’s own change orientation. Now a day’s customers are demanding seamless, multi-channel sales and service experiences. Simultaneously, other players are looking for opportunities to invade this space or to redefine it through disruptive innovation. The result is forcing life insurance companies to examine a more balanced, integrated approach to the customer experience and growth. This research, we analyze the need, preference and satisfaction of customers in life insurance business and provide perspective on how to improve the customer experience.

scholarly journals Cervantes, the Journey, and What it Tells Us About Becoming a Writer

2017 ◽  
Vol 1 (1) ◽  
pp. 391-394
Author(s):  
Lania Knight
Keyword(s):  
Social Media ◽  
Henry James ◽  
Confirmation Bias ◽  
Helene Cixous ◽  
Political Climate ◽  
Donald Trump ◽  
Fiction Writing ◽  
Political Landscape ◽  
Fiction Writers

Abstract The article traces the notion of empathy in fiction writing and how Cervantes’s treatment of characters in Don Quixote initiated a tradition which is ongoing in literature even today. The path of the writer is examined as a means for understanding how a writer must develop empathy for others, beginning with quotes from writers Helene Cixous and Henry James. Next, within the current political context of global upheaval and shift following on from the election of Donald Trump as president of the U.S.A. as well as the vote for Brexit in the U.K., the article argues for the relevance of Cervantes’s novel, not as a dated work of fiction, but as a text relevant both in form and in content for the modern political climate. Finally, the connection is made between fiction writers’ ability to feel empathy for others and create characters which readers will feel empathy for. The article follows on to proclaim the revolutionary and timely role of the fiction writer to help save us from ourselves in a tumultuous political landscape made unpredictable by social media-generated confirmation bias and insularity.

Enterprise risk management and Solvency II: the system of governance and the Own Risk and Solvency Assessment

2020 ◽  
Vol 21 (4) ◽  
pp. 317-332 ◽  
Author(s):  
Pablo Durán Santomil ◽  
Luis Otero González
Keyword(s):  
Risk Management ◽  
Insurance Industry ◽  
Solvency Ii ◽  
Enterprise Risk Management ◽  
Insurance Companies ◽  
Legal Form ◽  
Content Type ◽  
Enterprise Risk ◽  
Solvency Assessment

Purpose The purpose of this paper is to analyze how enterprise risk management (ERM), the system of governance and the Own Risk and Solvency Assessment (ORSA) have been boosted with the entry of Solvency II. Design/methodology/approach For this analysis, the authors have undertaken a survey of chief risk officers (CROs) working in Spanish insurance companies. Findings The results show that Solvency II has definitely promoted ERM in the European insurance industry and improved the system of governance of the insurance companies, and that the perceived value of the ORSA for the companies is higher than the cost. It is clear that the quality of ERM implemented by companies is higher in those that face more complex risks and with greater interdependencies – that is, larger companies, foreign insurers and insurers with several lines of business – but is unaffected by the legal form of the entity (mutual/corporation). Originality/value This study conducts primary research with surveys of CROs and develops a measure of the quality of ERM implemented by insurance companies.

scholarly journals Sharia Life Insurance Business and Risk Management Based on Sharia Principles: Regulatory Perspective

2021 ◽  
Vol 21 (2) ◽  
pp. 395-414
Author(s):  
Parmujianto Parmujianto
Keyword(s):  
Risk Management ◽  
Life Insurance ◽  
Qualitative Approach ◽  
The Other ◽  
Theoretical Contribution ◽  
Depth Data ◽  
Regulatory Perspective ◽  
Insurance Business ◽  
Business Entities ◽  
Rule Out

Abstract: Sharia life insurance is an agreement between two parties. One is obliged to pay a contribution or premium, and the other must ensure a full guarantee of the insurers. It should undertake the protection of a contingent or uncertain loss based on the contract. This research used a descriptive qualitative approach. It seeks to explore and understand the central phenomenon to obtain in-depth data to reveal the facts on the research object. The theoretical contribution in this study can contribute to the insights about the insurance partnership of ASYKI, Inc. to increase the number of insurance participants. It is expected that people do not have doubts about sharia life insurance in a formal juridical manner related to insurance. The result of the research showed that Asuransi Shariah Keluarga Indonesia ASYKI, Inc Pasuruan Unit's performance is generally good. According to Law No.40 of 2014, its risk management is sharia-oriented. However, it does not rule out individuals who register individually. Still, ASYKI, Inc. Pasuruan Unit provides some solutions. They should register with the ASYKI partners. It opens an opportunity for the polis applicants to easily recognize and apply sharia life insurance without going through business entities or companies that act as intermediaries.الملخص: التأمين على الحياة في الشريعة هو تأمين أو اتفاق بين طرفين يلتزم فيه أحد الطرفين بدفع  تراكات أو أقساط والآخر ملزم بتقديم ضمانات كاملة لدافعي الاشتراكات / الاشتراكات / الأقساط إذا حدث شيء ما الطرف الأول أو ممتلكاته وفقًا للاتفاق المبرم. النهج المستخدم في هذه الدراسة هو نهج وصفي نوعي. يسعى هذا النهج إلى استكشاف وفهم الظاهرة المركزية من أجل الحصول على بيانات متعمقة لكشف الحقائق التي حدثت في موضوع البحث. يمكن أن تساهم المساهمات النظرية في هذه الدراسة في المعرفة حول شراكة التأمين لـ PT. ASYKI في زيادة عدد المشاركين في التأمين. من الناحية العملية حتى لا يساور الناس شك حول التأمين الشرعي على الحياة ، سواء من الناحية القانونية أو الرسمية المتعلقة بالتأمين .وقد أظهرت نتائج هذه الدراسة أن PT. تعتبر وحدة ASYKI Pasuruan  للتأمين الشرعي للأسرة الإندونيسية بشكل عام جيدة ووفقًا للقانون رقم 40 لعام 2014 في إدارة إدارة المخاطر على أساس مبادئ الشريعة الإسلامية ، على الرغم من أنه من الممكن للأفراد التسجيل بشكل فردي ، وهو الحل الذي تقدمه PT. يجب أن تسجل وحدة  ASYKI Pasuruan بوالص التأمين الموجهة بشكل فردي إلى أحد الشركاء الذين يعملون مع PT. سيفتح ASYKI وفي المستقبل فرصًا لمسجلي السياسة الفردية بحيث يكون الجمهور أكثر حرية في التعرف على التأمين على الحياة وتطبيقه وفقًا للشريعة بسهولة دون الحاجة إلى المرور عبر كيان تجاري أو شركة تعمل كوسيط. Abstrak: Asuransi jiwa syari’ah merupakan pertanggungan atau perjanjian antara dua belah pihak yangmana pihak satu berkewajiban membayar kontribusi atau premi dan yang lainnya memiliki kewajiban memberikan jaminan sepenuhnya kepada pembayar iuran/kontribusi/premi apabila terjadi sesuatu yang menimpa pihak pertama atau barang miliknya sesuai dengan perjanjian yang sudah dibuat. Pendekatan yang digunakan dalam penelitian ini adalah pendekatan kualitatif deskriptif.  Pendekatan  ini berusaha mengekplorasi dan memahami gejala sentral agar mendapatkan data yang mendalam guna mengungkapkan fakta yang terjadi pada objek penelitian. Kontribusi teoritis  dalam penelitian ini dapat memberikan sumbangsih ilmu pengetahuan tentang kemitraan asuransi  PT. ASYKI dalam menambah jumlah peserta asuransi. Adapun secara praktis agar masyarakat tidak memiliki keraguan mengenai asuransi jiwa shariah, baik secara yuridis formal yang berhubungan dengan perasuransian. Hasil dari penelitian ini bahwa PT. Asuransi Shariah Keluarga Indonesia ASYKI Unit Pasuruan secara umum dan keseluruan sudah baik  dan sesuai dengan UU No.40 Tahun 2014 dalam pengelolaan manajemen resiko sudah berdasarkan prinsip shariah, meskipun tidak menutup kemungkinan ada individu yang mendaftarkan diri secara perorangan, namun solusi yang ditawarkan dari pihak PT. ASYKI Unit Pasuruan hendaknya pendaftar poli asuransi secara individu di arahkan pada salah satu mitra yang bekerja sama dengan PT. ASYKI dan ke depannya akan membuka peluang bagi pendaftar polis secara perorangan sehingga masyarakat lebih leluasa untuk mengenal dan menerapkan asuransi jiwa shariah dengan mudah tanpa harus melalui badan usaha atau perusahaan yang menjadi perantara.

scholarly journals THE INFLUENCE OF THE CROWN CRISIS ON THE DEVELOPMENT OF INSURANCE BUSINESS IN THE WORLD

2021 ◽  
Author(s):  
Hanna Mamonova
Keyword(s):  
Negative Impact ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Demand For Insurance ◽  
Online Sales ◽  
The World ◽  
Future Challenges ◽  
Declining Demand ◽  
Insurance Business ◽  
The Impact

The article analyzes the impact of the COVID-19 pandemic on the world insurance market and some European countries. Separated economic indicators of the impact of the COVID-19 pandemic on the insurance business of the world are singled out. It was determined that the impact of the COVID-19 pandemic inspired declining incomes of insurers and households, rising unemployment, declining demand for insurance services, a significant decline in productivity of insurance companies, uncertainty about the future development of the insurance industry and the effects of the pandemic. The experience of the world insurers' struggle against the consequences of the COVID-19 pandemic has been studied and generalized. The latest tools that have allowed insurers around the world to mitigate or mitigate the negative impact of the crown crisis, in particular, are: the development of new insurance products; increasing the level of requirements for insurance services in terms of its relevance, price flexibility, mobility and transparency; transition of insurers to online sales of insurance services and online payments for insurance cases; direct funding of specific means of combating COVID-19; use of the latest technologies and innovative methods in the insurance business; introduction of a new mode of staff work in the activities of insurance companies. The transition of insurers to online sales of insurance services and online payments has revealed many unresolved issues regarding the insurer's cybersecurity. Insurers are forced to improve existing technologies and methods of control, to intensify training and information activities. The Crown Crisis has significantly increased the importance of modern underwriting. Therefore, insurers around the world are using the capabilities of artificial intelligence, alternative data sources and better forecasting models. Greater understanding of pandemic processes, gaining experience is needed not only to accelerate the way out of the modern pandemic, but also to form a stable insurance system to the inevitable future challenges. The study of positive experience in the functioning and development of insurance markets around the world in crises and shocks is useful for application in national practice.

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