Search results for: insurance agency

Authors: G. Çetinkaya, M. Yıldız, P. Çetinkaya

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Tourism is one of the world’s largest industries and its total contribution to the global economy in 2014 was US$7.6 trillion, which equates to 9.8% of total economy GDP in 2014. Mountains are important regions for tourism industry and its second most popular tourist destinations after coastal regions. Hiking and trekking are most popular activity in mountains region and it is estimated that more than 50 million people visit mountains each year. So that hiking was come out to individual activity and it’s to be a massive event. Nowadays hiking is commercialized and mostly it’s become organized by travel agency and tour operators. Travel agency which is offering hiking activities to know the demands of the individuals involved in these activities and is required to submit to it for services. The aim of this study to determined hiking participant expectation from hiking by travel agency perspective. 34 travel agency officials participated in the study. Data were collected by questionnaire developed by the researchers. Results show that according to travel agency officials “visual quality” is the most important expectation factor for hikers. And other expectation factors are “safety”, “accessibility”, “unspoiled local service”, “walking grade”, “expert guidance service”, “popularity of trail”, “uncrowded trail”, “substructure facilities”, “relevant cost”, “guidebook” and “suitable climatic conditions”.

Keywords: expectation, hikers, travel agency, mountain tourism

Procedia PDF Downloads 252

Authors: Farid Fahami

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This article explores the transformative role of technology in the finance, banking, and insurance sectors. It examines key technological trends such as AI, blockchain, data analytics, and digital platforms and their impact on operations, customer experiences, and business models. The article highlights the benefits of technology adoption, including improved efficiency, cost reduction, enhanced customer experiences, and expanded financial inclusion. It also addresses challenges like cybersecurity, data privacy, and the need for upskilling. Real-world case studies demonstrate successful technology integration, and recommendations for stakeholders emphasize embracing innovation and collaboration. The article concludes by emphasizing the importance of technology in shaping the future of these sectors.

Keywords: banking, finance, insurance, technology

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Authors: W. Zekri

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This paper explores Zohra Drif’s memoir, Inside the Battle of Algiers, which narrates her desires as a student to become a revolutionary activist. She exemplified, in her narrative, the different roles, she and her fellows performed as combatants in the Casbah during the Algerian Revolution 1954-1962. This book review aims to evaluate the concept of women’s agency through education and language learning, and its impact on empowering women’s desires. Close-reading method and thematic analysis are used to explore the text. The analysis identified themes that refine the meaning of agency which are social and cultural supports, education, and language proficiency. These themes aim to contribute to the representation in Inside the Battle of Algiers of a woman guerrilla who engaged herself to perform national acts of resistance.

Keywords: agency, education, learning, women

Procedia PDF Downloads 150

Authors: Bernice Badal

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This article addresses a persistent challenge related to teacher agency in knowledge acquisition in professional development (PD) workshops in contexts of educational change, given that scholarship identifies a need for more teacher involvement and amplification of teacher's voices. Theoretical concepts are drawn from Bandura’s Social cognitive theory, incorporating the triadic causation model of agency to examine the reciprocal nature of the context, teacher characteristics, and systemic influences that shape how knowledge is transmitted and acquired in PD workshops. This qualitative study, using a mix of classroom observations and interviews, explored the political, contextual, and personal characteristics of teacher agency in PD through an analysis of data extracted from a PhD study. The narratives of six teachers from three township schools are examined to show how PD efforts in South Africa have failed to take account of the holistic development of teacher agency in knowledge dissemination and how this shapes teacher self-efficacy beliefs about being able to masterfully apply the tenets of the reform. Agency, teacher voice, and contextual considerations were used as markers of the quality of the training provided to understand how knowledge is acquired and meaning is made. The findings suggest that systemic influences of institutionally imposed PD offer partial understandings of the reform, which is offered in traditional formats that do not consider teacher empowerment in knowledge production and the development of teacher agency. Common in all the participants’ responses is the need for more information and training on the prescribed approach for teaching English as a second language; however, this paper holds the view that more information may not solve teachers’ dilemmas. Accordingly, it recommends a restructuring of the programme with facilitators being more cognisant of teacher agency for the development of transformative teachers. The findings of the study contribute to the field of teacher knowledge, teacher training, and professional development in the context of educational reforms.

Keywords: teacher professional development, teacher voice, teacher agency, educational reforms, teacher knowledge

Procedia PDF Downloads 37

Authors: Kasirga Yildirak, Ismail Gur

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We propose a model to measure hail risk of an Agricultural Insurance portfolio. Hail is one of the major catastrophic event that causes big amount of loss to an insurer. Moreover, it is very hard to predict due to its strange atmospheric characteristics. We make use of parcel based claims data on apricot damage collected by the Turkish Agricultural Insurance Pool (TARSIM). As our ultimate aim is to compute the loadings assigned to specific parcels, we build a portfolio risk model that makes use of PD and the severity of the exposures. PD is computed by Spherical-Linear and Circular –Linear regression models as the data carries coordinate information and seasonality. Severity is mapped into integer brackets so that Probability Generation Function could be employed. Individual regressions are run on each clusters estimated on different criteria. Loss distribution is constructed by Panjer Recursion technique. We also show that one risk-one crop model can easily be extended to the multi risk–multi crop model by assuming conditional independency.

Keywords: hail insurance, spherical regression, circular regression, spherical clustering

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Authors: Nabil Mekaoui, Nacer Jabour, Abdelhamid Allaoui, Abderahim Oulidi

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The reliability of several insurance indexes of the seismic risk is evaluated and compared for an efficient seismic risk coverage of buildings in Morocco, thus, reducing the basic risk. A large database of earthquake ground motions is established from recent seismic events in Morocco and synthetic ground motions compatible with the design spectrum in order to conduct nonlinear time history analyses on three building models representative of the building stock in Morocco. The uninhabitability index is evaluated based on the simulated damage index, then correlated with preselected insurance indexes. Interestingly, the commonly used peak ground acceleration index showed poor correlation when compared with other indexes, such as spectral accelerations at low periods. Recommendations on the choice of suitable insurance indexes are formulated for efficient seismic risk coverage in Morocco.

Keywords: catastrophe modeling, damage, earthquake, reinsurance, seismic hazard, trigger index, vulnerability

Procedia PDF Downloads 49

Authors: Tien Nguyen

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The relationship between mentors and mentees in teaching practicum has received the attention of researchers and been widely investigated. Mentors’ authority and power have captured a large and growing body of the literature in the field of teaching practicum. This article revisits mentor-mentee relationship and shifts the focus to mentees’ agency in planning and delivering lessons, an area which has been under-researched. Drawing on Vygotsky’s Zone of Proximal Development and Harré’s Positioning Theory, this qualitative study examines how mentees responded to mentors’ instructions in practicum. Interviews and classroom observations were conducted with 20 participants including both mentors and mentees across two English language teacher education programs in two different geographical locations in Vietnam. The result indicates that regardless of the similarities and/or differences of the programs, mentees’ agency varied in accordance with their identities in specific contexts. Specifically, mentees follow or resist to mentors’ feedback and instruction in revising their lesson plans and delivery these lessons, depending on their professional identities and institutional conditions. This study contributes to the importance of supporting the agency of mentees in teacher education.

Keywords: mentors, mentees, relationship, agency, professional identity, teacher education

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Authors: Jorge M. Uribe

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We propose a methodology for setting the price of an insurance contract targeted to manage the risk associated with weather conditions that affect variable renewable energy generation. The methodology relies on conditional quantile regressions to estimate the weather risk of a solar panel. It is illustrated using real daily radiation and weather data for three cities in Spain (Valencia, Barcelona and Madrid) from February 2/2004 to January 22/2019. We also adapt the concepts of value at risk and expected short fall from finance to this context, to provide a complete panorama of what we label as weather risk. The methodology is easy to implement and can be used by insurance companies to price a contract with the aforementioned characteristics when data about similar projects and accurate cash flow projections are lacking. Our methodology assigns a higher price to an insurance product with the stated characteristics in Madrid, compared to Valencia and Barcelona. This is consistent with Madrid showing the largest interquartile range of operational deficits and it is unrelated to the average value deficit, which illustrates the importance of our proposal.

Keywords: insurance, weather, vre, risk

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Authors: Keyvan Kashkouli Nejad, Motoaki Sugiura, Atsushi Sato, Takayuki Nozawa, Hyeonjeong Jeong, Sugiko Hanawa , Yuka Kotozaki, Ryuta Kawashima

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The perception of agency/control is altered with presence of discrepancies in the environment or mismatch of predictions (of possible results) and actual results the sense of agency might become altered. Synofzik et al. proposed a two layer model of agency: In the first layer, the Feeling of Agency (FoA) is not directly available to awareness; a slight mismatch in the environment/outcome might cause alterations in FoA, while the agent still feels in control. If the discrepancy passes a threshold, it becomes available to consciousness and alters Judgment of Agency (JoA), which is directly available in the person’s awareness. Most experiments so far only investigate subjects rather conscious JoA, while FoA has been neglected. In this experiment we target FoA by using subliminal discrepancies that can not be consciously detectable by the subjects. Here, we explore whether we can detect this two level model in the subjects behavior and then try to map this in their brain activity. To do this, in a fMRI study, we incorporated both consciously detectable mismatching between action and result and also subliminal discrepancies in the environment. Also, unlike previous experiments where subjective questions from the participants mainly trigger the rather conscious JoA, we also tried to measure the rather implicit FoA by asking participants to rate their performance. We compared behavioral results and also brain activation when there were conscious discrepancies and when there were subliminal discrepancies against trials with no discrepancies and against each other. In line with our expectations, conditions with consciously detectable incongruencies triggered lower JoA ratings than conditions without. Also, conditions with any type of discrepancies had lower FoA ratings compared to conditions without. Additionally, we found out that TPJ and angular gyrus in particular to have a role in coding of JoA and also FoA.

Keywords: agency, fMRI, TPJ, two layer model

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Authors: Mohammad Naseh Nasrollahi Shahri

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The article draws on Michael Bakhtin’s theory of language to examine peer interactions. It represents an analysis of other-repetition in student interactions. Several recent studies have explored various aspects of repetition in multiple contexts. However, other-repetition in peer interactions has not received enough attention. Building on previous studies, this study examines patterns of other-repetition or appropriation in the context of discussion activities performed by EFL learners. The analysis highlights the meaningfulness of other-repetition in a way that distinguishes them from rote-repetition. It is suggested that instances of repetition constitute third spaces between the self and other which provide ideal settings for language learning and demonstrate student agency and engagement.

Keywords: repetition, agency, Bakhtin, dialogue

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Authors: Iris Xiaohong Quan, Sharon Qi, Kelly Tianqin Shi

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This study focuses on the critical role of insurance policies in a world grappling with increasing mental health challenges, as they significantly influence the dynamics of healthcare businesses and entrepreneurial ventures. The paper utilizes the mental health sector as a case to examine the impact of insurance policies on healthcare service providers, entrepreneurs, and individuals seeking mental health support. This paper addressed the following research questions: To what extent do changes in insurance reimbursement policies affect the accessibility and affordability of mental health services for patients, and how does this impact the overall demand for such services? What are the barriers and opportunities that mental health entrepreneurs face and what strategies and adaptations do mental health businesses employ when navigating the evolving landscape of insurance reimbursement policies? How do changes in insurance reimbursement policies, specifically related to mental health services, influence the financial viability and sustainability of mental health clinics and private practices? Employing a self-designed survey aimed at autism spectrum disorder (ASD) treatment companies, alongside two in-depth case studies and an analysis of pertinent insurance policies and documents, this research aims to elucidate the multifaceted influence of insurance policies on the mental health industry. The findings from this study reveal how insurance policies shape the landscape of mental health businesses and their operations. A total of 821 autism treatment organizations or offices were contacted by telephone between November 1, 2019, and January 31, 2020. About half of the offices (53.33%) were established in the past five years, and 80% were established in the past 15 years. There is a significant increase in the establishment of ABA service centers in the recent two decades as a result of autism insurance reform, the increasing social awareness of ASD, and the redefinition of autism. In addition, almost half of the ABA service providers we surveyed had a patient size ranging from 20 to 50 in the year when the residence state passed the legislation for autism insurance coverage. On average, an ABA service provider works with 5.3 insurance companies. This research find that insurance is the main source of revenue for most ABA service providers. However, our survey reveals that clients’ out of pocket payment has been the second main revenue sources. Despite the changes of regulations and insurance policies in all states, clients still have to pay a fraction of, if not all, the ABA treatment service fees out of pocket. This research shows that some ABA service providers seek federal and government funds and grants to support their services and businesses. Our further analysis with the in-depth case studies and other secondary data also indicate the rise of entrepreneurial startups in the mental health industry. Overall, this research sheds light on both the challenges and opportunities presented by insurance policies in the mental health sector, offering insights into the new industry landscape.

Keywords: entrepreneurship, healthcare policy, insurance policy, mental health industry

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Authors: Frank Frimpong Opuni, Michael Mba Allan, Kwame Adu-Gyamfi, Michael Sarkodie Baffoe

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This paper assesses the effect of relationship marketing on service quality and customer satisfaction from the perspective of the moderating role of emotional intelligence in the insurance industry in Ghana. A descriptive quantitative research technique was employed. A random sample of 384 each of customers and service providers in 3 insurance firms in Accra were used as the source of data. According to findings, emotional intelligence makes a strong positive effect on relationship marketing at 5% significance level, r (283) = .817, p = .000. Though relationship marketing makes a strong positive effect on service quality (r = .767, p < .05) and customer satisfaction (r = .647, p < .05), this effect becomes insignificant (p > .05) when the effect of emotional intelligence on relationship marketing is controlled for. It is therefore recommended that insurance firms give priority to equipping their relationship employees with emotional intelligence to maximise service quality and customer satisfaction.

Keywords: relationship marketing, service quality, customer satisfaction, emotional intelligence

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Authors: Mohamed Ali Benhalima, Nathon Elbaz, Malik Koubi

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This paper evaluates an expansion of employer-mandated sick leave insurance in the French private sector. We use a difference-in-differences method in which control groups are defined according to the collective bargaining agreement (CBA) employees belong to. Indeed, thanks to complementary insurance provided by CBAs, employees were not affected the same way by the reform. We find significant effects of the reform on sick leave spells lasting at least 7 days, consistently with the reform target. The effects on spells’ duration and frequency are positive and more pronounced for women than for men, for whom the effect on frequency tends to be slightly negative. The effects are also more pronounced for executives and supervisors than less qualified categories.

Keywords: sickness absence, collective agreements, daily sickness benefits, labor economics

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Authors: M. Bokhtiar Hasan, M. Delowar Hossain, Abu N. M. Wahid

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The principal aim of the study is to find out a way to effectively manage the agricultural risks like price volatility, weather risks, and fund shortage. To hedge price volatility, farmers sometimes make contracts with agro-traders but fail to protect themselves effectively due to not having legal framework for such contracts. The study extensively reviews existing literature and find evidence that the majority studies either deal with price volatility or weather risks. If we could address these risks through a single model, it would be more useful to both the farmers and traders. Intrinsically, the authors endeavor in this regard, and the key contribution of this study basically lies in it. Initially, we conduct a small survey aspiring to identify the shortcomings of existing contracts. Later, we propose a model encompassing forward and insurance contracts together where forward contract will be used to hedge price volatility and insurance contract will be used to protect weather risks. Contribution/Originality: The study adds to the existing literature through proposing an integrated model comprising of forward contract and crop insurance which will support both farmers and traders to cope with the agricultural risks like price volatility, weather hazards, and fund shortage. JEL Classifications: O13, Q13

Keywords: agriculture, forward contract, insurance contract, risk management, model

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Authors: Zina Benouaret, Djamil Aissani

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In this work, we introduce the qualitative and quantitative concept of the strong stability method in the risk process modeling two lines of business of the same insurance company or an insurance and re-insurance companies that divide between them both claims and premiums with a certain proportion. The approach proposed is based on the identification of the ruin probability associate to the model considered, with a stationary distribution of a Markov random process called a reversed process. Our objective, after clarifying the condition and the perturbation domain of parameters, is to obtain the stability inequality of the ruin probability which is applied to estimate the approximation error of a model with disturbance parameters by the considered model. In the stability bound obtained, all constants are explicitly written.

Keywords: Markov chain, risk models, ruin probabilities, strong stability analysis

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Authors: Omotolani Victoria Somoye

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The paper examines modern approaches to the insurable interest, which is a fundamental principle of insurance law that affects the enforceability of insurance contracts. The study starts by examining the competing definitions of the nature of the insurable interest doctrine. It finds that while legal interest theory is seen to be sufficient as the test of insurable interest, the paper argues on how this approach deprives the insured of a full indemnity of losses suffered. The problem with the Nigerian and English current legislative framework is that it defines insurable interest as a legally recognized interest of the insured in the subject matter of insurance. However, other countries like Australia, the United States, South Africa, and more recently, Canada, have rejected the English test and trodden their own path along the factual expectancy line. The study justifies the rationale behind the departure of similar common law jurisdictions and argues that the English and Nigerian position, which appears to be too rigid, harsh on the insured, and no longer fit for purpose in the 21st century, should be revised. The paper concludes that the common law doctrine does not represent better interests of certainty, justice, and fairness, as well as not meeting the policy behind the requirement of insurable interest. This paper adopts a doctrinal comparative research methodology to examine complex areas of insurable interest in selected countries and work out some suggestions for reforming the Nigerian and English laws by referring to the approaches of other jurisdictions.

Keywords: Australia, common law, English law, insurable interest, insurance, Nigeria

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Authors: Adekemi Adebowale

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The duty of disclosure in Nigerian insurance law is in need of reform. The materiality of an undisclosed fact (notwithstanding that it was an honest and innocent non-disclosure) currently entitles insurers to avoid insurance policies, leaving an insured with an uncovered loss. While the test of materiality requires an insured to voluntarily disclose facts that will influence an insurer's decision without proper guidelines from the insurer, the insurer is only expected to prove that the undisclosed fact had influenced its judgment in fixing the premium or determining whether to accept the risk. This problem places an onerous duty on the assured to volunteer to the insurer every material fact even though the insured only has a slight idea about the mind of a hypothetical prudent insurer. This paper explores the modern approach to revisiting the problem of an insured’s pre-contractual obligation to determine material facts in Nigerian insurance law. The aim is to build upon the change in the structure of insurance contract obligations in other common law jurisdictions such as the United Kingdom. The doctrinal and comparative methodology captures the burden imposed on the insured under the existing Nigerian insurance law. It finds that the continued application of the law leaves the insured in the weakest position, and he stands to lose in a contract supposedly created for his benefit. It is apparent that if this problem remains unresolved, the over-all consequence will contribute to a significant decline in the insurance contract, which may affect the Nigerian economy. The paper aims to evaluate the risks of the continuous application of the traditional law, which does not keep with the pace of modern insurance practice. It will ultimately produce a legally compliant reform, along with a significant deviation from the archaic structure that exists in the Nigerian insurance law. This paper forms part of an on-going PhD research on "The insured’s pre-contractual duty of utmost of utmost good faith". The outcome from the research to date finds that the insured bears the burden of the obligation to act in utmost good faith where it concerns disclosure of material facts.

Keywords: disclosure, materiality, Nigeria, United Kingdom, utmost good faith

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Authors: Laura Ramona Nae

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The issue of risks faced by companies providing tourist and hotel services in the HoReCa field, related to the goods belonging to consumer tourists left in hotel storage, has acquired a new dimension in the context of the economic and geo-political influences that have recently intervened at the global level. Thus, hoteliers and not only had to create contractual mechanisms regarding the risks and to protect the businesses in this field of activity. This situation has led to a reassessment of the importance of insurance, in particular with regard to hotel liability insurance-premises liability, safety, and security of goods. Interpretation of clauses in contracts concluded between hoteliers and tourists consuming hotel services and products, all the more so in the current pandemic context of Covid 19, stressed the increase in the number of disputes generated by them. This article presents a general picture of the significance of the risks related to the activity carried out in the hospitality industry, tourism, respectively within the HoReCa field. The study mainly marks the specificities of the hotel deposit contract, as well as the related insurance specific to the field, as a way to cover these risks. The article also refers to alternative methods of out-of-court settlement of disputes (ADR) in the HoReCa domain, generally used in both Romania and the European Union.

Keywords: consumer tourist, disputes and ADR methods, deposit contract, hotel warehouse and hotelier insurance, hotel services and tourist products, HoReCa

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Authors: Sitti Rahmawati

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Payment system of cataract surgery implemented by professional attendant of doctor and nurse has been increasing, through health insurance program and this has become one of the factors that affects a lot of government in the budget establishment. This system has been implemented in purpose of quality and expenditure control, i.e., controlling health overpayment to obtain benefit (moral hazard) by the user of insurance or health service provider. The increasing health cost becomes the main issue that hampers the society to receive required health service in cash payment-system. One of the efforts that should be taken by the government in health payment is by securing health insurance through society's health insurance. The objective of the study is to learn the capability of a patient to pay cataract eye operation for the elders. Method of study sample population in this study was patients who obtain health insurance board card for the society that was started in the first of tri-semester (January-March) 2015 and claimed in Indonesian software-Case Based Group as a purposive sampling of 40 patients. Results of the study show that total unit cost analysis of surgery service unit was obtained $75 for unit cost without AFC and salary of nurse and doctor. The operation tariff that has been implemented today at Anutapura hospitals in eye department is tariff without AFC and the salary of the employee is $80. The operation tariff of the unit cost calculation with double distribution model at $65. Conclusion, the calculation result of actual unit cost that is much greater causes incentive distribution system provided to an ophthalmologist at $37 and nurse at $20 for one operation. The surgery service tariff is still low; consequently, the hospital receives low revenue and the quality of health insurance in eye operation department is relatively low. In purpose of increasing the service quality, it requires adequately high cost to equip medical equipment and increase the number of professional health attendant in serving patients in cataract eye operation at hospital.

Keywords: economic evaluation, cataract operation, health attendant, health insurance system

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Authors: Yi-Ling Lin, Lu-Ming Tseng

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Customer sexual harassment is recognized as a serious problem in the personal selling industry. At a personal level, customer sexual harassment could have very negative impacts on the salespeople's physical and mental health. At the organizational level, customer sexual harassment is destructive in terms of organizational reputation. Therefore, this research takes Taiwan's life insurance salesperson as the research sample and explores the impacts of customer power and perceived behavioral control on the life insurance salespeople's whistleblowing intentions to report quid pro quo and hostile work environment types of customer sexual harassment. This study then investigates how personal factors (such as gender difference) may relate to the intentions. Questionnaires are often used as a data collection instrument in studies on workplace sexual harassment. This study collects data through questionnaire surveys, and the research sample of this research is the full-time life insurance salespeople in Taiwan. The hypotheses are examined by using PLS regression approach. The main results show that the types of customer sexual harassment, customer power, and gender are related to the whistleblowing intentions. To our best knowledge, this is the first empirical study to test the relationships among customer reward power, customer coercive power, perceived behavioral control, and the salespeople's whistleblowing intentions toward customer sexual harassment. The findings may provide some implications for the researchers and official authorities.

Keywords: customer sexual harassment, life insurance salespeople, perceived behavioral control, PLS regression

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Authors: Dorcas Matowe

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Inequality in health care for racial and ethnic minorities continues to be a growing concern for many Americans. Some of the barriers hindering the elimination of health disparities include lack of insurance, socioeconomic status (SES), and racism. This study will specifically focus on the association between some of these factors- health care access, which includes insurance coverage and frequency of doctor visits, race, ethnicity, and health status. The purpose of this study will be to address the following questions: is having health insurance associated with increased doctor visits? Are racial and ethnic minorities with health insurance more or less likely to see a doctor? Is the association between having health insurance moderated by being an ethnic minority? Given the current implications of the 2010 Affordable Care Act, this study will highlight the need to prioritize health care access for minorities and confront institutional racism. Critical Race Theory (CRT) will demonstrate how racism has reinforced these health disparities. This quantitative study design will analyze secondary data from the 2015 Behavioral Risk Factor Surveillance System (BRFSS) questionnaire, a telephone survey conducted annually in all 50 states and three US territories by state health departments in conjunction with the Center for Disease Control (CDC). Non-identifying health-related data is gathered annually from over 400,000 adults 18 years and above about their health status and use of preventative services. Through Structural Equation Modeling (SEM), the relationship between the predictor variables of health care access, race, and ethnicity, the criterion variable of health status, and the latent variables of emotional support and life satisfaction will be examined. It is hypothesized that there will be an interaction between certain racial and ethnic minorities who went to see a doctor, had insurance coverage, experienced racism, and the quality of their health status, emotional support, and life satisfaction.

Keywords: ethnic minorities, health disparities, health access, racism

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Authors: Vincenzo Russo, Rosella Giacometti

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The paper aims to assess the insurance industry's resilience under Solvency II against adverse scenarios. Starting from the economic balance sheet available under Solvency II for insurance and reinsurance undertakings, we assume that assets and liabilities follow a bivariate geometric Brownian motion (GBM). Then, using the results available under Margrabe's formula, we establish an analytical solution to calibrate the volatility of the asset-liability ratio. In such a way, we can estimate the probability of default and the probability of breaching the undertaking's Solvency Capital Requirement (SCR). Furthermore, since estimating the volatility of the Solvency Ratio became crucial for insurers in light of the financial crises featured in the last decades, we introduce a novel measure that we call Resiliency Ratio. The Resiliency Ratio can be used, in addition to the Solvency Ratio, to evaluate the insurance industry's resilience in case of adverse scenarios. Finally, we introduce a simplified stress test tool to evaluate the economic balance sheet under stressed conditions. The model we propose is featured by analytical tractability and fast calibration procedure where only the disclosed data available under the Solvency II public reporting are needed for the calibration. Using the data published regularly by the European Insurance and Occupational Pensions Authority (EIOPA) in an aggregated form by country, an empirical analysis has been performed to calibrate the model and provide the related results at the country level.

Keywords: Solvency II, solvency ratio, volatility of the asset-liability ratio, probability of default, probability to breach the SCR, resilience ratio, stress test

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Authors: Nesrine Bouzaher, Okba Necira

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The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore the national economy needs to develop the insurance market in order to support the investments, externally and internally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance; market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

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Authors: Necira Okba, Nesrine Bouzaher

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The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore, the national economy needs to develop the insurance market in order to support the investments, externally and intern ally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

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Authors: Yeo Leng Leng

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Blended learning, with its combination of online and face-to-face instruction, presents a unique set of challenges and opportunities in terms of cultivating student agency. While it offers flexibility and personalized learning pathways, it also demands a higher degree of self-regulation and motivation from students. This paper presents the design of blended learning in a Chinese lesson and discusses the framework involved. It also talks about the Edtech tools adopted to engage the students. Some of the students’ works will be showcased. A qualitative case study research method was employed in this paper to find out more about students’ learning experiences and to give them a voice. The purpose is to seek improvement in the blended learning design of the Chinese lessons and to encourage students’ self-directed learning.

Keywords: blended learning, student agency, ed-tech tools, self-directed learning

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Authors: Priscilla Echeverria

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For us grown up in neoliberal societies, it is not always clear that we have not only incorporated an economic logic into our subjectivities, but a technical reason, an instrumental way of relationship with the environment inspired in a control interest that constantly dehumanizes us as takes away our capacity of action, becoming mere objects or bureaucrats, stripped of our citizen dimension to participate in social and political issues responsibly and creatively. To restore the capacity of action -agency- is urgent in our societies to strengthen better democracies. On this, the formal educational system plays a crucial role, which in turn needs teachers prepared to understand their role as integral educators instead of mere curriculum managers. For this reason, initial teacher formation (ITF) programs must assume the responsibility of helping them to develop an ethical/political/epistemic pedagogical agency to deal with a technical school culture and, in turn, able to relate to their students in democratic ways to help them to develop their agency capacities. By highlighting a perspective of education as the opposite of technocracy and bureaucracy, this talk precisely addresses ITF as a crucial and formative space to restore a perspective of what a critical education can look like, enabling pedagogy students with pedagogical agency capacities to, in turn, allow their future students to develop it. This discussion is part of my doctoral research, "The importance of developing the capacity for ethical-political-epistemic agency in novice teachers during initial teacher formation to contribute to social justice", which I currently develop in the Educational Research program of the University of Lancaster, United Kingdom, as a Conicyt fellow for the 2019 cohort. This presentation specifically offers preliminary results of the analysis of critical incidents as a research methodological tool to analyse the capacity of pedagogical agency deployed by novice teachers in their first pedagogical experiences in the Chilean context.

Keywords: initial teacher formation, pedagogical agency, pedagogical interaction, hidden curriculum, critical pedagogy, social justice

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Authors: Peter J. Robinson, W. J. Wouter Botzen

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Individuals often over-weight low probabilities and under-weight moderate to high probabilities, however very low probabilities are either significantly over-weighted or neglected. Little is known about factors affecting probability weighting in Prospect Theory related to emotions specific to risk (anticipatory and anticipated emotions), the threshold of concern, as well as personality traits like locus of control. This study provides these insights by examining factors that influence probability weighting in the context of flood insurance demand in an economic experiment. In particular, we focus on determinants of flood probability neglect to provide recommendations for improved risk management. In addition, results obtained using real incentives and no performance-based payments are compared in the experiment with high experimental outcomes. Based on data collected from 1’041 Dutch homeowners, we find that: flood probability neglect is related to anticipated regret, worry and the threshold of concern. Moreover, locus of control and regret affect probabilistic pessimism. Nevertheless, we do not observe strong evidence that incentives influence flood probability neglect nor probability weighting. The results show that low, moderate and high flood probabilities are under-weighted, which is related to framing in the flooding context and the degree of realism respondents attach to high probability property damages. We suggest several policies to overcome psychological factors related to under-weighting flood probabilities to improve flood preparations. These include policies that promote better risk communication to enhance insurance decisions for individuals with a high threshold of concern, and education and information provision to change the behaviour of internal locus of control types as well as people who see insurance as an investment. Multi-year flood insurance may also prevent short-sighted behaviour of people who have a tendency to regret paying for insurance. Moreover, bundling low-probability/high-impact risks with more immediate risks may achieve an overall covered risk which is less likely to be judged as falling below thresholds of concern. These measures could aid the development of a flood insurance market in the Netherlands for which we find to be demand.

Keywords: flood insurance demand, prospect theory, risk perceptions, risk preferences

Procedia PDF Downloads 245

Authors: Tirtha Raj Dhakal, Brian Davidson, Bob Farquharson

Abstract:

Institutional design is an important aspect in efficient water resource management. In Nepal, the water supply in both farmers’- and agency-managed irrigation systems has become sub-standard because of the weak institutional framework. This study characterizes both forms of the schemes and links existing institution and governance of the schemes with its performance with reference to cost recovery, maintenance of the schemes and water distribution throughout the schemes. For this, two types of surveys were conducted. A management survey of ten farmers’-managed and five agency-managed schemes of Chitwan valley and its periphery was done. Also, a farm survey comprising 25 farmers from each of head, middle and tail regions of both schemes; Narayani Lift Irrigation Project (agency-managed) and Khageri Irrigation System (farmers’-managed) of Chitwan Valley as a case study was conducted. The results showed that cost recovery of agency-managed schemes in 2015 was less than two percent whereas service fee collection rate in farmers’-managed schemes was nearly 2/3rd that triggered poor maintenance of the schemes and unequal distribution of water throughout the schemes. Also, the institution on practice is unable to create any incentives for farmers for economical use of water as well as willingness to pay for its use. This, thus, compels the need of refined institutional framework which has been suggested in this paper aiming to improve the cost recovery and better water distribution throughout the irrigation schemes.

Keywords: cost recovery, governance, institution, schemes' performance

Procedia PDF Downloads 232

Authors: Kevin Smith

Abstract:

Publicly traded company in the US are legally obligated to host earnings calls that discuss their most recent financial reports. During these calls, investors are able to ask these companies questions about these financial reports and on the future direction of the company. This paper examines whether common institutional owners use these calls as a way to indirectly signal to companies in their portfolio to not take actions that could hurt the common owner's interests. This paper uses transcripts taken from the earnings calls of the six largest health insurance companies in the US from 2014 to 2019. This data is analyzed using text analysis and sentiment analysis to look for patterns in the statements made by common owners. The analysis found that common owners where more likely to recommend against direct price competition and instead redirect the insurance companies towards more passive actions, like investing in new technologies. This result indicates a mechanism that common owners use to reduce competition in the health insurance market.

Keywords: common ownership, text analysis, sentiment analysis, machine learning

Procedia PDF Downloads 48

Authors: Mirza Waseem Abbas, Abdul Qayyum, Muhammad Islam

Abstract:

Climate change has emerged as a significant threat to global food security, affecting crop production systems worldwide. This research paper aims to examine the specific impacts of climate change on wheat production in Pakistan, Punjab in particular, a country highly dependent on wheat as a staple food crop. Through a comprehensive review of scientific literature, field observations, and data analysis, this study assesses the key climatic factors influencing wheat cultivation and the subsequent implications for food security in the region. A comparison of two subsequent Wheat seasons in Punjab was examined through climatic conditions, area, yield, and production data. From the analysis, it is observed that despite a decrease in the area under cultivation in the Punjab during the Wheat 2023 season, the production and average yield increased due to favorable weather conditions. These uncertain climatic conditions have a direct impact on crop yields. Last year due to heat waves, Wheat crop in Punjab suffered a significant loss. Through crop insurance, Wheat growers were provided with yield loss protection keeping in view the devastating heat wave and floods last year. Under crop insurance by the Government of the Punjab, 534,587 Wheat growers were insured with a $1.6 million premium subsidy. However, due to better climatic conditions, no loss in the yield was recorded in the insured areas. Crop Insurance is one of the suitable options for policymakers to protect farmers against climatic losses in the future as well.

Keywords: climate change, crop insurance, heatwave, wheat yield punjab

Procedia PDF Downloads 51