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Understanding factors that affect the clustering and association of antibodies molecules in solution is critical to their development as therapeutics. For 19 different monoclonal antibody (mAb) solutions, we measured the viscosities, the second virial coefficients, the Kirkwood-Buff integrals, and the cluster distributions of the antibody molecules as functions of protein concentration. Solutions were modeled using the statistical-physics Wertheim liquid-solution theory, representing antibodies as Y-shaped molecular structures of seven beads each. We found that high-viscosity solutions result from more antibody molecules per cluster. Multi-body properties such as viscosity are well predicted experimentally by the 2-body Kirkwood-Buff quantity, G22, but not by the second virial coefficient, B22, and well-predicted theoretically from the Wertheim protein-protein sticking energy. Weakly interacting antibodies are rate-limited by nucleation; strongly interacting ones by propagation. This approach gives a way to relate micro to macro properties of solutions of associating proteins.

The distribution-free chain ladder of Mack justified the use of the chain ladder predictor and enabled Mack to derive an estimator of conditional mean squared error of prediction for the chain ladder predictor. Classical insurance loss models, that is of compound Poisson type, are not consistent with Mack’s distribution-free chain ladder. However, for a sequence of compound Poisson loss models indexed by exposure (e.g., number of contracts), we show that the chain ladder predictor and Mack’s estimator of conditional mean squared error of prediction can be derived by considering large exposure asymptotics. Hence, quantifying chain ladder prediction uncertainty can be done with Mack’s estimator without relying on the validity of the model assumptions of the distribution-free chain ladder.

This paper considers variable annuity (VA) contracts embedded with guaranteed minimum accumulation benefit (GMAB) riders when policyholder’s proceeds are taxed upon early surrender or maturity. These contracts promise the return of the premium paid by the policyholder, or a higher rolled-up value, at the end of the investment period. A partial differential equation valuation framework which exploits the numerical method of lines is used to determine fair fees that render the policyholder and insurer breakeven. Two taxation regimes are considered: one where capital gains are allowed to offset losses and a second where gains do not offset losses. Most insurance providers highlight the tax-deferred features of VA contracts. We show that the regime under which the insured is taxed significantly impacts prices. If losses are allowed to offset gains then this enhances the market, increasing the policyholder’s willingness to participate in the market compared to the case when losses are not allowed to offset gains. With fair fees from the policyholder’s perspective, we show that the net profit is generally positive for insurance companies offering the contract as a naked option without any hedge. We also show how investment policy, as reflected in the Sharpe ratio, impacts and interacts with policyholder persistency., SCOPUS: ar.j, info:eu-repo/semantics/published

Este trabajo fue parcialmente financiado por el Ministerio de Ciencia e Innovación de España por el proyecto: ref. ECO2010-22065-C03-01., La gestión de riesgos, asociada al seguro del automóvil, es una cuestión crucial a la que se enfrentan en la actualidad tanto actuarios como profesionales del sector. Es clave seleccionar adecuadamente los factores de riesgos para asignar las tarifas a los asegurados en función del riesgo asociado. Por tanto, el objetivo de este trabajo es comprobar empíricamente la validez de la utilización de los niveles de “bonus-malus” para clasificar adecuadamente a los asegurados a través de dos modelos de ecuaciones estructurales. Los análisis sobre una muestra de 4.365 pólizas automovilísticas españolas descritas a través de 11 factores de riesgo muestran que la variable BM contribuye a mejorar la capacidad explicativa del modelo pero no de manera significativa., Risk management, associated to car insurance, is a crucial issue currently faced by both actuaries and field professionals. It is essential to adequately choose the risk factors to assign the payment rates to policyholders according to the associated risks. Therefore, the purpose of this work is to demonstrate, in an empirical way, the validity of using “bonus malus” (BM) levels to classify policyholders correctly through two models of structural equations. The analysis of a sample of 4,365 Spanish car insurance policies described through 11 risk factors shows that the variable BM contributes to improving the explaining capacity of the model, though not in a significant way., A gestão de riscos, associada com o seguro do automóvel, é uma questão crucial à qual se enfrentam, na atualidade, tanto atuários quanto profissionais do setor. É fundamental selecionar adequadamente os fatores de riscos para designar as tarifas aos segurados em função do risco associado. Portanto, o objetivo deste trabalho é comprovar empiricamente a validade da utilização dos níveis de bonus-malus (BM) para classificar adequadamente os segurados por meio de dois modelos de equações estruturais. As análises sobre uma amostra de 4.365 apólices automobilísticas espanholas descritas por meio de 11 fatores de risco mostram que a variável BM contribui para a melhoria da capacidade explicativa do modelo, mas não de maneira significativa., La gestion des risques associés à l’assurance du véhicule est une question cruciale que les actuaires comme les professionnels du secteur confrontent actuellement. Il est essentiel de bien choisir les facteurs de risque pour attribuer les tarifs aux assurés en fonction du risque associé. Par conséquent, le but de cet article est de tester empiriquement la validité de l’utilisation des niveaux de “bonus-malus” afin de classer correctement les assurés à travers deux modèles d’équations structurelles. Les analyses d’un échantillon de 4.365 polices d’assurance automobile espagnoles, décrites par 11 facteurs de risque, montrent que la variable BM contribue à améliorer le pouvoir explicatif du modèle, mais pas de manière significative., Ministerio de Ciencia e Innovación (MICINN), Depto. de Economía Financiera y Actuarial y Estadística, Fac. de Ciencias Económicas y Empresariales, TRUE, pub

This paper uses Soft Systems Methodology (SSM) to formulate strategies to prevent moral hazard acts in agricultural insurance in Indonesia. Agricultural insurance takes place, mainly, through Rice Crop Insurance and Cattle Insurance. Generally, the strategies that can be performed to minimize moral hazard practice in agricultural insurance programs are: developing the capacity of human resources, improving field communication, enforcing penalties, institutional strengthening, and adding new products through Islamic agricultural insurance. Specifically, this paper proposes that the prevention of moral hazard practices can be done by implementing Islamic agricultural insurance systems with the concept of risk-sharing instead of risk transfer., Este trabajo utiliza Soft Systems Methodology (SSM) para formular estrategias para prevenir el riesgo moral en los seguros agrícolas en Indonesia. El Seguro de Cosecha de Arroz y el Seguro de Ganado son los más utilizados. Las estrategias son: desarrollo de la capacidad de los recursos humanos, mejora de la comunicación sobre el terreno, aplicación de sanciones, fortalecimiento institucional e incorporación de nuevos productos a través del seguro agrícola islámico. En concreto, se propone que la prevención del riesgo moral puede realizarse mediante sistemas de seguros agrícolas islámicos basados en el concepto de compartir el riesgo en lugar de transferirlo.

This paper uses Soft Systems Methodology (SSM) to formulate strategies to prevent moral hazard acts in agricultural insurance in Indonesia. Agricultural insurance takes place, mainly, through Rice Crop Insurance and Cattle Insurance. Generally, the strategies that can be performed to minimize moral hazard practice in agricultural insurance programs are: developing the capacity of human resources, improving field communication, enforcing penalties, institutional strengthening, and adding new products through Islamic agricultural insurance. Specifically, this paper proposes that the prevention of moral hazard practices can be done by implementing Islamic agricultural insurance systems with the concept of risk-sharing instead of risk transfer., Este trabajo utiliza Soft Systems Methodology (SSM) para formular estrategias para prevenir el riesgo moral en los seguros agrícolas en Indonesia. El Seguro de Cosecha de Arroz y el Seguro de Ganado son los más utilizados. Las estrategias son: desarrollo de la capacidad de los recursos humanos, mejora de la comunicación sobre el terreno, aplicación de sanciones, fortalecimiento institucional e incorporación de nuevos productos a través del seguro agrícola islámico. En concreto, se propone que la prevención del riesgo moral puede realizarse mediante sistemas de seguros agrícolas islámicos basados en el concepto de compartir el riesgo en lugar de transferirlo.

This paper uses Soft Systems Methodology (SSM) to formulate strategies to prevent moral hazard acts in agricultural insurance in Indonesia. Agricultural insurance takes place, mainly, through Rice Crop Insurance and Cattle Insurance. Generally, the strategies that can be performed to minimize moral hazard practice in agricultural insurance programs are: developing the capacity of human resources, improving field communication, enforcing penalties, institutional strengthening, and adding new products through Islamic agricultural insurance. Specifically, this paper proposes that the prevention of moral hazard practices can be done by implementing Islamic agricultural insurance systems with the concept of risk-sharing instead of risk transfer., Este trabajo utiliza Soft Systems Methodology (SSM) para formular estrategias para prevenir el riesgo moral en los seguros agrícolas en Indonesia. El Seguro de Cosecha de Arroz y el Seguro de Ganado son los más utilizados. Las estrategias son: desarrollo de la capacidad de los recursos humanos, mejora de la comunicación sobre el terreno, aplicación de sanciones, fortalecimiento institucional e incorporación de nuevos productos a través del seguro agrícola islámico. En concreto, se propone que la prevención del riesgo moral puede realizarse mediante sistemas de seguros agrícolas islámicos basados en el concepto de compartir el riesgo en lugar de transferirlo.

We study yield spreads between government bonds in the European Monetary Union. This segment of the global fixed income market is of particular importance for insurance companies in Europe. Our empirical research strategy is inspired by Gunay (2020) who has analyzed the relationship between credit and liquidity risk in the United States using Granger causality tests. More specifically, we employ the procedure developed by Toda and Yamamoto (1995) to test for Granger causality among yield spreads in five different member countries of the European Monetary Union (namely Austria, Belgium, France, Italy and Ireland) relative to Germany. We examine interest rate data from bonds with three different maturities (5, 10 and 30 years). Given the importance of long-term bonds as asset class for European life insurers and pension funds, the empirical results from the often ignored market for government bonds with a maturity of 30 years should be of interest. With regard to long-term sovereign debt, there is no evidence for Granger causality among the time series examined here. Consequently, the risk premia required by investors to hold government bonds of one specific member country of the EMU do not help to forecast the risk premia that have to be paid by other countries. Given the structure of their liabilities, this empirical finding should be of high relevance for portfolio and risk managers in the European life insurance industry and in pension funds. With regard to the yield spreads to be observed in the market for 10-year government bonds, there seems to be no clear picture. Focusing on fixed income securities with a maturity of 5 years, there is one very interesting empirical finding. The test results reported here seem to imply that there is unidirectional Granger causality running from the yield spreads in all other four countries to Austria. Given that Austria is a comparably small country which is assumed to be in a fiscally stable position, this result could be int, Diese Studie untersucht Zinsdifferenzen am Markt von Staatsanleihen der Mitgliedsländer der Europäischen Währungsunion. Dieses Segment des globalen Rentenmarktes hat eine besondere Bedeutung für europäische Versicherungsunternehmen. Unsere empirische Studie ist von Gunay (2000) inspiriert, der den Zusammenhang zwischen Kredit- und Liquiditätsrisiko in den Vereinigten Staaten mittels Grangerkausalitätstests untersucht. Genauer gesagt findet hier der Ansatz von Toda und Yamamoto (1995) Anwendung. Untersucht werden die Zinsdifferenzen von fünf Ländern (Österreich, Belgien, Frankreich, Italien und Irland) zu Deutschland. Dabei wird auf drei Laufzeiten (5, 10 und 30 Jahre) geblickt. Der häufig in empirischen Studien ignorierte Markt für Staatsanleihen mit einer Restlaufzeit von 30 Jahren dürfte aufgrund der Struktur der Verbindlichkeiten von besonderem Interesse für Lebensversicherer und Pensionsfonds sein. In diesem Segment des europäischen Staatsanleihemarktes konnten wir keine Hinweise auf Grangerkausalität zwischen den Zinsdifferenzen finden. Die von den hier betrachteten Ländern für ihre Schulden zu zahlenden Risikoprämien helfen somit nicht, die Risikoprämien in den jeweils anderen untersuchten Nationen vorherzusagen. Dieses Ergebnis sollte von hoher Bedeutung für Kapitalanleger und Risikomanager bei europäischen Lebensversicherungen und Pensionsfonds sein. Im Laufzeitsegment 10 Jahre ergibt sich kein klares Bild. Bei den Zinsdifferenzen der Papiere mit einer Laufzeit von 5 Jahren zeigt sich dagegen klar, dass die Risikoprämien in allen anderen Ländern helfen, die Zinsdifferenz von Österreich zu Deutschland vorherzusagen. Da Österreich eher ein kleines Land mit relativ soliden Staatsfinanzen ist, mag dieses Ergebnis ein Hinweis darauf sein, dass das Kreditrisiko in diesem Segment des europäischen Rentenmarktes zur Prognose des Liquiditätsrisikos verwendet werden kann.

This paper uses Soft Systems Methodology (SSM) to formulate strategies to prevent moral hazard acts in agricultural insurance in Indonesia. Agricultural insurance takes place, mainly, through Rice Crop Insurance and Cattle Insurance. Generally, the strategies that can be performed to minimize moral hazard practice in agricultural insurance programs are: developing the capacity of human resources, improving field communication, enforcing penalties, institutional strengthening, and adding new products through Islamic agricultural insurance. Specifically, this paper proposes that the prevention of moral hazard practices can be done by implementing Islamic agricultural insurance systems with the concept of risk-sharing instead of risk transfer., Este trabajo utiliza Soft Systems Methodology (SSM) para formular estrategias para prevenir el riesgo moral en los seguros agrícolas en Indonesia. El Seguro de Cosecha de Arroz y el Seguro de Ganado son los más utilizados. Las estrategias son: desarrollo de la capacidad de los recursos humanos, mejora de la comunicación sobre el terreno, aplicación de sanciones, fortalecimiento institucional e incorporación de nuevos productos a través del seguro agrícola islámico. En concreto, se propone que la prevención del riesgo moral puede realizarse mediante sistemas de seguros agrícolas islámicos basados en el concepto de compartir el riesgo en lugar de transferirlo.

Agricultural (index) insurance for smallholders in developing countries has gained traction in academic and policy circles. The expectation is that the uptake of insurance will protect smallholders from production shocks and incentivize them to modernize production. We develop a simple theoretical model to demonstrate that the welfare effects of insurance are fundamentally ambiguous—even in the absence of transaction costs or basis risk. The second-best nature of the institutional context within which smallholders operate implies that the uptake of insurance may accentuate pre-existing inefficiencies. This idea is worked out in detail for the case of livestock herding on common grazing lands. Our theoretical model predicts that insurance invites overstocking of communal lands, and lowers the profitability of herding when common pastures are degraded.

info:eu-repo/semantics/published

This paper deals with the idea of converting retirement benefit into a life care annuity with graded benefits using a pre-existing public pay-as-you-go pension scheme. Based on accurate biometric data from Australia and the US, the paper shows that using gender-neutral annuity factors to compute the initial benefit involves a large increase in ex-ante gender redistribution compared to a system without long-term coverage. In spite of the very different biometric data, the results are surprisingly similar for both countries. To disentangle the hidden redistribution, a methodology based on conversion (actuarial) factors is used. The value of the actuarial factor relies on a multistate framework in which transitions are modeled from the initial health state to the absorbing state. We also look at what might happen if an annuitant’s initial heath state is not able when they become a beneficiary., Ministerio de Economía y Competitividad (MINECO), Fac. de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico (ICAE), TRUE, pub

This paper presents a methodological approach based on the Value at Operational Risk (VaRop) concept in order to quantify the maximum economic loss expected for the theft of insured vehicles in Colombia disaggregated by insurance company and for major cities. The financial loss to owners whose vehicles are not insured is also estimated. To do this, we identified the probability distributions associated to the series of thefts both in terms of frequency and monthly financial loss, which were aggregated using a Monte Carlo simulation process, it permit estimate the operational VaR or maximum probable loss at 95%. For the equity loss, a multidimensional model was proposed for the Distribution of Wealth Quantify Detriment incorporating five probability distributions in a Montecarlo simulation process. The study highlights the grave problem of vehicle theft in Colombia. There is a maximum economic loss for insurers of $9,130.0 million/month and a capital expense for citizens in the order of $16,458.0 mill/month. There is also a low insurance culture: only the 28.16% of the stolen vehicles are insured., Este trabajo presenta una aproximación metodológica basada en el concepto de valor en riesgo operativo (VaRop) para la estimación de las pérdidas económicas máximas esperadas por el hurto de vehículos asegurados en Colombia, desagregado por empresa aseguradora y para las principales ciudades del país. También se estima la pérdida patrimonial para propietarios cuyos vehículos no están asegurados. Para el primer propósito, se identificaron las distribuciones de probabilidad asociadas a las series de hurtos tanto para la frecuencia como para la pérdida económica mensual, las cuales fueron agregadas mediante un proceso de simulación Montecarlo. Para la pérdida patrimonial se planteó un modelo multidimensional para cuantificar la distribución del detrimento patrimonial, la cual incorpora cinco distribuciones de probabilidad en un proceso de simulación Montecarlo. El estudio evidencia la gravedad del problema del robo de vehículos en Colombia, con unas pérdidas económicas máximas para las aseguradoras de $9.130,0 millones/mes y un detrimento patrimonial para los ciudadanos del orden de $16.458,0 millones/mes; además, refleja la baja cultura del seguro en el país donde solo el 28,16% del parque automotor está cubierto por compañías aseguradoras., Este trabalho apresenta uma aproximação metodológica baseada no conceito de valor em risco operacional (VaRop) para a previsão das perdas econômicas máximas esperadas por o furto de veículos segurados na Colômbia, desagregado por uma seguradora e para as principais cidades do país. Também prevê-se a perda patrimonial para proprietários cujos veículos não estão segurados. Para o primeiro propósito, foram identificadas as distribuições de probabilidade associadas aos furtos tanto para a frequência quanto para a perda econômica mensal, as quais foram agregadas mediante um processo de simulação Montecarlo. Para a perda patrimonial foi proposto um modelo multidimensional para quantificar a distribuição do detrimento patrimonial, a qual incorpora cinco distribuições de probabilidade em um proceso de simulação Montecarlo. O estudo mostra a gravidade do problema do roubo de veículos na Colômbia, com perdas econômicas máximas para as seguradoras de $9.130,0 milhões/mês e um detrimento patrimonial para os cidadãos da ordem de $16.458,0 milhões/mês; além do mais, mostra a baixa cultura do seguro no país onde só 28,16% do parque automotor está coberto por seguradoras.

People of all ages are threatened by accident. They have not many options of protection against financial impacts that are caused by accident. Accident insurance is often taking out insurance in the insurance practice. This article is focusing on quantification of risks for accident insurance. There are described possibilities of measuring risks and using of suitable models. There are modelled number and amount of insurance benefit using real data of the Slovak insurance companies. The data of the Slovak insurance companies is selected specifically for the case of death due to accident. Data contain information about the number of insured persons and number of insured events. The insurance companies cannot estimate premium separately for men and women due to EU Regulation. In this article, firstly, the premium is estimated separately for men and women and secondly this estimation is designed for both sexes. There is shown decision of EU affect amount of premium.

This paper presents an application of the Bayesian inference to estimate health care expenses by health insurance companies in the Czech Republic and Slovakia. In particular, the Buhlmann-Straub model is applied onto real data, covering time period 2010-2015, from all seven Czech and three Slovakian health insurance companies in order to calculate the credible health care costs per person and the corresponding credibility factors for each company. Computed credible health care costs per person are compared with the real estimations of health care costs per person quoted by analyzed health insurance companies. These real estimates are not available for all the Slovakian health insurance companies and two Czech health insurance companies. The results of Buhlmann-Straub model show that while the largest insurance companies can reliably predict the health care costs for the subsequent time period based on its own statistical data, the smaller companies can find out credible estimation of health care costs per person, taking into account data from all comparable healthcare insurance companies.

This paper provides a complete characterization of equilibria in a game-theoretic version of Rothschild and Stiglitz (1976)’s model of competitive insurance. I allow for stochastic contract offers by insurance firms and show that a unique symmetric equilibrium always exists. Exact conditions under which the equilibrium involves mixed strategies are provided. The mixed equilibrium features: (i) cross-subsidization across risk levels, (ii) dependence of offers on the risk distribution and (iii) price dispersion generated by firm randomization over offers.

This paper provides a complete characterization of equilibria in a game-theoretic version of Rothschild and Stiglitz (1976)’s model of competitive insurance. I allow for stochastic contract offers by insurance firms and show that a unique symmetric equilibrium always exists. Exact conditions under which the equilibrium involves mixed strategies are provided. The mixed equilibrium features: (i) cross-subsidization across risk levels, (ii) dependence of offers on the risk distribution and (iii) price dispersion generated by firm randomization over offers.

This paper provides a complete characterization of equilibria in a game-theoretic version of Rothschild and Stiglitz (1976)’s model of competitive insurance. I allow for stochastic contract offers by insurance firms and show that a unique symmetric equilibrium always exists. Exact conditions under which the equilibrium involves mixed strategies are provided. The mixed equilibrium features: (i) cross-subsidization across risk levels, (ii) dependence of offers on the risk distribution and (iii) price dispersion generated by firm randomization over offers.

This paper provides a complete characterization of equilibria in a game-theoretic version of Rothschild and Stiglitz (1976)’s model of competitive insurance. I allow for stochastic contract offers by insurance firms and show that a unique symmetric equilibrium always exists. Exact conditions under which the equilibrium involves mixed strategies are provided. The mixed equilibrium features: (i) cross-subsidization across risk levels, (ii) dependence of offers on the risk distribution and (iii) price dispersion generated by firm randomization over offers.

We study a policy aimed at increasing the level of information on medical malpractice costs and the risk exposure of local public healthcare providers. The policy is based on enhanced monitoring of medical malpractice claims by the level of government that rules providers in a multilevel institutional setting. In particular, we implement a difference-in-differences strategy using Italian data at the provider level from 2001 to 2008 to evaluate the impact of monitoring claims on medical liability expenditures, measured as insurance premiums and legal expenditures, which was adopted by only some Regions. Our results show that this information-enhancing policy reduces paid premiums by around 15%. This reduced-form effect might arise by higher bargaining power on the demand side or increased competition on the supply side of the insurance market. Validity tests show that our findings are not driven by differential pre-policy trends between treated and control providers. Moreover, this policy could be cheaply implemented also in other institutional contexts with positive effects.

Substantial uncertainty exists regarding the causal effect of health insurance on the utilization of care. We exploit a sharp change in insurance coverage rates that results from young adults "aging out" of their parents' insurance plans to estimate the effect of insurance coverage on the utilization of emergency department (ED) and inpatient services. Aging out results in an abrupt 5 to 8 percentage point reduction in the probability of having health insurance. We find that uninsured status leads to a 40 percent reduction in ED visits and a 61 percent reduction in inpatient hospital admissions.

On May 11-12, 2011, SUERF, the Belgian Financial Forum, the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) jointly organised the 29th SUERF Colloquium New paradigms in money and finance? The papers included in this SUERF Study are based on contributions to the Colloquium. The 2008-11 financial crisis has demonstrated unsatisfactory performance in financial institutions and in financial regulation and supervision all over the world. The contributors to the present volume look with critical eyes on financial theories, supervisory structures, (mis)pricing of risk and distorted incentives, risk management models and procedures, conflicts of interest and bank strategies. Their perspectives are quite different, but they share the ambition of finding improved analytical, organizational or managerial approaches so that decisionmakers have a better chance of showing good performance in the future. In essence, they are looking for new paradigms in banking, financial markets and regulation.

Substantial uncertainty exists regarding the causal effect of health insurance on the utilization of care. We exploit a sharp change in insurance coverage rates that results from young adults "aging out" of their parents' insurance plans to estimate the effect of insurance coverage on the utilization of emergency department (ED) and inpatient services. Aging out results in an abrupt 5 to 8 percentage point reduction in the probability of having health insurance. We find that uninsured status leads to a 40 percent reduction in ED visits and a 61 percent reduction in inpatient hospital admissions.

This article investigates the understandings and perceptions of (micro)insurance among lowincome people in southern Ghana, using evidence from four focus group discussions. It analyzes how the focus group participants think about various types of insurance - among them a micro life insurance product - and how their negative and/or positive evaluations have come about. The evidence indicates that (micro)insurance is mostly positively perceived by the participants of the focus group discussions. However, it is also found that many people's image of insurance is based on incomplete (and sometimes erroneous) information, or even on intuition. In addition, the experiences or opinions of peers turn out to be critical in shaping an individual's perception of insurance. These two factors potentially have a contagious effect, which can lead to unreasonably positive or overly negative ideas about (micro )insurance. Such ideas, in turn, can become detrimental to the further distribution of microinsurance.

This paper aims at gaining deeper understanding of the possible effects of combined microfinance (CMF) on social and economic performance outcomes. By means of a case-study on the City of Bridgetown (COB), one of the leading credit unions in Barbados, it explores the possible limits, challenges and economies of scope of CMF. This case-study suggests that CMF, especially the combination credit-savings, may enhance the cost-efficiency of loan delivery and that it can generate economies of scope for marketing purposes. Savings is at the heart of the growth strategy of the credit union and has contributed to its current large breadth of outreach. The paper observes that more female than male clients participate in insurance schemes, highlighting gender differences. The case-study suggests that CMF can also lead to a number of combined and additional costs and financial risks, which need to be taken into account. The nature of product diversification can lead to additional access barriers for unbankable clients, especially related to financial costs and information asymmetry., info:eu-repo/semantics/published

Product diversification involving simultaneously microcredit, savings or insurance services –also called combined microfinance (CMF)- can both leverage and challenge policy outcomes. This paper reviews two complementary questions in this regard: Which are the possible effects of CMF on public policy? and; How can public policy influence CMF outcomes? A literature review, findings from qualitative assessments and a case study in Barbados highlight the increased challenging environment when supervising, regulating and promoting CMF. When preparing regulation, one has to ensure that the necessary technical and organisational capacity is in place to ensure proper monitoring and oversight. When supporting CMF, policy makers should strive at enhancing smart ways of subsidizing. CMF may stimulate economic and outreach policy outcomes. Still, as it can have adverse effects on the depth of poverty outreach, pro-poor and gender specific policy measures need to be put in place to accompany MFIs engaging in CMF. This paper calls for a more ambitious research agenda to accompany the increasingly complex demand and supply side elements relating to CMF public policy oversight., info:eu-repo/semantics/published

This paper aims at gaining deeper understanding of the possible effects of combined microfinance (CMF) on social and economic performance outcomes. By means of a case-study on the City of Bridgetown (COB), one of the leading credit unions in Barbados, it explores the possible limits, challenges and economies of scope of CMF. This case-study suggests that CMF, especially the combination credit-savings, may enhance the cost-efficiency of loan delivery and that it can generate economies of scope for marketing purposes. Savings is at the heart of the growth strategy of the credit union and has contributed to its current large breadth of outreach. The paper observes that more female than male clients participate in insurance schemes, highlighting gender differences. The case-study suggests that CMF can also lead to a number of combined and additional costs and financial risks, which need to be taken into account. The nature of product diversification can lead to additional access barriers for unbankable clients, especially related to financial costs and information asymmetry., info:eu-repo/semantics/published

Product diversification involving simultaneously microcredit, savings or insurance services –also called combined microfinance (CMF)- can both leverage and challenge policy outcomes. This paper reviews two complementary questions in this regard: Which are the possible effects of CMF on public policy? and; How can public policy influence CMF outcomes? A literature review, findings from qualitative assessments and a case study in Barbados highlight the increased challenging environment when supervising, regulating and promoting CMF. When preparing regulation, one has to ensure that the necessary technical and organisational capacity is in place to ensure proper monitoring and oversight. When supporting CMF, policy makers should strive at enhancing smart ways of subsidizing. CMF may stimulate economic and outreach policy outcomes. Still, as it can have adverse effects on the depth of poverty outreach, pro-poor and gender specific policy measures need to be put in place to accompany MFIs engaging in CMF. This paper calls for a more ambitious research agenda to accompany the increasingly complex demand and supply side elements relating to CMF public policy oversight., info:eu-repo/semantics/published

Im Zug der Verbreitung von Mikrokrediten und Mikrosparprodukten werden seit ungefähr einem Jahrzehnt auch Versicherungen an einkommensschwache Haushalte in Entwicklungs- und Schwellenländern verkauft. Es besteht die Hoffnung, weite Teile der Bevölkerung, denen ein Zugang zu staatlichem Sozialversicherungsschutz fehlt, gegen schwere Notlagen abzusichern und damit ihre wirtschaftliche Existenz zu erhalten. Allerdings ist es bis dahin noch ein weiter Weg. Zum einen ist die Verbreitung von Mikroversicherungen bislang noch sehr begrenzt. Zum anderen sind, wie hier am Beispiel einer Lebensversicherung in Ghana gezeigt wird, das Vertrauen in die Versicherer und der Informationsstand über spezifische Versicherungsprodukte in der Zielgruppe eher gering. Außerdem gelingt es vielen, insbesondere kommerziellen Versicherern (noch) nicht, sich auf die Besonderheiten des Marktes einzustellen.

In this paper we compare the main regulatory frameworks: American (US RBC, Risk-Based-Capital), Swiss (SST, Swiss Solvency Test) and European (Solvency II). We improve on the existing literature by focusing on technical aspects of regulation schemes, particularly the capital requirements’ calculation and by including latest quantitative and qualitative improvements of the Solvency II project. The comparison concludes that Swiss and European systems are advanced regulatory processes in comparison with American regulation although the latter system was perceived as a revolution some years ago. Even if the Swiss regime and the future European directive are quite similar, there are also some key differences to highlight. European approach to determine regulatory capital is mainly risk-sensitive, based on risk measures, whereas US RBC is mainly based on static factors and accounting data reported in the audited statutory annual statement. The three systems also differ with regards to the use of different risk measures, the consideration of operational and catastrophe risks, the use of internal models, the treatment of diversification effect, the limits imposed to investments, and the consideration of qualitative aspects., info:eu-repo/semantics/published

Documented deficiencies in traditional social transfer mechanisms have led to the emergence of alternative methods for reducing poverty. In many countries, microfinance institutions (MFIs) have become popular instruments for redistributive pro-poor policies. While microcredit programmes have undoubtedly improved the lives of millions of poor households, they are also criticised for not being inclusive enough to reach out to the poor and their specific needs. This paper explores if the current trend towards product diversification can be an appropriate policy response for enhanced poverty outreach, in particular when combining micro-credit with savings and insurance. By reviewing cross-sectional evidence of 250 microfinance schemes in Latin America and the Caribbean,one canfind positive effects of combined microfinance (CMF) on the breadth of outreach. Still, the contribution of CMF on the depth of poverty outreach is less evident, both viewed from an income-related and gender-sensitive lens. The findings suggest that the presence of savings is accompanied with a relatively lower participation of poor and female clients. Practitioners and policy makers –when designing CMF- must ensure that pragmatic mechanisms are in place to ensure that the neediest are reached., info:eu-repo/semantics/published

Life insurance has become an increasingly important part of the financial sector. The past ten years have witnessed significant changes of the market conditions faced by the insurance industry. Two trends are especially crucial: the assimilation of banking-sector type activities by life insurers and the consolidation of financial services (e.g. bancassurance). This article identifies the factors determining consumption for life insurance products across 90 countries for the year 2005. We introduce new factors to account for the increased link between bank and insurance sectors. Using a larger dataset, our results confirm the existing literature by showing that countries with higher income, better developed financial system, better educated population and higher old ratio spend more money on life insurance products whereas life expectancy tends to decrease life insurance demand. Moreover, institutional, religious and legal factors are found to be important. The levels of inflation and interest rates, the young ratio and the size of the social security system appear to have no robust association with life insurance consumption. The set of new variables introduced: bancassurance and banking efficiency appear significant, with a negative impact on life insurance consumption. Restricting our sample to developed countries confirm previous results for banking efficiency and bancassurance. The results highlight that the increasing blurring of the boundaries between insurers and banks impact life insurance demand., info:eu-repo/semantics/published

Worldwide, microcredit organizations are gradually transforming to multi-servicing organizations offering additional financial services. This paper examines whether combining microcredit with insurance and/or savings enhances their economic performance by increasing their efficiency, productivity, sustainability or portfolio quality indicators. Using cross-sectional data from 250 microfinance institutions (MFIs) from Latin America and the Caribbean, it compares MFIs offering credit only with those combining credit with respectively savings and insurance. By using multiple regression analysis, this research finds positive effects of both savings and insurance on the efficiency and productivity of MFIs. Still, this research didn't find significant results with relation to the sustainability and portfolio quality of MFIs. Overall, taking into account various risks, combined microfinance can enhance organisational efficiency and productivity because of the different economies of scope which can be achieved. This reveals especially for large and mature MFIs which already exhibit readiness in terms of human, financial, and organizational resources to deal with the complexity of delivering multiple financial services., info:eu-repo/semantics/published

Life insurance has become an increasingly important part of the financial sector. The past ten years have witnessed significant changes of the market conditions faced by the insurance industry. Two trends are especially crucial: the assimilation of banking-sector type activities by life insurers and the consolidation of financial services (e.g. bancassurance). This article identifies the factors determining consumption for life insurance products across 90 countries for the year 2005. We introduce new factors to account for the increased link between bank and insurance sectors. Using a larger dataset, our results confirm the existing literature by showing that countries with higher income, better developed financial system, better educated population and higher old ratio spend more money on life insurance products whereas life expectancy tends to decrease life insurance demand. Moreover, institutional, religious and legal factors are found to be important. The levels of inflation and interest rates, the young ratio and the size of the social security system appear to have no robust association with life insurance consumption. The set of new variables introduced: bancassurance and banking efficiency appear significant, with a negative impact on life insurance consumption. Restricting our sample to developed countries confirm previous results for banking efficiency and bancassurance. The results highlight that the increasing blurring of the boundaries between insurers and banks impact life insurance demand., info:eu-repo/semantics/published

In this paper we compare the main regulatory frameworks: American (US RBC, Risk-Based-Capital), Swiss (SST, Swiss Solvency Test) and European (Solvency II). We improve on the existing literature by focusing on technical aspects of regulation schemes, particularly the capital requirements’ calculation and by including latest quantitative and qualitative improvements of the Solvency II project. The comparison concludes that Swiss and European systems are advanced regulatory processes in comparison with American regulation although the latter system was perceived as a revolution some years ago. Even if the Swiss regime and the future European directive are quite similar, there are also some key differences to highlight. European approach to determine regulatory capital is mainly risk-sensitive, based on risk measures, whereas US RBC is mainly based on static factors and accounting data reported in the audited statutory annual statement. The three systems also differ with regards to the use of different risk measures, the consideration of operational and catastrophe risks, the use of internal models, the treatment of diversification effect, the limits imposed to investments, and the consideration of qualitative aspects., info:eu-repo/semantics/published

Worldwide, microcredit organizations are gradually transforming to multi-servicing organizations offering additional financial services. This paper examines whether combining microcredit with insurance and/or savings enhances their economic performance by increasing their efficiency, productivity, sustainability or portfolio quality indicators. Using cross-sectional data from 250 microfinance institutions (MFIs) from Latin America and the Caribbean, it compares MFIs offering credit only with those combining credit with respectively savings and insurance. By using multiple regression analysis, this research finds positive effects of both savings and insurance on the efficiency and productivity of MFIs. Still, this research didn't find significant results with relation to the sustainability and portfolio quality of MFIs. Overall, taking into account various risks, combined microfinance can enhance organisational efficiency and productivity because of the different economies of scope which can be achieved. This reveals especially for large and mature MFIs which already exhibit readiness in terms of human, financial, and organizational resources to deal with the complexity of delivering multiple financial services., info:eu-repo/semantics/published

Documented deficiencies in traditional social transfer mechanisms have led to the emergence of alternative methods for reducing poverty. In many countries, microfinance institutions (MFIs) have become popular instruments for redistributive pro-poor policies. While microcredit programmes have undoubtedly improved the lives of millions of poor households, they are also criticised for not being inclusive enough to reach out to the poor and their specific needs. This paper explores if the current trend towards product diversification can be an appropriate policy response for enhanced poverty outreach, in particular when combining micro-credit with savings and insurance. By reviewing cross-sectional evidence of 250 microfinance schemes in Latin America and the Caribbean,one canfind positive effects of combined microfinance (CMF) on the breadth of outreach. Still, the contribution of CMF on the depth of poverty outreach is less evident, both viewed from an income-related and gender-sensitive lens. The findings suggest that the presence of savings is accompanied with a relatively lower participation of poor and female clients. Practitioners and policy makers –when designing CMF- must ensure that pragmatic mechanisms are in place to ensure that the neediest are reached., info:eu-repo/semantics/published

We develop a simple yet realistic model of income insurance, where the individual’s ability and willingness to work is treated as a continuous variable. In this framework, income insurance not only provides income smoothing, it also relieves the individual from particularly burdensome work. As a result, the individual adjusts his labor supply in a continuous fashion to the implicit tax wedge of the insurance system. Moral hazard, in the sense that an individual receives insurance benefits without actually being fully qualified, also becomes a matter of degree. Moreover, our continuous framework makes it easy to analyze both the role of administrative rejection of claims, and the role of social norms, for the utilization of insurance.

Cet article examine l’évolution des besoins en régulation du secteur des assurances. Celui-ci tend vers le secteur bancaire si bien que la frontière entre les 2 intermédiaires financiers s’estompe. La littérature assurantielle, au contraire de la littérature bancaire, est peu développée à l’exception des problèmes d’asymétrie d’information. Cet article consistera tout d’abord en une revue de la littérature sur la régulation des assurances. Ensuite, au travers des changements qui affectent le secteur, montrer l’implication sur les besoins en régulation. Au départ d’une comparaison des besoins en régulation des secteurs bancaire et des assurances, l’analyse a permis de voir une certaine convergence. La spécificité du secteur assurance tient dans son aspect social. Il permet de réduire l’incertitude des ménages et des entreprises qui peuvent se spécifier dans leur rôle, créer des initiatives personnelles et investir dans des projets. Des risques bien connus en littérature bancaire comme la panique ou le risque systémique touchent désormais le secteur assurance. Avec le développement des nouveaux produits d’assurance (essentiellement dans le secteur vie), les passifs des sociétés d’assurance deviennent plus liquides. Un risque d’inadéquation apparaît désormais plus marqué. Un risque de type panique bancaire pourrait apparaître. Les assurances investissent en masse dans les marchés financiers si bien qu’il existe désormais un lien étroit entre les deux. Les récentes fluctuations boursières ont mis en lumière la forte exposition des entreprises d’assurance aux marchés financiers. A l’inverse, les assurances ont une position plus marquée sur les marchés financiers si bien qu’une faillite généralisée du secteur pourrait induire un risque systémique., info:eu-repo/semantics/published

The role of insurance sector has grown in importance. While there is a plethora of academic literature on the needs for a banking regulation, literature on insurance regulation is scarce and mainly focused on asymmetry issues. In this paper, we describe the reasons for an insurance regulation. Recent developments faced by insurers modified the risks encountered by the sector, especially liquidity risk and systemic risk. The purpose of the discussion presented here is also to outline the specificities of the new framework for the regulation of European insurance undertakings, Solvency II, as it is currently discussed to provide an appropriate response to the changing needs of insurance regulation. Our analysis leads us to conclude that Solvency II answers well to the developing insurance sector. However, caution is warranted for some areas such as evaluation of embedded options and guarantees, risk transfer and financial conglomerates., info:eu-repo/semantics/nonPublished

The role of insurance sector has grown in importance. While there is a plethora of academic literature on the needs for a banking regulation, literature on insurance regulation is scarce and mainly focused on asymmetry issues. In this paper, we describe the reasons for an insurance regulation. Recent developments faced by insurers modified the risks encountered by the sector, especially liquidity risk and systemic risk. The purpose of the discussion presented here is also to outline the specificities of the new framework for the regulation of European insurance undertakings, Solvency II, as it is currently discussed to provide an appropriate response to the changing needs of insurance regulation. Our analysis leads us to conclude that Solvency II answers well to the developing insurance sector. However, caution is warranted for some areas such as evaluation of embedded options and guarantees, risk transfer and financial conglomerates., info:eu-repo/semantics/nonPublished

Cet article examine l’évolution des besoins en régulation du secteur des assurances. Celui-ci tend vers le secteur bancaire si bien que la frontière entre les 2 intermédiaires financiers s’estompe. La littérature assurantielle, au contraire de la littérature bancaire, est peu développée à l’exception des problèmes d’asymétrie d’information. Cet article consistera tout d’abord en une revue de la littérature sur la régulation des assurances. Ensuite, au travers des changements qui affectent le secteur, montrer l’implication sur les besoins en régulation. Au départ d’une comparaison des besoins en régulation des secteurs bancaire et des assurances, l’analyse a permis de voir une certaine convergence. La spécificité du secteur assurance tient dans son aspect social. Il permet de réduire l’incertitude des ménages et des entreprises qui peuvent se spécifier dans leur rôle, créer des initiatives personnelles et investir dans des projets. Des risques bien connus en littérature bancaire comme la panique ou le risque systémique touchent désormais le secteur assurance. Avec le développement des nouveaux produits d’assurance (essentiellement dans le secteur vie), les passifs des sociétés d’assurance deviennent plus liquides. Un risque d’inadéquation apparaît désormais plus marqué. Un risque de type panique bancaire pourrait apparaître. Les assurances investissent en masse dans les marchés financiers si bien qu’il existe désormais un lien étroit entre les deux. Les récentes fluctuations boursières ont mis en lumière la forte exposition des entreprises d’assurance aux marchés financiers. A l’inverse, les assurances ont une position plus marquée sur les marchés financiers si bien qu’une faillite généralisée du secteur pourrait induire un risque systémique., info:eu-repo/semantics/published

Das Eingehen von Pensionsverpflichtungen ist für Unternehmen mit vielfältigen Risiken verbunden. In diesem Papier werden am Beispiel der Pensionszusage die Auswirkungen zweier Risikofaktoren auf die Pensionsrückstellungen von Unternehmen untersucht: Des vorzeitigen Rentenbezugs und des für die Steuerbilanzierung gesetzlich festgelegten Rechnungszinses gemäß § 6a EStG. Ausgangspunkt der Überlegungen bildet die Fragestellung, ob die gesetzlich zulässigen Pensionsrückstellungen auch den tatsächlichen Kostenaufwand aus Betriebsrenten abbilden. Dazu wird ein erstes Grundmodell zur Bestimmung von Pensionsrückstellungen entwickelt, auf dessen Basis für konkrete Annahmeszenarien Berechnungen durchgeführt werden. Es zeigt sich, dass ein vorzeitiger Rentenzugang mit 62 Jahren mit Einsparungen, ein Rentenzugang ab 65 Jahren hingegen mit Mehrkosten verbunden ist. Werden die Pensionsrückstellungen auf Basis der neuen Heubeck'schen Richttafeln 2005G® durchgeführt, so konnte eine angemessene Berücksichtigung demografischer Veränderungen festgestellt werden. Allerdings ist davon auszugehen, dass die gebildeten Pensionsrückstellungen unter Maßgabe des Rechnungszinses nach §6a EStG zu einer Unterbewertung des tatsächlichen Kostenaufwandes für Betriebsrenten von bis zu 30 Prozent führen. Vor dem Hintergrund dieser Ergebnisse werden schließlich alternative Möglichkeiten der Ausfinanzierung von Pensionszusagen beleuchtet., Pension accruals are linked to several risks for companies. In this paper we discuss two risk factors, taking pension promises as an example: Early retirement and the legal discount rate. As a starting point we ask whether statutory accruals correctly reflect the costs companies incur with pension promises. In a basic actuarial framework we first investigate the influence of the age of retirement on costs, taking into account that later retirement seems to go along with higher life expectancy. Then we investigate the cost effect of an actuarial discount rate that differs from the one stipulated by § 6a EStG. Our results show that early retirement (at age 62) leads to a cost reduction, whereas late retirement (at age 65and above) increases pension costs. If statutory accruals for pensions are calculated based on the new 2005 G Heubeck(c) tables, differential mortality seem quite well considered. Regarding differences in the discount rate, imposition of the statutory calculation rate according to § 6a EStG could imply an undervaluation of around 30 percent of real pension costs for companies. Given this result, we finally consider some alternative ways for companies to finance their pension promises.

Would you go to the dentist more often if it were free? Observational data is here used to analyze the impact of full-coverage insurance on dental care utilization using different identification strategies. The challenge of assessing the bite of moral hazard without an experimental study design is to separate it from adverse selection, as agents act on private and generally unobservable information. By utilizing a quasi-experimental feature of the insurance scheme the moral hazard effect is identified on observables, and by having access to an instrument the effect is identified with IV. Moral hazard is assessed using both difference-in-differences and cross-sectional estimations.

We examine equilibria in competitive insurance markets when individuals take unobservable labor supply decisions. Precautionary labor motives introduce countervailing incentives in the insurance market, and equilibria with positive profits can occur even in the standard case in which individuals exogenously differ in risk only. We then extend the model to allow for both privately known risks and labor productivities. This endogenously introduces two-dimensional heterogeneity in the insurance market since precautionary labor effects lead to differences in income and hence risk aversion. Under these circumstances, separating and pooling equilibria exist, which generally differ from those with exogenous two-dimensional heterogeneity considered by the existing literature. Notably, in contrast to standard screening models, profits may be increasing with insurance coverage, and the correlation between risk and coverage can be zero or negative in equilibrium, a phenomenon frequently observed in empirical studies.

Solvency II, la nouvelle réglementation du secteur des assurances, est en préparation au sein de la Commission Européenne. La version définitive du texte est prévue fin 2008 pour une mise en application au sein des entreprises début janvier 2010. Solvency II se base sur 3 piliers, à l’instar de la réglementation du secteur bancaire Bâle II. L’objectif de cet article est double. D’abord, présenter la législation actuelle et à partir des critiques qui lui sont adressées, définir les principaux défis de Sovency II. Ensuite, expliquer de manière schématique les principaux aspects de la nouvelle réglementation et son agenda. Cet article s’articule autour des débats les plus actuels concernant Solvency II., info:eu-repo/semantics/published

Cet article examine l’évolution des besoins en régulation du secteur des assurances. Celui-ci tend vers le secteur bancaire si bien que la frontière entre les 2 intermédiaires financiers s’estompe. La littérature assurantielle, au contraire de la littérature bancaire, est peu développée à l’exception des problèmes d’asymétrie d’information. Cet article consistera tout d’abord en une revue de la littérature sur la régulation des assurances. Ensuite, au travers des changements qui affectent le secteur, montrer l’implication sur les besoins en régulation. Au départ d’une comparaison des besoins en régulation des secteurs bancaire et des assurances, l’analyse a permis de voir une certaine convergence. La spécificité du secteur assurance tient dans son aspect social. Il permet de réduire l’incertitude des ménages et des entreprises qui peuvent se spécifier dans leur rôle, créer des initiatives personnelles et investir dans des projets. Des risques bien connus en littérature bancaire comme la panique ou le risque systémique touchent désormais le secteur assurance. Avec le développement des nouveaux produits d’assurance (essentiellement dans le secteur vie), les passifs des sociétés d’assurance deviennent plus liquides. Un risque d’inadéquation apparaît désormais plus marqué. Un risque de type panique bancaire pourrait apparaître. Les assurances investissent en masse dans les marchés financiers si bien qu’il existe désormais un lien étroit entre les deux. Les récentes fluctuations boursières ont mis en lumière la forte exposition des entreprises d’assurance aux marchés financiers. A l’inverse, les assurances ont une position plus marquée sur les marchés financiers si bien qu’une faillite généralisée du secteur pourrait induire un risque systémique., info:eu-repo/semantics/published

The estimation of the number of accidents is one of the most important purposes in the research field of the auto insurance industry. Count data econometric models are usually employed in this process, in particular the traditional Poisson and the negative binomial specifications. Nevertheless, zero-inflated models could be more appropriated solutions. The main objective of this paper is to show the most significant factors in the accidents that are declared by the policyholders. We estimate its number using the data provided by a Spanish private insurance company throughout the different models we have previously pointed out, comparing the obtained results., info:eu-repo/semantics/published

Au détour de conférences et selon les dires de la plupart des directeurs financiers de groupes d’assurances confrontés aux normes IFRS, leur implémentation est ou a été la relève d’un véritable défi. Outre le challenge lié à la compréhension et à l’application de ces normes, l’adoption du référentiel international a généré de nombreux coûts et a engendré divers changements organisationnels. Malgré l’intérêt de l’étude, les impacts des normes IFRS n’ont, jusqu’à ce jour, jamais été analysés par la recherche académique. Cette contribution a pour but de déterminer et d’analyser les impacts de l’introduction des normes comptables internationales dans un secteur complexe et plutôt méconnu, celui des assurances. Précisons qu’outre le passage aux normes IFRS, les assureurs de l’Union européenne font face à un autre projet clé. L’exercice “Solvabilité II” poursuit l’objectif de réviser l’ensemble des règles en matière de contrôle de la solvabilité de ces entreprises. Ce projet, qui constitue un des points majeurs du “Plan d’Actions pour les Services Financiers” de la Commission européenne, apparaît plus ambitieux, car plus global, que l’Accord “Bâle II” applicable au secteur bancaire. Son approche plus globale pourrait même, si la Commission obtient des résultats à la hauteur des ambitions qu’elle affiche, alimenter utilement les futures discussions en vue d’un prochain accord “Bâle III”. Cet article s’articule autour des quatre sections suivantes :Après une première section introductive, la deuxième section définit les enjeux de l’introduction des normes IFRS dans le secteur des assurances. Nous y verrons si les assureurs, ainsi que leurs autorités de tutelle, seront obligés de revivre les tracas et mécontentements du secteur bancaire ,consacrant les divergences de vues irréconciliables entre, d’une part, le normalisateur comptable qu’est l’IASB et, d’autre part, les assureurs et leurs autorités de contrôle. La troisième section cerne les impacts financiers, organisationne, info:eu-repo/semantics/published