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Despite the existence of numerous quantitative approaches to the categorization of financial reinsurance contracts, often insurance regulators may find the practical implementation of the task to be technically challenging. This research paper develops a simple, affordable, and robust regulatory method that can help insurance regulators to categorize financial reinsurance contracts as reinsurance or financial instruments. By reviewing real examples of different categorization methods, this paper explains how the proposed method standardizes such categorization. It also summarizes the existing pertinent literature on the subject with the view to helping insurance regulators to first apply some simple indicators to flag the main issues with financial reinsurance contracts that may need further reviews. Having identified the suspicious reinsurance contracts, supervisors may consider several solutions provided by the authors and, in some cases, requiring further quantitative testing of risk transfer contracts for categorization purposes, supervisors may also consider adopting the Standardized Expected Reinsurer's Deficit approach to contract testing presented in this paper. The approach advocates the use of a simple standardized stochastic method that would allow market participants and regulators to perform robust quantitative tests quickly and at an affordable cost. Besides addressing the obvious drawbacks of the "10-10" test, the proposed alternative method allows a great reduction in the technical challenges posed to the users of the Expected Reinsurer's Deficit approach based on full stochastic models with only a minimum loss of predictive accuracy.
Debt Markets --- Finance and Financial Sector Development --- Finite Reinsurance --- Hazard Risk Management --- Insurance & Risk Mitigation --- Insurance Law --- Insurance Risks --- Labor Policies --- Private Sector Development --- Reinsurance --- Reinsurance Contracts Categorization --- Risk Transfer
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Modern democracies face tough life-and-death choices in armed conflicts. Chief among them is how to weigh the value of soldiers' lives against those of civilians on both sides. The first of its kind, Whose Life Is Worth More? reveals that how these decisions are made is much more nuanced than conventional wisdom suggests. When these states are entangled in prolonged conflicts, hierarchies emerge and evolve to weigh the value of human life.Yagil Levy delves into a wealth of contemporary conflicts, including the drone war in Pakistan, the Kosovo war, the Israeli-Palestinian conflict, and the US and UK wars in Iraq and Afghanistan. Cultural narratives about the nature and necessity of war, public rhetoric about external threats facing the nation, antiwar movements, and democratic values all contribute to the perceived validity of civilian and soldier deaths. By looking beyond the military to the cultural and political factors that shape policies, this book provides tools to understand how democracies really decide whose life is worth more.
Casualty aversion (Military science) --- War casualties --- Military policy. --- Defense policy --- Military readiness --- Military history --- Sociology, Military --- War --- National security --- Casualties, War --- War victims --- War wounds --- Aversion, Casualty (Military science) --- Bloodless warfare --- Strategy --- Government policy. --- Political aspects --- Casualties --- Casualties (Statistics, etc.) --- body count. --- casualty sensitivity. --- collateral killing. --- force protection. --- legitimacy of sacrificing. --- legitimacy of using force. --- risk taking. --- risk transfer.
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Although weather shocks are a major source of income fluctuation, most of the world's poor lack insurance coverage against them. Absence of formal insurance contributes to poverty traps, as investment decisions are conflicted with risk management ones: risk-averse farmers tend to underinvest and produce lower yielding yet safer crops. In the past few years, weather index insurance has gained increasing attention as an effective tool to provide small-scale farmers coverage against aggregate shocks. However, there is little empirical evidence about its effectiveness. This paper studies the effect of the recently introduced rainfall-indexed insurance on farmers' productivity, risk management strategies, as well as per capita income and expenditure in Mexico. The identification strategy takes advantage of the variation across counties and across time in which the insurance was rolled-out. The analysis finds that the presence of insurance in treated counties has significant and positive effects on maize productivity. Similarly, there is a positive association between the presence of insurance in the municipality and rural households' per capita expenditure and income, although no significant relation is found between the presence of insurance and the number of hectares destined for maize production.
Administrative Costs --- Adverse Selection --- Agricultural Development --- Agricultural Insurance --- Agricultural Land --- Agricultural Policy --- Agricultural Production --- Agricultural Productivity --- Agricultural Technology --- Agriculture --- Basis Risk --- Beneficiaries --- Cash Crops --- Cash Transfer Programs --- Cash Transfers --- Checks --- Claims --- Communal Land --- Consumption Smoothing --- Contracts --- Counterfactual --- Covariate Shocks --- Coverage --- Credit --- Crop Insurance --- Crop Varieties --- Crops & Crop Management Systems --- Debt Markets --- Development Economics --- Drought --- Durable --- Durable Assets --- Economics --- Effects --- Efficiency --- Equity --- Exchange --- Expenditure --- Extreme Poverty --- Famine --- Farmers --- Female Labor --- Female Labor Force --- Finance and Financial Sector Development --- Financial Support --- Guarantee --- Household Head --- Household Income --- Household Survey --- Illiteracy --- Implicit Contracts --- Incentives --- Income --- Income Smoothing --- Indemnity --- Indemnity Payments --- Infant Mortality --- Information --- Insurance --- Insurance & Risk Mitigation --- Insurance Company --- Insurance Contracts --- Insurance Coverage --- Insurance Market --- Insurance Policies --- Insurance Premiums --- Insurance Product --- Insurances --- Insurers --- Interest --- International Bank --- Investment --- Investment Decisions --- Irrigation --- Labor --- Labor Force --- Labor Policies --- Lack of Infrastructure --- Land Quality --- Land Size --- Loans --- Loss --- Malnutrition --- Management --- Market --- Market Failures --- Measures --- Minimum Wages --- Moral Hazard --- Mortality --- Organizations --- Outcomes --- Policies --- Policyholders --- Political Economy --- Poor --- Poor Rural Household --- Poverty --- Poverty Index --- Poverty Levels --- Poverty Reduction --- Premiums --- Private Insurance --- Private Insurance Companies --- Production --- Production of Cash Crops --- Productivity --- Productivity Growth --- Profit --- Programs --- Property Rights --- Rates --- Real Income --- Reinsurance --- Reinsurance Markets --- Rights --- Risk --- Risk Exposure --- Risk Management --- Risk Management Strategies --- Risk Sharing --- Risk Sharing Arrangements --- Risk Taking --- Risk Transfer --- Risks --- Running Water --- Rural --- Rural Areas --- Rural Household --- Rural Level --- Rural Population --- Rural Poverty --- Rural Poverty Reduction --- Rural Settings --- Social Protections and Labor --- Standards --- Supply --- Theory --- Training --- Transfer Programs --- Transfers --- Value --- Wages
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Although weather shocks are a major source of income fluctuation, most of the world's poor lack insurance coverage against them. Absence of formal insurance contributes to poverty traps, as investment decisions are conflicted with risk management ones: risk-averse farmers tend to underinvest and produce lower yielding yet safer crops. In the past few years, weather index insurance has gained increasing attention as an effective tool to provide small-scale farmers coverage against aggregate shocks. However, there is little empirical evidence about its effectiveness. This paper studies the effect of the recently introduced rainfall-indexed insurance on farmers' productivity, risk management strategies, as well as per capita income and expenditure in Mexico. The identification strategy takes advantage of the variation across counties and across time in which the insurance was rolled-out. The analysis finds that the presence of insurance in treated counties has significant and positive effects on maize productivity. Similarly, there is a positive association between the presence of insurance in the municipality and rural households' per capita expenditure and income, although no significant relation is found between the presence of insurance and the number of hectares destined for maize production.
Administrative Costs --- Adverse Selection --- Agricultural Development --- Agricultural Insurance --- Agricultural Land --- Agricultural Policy --- Agricultural Production --- Agricultural Productivity --- Agricultural Technology --- Agriculture --- Basis Risk --- Beneficiaries --- Cash Crops --- Cash Transfer Programs --- Cash Transfers --- Checks --- Claims --- Communal Land --- Consumption Smoothing --- Contracts --- Counterfactual --- Covariate Shocks --- Coverage --- Credit --- Crop Insurance --- Crop Varieties --- Crops & Crop Management Systems --- Debt Markets --- Development Economics --- Drought --- Durable --- Durable Assets --- Economics --- Effects --- Efficiency --- Equity --- Exchange --- Expenditure --- Extreme Poverty --- Famine --- Farmers --- Female Labor --- Female Labor Force --- Finance and Financial Sector Development --- Financial Support --- Guarantee --- Household Head --- Household Income --- Household Survey --- Illiteracy --- Implicit Contracts --- Incentives --- Income --- Income Smoothing --- Indemnity --- Indemnity Payments --- Infant Mortality --- Information --- Insurance --- Insurance & Risk Mitigation --- Insurance Company --- Insurance Contracts --- Insurance Coverage --- Insurance Market --- Insurance Policies --- Insurance Premiums --- Insurance Product --- Insurances --- Insurers --- Interest --- International Bank --- Investment --- Investment Decisions --- Irrigation --- Labor --- Labor Force --- Labor Policies --- Lack of Infrastructure --- Land Quality --- Land Size --- Loans --- Loss --- Malnutrition --- Management --- Market --- Market Failures --- Measures --- Minimum Wages --- Moral Hazard --- Mortality --- Organizations --- Outcomes --- Policies --- Policyholders --- Political Economy --- Poor --- Poor Rural Household --- Poverty --- Poverty Index --- Poverty Levels --- Poverty Reduction --- Premiums --- Private Insurance --- Private Insurance Companies --- Production --- Production of Cash Crops --- Productivity --- Productivity Growth --- Profit --- Programs --- Property Rights --- Rates --- Real Income --- Reinsurance --- Reinsurance Markets --- Rights --- Risk --- Risk Exposure --- Risk Management --- Risk Management Strategies --- Risk Sharing --- Risk Sharing Arrangements --- Risk Taking --- Risk Transfer --- Risks --- Running Water --- Rural --- Rural Areas --- Rural Household --- Rural Level --- Rural Population --- Rural Poverty --- Rural Poverty Reduction --- Rural Settings --- Social Protections and Labor --- Standards --- Supply --- Theory --- Training --- Transfer Programs --- Transfers --- Value --- Wages
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