ISBN-13: 9781405125413 / Angielski / Twarda / 2007 / 768 str.
ISBN-13: 9781405125413 / Angielski / Twarda / 2007 / 768 str.
Skipper & Kwon's Risk Management & Insurance: Perspectives in a Global Economy provides an in-depth understanding of international risk management and insurance, their dynamics, and the economic, social, political, and regulatory environments surrounding global risk and insurance markets.
"′Balanced′ is a good word for describing this text. In addition to striking a nice balance between accessibility and thoroughness, it also maintains good balances between breadth and depth, and between the areas of risk management and insurance. I found the writing clear and the within–chapter organization of topics very logical. The text would be useful to both MBA students and insurance industry professionals."
Professor Michael R. Powers,
Temple University
Preface.
Part I: Introduction.
1. Introduction to Risk Management and Insurance.
Introduction.
The Importance of an International Perspective.
Risk Management and Economic Growth.
The Language of Risk and Insurance Internationally.
The Environment for Risk and Insurance Internationally.
The Structure of this Book.
Discussion Questions.
Notes.
References.
2. Risk Perceptions and Reactions.
Introduction.
Individual Decision–Making Under Uncertainty.
Business Decision–Making Under Uncertainty.
Societal Decision–Making Under Uncertainty.
Conclusion.
Discussion Questions.
Notes.
References.
3. The Economics of International Trade.
The Economic Theory of Trade.
Fair Trade Concepts.
International Trade in Insurance: Economics and Policy.
Conclusion.
Discussion Questions.
Notes.
References.
Part II: Factors Shaping the Risk Environment Internationally.
4. Societal Risk Assessment and Control: Theory and Practice.
Introduction.
The Role of Government in Societal Risk Management.
Alternative Approaches to Societal Risk Management.
Understanding Societal Risk Perceptions and Decision–Making.
Conclusion: The Ultimate Risk Bearer.
Discussion Questions.
Notes.
References.
5. Catastrophe Risk Assessment: Natural Hazards.
Introduction.
Catastrophic Events: Definition and Trends.
Types of Natural Disasters.
Conclusion.
Discussion Questions.
Notes.
References.
6. Catastrophe Risk Assessment: Human Factors.
Introduction.
Terrorism.
Critical Infrastructure Risks.
Environmental Risks.
The Role of the Precautionary Principle.
Conclusion.
Discussion Questions.
Notes.
References.
7. Societal Risk Management and Changing Demographics.
Introduction.
The Demographic Transformation.
Implications for Fiscal Balance.
Economic Growth and Labor Market Challenges.
The Challenges to Financial Markets.
Implications for International Relations and Stability.
Conclusion.
Discussion Questions.
Notes.
References.
8. Regulation of Private–Sector Financial Services.
Introduction.
Private–Sector Financial Services.
Government s Role in Regulating Private–Sector Financial Services.
Overview of Financial Services Regulation.
Structure of Regulatory Authorities.
Governmental Actions Affecting Financial Services Regulation.
Conclusion and Future Prospects:.
Discussion Questions.
Notes.
References.
9. Public–Sector Economic Security.
Introduction.
Why Private Markets Fail to Provide Some Financial Services.
Selected Public–Based Economic Security Services.
The Future of Social Insurance.
Discussion Questions.
Notes.
References.
10. The Legal Environment.
Introduction.
Major Legal Systems of the World.
Substantive and Procedural Law.
Tort Law Variations Internationally.
International Variations in Contract Law.
Choice of Law and Free Trade.
Discussion Questions.
Notes.
References.
11. Sociocultural Effects on Risk Management.
The Intersection of Culture and Risk Management.
Culture and Informal Risk Management Arrangements.
Microfinance.
Risk Perception Theories and Formal Insurance.
Conclusion.
Discussion Questions.
Notes.
References.
Part III: Enterprise Risk Management in a Global Economy.
12. Enterprise Risk Management.
Introduction.
The Evolution of Enterprise Risk Management.
Risk Management Fundamentals.
The ERM Framework.
The Risk Management Process.
Conclusions.
Discussion Questions.
Notes.
References 23 PM.
13. Internal Loss Financing Arrangements.
Introduction.
Motivations for Internal Loss Financing.
Self–Insurance.
Captive Insurance Companies.
Other ART Techniques.
Conclusion.
Discussion Questions.
Notes.
References.
14. External Loss Financing Arrangements.
Introduction.
Risk Financing Through Derivatives.
Risk Financing Through Insurance.
Integrated Loss Financing Arrangements.
Conclusion.
Discussion Questions.
Notes.
Appendix 14A: Proof of Currency Relations.
Appendix 14B: Pricing Currency Options.
References.
15. Risk Management for Catastrophes.
Introduction.
Risk Analysis.
Risk Control.
Risk Financing.
Conclusion.
Discussion Questions.
Notes.
References.
16. Personnel Risk Management.
Employee Benefits.
Risk Management for International Employees.
Conclusion.
Discussion Questions.
Notes.
References.
17. Political Risk Management.
Introduction.
Modes of Foreign Market Entry.
Nature of Political Risk.
Risk Analysis.
Risk Control.
Financing the Political Risk Exposure PM.
The Importance of Monitoring.
Political Considerations in Emerging Markets.
Conclusion.
Discussion Questions.
Notes.
References.
18. Intellectual Property and Technology Risk Management.
Introduction.
Intellectual Property Risk.
Information Technology Risk.
Biotechnology Risk: The Human Genome Project.
Nanotechnology Risk.
Technology and the Environment.
Conclusion.
Discussion Questions.
Notes.
References.
Part IV: Insurance in a Global Economy.
19. The Economic Foundations of Insurance.
Expected Utility and the Demand for Insurance.
Insurance Supply: Characteristics of Ideal Insurable Exposures.
Conclusion.
Discussion Questions.
Notes.
References.
20. The Nature and Importance of Insurance.
The Insurance Production Process.
Overview of Insurance Worldwide.
The International Dimensions of Insurance Supply.
The Role of Insurance in Economic Growth.
Determinants of Insurance Market Structure.
Conclusion.
Discussion Questions.
Notes.
References.
21. Life Insurance.
Introduction.
Policies Sold by Life Insurance Companies.
Selected Life Insurance Markets Internationally.
Conclusion.
Discussion Questions.
Notes.
References 7:49:24 PM.
22. Nonlife Insurance.
Introduction.
Policies Sold by Nonlife Insurance Companies.
Selected Nonlife Insurance Markets Internationally.
Nonlife Insurance Issues.
Discussion Questions.
Notes.
References.
23. Reinsurance.
Introduction.
Worldwide Risk Sharing.
Reinsurance Demand.
Reinsurance Fundamentals and Operations.
Reinsurance Markets.
Reinsurance Regulation.
Conclusions.
Discussion Questions.
Notes.
References.
24. Regulation and Taxation in Insurance Markets.
Introduction.
Insurance Regulation.
Taxation in Insurance.
Conclusion.
Discussion Questions.
Notes.
References.
25. Financial Services Integration.
Introduction.
Meanings and Forms of Integration.
The Economics of Integration.
Management Issues in Integration.
Public Policy Concerns in Integration.
The Future of Financial Services Integration.
Discussion Questions.
Notes.
References.
Part V: Conclusions.
26. Risk Management and Insurance in a Global Economy: A Future Perspective.
Introduction.
Environments of the Future24 PM.
Risk Management in a Future Global Setting.
Insurance in a Future Global Setting.
Closing Observations.
Discussion Questions.
Notes.
References.
Glossary of Key Terms and Acronyms.
Index
Harold D. Skipper is former Chairman of the Department of Risk Management and Insurance at Georgia State University where he held the C.V. Starr Chair of International Insurance. He is past President of the American Risk and Insurance Association and Associate Editor of Risk Management & Insurance Review and Geneva Papers on Risk and Insurance. He has authored and edited numerous books, including
Life & Health Insurance, 13e (with Kenneth Black, 2000) and
International Risk & Insurance: An Environmental–Managerial Approach (1998).
W. Jean Kwon is Associate Professor of Insurance at the School of Risk Management, St. John s University. He gained his experience from working in academia, the insurance industry and the government in the U.S. and abroad. He is past President of the Asia–Pacific Risk and Insurance Association and serves the Organization Committee of the World Risk and Insurance Economics Congress. He has authored several books, including Risk Management and Insurance in a Singapore Context (2000), and is on the editorial and advisory boards of several insurance journals and insurance institutions worldwide.
In an increasingly globalized marketplace, companies face risks; not only financial risks, but political, environmental, social, and health risks as well. Instructors and students worldwide recognize the need to study these issues on a global scale.
From the first page, Risk Management and Insurance: Perspectives in a Global Economy incorporates an innovative international perspective, explaining and exploring risk issues, their dynamics, and the economic, social, political, and regulatory environments surrounding global risk and insurance markets. The authors follow theory with practice, analyzing real–world case studies, and explore sound risk management and insurance operations in the future. Discussion questions and exercise modules help students understand these issues and apply their learning. This new textbook from leaders in the field is ideally suited for use in core insurance courses in business schools, at both the undergraduate and MBA levels.
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