scholarly journals Insured Loss Inflation: How Natural Catastrophes Affect Reconstruction Costs

2016 ◽  
Vol 84 (3) ◽  
pp. 851-879 ◽  
Author(s):  
David Döhrmann ◽  
Marc Gürtler ◽  
Martin Hibbeln
Keyword(s):  
Natural Catastrophes ◽  
Insured Loss

Examining perceptions of stress, wellbeing and fear among Hungarian adolescents and their parents under lockdown during the COVID-19 pandemic

2020 ◽  
Author(s):  
Gabor Csikos ◽  
Krisztina Dr Törő ◽  
Judit Mokos ◽  
Sandor Rozsa ◽  
Hadházi Éva ◽  
...  
Keyword(s):  
Family Relationships ◽  
Parental Stress ◽  
Significant Negative Correlation ◽  
Post Traumatic Stress ◽  
Natural Catastrophes ◽  
Parents And Children ◽  
Wellbeing Index ◽  
The Family ◽  
Post Traumatic ◽  
Open Question

Intensified anxiety responses and even symptoms of post-traumatic stress are commonly observed under quarantine conditions. In this study, the effects on fear, anxiety and wellbeing of the recent pandemic caused by SARS-CoV-2 were investigated in a sample of otherwise healthy Hungarians. Taking the family as a microsystem, differences in gender, age, family relationships and time spent in isolation were the main focus of this investigation. 346 parent-child dyads were examined; the children were 11-17 years of age. Standard psychological questionnaires (Perceived Stress Scale, WHO Wellbeing Index), and an open question test (the Metamorphosis test) were used, and the results analysed with the aid of basic statistical methods. Stress levels and wellbeing displayed a significant negative correlation with each other in both parents and children. Parental stress and levels of wellbeing had a weak but significant impact on the wellbeing of their children. Among the demographic variables examined, none of them was found to explain the wellbeing or stress level of parents. Natural catastrophes, such as pandemics, create a stressful social environment for parents, and therefore directly impact the psychological wellbeing of all family members.

SUBROGATION IN INSURANCE CONTRACT

2018 ◽  
Vol 28 (6) ◽  
pp. 1985-1991
Author(s):  
Tatjana Dimov
Keyword(s):  
Insurance Contract ◽  
Insurance Companies ◽  
Property Insurance ◽  
Insured Person ◽  
Legal Position ◽  
Insured Loss ◽  
Injured Party ◽  
The Right ◽  
Insurance Agreement ◽  
Responsible Person

Subrogation is a legal right characteristically reserved by property insurers. Subrogation occurs in property insurance and in some particular cases of liability insurance. The doctrine of subrogation operates to ensure protection of certain specific principles relevant to the property insurance including the principle of indemnification whereby the compensation received is no more and no less than a full indemnity for the insured loss or damage suffered by the insured due to loss occurrence, the principle of non-cumulation in terms of claims under the same insurance contract and the principle which excludes claiming indemnity from the person who is legally responsible for causing the loss, because otherwise the insurance contract may be an unjustified source of profit for the insured as the insured would get double recovery or paid out twice for the same claim.With the payment of the reimbursement from an insurance agreement on the insurer, all rights that the insured has towards the persons responsible for the damage up to the amount of the paid compensation are transferred. With the subrogation, the insurer takes up the legal position of the insured person and exercises his right to subrogation from the rights of the insured (derivative acquisition of the right), so that the insurer exceeds the claims in scope and amount as the insured had towards the perpetrator.Subrogation is the right of the insurer, it is not his obligation. The insurer is not obliged to use this right to transfer the rights to the responsible person.The notion of subrogation is often associated with the concept of insurance regression. But there is a difference between these two terms: recourse is the right of the insurer to claim the amount of compensation that he has paid to the insured (injured parties) from the harmful person, while subrogation is the transfer of the right (the claim for damages to the responsible person) from the insured to the insurer up to the amount of the compensation paid on the basis of an insurance contract. The right to recourse is a consequence of the existence of subrogation, i.e. transfer of the rights of the insured person to the responsible person, and which is reached by the law itself.Тhe subrogation doctrine also operates to ensure that the defendant or the person who is legally responsible for the loss shall not be absolved of liability under the civil law. Namely, the perpetrator should bear the consequences of his liability for the caused damage, and therefore the legislator of the insurer (as one of the contractual parties in insurance contract) has recognized the right what he has paid the injured party (as the contractual party in the insurance contract called the insured) to calm from the perpetrator.Furthermore, subrogation doctrine operates to ensure profit for the insurance companies whereby the reimbursement funds the claims or sum insured are covered from additionally grow; therefore, this doctrine is of great importance to the insurers.

Convective Storms and the Insurance Industry: Challenges and Opportunities

2020 ◽  
Author(s):  
Kirsten D. Orwig
Keyword(s):  
United States ◽  
Tropical Cyclones ◽  
Insurance Industry ◽  
Property Values ◽  
Construction Materials ◽  
The United States ◽  
Building Code ◽  
Convective Storms ◽  
Challenges And Opportunities ◽  
Insured Loss

Convective storms affect countries worldwide, with billions in losses and dozens of fatalities every year. They are now the key insured loss driver in the United States, even after considering the losses sustained by tropical cyclones in 2017. Since 2008, total insured losses from convective storms have exceeded $10 billion per year. Additionally, these losses continue to increase year over year. Key loss drivers include increased population, buildings, vehicles, and property values. However, other loss drivers relate to construction materials and practices, as well as building code adoption and enforcement. The increasing loss trends pose a number of challenges for the insurance industry and broader society. These challenges are discussed, and some recommendations are presented.

PHYSICS OF THE MIND: OPINION DYNAMICS AND DECISION MAKING PROCESSES BASED ON A BINARY NETWORK MODEL

2008 ◽  
Vol 22 (25n26) ◽  
pp. 4482-4494 ◽  
Author(s):  
F. V. KUSMARTSEV ◽  
KARL E. KÜRTEN
Keyword(s):  
Decision Making ◽  
Social Networks ◽  
Chaotic Behavior ◽  
Opinion Dynamics ◽  
Human Mind ◽  
Critical Parameters ◽  
Opinion Formation ◽  
Natural Catastrophes ◽  
Risk Condition ◽  
Binary Network

We propose a new theory of the human mind. The formation of human mind is considered as a collective process of the mutual interaction of people via exchange of opinions and formation of collective decisions. We investigate the associated dynamical processes of the decision making when people are put in different conditions including risk situations in natural catastrophes when the decision must be made very fast or at national elections. We also investigate conditions at which the fast formation of opinion is arising as a result of open discussions or public vote. Under a risk condition the system is very close to chaos and therefore the opinion formation is related to the order disorder transition. We study dramatic changes which may happen with societies which in physical terms may be considered as phase transitions from ordered to chaotic behavior. Our results are applicable to changes which are arising in various social networks as well as in opinion formation arising as a result of open discussions. One focus of this study is the determination of critical parameters, which influence a formation of stable mind, public opinion and where the society is placed “at the edge of chaos”. We show that social networks have both, the necessary stability and the potential for evolutionary improvements or self-destruction. We also show that the time needed for a discussion to take a proper decision depends crucially on the nature of the interactions between the entities as well as on the topology of the social networks.

Peacemaking Rituals in the Context of Natural Disaster

2016 ◽  
Vol 20 (3) ◽  
pp. 286-299
Author(s):  
Urte Undine Frömming
Keyword(s):  
Natural Disaster ◽  
Social Values ◽  
Belief System ◽  
Social Function ◽  
Reciprocal Relationship ◽  
Space And Place ◽  
Ethnographic Fieldwork ◽  
Natural Catastrophes ◽  
The People ◽  
Clan Identity

This article is based on ethnographic fieldwork in Indonesia and will raise questions about the meaning that cultures ascribe to potentially dangerous natural spaces. By tracing the mythological and ritual life of the local clans of the Lamaholot and Ngada people, one can note that the entire cosmology and belief system of the people of Flores is tightly interwoven with the religious perception of space and place. Volcanoes play a key role in this belief system because the different clans see volcanoes as places of origin, though they also have a practical social function This article emphasizes the importance of volcanoes for individual and clan identity, and their function in the ideology of association and spiritual linkage between people, ancestors, and natural features. It furthermore examines the phenomenon of public confessions of guilt. These coincide with local interpretations of natural catastrophes as a result of the failure to respect local social values and norms and to fulfil religious duties. Consequently, the article argues, the idea of a dualism between humans and nature becomes irrelevant. Within this context, their reciprocal relationship with volcanoes enables clan groups in Flores to reconcile the unpredictability of nature with the dangerous and sometimes violent aspects of society.

Natural catastrophes

2005 ◽  
pp. 235-253
Author(s):  
John Lancaster
Keyword(s):  
Natural Catastrophes

The Impact of Reinsurance

2021 ◽  
Author(s):  
Niels Viggo Haueter
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Insurance Industry ◽  
Natural Catastrophes ◽  
Security Interest ◽  
Environmental Deterioration ◽  
Stabilizing Effect ◽  
The 1960S ◽  
The Impact

Reinsurance is perceived to have a stabilizing effect on the direct insurance industry and thereby on the economy overall. Yet, research into how exactly reinsurance impacts various areas is scarce. Traditionally, studying the impact of reinsurance used to be in the domain of actuaries; since the 1960s, they have tried to assess how different contract elements can provide what came to be called “optimal reinsurance.” In the 2010s, such research was intensified in developing countries with the aim to deploy reinsurance to support economic growth and security. Interest in reinsurance increased when the industry became more visible in the 1990s as the impact of natural catastrophes started being linked to a changing climate. Reinsurers emerged as spokespeople for climate-related issues, and the industry took a lead role in arguing in favor of implementing measures to reduce environmental deterioration. Reinsurers, it was argued, have a vested interest in managing the impact of natural catastrophes. This triggered discussions about the role of reinsurance overall and about how to assess its impact. In the wake of the financial crisis of 2007 and 2008, interest in reinsurance again surged, this time due to perceived systemic impacts.

Migration and Refuge

2019 ◽  
Author(s):  
John Patrick Walsh
Keyword(s):  
Political Violence ◽  
Media Coverage ◽  
The Political ◽  
Ecological Change ◽  
Refugee Crisis ◽  
Haitian Literature ◽  
Political Crises ◽  
Natural Catastrophes ◽  
The World ◽  
Over Time

This book argues that contemporary Haitian literature historicizes the political and environmental problems brought to the surface by the 2010 earthquake by building on texts of earlier generations, notably at the end of the Duvalier era and its aftermath. Haitian writers have made profound contributions to debates about the converging paths of political crises and natural catastrophes, yet their writings on the legacies of colonialism, imperialism, and neoliberalism are often neglected in heated debates about environmental futures. The earthquake only exacerbated this contradiction. Despite the fact that Haitian authors have long treated the connections between political violence, social and economic precariousness, and ecological degradation, in media coverage around the world, the earthquake would have suddenly exposed scandalous conditions on the ground in Haiti. Informed by Haitian studies and models of postcolonial ecocriticism, the book conceives of literature as an “eco-archive,” or a body of texts that depicts ecological change over time and its impact on social and environmental justice. Focusing equally on established and less well-known authors, this study contends that the eco-archive challenges future-oriented, universalizing narratives of the Anthropocene and the global refugee crisis with portrayals of different forms and paths of migration and refuge within Haiti and around the Americas.

From Earthquake Geophysical Measures to Insurance Premium: A Generalised Method for the Evaluation of Seismic Risk, with Application to Italy’s Housing Stock

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Riccardo Cesari ◽  
Leandro D’Aurizio
Keyword(s):  
Seismic Risk ◽  
Housing Stock ◽  
Insurance Premium ◽  
New Technique ◽  
Probabilistic Assessment ◽  
Natural Catastrophes ◽  
A New Technique ◽  
The Impact ◽  
Housing Units

Abstract Following the increasing necessity of quantitative measures for the impact of natural catastrophes, this paper proposes a new technique for a probabilistic assessment of seismic risk by using publicly available data on the earthquakes that have occurred in Italy. We implement an insurance-oriented methodology to produce a new map of the seismic risk and to evaluate, under various hypotheses, the costs of insuring all the Italian housing units against it. The model is compared with two main privately developed models, well known in the reinsurance industry, providing fairly similar results.

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