scholarly journals International Real Estate Review

1998 ◽  
Vol 1 (1) ◽  
pp. 17-44
Author(s):  
Gregory H. Chun ◽  
Keyword(s):  
Real Estate ◽  
Life Insurance ◽  
Institutional Investors ◽  
Empirical Work ◽  
The United States ◽  
Insurance Companies ◽  
Portfolio Decisions ◽  
The United Kingdom ◽  
Real Estate Assets ◽  
Ownership Patterns

In this paper we examine the institutional real estate ownership patterns of life insurance companies for 10 countries over the period 1986-96. The countries included are ustralia, Austria, Belgium, France, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and the United States. We find that most institutional investors worldwide have shifted out of real estate assets and into stocks and bonds over the last decade. We then investigate whether this behavior is the result of changing investor perceptions or a shift in stock market apitalization. To test this hypothesis, the paper derives measures of ex ante real estate returns following previous empirical work in finance. The results indicate that only a small proportion of what is driving institutional investors' real estate portfolio decisions is actually explained by changing investor perceptions and lagged unexpected excess returns.

scholarly journals On Legislation as to Life Insurance and Life Insurance Companies

1871 ◽  
Vol 16 (2) ◽  
pp. 77-98 ◽  
Author(s):  
T. B. Sprague
Keyword(s):  
United States ◽  
United Kingdom ◽  
Life Insurance ◽  
United States Of America ◽  
The United States ◽  
Insurance Companies ◽  
The Past ◽  
Life Assurance ◽  
The United Kingdom ◽  
The Law

The past session of Parliament has witnessed the passing of an Act for the regulation of Life Assurance Companies in the United Kingdom, which, while introducing great changes in the law, still stops very far short of the system of legislation which has been for several years in operation in a few of the United States of America, and which is warmly approved of and urgently recommended for adoption by some persons in this country. The present may therefore be considered a fitting time for reviewing what has been done and considering whether any further legislation is desirable, and if any, of what nature it should be.

AIG in Hindsight

2015 ◽  
Vol 29 (2) ◽  
pp. 81-106 ◽  
Author(s):  
Robert McDonald ◽  
Anna Paulson
Keyword(s):  
Real Estate ◽  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Collateralized Debt Obligations ◽  
Residential Mortgage ◽  
Bank Run ◽  
Mortgage Backed Securities ◽  
Collateralized Debt ◽  
Real Estate Assets

The near-failure on September 16, 2008, of American International Group (AIG) was an iconic moment in the financial crisis. Two large bets on real estate made with funding vulnerable to bank-run-like dynamics pushed AIG to the brink of bankruptcy. AIG used securities lending to transform insurance company assets into residential mortgage-backed securities and collateralized debt obligations, ultimately losing at least $21 billion and threatening the solvency of the life insurance companies. AIG also sold insurance on multisector collateralized debt obligations, backed by real estate assets, ultimately losing more than $30 billion. These activities were apparently motivated by a belief that AIG's real estate bets would not suffer defaults and were “money-good.” We find that these securities have in fact suffered write-downs and that the stark “money-good” claim can be rejected. Ultimately, both liquidity and solvency were issues for AIG.

The Pioneer in American Life Insurance Marketing

1938 ◽  
Vol 12 (5) ◽  
pp. 65-75
Author(s):  
J. Owen Stalson
Keyword(s):  
United States ◽  
Eighteenth Century ◽  
North America ◽  
Life Insurance ◽  
General Public ◽  
Colonial America ◽  
The United States ◽  
Insurance Companies ◽  
Insurance Company ◽  
Fire Insurance

Colonial America gave little thought to life insurance selling. The colonists secured protection against marine risks from private underwriters, first in London, eventually at home. It has been asserted that Philadelphia had no fire insurance until 1752; Boston none before 1795. The first corporations formed in this country for insuring lives were those of the Presbyterian Ministers Fund (1759) and a similar company organized for the benefit of Episcopal ministers (1769). Neither of these corporations offered insurance to the general public. In the last decade of the eighteenth century many insurance companies were formed in the United States. At least five were chartered to underwrite life risks, but only one, The Insurance Company of North America, appears to have accepted any. There is no basis for saying that any of these early companies tried to sell life insurance.

scholarly journals A Study on the Mainstream of Real Estate Education with Core Term Analysis

2018 ◽  
Vol 8 (4) ◽  
pp. 182
Author(s):  
Dong-hyun Kim ◽  
Myoung-young Pior
Keyword(s):  
United States ◽  
United Kingdom ◽  
Real Estate ◽  
The United States ◽  
Main Stream ◽  
The United Kingdom ◽  
Royal Institution ◽  
The Subject ◽  
Real Estate Education ◽  
Globalization Of Education

This study was conducted to provide basic information about the curricula of real estate education with respect to globalization. The literature, such as the histories and characteristics of real estate education in the United Kingdom and the United States that have historically lead real estate education, are reviewed. We also extract the core terms used in the curricula of departments accredited by the Royal Institution of Chartered Surveyors and The Association to Advance Collegiate Schools of Business—International that are leading the globalization of education, and Meikai University, the only university with a real estate department in Japan. In extracting core terms from each country, we proceed with basic terms that constitute the subject titles, not the entire subject title itself. After extracting core terms from each country, we discuss the overall characteristics of real estate education in each country and clarify the main stream of the globalization of real estate education. In addition, by comparing core terms and calculating proximities among Japan, the United Kingdom and United States, Japan’s specificities of real estate education are identified.

Who Benefits When Prescription Drug Manufacturers Offer Copay Coupons?

2019 ◽  
Vol 65 (8) ◽  
pp. 3758-3775 ◽  
Author(s):  
Gregory J. King ◽  
Xiuli Chao ◽  
Izak Duenyas
Keyword(s):  
Prescription Drug ◽  
Prescription Drugs ◽  
Operations Management ◽  
Insurance Industry ◽  
Empirical Work ◽  
The United States ◽  
Policy Implications ◽  
Insurance Companies ◽  
High Price ◽  
Multiple Drug

The rising cost of prescription drugs is a concern in the United States. To manage drug costs, insurance companies induce patients to choose less-expensive medications by making them pay higher copayments for more-expensive drugs, especially when multiple drug options are available to treat a condition. However, drug manufacturers have responded by offering copay coupons—coupons intended to be used by those already with prescription drug coverage. Recent empirical work has shown that such coupons significantly increase insurer costs without much benefit to patients, who incur lower out-of-pocket expenses with coupons but may eventually see higher costs passed to them. As a result, there is pressure from the insurance industry and consumer advocacy groups to ban copay coupons. In this paper we analyze how copay coupons affect patients, insurance companies, and drug manufacturers, while addressing the question of whether insurance companies would in fact always benefit from a copay coupon ban. We find that copay coupons tend to benefit drug manufacturers with large profit margins relative to other manufacturers, while generally, but not always, benefiting patients; insurer costs tend to increase with coupons from high-price drug manufacturers and decrease with coupons from low-price manufacturers. Although often helping drug manufacturers and increasing insurer costs, we also identify situations in which copay coupons benefit both patients and insurers. Thus, a blanket ban on copay coupons would not necessarily benefit insurance companies. In addition to the policy implications of our work, we make concrete managerial recommendations to insurers. We discuss how they should set formulary selection policies taking into account the fact that drug manufacturers may offer coupons; and we suggest how they can benefit from subsidizing coupons from drug manufacturers with low-price drugs, or from having drug manufacturers compete on price, to receive a favorable formulary position (i.e., copay). This paper was accepted by Yossi Aviv, operations management.

Variable Annuities and Variable Life Insurance in the United States of America

1972 ◽  
Vol 20 (02) ◽  
pp. 69-112
Author(s):  
S. Hamilton Leckie
Keyword(s):  
United States ◽  
Life Insurance ◽  
United States Of America ◽  
Special Problem ◽  
The United States ◽  
Current Status ◽  
Variable Annuities ◽  
Winston Churchill ◽  
The United Kingdom ◽  
Comprehensive Treatise

The purpose of this paper is to outline the development and current status of variable annuities and variable life insurance in the United States of America. The author was fortunate in being granted a Fellowship by the Winston Churchill Memorial Trust which enabled him to travel extensively in North America for two months in the summer of 1971. It is pointed out that this paper is the result of a large number of impressions formed by the author and has no claim to be a comprehensive treatise on the subjects. However, it is hoped that the paper will be of real interest to actuaries and others in the United Kingdom.Part I of the paper deals with variable annuities, Part II with variable life insurance, and Part III with the special problem of providing minimum death benefit guarantees and maturity value guarantees for these variable products. Variable annuities are much more established in the United States than in this country, but variable life insurance is just in the process of being developed. Mention will be made of the broader issues as well as of actuarial matters.

scholarly journals Urban Demolition: Application of Blight Elimination Programs and Flood Buyout Programs to the Italian Case

2021 ◽  
Vol 13 (16) ◽  
pp. 9412
Author(s):  
Simone Rusci ◽  
Diego Altafini ◽  
Valerio Di Pinto
Keyword(s):  
United States ◽  
Real Estate ◽  
Urban Growth ◽  
Main Tool ◽  
The United States ◽  
New Paradigm ◽  
Italian Case ◽  
Successful Employment ◽  
Real Estate Assets ◽  
The U.S

In recent years, there has been a growing awareness that not all decommissioned and obsolete real-estate assets can be recovered and reused. After the paradigm of urban growth, and following the paradigm of regeneration, a new paradigm seems to be looming on the horizon: the paradigm of shrinkage. Due to this change in perspective, discussions on the potential of demolition policies as an alternative to regeneration and reuse are gaining support in the debate about urban growth. In the United States, there are two on-going programs using demolition as their main tool for urban planning: the blight elimination programs and the flood buyout programs. The former foresees the demolition of abandoned and decayed real-estate assets, while the latter envisions the demolition and relocation of buildings within areas under flooding risks. Given their successful employment in the U.S., this paper evaluates the applicability of these programs to an Italian case, which is characterized by a different building heritage and different territorial conditions. Simulations of the programs’ application are made using two case studies: Lecce nei Marsi (Abruzzo) and Moncalieri (Piemonte). The results demonstrate the substantial feasibility of the blight elimination programs’ usage in Italy, while the flood buyout programs instead demonstrates major obstacles that may hinder its successful application.

The Condition and Progress of German Life Insurance Companies in the Year 1873

1875 ◽  
Vol 19 (1) ◽  
pp. 42-55
Author(s):  
A. Emminghaus ◽  
D. A. Bumsted
Keyword(s):  
United States ◽  
Great Britain ◽  
Life Insurance ◽  
Social Life ◽  
The United States ◽  
Insurance Companies ◽  
General State ◽  
The Past ◽  
Recent Outbreak ◽  
The Future

The progress of life insurance in Germany in the year 1873 was far greater than could have been anticipated from the course of events during the year. For at a time of violent reaction, such as Germany and Austria experienced in the past year, succeeding a period during which mercantile speculations had been engaged in with such frantic eagerness by all classes of the community, we should not have expected to find men either willing or able to give that calm and self-denying consideration to the future, upon which life insurance depends. With the necessaries of life at exorbitant prices, it was natural to suppose that there would be a considerable diminution in the number of those who, after meeting the claims of the day, would be able to provide for the future. While the general state of society thus led to the conclusion that there would be a diminution in the number of insurances, there was also reason to fear that the mortality would be greatly increased through the recent outbreak of cholera, which extended over a large district, and held its ground very firmly for some time. In both respects, the returns for 1873 were more favourable than we expected; and this furnishes another proof of the fact that, in those parts of central Europe from which our returns are derived, life insurance has not yet become so general, that all the occurrences of domestic and social life, or even events involving important changes, have any distinct influence upon its development. It cannot be denied that in Germany, Austria, and Switzerland, life insurance is not nearly so well understood as in Great Britain and the United States.

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