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MANAGING RISK IN REINSURANCE MANAGING RISK IN REINSURANCE From City Fires to Global Warming Edited by NIELS VIGGO HAUETER and GEOFFREY JONES OUP CORRECTED PROOF – FINAL, 30/9/2016, SPi Great Clarendon Street, Oxford, OX DP, United Kingdom Oxford University Press is a department of the University of Oxford It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries © Swiss Reinsurance Company Ltd The moral rights of the authors have been asserted First Edition published in Impression: All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by licence or under terms agreed with the appropriate reprographics rights organization Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above You must not circulate this work in any other form and you must impose this same condition on any acquirer Published in the United States of America by Oxford University Press Madison Avenue, New York, NY , United States of America British Library Cataloguing in Publication Data Data available Library of Congress Control Number: ISBN –––– Printed in Great Britain by Clays Ltd, St Ives plc Links to third party websites are provided by Oxford in good faith and for information only Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work C ONTENTS List of Figures List of Tables List of Contributors vii ix xi Risk and Reinsurance N IELS V IGGO H AUETER AND G EOFFREY J ONES The Cultural Context of Insurance in the West G EOFFREY C LARK The Evolution of the Industry Structure R OBIN P EARSON The Monetary and Financial Environment, – F ORREST C APIE Calculating the Unpredictable: History of Actuarial Theories and Practices in Reinsurance H ANS B ÜHLMANN AND M ARTIN L ENGWILER The Rise and Decline of Treaty Reinsurance: Changing Roles of Reinsurers as Financial Service Providers A LEXANDROS -A NDREAS K YRTSIS From Gentlemen’s Agreement to Judicial Instrument: The History of Contract Practice and Conflict Resolution in Reinsurance T ILMANN J R ÖDER Reinsurance Law as an Autonomous Regulatory Regime? Resistance to Codification and Avoidance of State Jurisdiction in the Twentieth Century M ILOŠ V EC vi CONTENTS What is an Insurable Risk? Swiss Re and Atomic Reactor Insurance L ORRAINE D ASTON Natural Catastrophes and their Effects on Reinsurance W ELF W ERNER Continuity and Change in Reinsurance – R OMAN L ECHNER , N IELS V IGGO H AUETER , Appendix Glossary Select Bibliography Index AND L AWRENCE K ENNY L IST OF FIGURES . Swiss Re: Income from interest – (CHF thousand) . Boom and bust: Life insurance companies created and perished in Britain (–) . Combined ratios of the US market and the bilateral trade relationships between the USA and the UK, – . Lloyd’s capacity, –, in USD billion . Profitability of the P&C reinsurance market, – . Property catastrophe price index, by region, – . Global P&C reinsurance: Net premiums, underwriting expenses (claims, commissions, administrative expenses), and capital, – A. Global reinsurance: Gross premiums written by region, A.. Reinsurance market : Life and health A.. Reinsurance market : Property/casualty A.. Life premiums ceded by region, A.. Non-life premiums ceded by region, A.. Overall premiums ceded by region, A. Cat bond notional by year, – A. Swiss Re Global Cat Bond Index Total Return versus Barclays US High Yield and S&P Total Return, – A. Number of natural catastrophes and man-made disasters, – A. Number of victims from natural catastrophes and man-made disasters, – A. Insured losses from natural catastrophes and man-made disasters, – A. Insured versus uninsured losses from natural catastrophes, – A. Insured versus uninsured losses from natural catastrophes and man-made disasters, – L IST OF TABLES . Total net premiums in reinsurance by country, (GBP m) . The ‘numerical method’ in practice () A. Specialist reinsurance companies by country and year of foundation, – A. Number of reinsurance company foundations by country, – A.. Top reinsurance companies for A.. Top reinsurance companies for A.. Top reinsurance companies for A.. Top reinsurance companies for A.. Top reinsurance companies for A.. Top reinsurance companies for A.. Top reinsurance groups for A.. Top reinsurance groups for A.. Top reinsurance groups for A.. Top reinsurance groups for A. Insurance and reinsurance, –: Premiums written in USD bn and real premium growth, life versus non-life A.. Natural catastrophes and man-made disasters: The most costly events in terms of economic losses, – A.. Natural catastrophes and man-made disasters: The most costly insurance losses, – A.. Natural catastrophes and man-made disasters: The worst events by victims, – A. Thresholds for insured losses and casualties (at prices) I NDEX Aachen Re , Acemoglu, D Act of God , , , , Actuarial Approach for Financial Risks (AFIR) actuarial methods and life insurance measurement and non-life insurance , – theory , – actuarial science , , , –, actuaries – identity crisis and mathematical finance – adaptability – adverse selection – Africa Retakaful African Development Bank , African Reinsurance Corporation , Alborn, T , Alliance Altenburger, J alternative capital , , , , , – alternative risk transfer (ART) , , , , –, , Alther, P – American International Group (AIG) –, , – American Re , Ammeter, H Anderson, C Andreoli, E – Anker – annuities –, – arbitrage arbitration and contract practice , –, – international organizations and treaty reinsurance , tribunals – versus the court , – see also conflict resolution arbitrators Arbuthnot, J – Argentina , Instituto Mixto Argentino de Reaseguros (IMAR) Instituto Nacional de Reaseguros (INdeR) Arps, L Arrow, K asbestos , – Asia Pacific (AP) Asian Re asset liability management (ALM) , asset management , , –, , , asset-backed securities (ABS) , Atlas Atomic Energy Commission (AEC) , –, Australia , , , , Austria –, , , , Credit-Anstalt Austria-Hungary , , automobile insurance – Bahrain AAOIFI Trust Re bancassurance , , Bangladesh – Bank for International Settlements (BIS) banking crisis banking sector , INDEX bankruptcy banks , , , failures , Basel rules , Baumol, W Bebler, E Beck, U , Belgium –, actuarial organizations Compagnie des Propriétaires Réunis costuymen gold standard , Belser, W E –, Bensa, E Berkshire Hathaway , , , Berliner, B –, Bermuda , –, –, , –, – Bernoulli, J , Bernoulli, N Bernstein, P , Bismarck, O von Black, F bordereaux –, , , definition diminishing use of – and fear of espionage Bornhuetter, R L Borscheid, P Botswana Brauer, C G Brazil , , Brazilian Re Bremiker, C Bretton Woods – brokers banking function and contract development – growing role –, , –, , , international – knowledge transfer –, since –, , , –, , Brüning Buffett, W , , Bühlmann, H , –, , building regulations , Burkina Faso Bush, G W business cycle Caesar Augustus Calvin, J , Canada , , capacity (financial) , , , , , , alternative – in the financial crisis increasing –, , Lloyd’s – local – shortages –, , , –, , , Capie, F , , , , , capital alternative , , , , , – controls excess flows – relief shortages captives , , , , , Cardozo, B Carpenter, G , Carter, J cash flow underwriting catastrophe bonds (cat bonds) , alternative capital by year definition origin of volume of , – catastrophe modelling , , – Causton, W Cayman Islands CBOT cession/ceding , company , –, , – definition , direst insurers , facultative , –, , , international in Italy Chad chain ladder method INDEX chance , Chandler, A Chile , Caja Reaseguradora earthquakes , , –, China , economic growth , People’s Republic of reinsurance – Tangshan Earthquake China Re Christianity –, – civil law – Clark, G , –, , climate change , , , –, framework convention modelling – and natural disasters , , , Clinton, B co-insurance , , agreements allocated definition , early spread of , market codification – Cold War , , collateralized reinsurance (CR) – collective risk theory , , –, Cologne Re , –, , , , , , , –, , , , , Colombia , combined ratio , , –, Commission Permanente du Risque Atomique , commodities bonds competition , , , , domestic , and globalization , , increasing , , , , life-insurance overseas , , for risk computer-aided scenario modelling computers , –, Condorcet, A.-N de – conflict resolution , –, , – Conseil Européen de Recherche Nucléaire (CERN) consumer protection – contract law corporate social responsibility Costa Rica Cox Cramér, H –, credibility credit controls – credit default swaps , credit insurance/reinsurance , , –, Credit Suisse Cuba , , currency blocs – currency risk , customary law – Czech Republic – Czechoslovakia , Daria Daston, L , , , , , , –, Dawes Plan de Finetti, B , de Moivre, A , Debreu, G debt –, –, Defoe, D , del Campo, I Delumeau, J , demographic changes demographic data –, Denmark , , , , actuarial organizations credit controls – storm deposit, definition deregulation , , – Derham, W Dickson, P G M Diehl, W , dispute resolution see arbitration; conflict resolution diversification – Dodson, J , Donzelot, J INDEX drought Dubai, Emirates Re Durbin, D earthquakes – exclusion clauses , – India insurability – Japan , modelling Portugal rising losses – US , , , , , , –, , , –, – economic growth , , –, economic nationalism economic value management (EVM) , , Egypt Ehrenberg, V –, –, , Ehrenzweig, A Eisenhower, D D , –, El Niño elasticity – emerging markets –, , –, , – Employers Re Enlightenment , , , , , Equitable Equitable Life Assurance Society , , Equitable Society Ethiopia Euler, L European Atomic Energy Community (EURATOM) , , European Economic Union – European Union (EU) , Eurozone , Ewald, F , – exceptionally large disasters, definition excess of loss (XL) , , , , , , costs of definition facultative – and natural disasters , rise of , –, , exchange controls , –, –, , exchange rates –, , exclusion clauses , –, , , – Exxon Valdez oil spill F-method facultative reinsurance , , ceding –, , costs of definition fire insurance – in partnerships , and treaty reinsurance , , , , –, –, , XL – fate –, fatwa fault-tree analysis Febvre, L – Ferguson, R E Fermat, de P , – Fester, Fothergill & Hartung financial capacity see capacity (financial) financial crisis – and the business cycle definition global , , – WWI financial innovation financial markets –, financial mathematics – financial reinsurance – definition and treaty reinsurance , , –, , – financial reporting financial repression financial risks , management and treaty reinsurance –, –, financial services , , globalization , , – innovation , , opportunities treaty reinsurance – and war INDEX financial stability –, Financial Stability Board (FSB) fire insurance , Britain facultative reinsurance – regulation surplus lines treaty reinsurance fires forest and bush –, Germany , , , , God’s will San Francisco Earthquake , , , , , – Sweden , Switzerland , , , Fisher, I flexibility – floods Australia effects on reinsurance –, , losses Thailand , , , uninsurable , , , – focus , follow the fortunes , , fonds de roulement , Foucault, M Fox-Pitt Kelton France , , , , –, actuarial organizations gold holder gold standard , Le Guidon National Credit Council Ordonnance de la Marine professional reinsurance regulation reinsurance treaties reparations terrorism Franco-Prussian War Frankona Frederic II of Prussia Frey, H H , Froelich, E – fronting futures (financial) – Galbraith, J K gambling and insurance –, , , , and probability theory – Gataker, T Gauss, C F , General Agreement on Tariffs and Trade (GATT) General Agreement on Trade in Services (GATS) , , General Cologne Re General Electrics’ Insurance Solutions General Re , , , Gerathewohl, K German National Reinsurance Association Germany , , , , , –, , Act on the Supervision of Insurance Undertakings (VAG) actuarial organizations actuarial theory bank failures bilateral exchange case law conflagrations Danatbank direct insurers Financial Services Act fire insurers flood – General German Commercial Code (ADHGB) German Civil Code (BGB) German Commercial Code (HGB) Hamburg fire , , , , – hyperinflation impact of Versailles Treaty inflation policy Insurance Contracts Act (VVG) , , , , – Insurance Supervision Act Nazis , non-proportional contracts premium income professional reinsurance –, regulation reinsurance law – INDEX Germany (cont.) reinsurance treaties reparations , – resistance to regulation social insurance storms terrorism Trading with the Enemy Acts Gigerenzer, G , global warming see climate change globalization th century – and competition , , and contract law – early th century , financial , , and fire insurance – second wave , – Goethe, J W von gold standard , –, –, Golden Era – Golding, C E , , Goshay, R C –, Gosstrakh Graunt, J , , Great Depression , , Greece , , Groupe de Travail du Risque Atomique Gruenwald, H , –, , Guardian Guatemala Gugerli, D , , , , Guggenbühl, P – Hacking, I –, Hagen, O , Haiti Halley, E –, Halpérin, J Hannover Re , , , happiness Harrison, J M Hattendorf, K Haueter, N V , , , Haufler, V health risks , , Heath, C , , Heckscher, M Heckscher Group – Herrmannsdorfer, F history reconceptualized HIV/AIDS – Homer Hoover, H Hudde, J Hume, D , – Hungary , Hunter, A hurricanes –, , , –, , , –, Andrew , , , , , , , Betsy , , , , , , – Gilbert impact on modelling – Katrina , , , , , , , , , more frequent , , – Hürlimann, E – Huygens, C , Huygens, L hyperinflation , Iceland Imperial – incurred but not reported claims (IBNR) , India , , GIC Re Indian Ocean Earthquake individual risk theory Indonesia , Industrial Revolution –, inflation , , , , , demand for reinsurance – fragmented world – Golden Era – Great Moderation – hyperinflation , –, , , , policy – of property prices pros and cons , stagflation INDEX information , , asymmetries – exchange leaks Ingersoll Ingosstrakh inoculation – instability, political and legal – insurability , , , , , criteria of expanded limits of – insurance culture –, – and economic growth – and gambling –, , , , growth – and health improvements – to ward off evil insurance companies back-office processes – costs , , giants –, growth of and reinsurance companies –, – insurance exchanges insurance-linked securities (ILS) , –, –, , , , , , interest rates , – International Actuarial Association (IAA) , , –, International Association of Insurance Counsel International Association of Insurance Supervisors (IAIS) International Atomic Energy Agency (IAEA) –, , , International Congresses of Actuaries international law International Monetary Fund (IMF) International Underwriting Association (IUA) internationalism – internationalization , Internet investment portfolio – profits risks –, , Iran , Iranian Revolution Iraq Reinsurance Company Islamic territories Israel Italy , , , , –, actuarial organizations asbestos credit controls – earthquake gold standard Jamaica James, H Japan , , , , , , , actuarial organizations catastrophes claims – earthquakes , , , Fukushima , , Great Kanto Earthquake high risk – state intervention Jarrow Jecklin, H Jenkins, G juridification , , Jurin, J – Kafka, F Kant, I Karup, J Kenny, L , , , Kenya Keynes, J M Klaas, M Klein, F Knight, F H , knowledge transfer – Kohlberg Kravis Roberts & Co Kolmogorov, A Kopf, E W Korean Re INDEX Kreps, D Kuwait Re Kyrtsis, A.-A , , , , , labour migration language, industry-specific Laplace, P.-S Latvia law of large numbers , –, , – Lechner, R , , , Leibniz Lencsis, P M lenders of first resort Lengwiler, M , –, , Les Trente Glorieuses Leuchtenburg, W E Lewis, W Lexis, W –, liability , , atomic energy , – aviation balance sheet –, exclusion clauses insurance –, –, long-tail motor , new model – period premiums – specialized , – transfer , , , liability crisis , , , , , , , , Libby, W liberal capitalism liberalization – Lidstone, G J life insurance , and actuarial thinking bonuses growth of Life Re life reinsurance , , – premiums proportional Sweden Switzerland wartime Lindner, B litigation aversion –, – Liverpool & London Insurance Company Lloyd’s , , capacity conflict of interest crisis , , , , – early days of , , , , , market-based , – names – reforms – underwriters , , LMX spiral Locke, J London market , , , , , , class of ninety-two expansion and Lloyd’s crisis – market-based approach – London’s Bills of Mortality , loss assessment Luhmann, N , , Lundberg, F – Luther McCune, F Machiavelli, N , Mack, T McMahon, D M macroeconomic conditions , Magens, N Malaysia ACR Retakaful Islamic Financial Services Board (IFSB) man-made catastrophes , , , , atomic energy – losses –, – most costly – numbers of victims –, vis-à-vis natural catastrophes – Manes, A , , , Mao Tse-tung INDEX marine insurance – early –, , , , , juridification and trade expansion marine reinsurance –, , , Markowitz, H Massey, I mathematical finance – mathematical models , mathematics and economics – Mauritania mean-variance optimization Mercantile & General Re , , mergers and acquisitions (M&A) , , – Merton, R C Mexico micro-insurance , , , Millar, J Moldenhauer, P , monetary growth monetary stability – monetary system, world Monte Carlo Rendezvous () moral hazard , , –, , , , , definition moral objections Morgan, W mortality data , –, mortality laws mortgage-backed securities (MBS) , , Morton Mozambique MPL –, multiple trigger products (MTPs) Munich Re –, , , –, , Murphy, D Murphy, S mutual aid mutual insurance National Insurance Company of Athens nationalization , , , , , natural catastrophes –, –, , , , , Acts of God , , , alternative capital – Asia – Bermuda’s role , , , conditions for reinsurance effect on reinsurance – frequency and scale and human culpability – insurability , – lives lost – losses , –, , , –, – most costly – numbers of present day , –, –, televised – and treaty reinsurance , , victims –, vis-à-vis man-made catastrophes – Nepal net line – Netherlands , actuarial organizations Compagnie Royale d’Assurance Contre l’Incendie gold standard , North Sea storm surge New York Stock Exchange , New Zealand , , , , Newton, I Nierhaus, W – Nixon, R no-arbitrage non-governmental organizations (NGOs) non-proportional reinsurance –, , , , , , –, , –, –, , , Norris Jr., G North, D Norway , , Norwich Union Fire Insurance Society nuclear accidents nuclear energy atomic reactors , – Geneva conference – human culpability – insurance regulations for , risk model – risks INDEX nuclear energy (cont.) swimming-pool reactor technology Nuclear Installation Insurance Nuclear Regulatory Commission Obama, B obligatory first surplus treaty obligatory reinsurance oil exploration oil price rises , , opportunism Organisation for Economic Co-operation and Development (OECD) , , Organization of African Unity Organization for European Economic Cooperation (OEEC) –, , , over-the-counter (OTC) trading , ownership and control private versus state Pacioli, L Pakistan parametric reinsurance , , Parker, P Pascal, B , – Paxton, R peak risks , , , –, , –, see also risk Pearson, K Pearson, R , , , , , , , pension schemes – Perrow, C Perryman, F S Peru Petty, W , Phoenix Phoenix Assurance of London – Phoenix Fire Office Piper Alpha Plass, W Poland , – pooling , , see also retrocession Porter, M Porter, T portfolios bubbles selection algorithm theory Portugal , , , Power, M , premiums by country calculation of – currency global , , growth of life versus non-life significance to insurer Price, R , , , prices controls oil , , of risks private reinsurance probabilistic reasoning , , – probabilistic risk assessment (PRA) probability theory –, , –, , product liability professional reinsurance , , , early years –, , evolution of –, –, – proportional reinsurance , protection gap protectionism Protector Prussia Prölss, E R , , , public law – public liability insurance quality control Queen Insurance Company of Liverpool quota share, definition rating agencies Rau, H Reagan, R recession reciprocal insurances INDEX reciprocal reinsurance reciprocity , , , definition principle regulation , , , , , asbestos related atomic energy , –, autonomous – aversion to – on capital – early –, , –, golden era introduction – and natural disasters –, –, off-shore , – resistance to , – see also non-proportional reinsurance; reinsurance law; self-regulation regulatory regime, definition reinsurance capacity – cross-border activities – definition entry barriers finite global growth history of – ‘interest or no interest’ policies interwar years – investment bubbles – obligatory treaty organizational forms – passive pools pre-WWI – purpose of – quota-share –, , –, , in recession scale and distribution state and WWII see also facultative reinsurance reinsurance companies by country – cessions relations with insurance companies –, – top – reinsurance contract , , , , –, , , , , basis of modern – design – early forms , – freedom of – a judicial instrument law , – a patchwork approach standardized and treaty reinsurance –, , , reinsurance futures – reinsurance law , , – Germany – sources of – stages of evolution – Switzerland , – see also regulation; reinsurance contract reinsurance market , , basic structure – consolidation – contract pricing and conditions – cyclical – deregulated evolution of , –, , , , and financial market global and natural disasters –, –, –, , , , , – overview , , –, P&C , , US , , Reinsurance Offices Association reinsurance treaty , , , categorization – standardization – reinsurers balance sheet – control of insurers – systemic risk – religious law reserves , retakaful INDEX retrocession , , , definition see also pooling risk accumulation analysis assessment , aversion , , awareness bundling – business response to – competition for the concept of – culture – currency , and danger , definition – distribution , –, – engineering –, and finance – foreign exchange geographical diversification global health , , intelligence , , landscape – large , , –, , , , managing – maps measurement modelling , , , , , nuclear perception , , , , , portfolios positive aspects post environment – pricing public-private sharing – relevant self-inflicted services sharing , small – socialization of and the state – substandard systemic transfer , , – see also collective risk theory; financial risk; peak risk risk expertise , , , , , risk management , , , , , , , , , evolution of – and insurability – integrated probabilistic approach and treaty reinsurance –, , , risk transfer , , , in a fragmented world – Rodgers, O Roosevelt, F D Ross, S Rossiya Rothschild Bank Royal Exchange Assurance Ruskombank Russia , , , pre-USSR , , , , , , , Röder, T J , , , , , , San Francisco Earthquake , –, , , –, , –, Sandor, R L –, scenario modelling Schacht, H Schanz, K.-U Scherrer, P Schäfer, W Scholes, M Schumpeter, J A Schwartz, A Scofield, O SCOR securitization –, , , security, instinct for self-regulation , , –, , , , –, see also regulation Serbia Shakespeare, W Shapiro, B Shimpi, P shipping see marine insurance INDEX SIFIs Simon, C , , Smith, A , social insurance , social and spatial distance Solvency framework , , South Africa –, , Soviet Union , , , , , Spain , , , special purpose reinsurance vehicle (SPRV) special purpose vehicles (SPVs) speculation state citizen protection – and freedom of contract – insurer of last resort – interventionist , , , kept at arm’s length , in nuclear insurance –, and risk – state reinsurance –, statisticians , , –, statistics , , and actuarial theory –, , , , – increasing use of , , – and insurable risk , , mortality – techniques stock exchange storms – Straumann, T subprime crisis subscription insurance , substandard lives – Sudan – Suez Sun , Sun Insurance Office super-catastrophe business – surety reinsurance surplus relief , , sustainability , – Sweden , , –, , , , Sundsvall Swiss Insurance Training Centre (SITC) Swiss Re , , , –, , , , acquisitions – actuarial practice –, in an evolving industry , –, – assets and atomic reactor reinsurance – Cat Peril Team CERA , consumer protection credit reinsurance – currency congruent strategy departments domination income from interest investment decisions – lead reinsurer – losses , and natural disasters , , –, , , in a neutral country New Markets one company approach operating environment , , profits – quota-share contracts – sigma , –, start of –, –, , , –, and treaty reinsurance –, –, –, –, –, –, and world wars XL treaties Switzerland , , , , , , –, , , actuarial organizations fire insurers Glarus Fire , professional reinsurance regulation , – reinsurance law , – storm Swiss Insurance Contracts – Syria Süssmilch, J P takaful , , –, technical accounting , technical engineering INDEX technological change technology, hazardous terrorism , –, –, / , , , – and contract law , , and professional reinsurance , , – uninsurable Tetens, J Texas Savings and Loans Crisis Thailand , , Thatcher, M Thieme, C Thomas, K Titanic tontines traffic accidents – transaction cost transparency treaty reinsurance , definition , obligatory quota-share – rise and decline –, – Trebilcock, C , Truman, H S trust , , , , , , and conflict resolution , –, , and treaty reinsurance , –, – Turkey , , , Milli Reinsurance Turner, B A Tytens, L uberrima fides , uncertainty , –, – underwriting portfolio – United Kingdom –, , , , , , Bank of England bank failures British Empire – British Fire Offices Committee British Joint Stock Companies Act early insurance market – empire exchange controls Faculty of Actuaries Financial Services Authority (FSA) fire insurers first-starter problems foreign firms freedom of contract Friendly Society Gambling Act , gold holder gold standard –, Great Fire in London , Institute of Actuaries Insurance Act investment flows Keynesian economics Life Assurance Companies Act Marine Insurance Act North Sea storm surge reinsurance treaties South Sea Bubble terrorism , trade with US – wind storm United Nations , ESCAP UNCTAD –, UNCTC United States –, , , , , / , , , –, –, – actuarial organizations arms race asbestos Atomic Energy Act , – bank failures budget Californian Earthquake Authority catastrophes , , , Chicago Board of Trade (CBOT) –, , Chicago fire Civil War co-insurance market codification demographic changes devaluation Dodd-Frank Act earthquakes – INDEX economic growth Federal Emergency Management Agency (FEMA) Federal Reserve , – fires Fordney-McCumber Tariff freedom of contract health care Hurricane Andrew , , , –, , , , Hurricane Betsy , , , , , , – Hurricane Gilbert Hurricane Katrina , , , , , , , , , , hurricane season insurance exchanges insurance giants –, Joint Committee on Atomic Energy (JCAE) Keynesian economics larger enterprises liability crisis , , , , , Mutual Atomic Energy Liability Underwriters (MAELU) National Association of Claimants’ Compensation Attorneys (NACCA) National Flood Insurance Program Northridge earthquake , –, Nuclear Energy Liability Insurance Association (NELIA) nuclear insurance problem – Price-Anderson Act , – public liability insurance regulation , , , San Francisco Earthquake , –, , , –, , –, tax laws Terrorism Risk Insurance Act (TRIA) , , – Three Mile Island , trade with UK – Trading with the Enemy Act World Trade Centre Uruguay Vašíček Vec, M , –, Venezuela Vienna Convention on Civil Liability for Nuclear Damage Vietnam War , Vilar, P Volcker, P Voltaire von Böhm-Bawerk, E von Finck, W von Mises, L von Thieme, C Wagstaffe, W Walford, C Wallington, N Walras, L Weber, M Werner, S , , Whitney, A W Wilson, W Witt, J de , Witte, S , World Bank , , World Economic Forum (WEF) world wars , –, , – WWI , WWII , XL see excess of loss Xynthia YK Zelizer, V Zilibotti, F Zimbabwe Zimmermann, H .. .MANAGING RISK IN REINSURANCE MANAGING RISK IN REINSURANCE From City Fires to Global Warming Edited by NIELS... reinsurance companies for A.. Top reinsurance companies for A.. Top reinsurance groups for A.. Top reinsurance groups for A.. Top reinsurance. .. to begin farming turns them into risks The invention of risk management, according to Luhmann, makes risk- free life impossible He illustrated this in his famous umbrella analogy: before the invention
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