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The insurance contract is a voluntary agreement between the insured and the insurer whereby the latter offers the former the value of the damages, within the limit of the insured amount, in the event of the occurrence of the (insured) risk, in exchange for the payment of the insurance premium made by the insured. The degree of technicality of the insurance contract results from its content, which is why specific legislation is intended for this type of contract. The elements of the insurance contract that we analyze in this paper are the insurance premium, the insurance indemnity, the interest in the insurance, the insured risk, the insured event (casualty), the damage or loss, the insured amount, the franchize, and the duration of the insurance.

This study investigated the nexus among the profitability, sales, and willingness to pay (WTP) more for weather index-based agricultural insurance premiums of flower farmers. In addition, the effect of sociodemographic and farm characteristics of flower farmers on their WTP more for insurance premiums was also estimated. A total of 160 flower farmers were selected from Bangladesh using the purposive random sampling technique. Propensity score matching technique was employed to identify the sales difference depending on WTP for insurance premiums while the profitability differences of flower farmers were assessed from different points of view. A binary logistic regression model was used to estimate the effect of sociodemographic and farm characteristics of flower farmers on their WTP more for insurance premiums, while a Likert scale was used to identify the major problems faced by flower farmers. Flower growers are willing to pay a higher premium for insurance when their sales decline. Farmers with lower profitability show a greater WTP higher insurance premiums, whereas those with relatively higher profitability are less inclined to do so. Farmers’ WTP more for insurance premiums decreases with age, education, and farm area, while farmers’ WTP more for insurance premiums increases with experience, training, earning members, marigold farming, and consciousness about natural calamities, pests, and diseases. The most significant problems faced in flower production are high input costs, demand fluctuation, pest and disease attacks, price fluctuation, and loss of production. Thus, the introduction of crop insurance in flower farming may increase profitability and reduce the exposure to risks involved in flower farming. The involvement of younger and more trained farmers in flower farming will increase their WTP more for insurance premiums.

The pricing of insurance premiums in the non-life insurance sector remains a challenging and complex task. It demands a delicate balance between accurately estimating risk exposure and ensuring profitability for insurers. Generalised Linear Regression Models (GLMs) have become the preferred methods for premium price modelling in the motor insurance sector. While the approach of using a single superior model on which predictions are based ignores the use of robust estimator models. This paper examines various methodologies and sheds light on superiority of twenty-two models compared to each other for pricing automobile insurance. These methods vary from traditional actuarial methods to the modern statistical models such as machine learning algorithms. By using archival technique, their inferiority and superiority are explored, considering the ever-changing landscape of risk factors and market dynamics. Furthermore, it highlights the potential benefits of leveraging these methods and the mechanism for pricing short-term insurance, particularly in motor vehicle insurance. It also develops a framework that can be used in pricing to cater to risk analysis constituents to mitigate uncertainties and provide good services to clients. Our findings show that ANN, NN, XGB, random forest (RF) are superior models, and we conclude that the modern statistical methods can accurately estimate the risk exposure as compared to traditional methods such as the GLMs. [ABSTRACT FROM AUTHOR]

This study investigates the impact of claims settlement practices on the profitability of general insurance companies in Nigeria. The study employed an ex post facto research design with the use of twenty (20) years' financial data from 2003 to 2022 from published annual financial reports of five (5) sampled listed non-life insurance companies carrying on insurance business in Nigeria. Hypothesizing the dependent and independent variables with the proxies ROA; and LR, ER; CR. Panel data methods were used with other supporting tests using E-views (version 10) data analysis tool. With a balanced data of 100 observation - five cross-sectional data of 20 years period, the results revealed a negative relationship between the proxies (ER, LR and CR) of the independent variable -- Claims settlement practices, as they could only explain to a negligible extent, the changes that occurs in the dependent variable. Premised on the findings, it is recommended that general insurance firms settle genuine claims as prompt as possible while the maintain required underwriting standard to avoid problem of adverse selection engendering possibility of ruin. [ABSTRACT FROM AUTHOR]

It is known that the zero utility principle under Cumulative Prospect Theory can be uniquely extended from the family of all ternary risks. On the other hand, the extension from the family of all binary risks need not be unique. We establish a characterization of those zero utility principles which coincide on the family of binary risks. The characterization is expressed in terms of relations between the systems of generators of the principles. [ABSTRACT FROM AUTHOR]

This study investigates the influential economic factors impacting auto insurance premiums and explores the potential for a long-term equilibrium relationship. Monthly data from 25 branches of the National Insurance Company in the regional agency of Ouargla, Algeria, is analyzed using descriptive and case study methods. Through a thorough trend analysis and statistical model formulation, including co-integration tests, stability tests, and regression analyses, we assess the relationship between variables and the impact of independent variables on the dependent variable. The results reveal a statistically acceptable yet weak short-term connection, lacking evidence of common integration. This research provides insights into the complex dynamics of insurance premiums and compensation relationships, suggesting nuanced connections and guiding recommendations for adaptable premium structures and responsive strategies.

Insurance technology derives, on the one hand, from detailed legal provisions and therefore from the specifics of a certain contract, and, on the other hand, it derives from the existence of certain mechanisms, practices and operating procedures that embody economic efficiency, prudence, but also responsibility. A premium is the amount paid by an individual or company for an insurance policy. Premiums cover health, auto, home and life insurance. Once earned, the premiums are income for the insurance company, but also a liability because the insurance company must provide coverage for claims made against the policy. Non-payment of premiums by an individual or company leads to cancellation of the policy. Insurance compensation refers to the idea of returning the victim to the condition of the property before the damage and returning the property lost due to traffic accidents or cases insured by the victim, so that his property reaches what it would have been if the illegal act had not was committed.

In e-commerce, retailers often use return shipping insurance (RSI) to solve consumer returns, leading to a high return rate. To reduce this negative effect, we consider restricting rights to restrict consumers from obtaining RSI or buying products. We examine the effect of RSI on retail pricing strategies and profits under restricting rights. We formulate a game-theoretical model which consists of one insurer, a retailer and two types of consumers (informed consumers and uninformed consumers). By solving the model, we find that even though the insurer has restricted uninformed consumers from obtaining RSI, the retailer further restricts them from buying the product when the salvage value is low. Second, when the retailer and insurer have no right to restrict uninformed consumers, purchasing RSI may hurt the retailer. Third, when the insurer restricts uninformed consumers and the product salvage is low, the retailer adopts the high-price strategy; otherwise, the retailer adopts the low-price strategy. Finally, when the product salvage is low, the retailer will prevent uninformed consumers from buying the product by adopting the high-price strategy or using the restricting right. In this case, the insurer will set a higher premium.

Insurance technology derives, on the one hand, from detailed legal provisions and therefore from the specifics of a certain contract, and, on the other hand, it derives from the existence of certain mechanisms, practices and operating procedures that embody economic efficiency, prudence, but also responsibility. A premium is the amount paid by an individual or company for an insurance policy. Premiums cover health, auto, home and life insurance. Once earned, the premiums are income for the insurance company, but also a liability because the insurance company must provide coverage for claims made against the policy. Non-payment of premiums by an individual or company leads to cancellation of the policy. Insurance compensation refers to the idea of returning the victim to the condition of the property before the damage and returning the property lost due to traffic accidents or cases insured by the victim, so that his property reaches what it would have been if the illegal act had not was committed. [ABSTRACT FROM AUTHOR]

The pricing's premium in an insurance for the health sector is influenced by the claims ratio of its subscribers, which generates high levels of fluctuation and uncertainty. The objective of this research is the application of the actuarial individual risk models, collective risk and credibility model, together with the application of the failure rate technological model and the Black-Scholes financial options model as tools for estimating pricing's premium for the insurance and health industry in Colombia. Based on the claims and the total costs of the historical claims, the models are applied to ensure optimal premiums for coverage of the aggregate losses of the claims. In the end, comparing these models and approaching a definition of an optimal method. The importance of the research settles in the high commitment, responsibility and financial impact of managing and mitigating the impact of actuarial risk, proposing new methodologies through an optimal estimation level in premiums to certify proper functioning of the sector entities in matters of costs, sustainability and service compliance in the sector. [ABSTRACT FROM AUTHOR]

Insurance, which is one of the main avenues of economic diversification, is also important financial and protection mechanism. In order to maintain the activity of insurance organizations and protect them from possible risks, regular financial analysis should be conducted, measures should be taken to make sound financial decisions and protect financial stability. Especially in the new market economy countries, where the “insurance culture” has been not fully formed, financial analysis of insurance organizations can make an important contribution both to strengthening the stability of the country’s financial system and to increasing the confidence of the population in the activities of insurance organizations. In this regard, the theoretical part of the article examines the historical development and modern state of the insurance market in Azerbaijan as a new open market economy country, as well as important state regulations related to financial stability. In the study, the financial analysis of insurance organizations has been conducted on the basis of the specifics of financial analysis in insurance organizations and the recommended financial ratios. The interpretation of the results and the opportunities to improve the financial indicators of the companies have been emphasized.

This study investigated the relationship between insurance and economic growth in Nigeria for the period 1998-2020. This study employed autoregressive distributed lag model (ARDL) estimation techniques in analyzing the data. Real Gross domestic product (RGDP) was used as proxy for economic growth while gross insurance premium (GIP), life insurance premium (LIP), non-life insurance premium (NLIP), human capital (HCAP), physical capital (PCAP), total insurance investment (TINV) and trade openness (OPEN) were used as proxies for insurance sector predictive variables. The result of the ARDL estimate revealed that the first lag of real gross domestic product (RGDP), non-life insurance premium (NLIP) and human capital (HCAP) were positively and statistically significant in explaining the variation in economic growth in Nigeria both in the shortrun and longrun. It is therefore recommended that Nigeria as a nation in seeking the welfare of its citizens must as a matter of priority, need to strengthen, build and develop a stable and vibrant insurance industry to foster all round economic growth and development. More, policies and programmes aimed at improving the quality of human capital such education, health entrepreneurial and skill acquisition should be pursued vigorously in Nigeria. [ABSTRACT FROM AUTHOR]

In e-commerce, retailers often use return shipping insurance (RSI) to solve consumer returns, leading to a high return rate. To reduce this negative effect, we consider restricting rights to restrict consumers from obtaining RSI or buying products. We examine the effect of RSI on retail pricing strategies and profits under restricting rights. We formulate a game-theoretical model which consists of one insurer, a retailer and two types of consumers (informed consumers and uninformed consumers). By solving the model, we find that even though the insurer has restricted uninformed consumers from obtaining RSI, the retailer further restricts them from buying the product when the salvage value is low. Second, when the retailer and insurer have no right to restrict uninformed consumers, purchasing RSI may hurt the retailer. Third, when the insurer restricts uninformed consumers and the product salvage is low, the retailer adopts the high-price strategy; otherwise, the retailer adopts the low-price strategy. Finally, when the product salvage is low, the retailer will prevent uninformed consumers from buying the product by adopting the high-price strategy or using the restricting right. In this case, the insurer will set a higher premium. [ABSTRACT FROM AUTHOR]

Disputes due to defects in newly built houses are increasing worldwide. A house builder is responsible for repairing any defects in a newly built house. However, since house builders' risk of closure and bankruptcy are increasing due to aggravated disputes and economic crises, builders may become insolvent and fail to perform defect repairs. In preparation for this, many countries have established defect repair deposit or guaranty insurance systems; however, the standards for these systems are not based an objective evidence since the current standards were arbitrarily established during industrialization. It has been pointed out that Korea's housing defect repair deposit has been set excessively high and is being abused in disputes. Based on dispute cases in Korea, this study analyzed housing construction costs, deposits, and defect repair costs, resulting from lawsuits due to defects. The results confirmed that the defect repair deposit has been set too high compared to incurred defect repair costs. In addition, it was found that the guaranty insurance premium in lieu of the housing defect repair deposit was excessive compared to the damage caused by builder insolvency. In order to improve this, in this study, we proposed two alternative plans in which the housing defect repair deposit was set at a certain percentage of the construction cost based on the current Korean standard. In addition, based on the concept of different deposit levels using the scale of housing construction, such as in Australia and Canada, two additional alternative plans with different deposit ratios for each scale of housing construction were presented. The comparison results for housing defect repair deposits and guaranty insurance premiums based on the four presented alternative plans accompanied by actual cases showed that all the alternative plan deposits were higher than the actual defect repair costs. Even in the case of a guaranty insurance premium, the level was at least twice as high as the damage caused by builder insolvency. Therefore, all the alternative plans can fulfill their original role of protecting homeowners in the case of builder insolvency. At the same time, reducing the guaranty insurance premium to reflect the cost of housing construction is possible, and would benefit both house builders and home buyers. The results of this study are valuable as a reference for other countries considering establishing or revising a housing defect repair deposit system. Specifically, these findings, which analyzed the case of Korea's socioeconomic changes as it transitioned from a developing country to a developed country, can provide important information for many developing countries operating housing defect repair deposit policies and systems. [ABSTRACT FROM AUTHOR]

Introduction: Good management of premium funds will create trust for the insured and can even add value to the company. If the management is carried out poorly, it will not only affect one customer but can paralyze other related aspects within the company. One of the cases of failure to pay customer claims occurred at PT Asuransi Jiwasraya which was motivated by the weak application of GCG principles in the management of the company. Meanwhile, government policies in the insurance sector and countercyclical policies did not provide an opportunity for insurance companies that were threatened with default in paying the insured's claims by restructuring payments. Methods: This research was normative legal research using a statute approach and a conceptual approach to solve these problems. In addition to being guided by the applicable regulations, the researcher also analyzed legal issues using existing legal theories. Results: The results in this study stated that the Covid-19 pandemic could be said to be a difficult or hardship situation. Hardship directed the parties to renegotiate legal remedies which could be the right solution if the insurance company could not pay the insurance claim submitted by the insured. Some sectors could still survive during the Covid-19 pandemic, so the current situation can be recovered along with the recovery from the spread of Covid-19. It is not appropriate to call it force majeure which directs the parties to cancel the contract and would be more appropriate if the efforts were taken by the parties to restore the situation through renegotiation. Conclusions: Insurance companies could apply for rescheduling by changing the schedule for fulfilling claims so that there was no need for dispute resolution in court. [ABSTRACT FROM AUTHOR]

Traditional machine learning metrics (TMLMs) are quite useful for the current research work precision, recall, accuracy, MSE and RMSE. Not enough for a practitioner to be confident about the performance and dependability of innovative interpretable model 85%-92%. We included in the prediction process, machine learning models (MLMs) with greater than 99% accuracy with a sensitivity of 95%-98% and specifically in the database. We need to explain the model to domain specialists through the MLMs. Human-understandable explanations in addition to ML professionals must establish trust in the prediction of our model. This is achieved by creating a model-independent, locally accurate explanation set that makes it better than the primary model. As we know that human interaction with machine learning systems on this model's interpretability is more crucial. For supporting set validations in model selection insurance premium prediction. In this study, we proposed the use of the (LIME and SHAP) approach to understand research properly and explain a model developed using random forest regression to predict insurance premiums. The SHAP algorithm's drawback, as seen in our experiments, is its lengthy computing time--to produce the findings, it must compute every possible combination. In addition, the experiments conducted were intended to focus on the model's interpretability and explain its ability using LIME and SHAP, not the insurance premium charge prediction. Three experiments were conducted through experiment, one was to interpret the random forest regression model using LIME techniques. In experiment 2, we used the SHAP technique to interpret the model insurance premium prediction (IPP). [ABSTRACT FROM AUTHOR]

The digital revolution is affecting everyone. Cyber risk is a natural consequence of digital transformation. The development of digital technologies is causing the emergence of new factors that affect the vulnerability of companies in different sectors of activity. With the rise of cyber threats, insurance contracts are emerging as basic tools to improve society's resilience to the impacts of these risks. Cyber Insurance is the fastest growing line of business in modern history. The aim of this paper is to present basic actuarial analyzes during the development of cyber insurance products.

The paper deals with the system of employer's insurance for damages in the event of a work accident or occupational disease from the perspective of financial law (especially tax law). First of all, the author discusses the theoretical nature of this insurance and its establishment in the Czech legal system. In the following parts of the paper, the author deals with further legal implications of the results of his findings, namely whether the paid insurance premium has the character of a tax or an insurance premium from a theoretical point of view. He then places these results in the context of the assessment of constitutionality within the meaning of Article 11(5) and Article 4(1) of the Charter of Fundamental Rights and Freedoms. [ABSTRACT FROM AUTHOR]

Voltage sag insurance (VSI) is an effective measure to reduce the voltage sag loss and risk for enterprises with insufficient mitigation confidence or economic ability. However, due to the lack of understanding of voltage sag risk (VSR), it is difficult for power utilities to identify the enterprises with VSI demands, and it is also unable to realize differentiated premium according to different enterprises' situations. To solve the above problems, this paper proposes an improved voltage sag premium model based on VSR. Firstly, the VSR factors are analyzed, such as the hazard, the vulnerability, the exposure. The process immune time is introduced to describe the vulnerability. Based on the traditional consideration of only the ability of users to resist voltage sag, the ability of users to recover from voltage sag is further considered. Then, the risk evaluation model of voltage sag is established. The evaluation results can help power utilities to judge whether enterprises have the demand of VSI. Finally, the improved premium model of VSI based on VSR is constructed to ensure the differentiation and rationalization of the premium. The correctness and rationality of this method are proved by ten manufacturing enterprises in China by analyzing the VSR and comparing the premium before and after the improvement. [ABSTRACT FROM AUTHOR]

Disputes due to defects in newly built houses are increasing worldwide. A house builder is responsible for repairing any defects in a newly built house. However, since house builders’ risk of closure and bankruptcy are increasing due to aggravated disputes and economic crises, builders may become insolvent and fail to perform defect repairs. In preparation for this, many countries have established defect repair deposit or guaranty insurance systems; however, the standards for these systems are not based an objective evidence since the current standards were arbitrarily established during industrialization. It has been pointed out that Korea’s housing defect repair deposit has been set excessively high and is being abused in disputes. Based on dispute cases in Korea, this study analyzed housing construction costs, deposits, and defect repair costs, resulting from lawsuits due to defects. The results confirmed that the defect repair deposit has been set too high compared to incurred defect repair costs. In addition, it was found that the guaranty insurance premium in lieu of the housing defect repair deposit was excessive compared to the damage caused by builder insolvency. In order to improve this, in this study, we proposed two alternative plans in which the housing defect repair deposit was set at a certain percentage of the construction cost based on the current Korean standard. In addition, based on the concept of different deposit levels using the scale of housing construction, such as in Australia and Canada, two additional alternative plans with different deposit ratios for each scale of housing construction were presented. The comparison results for housing defect repair deposits and guaranty insurance premiums based on the four presented alternative plans accompanied by actual cases showed that all the alternative plan deposits were higher than the actual defect repair costs. Even in the case of a guaranty insurance premium, the level was at least twice as high as the damage caused by builder insolvency. Therefore, all the alternative plans can fulfill their original role of protecting homeowners in the case of builder insolvency. At the same time, reducing the guaranty insurance premium to reflect the cost of housing construction is possible, and would benefit both house builders and home buyers. The results of this study are valuable as a reference for other countries considering establishing or revising a housing defect repair deposit system. Specifically, these findings, which analyzed the case of Korea’s socioeconomic changes as it transitioned from a developing country to a developed country, can provide important information for many developing countries operating housing defect repair deposit policies and systems.

The article discusses the development prospects of liability insurance in Georgia as a field, discusses various statistical data on insurance products for 2008-2018, including liability insurance, makes comparative analysis, discusses the example of advanced countries in terms of liability insurance development, discusses problems and future prospects of liability insurance for development

As cyber attacks have become more frequent, cyber insurance premiums have increased, resulting in the need for better modeling of cyber risk. Toward this direction, Jevtić and Lanchier [Insur. Math. Econ.91 (2020) 209–223] proposed a dynamic structural model of aggregate loss distribution for cyber risk of small and medium-sized enterprises under the assumption of a tree-based local-area-network topology that consists of the combination of a Poisson process, homogeneous random trees, bond percolation processes, and cost topology. Their model assumes that the contagion spreads through the edges of the network with the same fixed probability in both directions, thus overlooking a dynamic cyber security environment implemented in most networks, and their results give an exact expression for the mean of the aggregate loss but only a rough upper bound for the variance. In this paper, we consider a bidirectional version of their percolation model in which the contagion spreads through the edges of the network with a certain probability of moving toward the lower level assets of the network but with another probability of moving toward the higher level assets of the network, which results in a more realistic cyber security environment. In addition, our mathematical approach is quite different and leads to exact expressions for both the mean and the variance of the aggregate loss, and therefore an exact expression for the insurance premiums. [ABSTRACT FROM AUTHOR]

The effects of climate change are becoming increasingly pronounced and powerful, taking on an alarming scale and imposing enormous economic and human costs on humanity. However, the burden of these costs is unevenly distributed with the poorest and most vulnerable bearing the heaviest toll. Such a situation requires specific and targeted measures, if the humanity seriously intends to meet the goals of International Sustainable Development Strategy. This is an unprecedented challenge to humanity not only because of the size of financial resources needed to be mobilized, but also because of the tension between socio-economic and political short, mid and long-term goals and aims, tension between the needs to ensure a rapid and quantitative economic growth and the needs to reduce mass poverty and social inequality. The article attempts to review policies and measures undertaken by governments and civil society groups to resolve the above tensions by developing integrative adaptation policies and measures, which allow to simultaneously address the problems of environment degradation, natural disaster risks and socio-economic development. It focuses on most vulnerable segments of population: self-employed and employees of micro, small and medium enterprises, both formal and informal. The article highlights prevailing world-wide trends in disaster risk management and risk reduction efforts and tries to identify most innovative and effective programs, which could be adjusted to specific conditions of Russia.

A very urgent problem for banking institutions is the search for methods to minimize credit risks that would be relatively universal, flexible and could be applied to various credit operations. Current practice of minimizing the negative impact of credit risks mainly comes down to the creation of special reserves and setting limits for certain categories of borrowers, which does not always allow achieving the desired result. The paper considers the possibility of using insurance to ensure the safety of bank lending as an alternative tool to minimize bank credit risks. With this approach, credit risk insurance is considered as a complex of services of an insurance company to protect the property interests of the lender with respect to the existing risk of default or partial repayment of the loan due to the insolvency of the borrower. Credit risk insurance includes loan non-repayment insurance, borrower liability insurance for non-repayment of loan and insurance of collateral. The advantages of using credit risk insurance for a bank are the ability to use this tool for any categories of borrowers, taking into account the peculiarities of the loan agreement, the solvency of the borrower, the conditions for repaying the loan, as well as the relatively small insurance costs. Under the condition of insurance of credit risks, banks no longer need to form additional reserves for certain loan agreements and immobilize part of the financial resources, which helps to ensure the stability of the current work on customer service for both active and passive operations of the bank. Besides, while insuring credit risks, the insurance company acts as an additional guarantor of the stability of the bank, its ability to pay with its creditors in time.

Insurance is a promising risk transfer tool against switching cyberattacks on power grids that can disrupt operation and potentially lead to widespread outages. This paper emphasizes on a framework of premium calculation for cyber insurance businesses by modeling potential electronic intrusion with steady-state simulation results and its direct hypothesized impacts. The proposed actuarial framework models the operational monetary losses with the hypothesized power outages based on the cyber-reliability assessment and its expected mean time to restore power (MTTRP). The ruin probability is employed as the fundamental formula to determine the feasible insurance premium pool. Hypothesized spatial correlation studies on multiple substation contingencies associated with switching attacks have shown estimated operational losses and expected duration of power restoration, which is translated into the calculation of insurance premium. The proposed actuarial framework is validated using generalized IEEE test cases with modified parameters on substations. The potential implications of grid's hypothetical scenarios are discussed.

The importance of risk management in agriculture is unquestionable. Farmers in Bosnia and Herzegovina face weather, product, and price and market risk. Index-based insurance products for agriculture present alternatives for managing weather risk. They differ from classical insurance products in that they do not remunerate actual loss and to purchase a weather index insurance policy the insured does not actually have to have an insurable interest. In this research, two flood parametric insurance products are presented, one with fixed compensation and the other with compensation proportional to flood intensity.

An insurance premium principle is a way of assigning to every risk, represented by a non-negative bounded random variable on a given probability space, a non-negative real number. Such a number is interpreted as a premium for the insuring risk. In this paper the implicitly defined principle of equivalent utility is investigated. Using the properties of the quasideviation means, we characterize a comparison in the class of principles of equivalent utility under Rank-Dependent Utility, one of the important behavioral models of decision making under risk. Then we apply this result to establish characterizations of equality and positive homogeneity of the principle. Some further applications are discussed as well.

Purpose: Since South Korea's 5-year policy of increasing National Health Insurance (NHI) coverage began in 2017, related pharmaceutical expenditures have increased by 41%. Thus, there is a critical need to examine society's willingness to pay (WTP) for increased premiums to include new anticancer drugs in NHI coverage. Methods: Participants aged 20–65 were invited to a web-based online survey. The acceptable effectiveness threshold for a new anticancer drug to be included in NHI coverage and the WTP for an anticancer drug with modest effectiveness were determined by open-ended questions. Results: A total of 1817 respondents completed the survey. Participants with a family history of cancer or a higher perceived risk of getting cancer had significantly higher WTPs (RR [relative risk] = 1.17 and 1.21, both P = 0.012). Participants who agreed on adding coverage for new anticancer drugs with a life gain of 3 months had a higher WTP (RR = 1.70, P < 0.0001). These associations were greater among the employed and low-income groups. The adjusted mean of acceptable effectiveness for a new anticancer drug was 21.5 months (interquartile range [IQR] = 19.3 to 24.0, median = 21.9). The WTP for a new anticancer drug with a life gain of 3 months was $5.2 (IQR = 4.0 to 6.0, median = 4.6). Conclusion: The unrealistic expectations in Korean society for new anticancer agents may provoke challenging issues of fairness and equity. Although Korean society is willing to accept premium increases, our data suggest that such increases would benefit only a small proportion of advanced cancer patients. [ABSTRACT FROM AUTHOR]

The article presents a collective risk model for the insurance claims. The objective is to estimate a premium, which is defined as a functional specified up to unknown parameters. For this purpose, the Bayesian methodology, which combines the prior knowledge about certain unknown parameters with the knowledge in the form of a random sample, has been adopted. The generalised Bregman loss function is considered. In effect, the results can be applied to numerous loss functions, including the square-error, LINEX, weighted square-error, Brown, entropy loss. Some uncertainty about a prior is assumed by a distorted band class of priors. The range of collective and Bayes premiums is calculated and posterior regret Γ-minimax premium as a robust procedure has been implemented. Two examples are provided to illustrate the issues considered - the first one with an unknown parameter of the Poisson distribution, and the second one with unknown parameters of distributions of the number and severity of claims. [ABSTRACT FROM AUTHOR]

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The aim of the report is to examine the current and important for the society issues concerning one of the most widespread insurance products - Motor Third Party Liability Insurance. The report examines the use of Motor Third Party Liability insurance on our insurance market. Specific studies have been made on the actual presence of the insurance in the local market and the motor insurance in the general insurance portfolio at European level. The problems and trends in the application and the proposed "Bonus-Malus" system are considered. Further considerations regarding the Bonus-Malus system have been made, taking into account the role of the system for fair payment of insurance premiums. The positive experience of the European insurance market is also reported. The report also focuses on other regulatory and other factors determining the market development. Quantitative methods of analysis and evaluation are used.

ASEAN is one of the regions with great potential of the world economic power. Countries included in the association of Southeast Asian countries are predicted to show strong economic growth. There are many factors for the development of the ASEAN region such as insurance industry. The Southeast Asian insurance industry, with a stable and long-term financial asset commitment, could play a bigger role in supporting the region's overall economic growth. This study aims at investigating the contribution of the insurance sector measured by three parameters; namely insurance penetration, insurance density and premium volume. The research was conducted to investigate the factors which are related to the insurance industry and could affect the economic growth of 6 countries; namely Singapore, Malaysia, Philippine, Thailand, Vietnam and Indonesia, in ASEAN area over the period 2005-2015 using a fixed effect model. The result revealed that premium volume of life insurance and non-life insurance, respectively, maintained positive and significant effects on the econom-ic growth. Life insurance penetration and density also give significant effects on economic growth while non-life insurance penetration and density are not statistically significant for the economic growth.

Shrimp production and exports are important to rural economic development of Vietnam. The growth in production and exports has accelerated in the past decade, but so too have been the losses from natural disasters and diseases. To protect famers from disease losses, the government established a subsidized pilot insurance program with the expectation of free market liberalization at the end of the three-year trial. The pilot program failed because of inadequate pre-program information on farmers risk management strategies and their willingness to pay an insurance premium. In this paper, we examine farmers risk management strategies and their willingness to pay an insurance premium. With a survey of 315 famers in Ben Tre and Tra Vinh provinces, we found that almost all farmers were willing to pay an insurance premium of $0.15 per kg of shrimp, but for the period from stocking to 40 days. Farmers who participated in a training program, low-income farmers and those with high total and chemical costs were willing to pay a high insurance premium. The risk management variables show that if the farmers invested in sanitation measures, provided a place for sludge deposit and supplied dead shrimp to the laboratory the higher the premium they would be willing to pay. On the other hand, the farmers who are familiar with insurance program companies were less willing to pay a high premium. This information is important to policy makers in decision-making on insurance provision.