Compendium of Publications - The Geneva Association

Compendium of Publications 

of The Geneva Association 

June 2012

The Geneva Association 

(The International Association 

for the Study of Insurance Economics) 

The Geneva Association is the leading international insurance think tank for strategically important insurance and risk 

management issues. 

The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or 

which influence the insurance sector. Through the development of research programmes, regular publications and the 

organisation of international meetings, The Geneva Association serves as a catalyst for progress in the understanding 

of risk and insurance matters and acts as an information creator and disseminator. It is the leading voice of the largest 

insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and 

cultural terms—the development and application of risk management and the understanding of uncertainty in the 

modern economy. 

The Geneva Association membership comprises a statutory maximum of 90 Chief Executive Officers (CEOs) from the 

world’s top insurance and reinsurance companies. It organises international expert networks and manages discussion 

platforms for senior insurance executives and specialists as well as policy-makers, regulators and multilateral 

organisations. The Geneva Association’s annual General Assembly is the most prestigious gathering of leading 

insurance CEOs worldwide. 

Established in 1973, The Geneva Association, officially the “International Association for the Study of Insurance 

Economics”, is based in Geneva, Switzerland and is a non-profit organisation funded by its members. 

Chairman: Dr Nikolaus von Bomhard, Chairman of the Board of Management, Munich Re, Munich. 

Vice Chairmen: Mr John Strangfeld, Chairman and CEO, Prudential Financial, Inc., Newark; Mr Kunio Ishihara, 

Chairman of the Board, Tokio Marine & Nichido Fire Insurance Co., Tokyo; Mr Michael Diekmann, Chairman of the 

Management Board, Allianz SE, Munich. 

Members of the Board: Dr Carlo Acutis, Vice President, Vittoria Assicurazioni S.p.A., Turin; Dr Sergio Balbinot, 

Deputy CEO, Assicurazioni Generali S.p.A., Trieste; Mr Henri de Castries, Chairman of the Management Board 

and CEO, AXA Group, Paris; Mr Patrick de Larragoiti Lucas, President, Sul America Seguros, Rio de Janeiro; 

Prof. Denis Kessler, Chairman and CEO, SCOR, Paris; Mr Michel Liès, Group CEO, Swiss Re Group, Zurich; 

Mr Mike McGavick, CEO, XL Group plc, Hamilton; Mr Andrew Moss, CEO, Aviva plc, London; Mr Martin 

Senn, CEO, Zurich Financial Services, Zurich; Mr Tidjane Thiam, Group Chief Executive, Prudential plc, London; 

Dr Richard Ward, CEO, Lloyd’s, London; Dr Yan Wu, Chairman and President, The People’s Insurance Company 

(Group) of China Ltd., Beijing. 

Secretary General and Managing Director: Mr Patrick M. Liedtke, Geneva. 

Vice Secretaries General: Prof. Jan Monkiewicz (Head of PROGRES and Liaison—Eastern Europe), Warsaw; 

Mr Walter Stahel (Head of Risk Management), Geneva. 

Heads of Programmes and Research Directors: Dr Etti Baranoff (Research Director for Insurance and Finance), 

Richmond; Dr Christophe Courbage (Research Director and Head of Health & Ageing and Insurance Economics), 

Geneva; Mr Daniel Haefeli (Head of Insurance and Finance), Geneva; Mr Anthony Kennaway (Head of 

Communications), Geneva; Prof. Krzysztof Ostaszewski (Research Director for Life and Pensions), Normal, Illinois. 

Special Officers: Mr Katsuo Matsushita (Liaison—Japan & East Asia), Yokohama; Mr Gordon Stewart, (Liaison— 

North America), New York; Dr Hans Peter Würmli (Chairman of Chief Risk Officers Network), Zurich. 

Chairman of the Scientific Advisory Council: Prof. Harold Skipper, Georgia State University, Atlanta. 

Former Presidents of The Geneva Association: Mr Raymond Barre, Paris (1973-1976); Mr Fabio Padoa, Trieste 

(1976-1983); Mr Julius Neave, London (1983-1986); Prof. Dr Dr e.h. Reimer Schmidt, Aachen (1986-1990); Sir 

Brian Corby, London (1990-1993); Drs. Jan H. Holsboer, Amsterdam (1993-1999); Mr Walter Kielholz, Zurich 

(1999-2003); Mr Henri de Castries, Paris (2003-2008); Mr Martin J. Sullivan, New York (2008); Mr Jacques Aigrain, 

Zurich (2008-2009).

Compendium of Publications 

of The Geneva Association 

as of June 2012


53 Route de Malagnou, 

CH-1208 Geneva, 

Switzerland 

E-mail: secretariat@genevaassociation.org 

Tel: +41-22-707 66 00 

Fax: +41-22-736 75 36 

www.genevaassociation.org 

June 2012 

© The Geneva Association 

Compendium of Publications of The Geneva Association 

Published by The Geneva Association (The International Association for the Study of Insurance 

Economics)

Contents 

The Geneva Papers on Risk and Insurance—Issues and Practice 3 

The Geneva Risk and Insurance Review 49 

The Geneva Reports—Risk and Insurance Research 59 

Special reports, monographs, books and co-publications 63 

Special reports and monographs 63 

Geneva Association books and co-publications 68 

Publications linked to The Geneva Association 74 

Working Paper Series—Etudes et Dossiers 75 

The Geneva Association Newsletters 151 

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Compendium of Publications of The Geneva Association

The Geneva Papers on Risk and 

Insurance—Issues and Practice 

Publisher: Palgrave Macmillan 

Editor-in-Chief: Patrick M. Liedtke, The Geneva Association 

Deputy-Editor: Christophe Courbage, The Geneva Association 

© The International Association for the Study of Insurance Economics 

Founded in 1976, this prestigious peer-reviewed journal, 

published in annual volumes of four issues, publishes papers 

which both improve the scientific knowledge of the insurance 

industry and stimulate constructive dialogue between the industry 

and its economic and social partners. It is essential reading for 

academics and researchers in insurance, their colleagues in the 

insurance industry and other professionals who are searching for 

a deeper insight into the strategic options for their sector. 

It bridges the gap between these groups, highlighting converging 

zones of interest and helping them to find a common direction. 

All issues (complete issue or articles) up to April 2009 

are available freely on The Geneva Association website 

(www.genevaassociation.org). 

For new subscriptions, please contact Palgrave Macmillan Ltd 

Outside the U:S: Palgrave Macmillan Subscriptions Department, Brunel 

Road, Houndmills, Basingstoke 

Hampshire RG21 6XS, U:K:, Fax: +44 (0) 1256 353774 

In the U.S.: Palgrave Journals Subscriptions, 175 Fifth Avenue, New York, 

NY 10010, U.S., Tel: 1 800 747 3187 

For information and purchasing, contact: subscriptions@palgrave.com 

Subscription rates 2012 

2012 prices Institutional/Print only Personal/Print & Online 

Europe €338/£237 €100/£70 

U.S. US$403 US$130 

Rest of world £230 £70 

For back issues, please indicate the number and date of the issue you require and forward to The Geneva Association at the 

following address: Route de Malagnou 53, CH-1208 Geneva, Tel.: 0041-22-7076600, email: secretariat@genevaassociation.org. 

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Volume 37, No. 2 / April 2012 

SPECIAL ISSUE ON CLIMATE RISK AND INSURANCE 

Guest Editor: Reimund Schwarze 

� Editorial: Insurance Law and Economics Research for Natural Hazard Management in a Changing 

Climate, by Reimund Schwarze 

� Explaining the Failure to Insure Catastrophic Risks, by Carolyn Kousky and Roger Cooke 

� Disasters and Decentralisation, by Jason Scott Johnston 

� A Comparative Study of Public—Private Catastrophe Insurance Systems: Lessons from Current 

Practices, by Youbaraj Paudel 

� Climate Change, Weather Insurance Design and Hedging Effectiveness, by Ines Kapphan, Pierluigi 

Calanca and Annelie Holzkaemper 

� What Role for “Long-term Insurance” in Adaptation? An Analysis of the Prospects for and Pricing 

of Multi-year Insurance Contracts, by Trevor Maynard and Nicola Ranger 

� Risk and Insurability of Storm Damages to Residential Buildings in Austria, by Franz Prettenthaler, 

Hansjörg Albrecher, Judith Köberl and Dominik Kortschak 

� The Impact of Climate Change on Precipitation-related Insurance Risk: A Study of the Effect of 

Future Scenarios on Residential Buildings in Norway, by Ida Scheel and Mikkel Hinnerichsen 

� Proposal for a National Earthquake Insurance Programme for Greece, by Aglaia Petseti and Milton 

Nektarios 

Volume 37, No. 1 / January 2012 

� Editorial—Moving Insurance, by Patrick M Liedtke 

� Who Responds to Tax Reforms? Evidence from the Life Insurance Market, by Carolin Hecht and 

Katja Hanewald 

� Non-Risk Price Discrimination in Insurance: Market Outcomes and Public Policy, by R. Guy Thomas 

� Regulation and Reform of Rating Agencies in the European Union: An Insurance Industry 

Perspective, by Anja Theis and Michael Wolgast 

� Insurability in Microinsurance Markets: An Analysis of Problems and Potential Solutions, by 

Christian Biener and Martin Eling 

� Governance and Shareholder Response to Chief Risk Officer Appointments, by Manu Gupta, Puneet 

Prakash and Nanda Rangan 

� Globalisation and Convergence of International Life Insurance Markets, by Chien-Chiang Lee and 

Chi-Hung Chang 

IIS AWARD-WINNING PAPERS 

� Structure, Principles and Effectiveness of Insurance Regulation in the 21st Century: Insights from 

Canada, by Mary Kelly, Anne Kleffner and Darrell Leadbetter 

� Principles for Insurance Regulation: An Evaluation of Current Practices and Potential Reforms, 

by Robert W Klein 

Volume 36, No. 4 / October 2011 

SPECIAL ISSUE ON LONGEVITY 

� Editorial —Longevity Risk and Capital Markets: The 2010–2011 Update, by David Blake, Christophe 

Courbage, Richard MacMinn and Michael Sherris 

� Longevity Risk from the Perspective of the ILS Markets, by Morton Lane 

� Longevity Risk in Fair Valuing Level 3 Assets in Securitised Portfolios, by Peter Macrae Mazonas, 

Patrick John Eric Stallard and Lynford Graham 

� Economic Pricing of Mortality-linked Securities in the Presence of Population Basis Risk, by Rui 

Zhou, Johnny Siu-Hang Li and Ken Seng Tan 

� Applications of Forward Mortality Factor Models in Life Insurance Practice, by Nan Zhu and 

Daniel Bauer 

� Modelling Mortality with Common Stochastic Long-Run Trends, by Séverine Gaille and Michael 

Sherris 

� Securitisation of Crossover Risk in Reverse Mortgages, by Hong-Chih Huang, Chou-Wen Wang 

and Yuan-Chi Miao

� Securitisation and Tranching Longevity and House Price Risk for Reverse Mortgage Products, by 

Sharon S Yang 

� A Quantitative Comparison of the Lee-Carter Model under Different Types of Non-Gaussian 

Innovations, by Chou-Wen Wang, Hong-Chih Huang and I-Chien Liu 

� Using Reverse Mortgages to Hedge Longevity and Financial Risks for Life Insurers: A Generalised 

Immunisation Approach, by Jennifer L Wang, Ming-hua Hsieh and Yu-fen Chiu 

� A Study of Incidence Experience for Taiwan Life Insurance, by Ching-Syang Jack Yue and Hong- 

Chih Huang 

Vol. 36, No. 3 / July 2011 

� Editorial—Rules of Engagement: Global Regulatory Reforms and the Insurance Industry, by 

Patrick M Liedtke 

INSURANCE AND REGULATION 

� Risk Management and the Global Banking Crisis: Lessons for Insurance Solvency Regulation, by 

Simon Ashby 

� The Interplay between Insurers’ Financial and Asset Risks during the Crisis of 2007–2009, by Etti 

Baranoff and Thomas W Sager 

� Investigating Risk Disclosure Practices in the European Insurance Industry, by Dirk Höring and 

Helmut Gründl 

OTHER RISK AND INSURANCE ISSUES 

� Implementation of Enterprise Risk Management: Evidence from the German Property-Liability 

Insurance Industry, by Muhammed Altuntas, Thomas R Berry-Stölzle and Robert E Hoyt 

� Career Interruptions: How Do They Impact Pension Rights?, by Najat El Mekkaoui de Freitas, 

Cindy Duc, Karine Briard, Sabine Mage and Bérangère Legendre 

� Stochastic Mortality, Macroeconomic Risks and Life Insurer Solvency, by Katja Hanewald, Thomas 

Post and Helmut Gründl 

SPECIAL CONTRIBUTION 

� The Geneva Risk and Insurance Review 2010: We Have Learned Much Since Willett and Knight, 

by Jean-François Outreville 

Vol. 36, No. 2 / April 2011 

� The Productivity of European Life Insurers: Best-Practice Adoption vs. Innovation, by Fabio 

Bertoni and Annalisa Croce 

� What Motivates Insurers to Use Derivatives: Evidence from the United Kingdom Life Insurance 

Industry, by Yung-Ming Shiu 

� Demutualisation, Control and Efficiency in the U.S. Life Insurance Industry, by Xiaoying Xie, Weili 

Lu, Joseph Reising and Mark Hoven Stohs 

� Risk Margin Estimation through the Cost of Capital Approach: Some Conceptual Issues, by Alberto 

Floreani 

� A Traffic Light Approach to Solvency Measurement of Swiss Occupational Pension Funds, by 

Alexander Braun, Przemysaw Rymaszewski and Hato Schmeiser 

� Value Relevance of Embedded Value and IFRS 4 Insurance Contracts, by Rebecca Chung-Fern 

Wu and Audrey Wen-Hsin Hsu 

� Assessing Adequacy of Retirement Income for U.S. Households: A Replacement Ratio Approach, 

by Yoonkyung Yuh 

Vol. 36, No. 1 / January 2011 

The Geneva Papers on Risk and Insurance—Issues and Practice 

OPERATIONAL ISSUES IN INSURANCE 

� On the Valuation of Investment Guarantees in Unit-linked Life Insurance: A Customer Perspective, 

by Nadine Gatzert, Carin Huber and Hato Schmeiser 

� Liability-Driven Investing for Life Insurers, by David van Bragt and Dirk-Jan Kort 

� Corporate, Product and Distribution Strategies in the European Life Insurance Industry, by Paul 

J.M. Klumpes and Stefan Schuermann 

� A Comparison of Bancassurance and Traditional Insurer Sales Channels, by Pang-Ru Chang, Jin- 

Lung Peng and Chiang Ku Fan 

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� Liberalisation and Market Concentration Impact on Performance of the Non-life Insurance Industry: 

The Evidence from Eastern Europe, by Vladimir Njegomir and Dragan Stojic 


� Management Strategies in Multi-Year Enterprise Risk Management, by Dorothea Diers 

� Insurance, Systemic Risk and the Financial Crisis, by Faisal Baluch, Stanley Mutenga and Chris 

Parsons 

Vol. 35, SC1 / December 2010 

SPECIAL ISSUE ON INSURANCE IN ASIA 

� Editorial, by Katsuo Matsushita 

� Is the Design of Bonus-Malus Systems Influenced by Insurance Maturity or National Culture? 

Evidence from Asia, by Sojung Park, Jean Lemaire and Choong Tze Chua 

� The Impact of Corporate Governance on the Efficiency Performance of the Thai Non-Life Insurance 

Industry, by Wen-Yen Hsu and Pongpitch Petchsakulwong 

� A New Korean Defined Contribution Plan Framework to Enhance Retirement Income Security: 

Combining Lifecycle Funds with Compulsory Annuitisation, by Kyonghee Lee and Jooho Sung 

� Pricing Effectiveness and Regulation: An Examination of Premium Rating in Taiwan Automobile 

Insurance, by Chu-Shiu Li, Chih Hao Lin, Chwen-Chi Liu and Emilio Venezian 

� Determinants of Household Demand for Insurance: The Case of Korea, by Soon-Jae Lee, Soon Il 

Kwon and Seok Young Chung 

SPECIAL CONTRIBUTION FROM THE GENEVA ASSOCIATION 

� Contributing to the Global Debate on Climate Change—A View from Asia, by Kunio Ishihara 

Vol. 35, No. 4 / October 2010 

SPECIAL ISSUE ON HEALTH 

� Editorial, by Christophe Courbage 

� Risk-Type Concentration and Efficiency Incentives: A Challenge for the Risk Adjustment Formula, 

by Richard C. van Kleef, Konstantin Beck and Florian Buchner 

� Risk Equalisation in Ireland and Australia: A Simulation Analysis to Compare Outcomes, by John 

Armstrong and Francesco Paolucci 

� Prescription Drug Coverage and Medicare Spending among U.S. Elderly, by Baoping Shang and 

Dana Goldman 

� Health Care Reinsurance and Insurance Reform in the United States: A Simulation Model, 

by David Bernstein 

� Analysis of Adverse Selection and Moral Hazard in the Health Insurance Market of Iran, 

by GholamReza Keshavarz Haddad and Mahdieh Zomorrodi Anbaji 

� Evaluating Sustainability of Medical Insurance Scheme for Urban Employed Individuals in China, 

by Xiong Linping, Zhang Lulu, Tang Weidong and Liu Hong 

� Impact of the Introduction of the Social Long-Term Care Insurance in Germany on Financial Security 

Assessment in Case of Long-Term Care Need, by Andy Zuchandke, Sebastian Reddemann, Simone 

Krummaker and J.-Matthias Graf von der Schulenburg 

� Early Retirement Among Men in Britain and Germany: How Important is Health?, by Jennifer 

Roberts, Nigel Rice and Andrew M. Jones 

� Corrigendum 

Vol. 35, No. 3 / July 2010 

ECONOMIC ISSUES IN LAW AND INSURANCE 

� Editorial—Introduction, by Alberto Monti 

� Guest Editorial – Lessons Learned from the History of Corporate Liability Insurance in the United 

States, by Kenneth S. Abraham 

� The Government as Reinsurer of Catastrophe Risks?, by Véronique Bruggeman, Michael G. Faure 

and Karine Fiore 

� Governing Ignorance: Emerging Catastrophic Risks—Industry Responses and Policy Frictions, 

by Giuliano Castellano 

� The Winding Road to Industrial Safety: Evidence on the Effects of Environmental Liability on 

Accident Prevention in Germany, by Reimund Schwarze and Onno Hoffmeister

DEVELOPMENT OF INSURANCE MARKETS AND REGULATION 

� Analysing Insurer Rating Transitions with Different Economic and Industry Cycles, by 

Yuling Wang 

� Deregulation, Insurance Supervision and Guaranty Funds, by Milton Nektarios 

� Derivative Hedging and Insurer Solvency: Evidence from Taiwan, by Yung-Ming Shiu 

SPECIAL CONTRIBUTION 

� The Geneva Risk and Insurance Review 2009: In Quest of Behavioural Insurance, by J. François 

Outreville 

Vol. 35, No. 2 / April 2010 

� Insurance Development and Economic Growth, by Liyan Han, Donghui Li, Fariborz Moshirian 

and Yanhui Tian 

� Reinsurance Intermediaries: A Comparison of the EU and U.S. Regulatory Approach, 

by Pierpaolo Marano 

� Frontier Efficiency Methodologies to Measure Performance in the Insurance Industry: Overview, 

Systematization, and Recent Developments, by Martin Eling and Michael Luhnen 

� An Empirical Analysis of Non-Life Insurance Consumption Stationarity, by Chien-Chiang Lee, 

Yi-Chung Hsu and Chi-Chuan Lee 

� Modelling Different Types of Bundled Automobile Insurance Choice Behaviour: The Case of 

Taiwan, by Ming-Jyh Wang, Chieh-Hua Wen and Lawrence W. Lan 

� A Malmquist Index for the Greek Insurance Industry, by Milton Nektarios and Carlos Pestana Barros 

INSURANCE COMPANY VIEWS ON CLIMATE CHANGE 

� Sustainable Business, Sustainable Planet—A Japanese Insurance Perspective, by Masatoshi Sato 

and Masao Seki 

� The Need for a Multi-Level Approach to Climate Change—An Australian Insurance Perspective, 

by Michael Wilkins 

ERRATUM 

� Erratum to “Successful Business Strategies for Insurers Entering and Growing in Emerging Markets” 

(GP 35(1): 110-129) 

Vol. 35 – No. 1 / January 2010 


SPECIAL ISSUE ON THE CREDIT CRISIS AND INSURANCE 

� Editorial—Parallax: Striving for a More Resilient International Financial Architecture, by Patrick 

M. Liedtke 

SPECIAL ISSUE ON THE CREDIT CRISIS AND INSURANCE 

� Insurance and the Credit Crisis: Impact and Ten Consequences for Risk Management and 

Supervision, by Martin Eling and Hato Schmeiser 

� Insurance Regulation and the Global Financial Crisis: A Problem of Low Probability Events, 

by Christopher O’Brien 

� On the Impact of the Financial Crisis on the Dividend Policy of the European Insurance Industry, 

by Sebastian Reddemann, Tobias Basse and Johann-Matthias Graf von der Schulenburg 

� Lessons Learned from the Financial Crisis for Risk Management: Contrasting Developments in 

Insurance and Banking, by Axel P. Lehman and Daniel M. Hofmann 

STRATEGIC ISSUES IN INSURANCE 

� The Advantages of a Global Solvency Standard, by Nikolaus von Bomhard 

� Market Consistent ALM for Life Insurers – Steps towards Solvency II, by David van Bragt, Hens 

Steehouwer and Bart Waalwijk 


� Successful Business Strategies for Insurers Entering and Growing in Emerging Markets, 

by Thomas R. Berry-Stölzle, Robert E. Hoyt and Sabine Wende 

� An Analysis of Organisational, Market and Socio-cultural Factors Affecting the Supply of Insurance 

and Other Financial Services by Microfinance Institutions in Developing Economies, by W. Jean 

Kwon 

� The Cost Efficiency of Takaful Insurance Companies, by Hale Abdul Kader, Mike Adams and 

Philip Hardwick 

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Vol. 34 – No. 4 / October 2009 

SPECIAL ISSUE ON THE FOUR PILLARS 

� Editorial—The Four Pillars, the Financial Crisis and Demographics – Challenges and Opportunities, 

by Orio Giarini 

� Editorial, by Geneviève Reday-Mulvey 

THE FUTURE OF PENSIONS AND RETIREMENT INCOME 

� Two Decades of Pension Reform: What has been Achieved and What Remains to be Done, 

by Edward Whitehouse, Anna D’Addio, Rafal Chomik and Andrew Reilly 

� Pensions During the Crisis: Impact on Retirement Income Systems and Policy Responses, 

by Edward Whitehouse 

� 15 Years of Pension Reform in Germany: Old Successes and New Threats, by Holger Bonin 

� Switzerland: High Replacement Rates and Generous Subsistence as a Barrier to Work in Old Age, 

by Monika Bütler 

� Retirement, Pensions and Work in Sweden, by Gabriella Sjögren Lindquist and Eskil Wadensjö 

� How to Strengthen the Credibility of the Italian Pension Reform, by Flavia Coda Moscarola 

and Elsa Fornero 

� Re-reform of Latin American Private Pensions Systems: Argentinian and Chilean Models and 

Lessons, by Carmelo Mesa-Lago 

� Trends in the Retirement System of the United States, by Lucy apRoberts 

TECHNICAL ISSUES OF PENSION PROVISION 

� On Fifty Million Floating Pension Records in Japan, by Noriyuki Takayama 

� Pension Reforms in France: Impact on Growth and Inter-Generational Redistributive Effects, 

by Frédéric Gonand and Florence Legros 

� The Impact of Longevity Risk on the Optimal Contribution Rate and Asset Allocation for Defined 

Contribution Pension Plans, by Sharon S. Yang and Hong-Chih Huang 

Vol. 34 – No. 3 / July 2009 

SPECIAL ISSUE ON CLIMATE CHANGE AND INSURANCE 

� Editorial—In Favour of a Pro-Active Insurance Approach to Climate Change, by Walter R. Stahel 

� A Global Review of Insurance Industry Responses to Climate Change, by Evan Mills 

� Adaptation to Climate Change: Threats and Opportunities for the Insurance Industry, by Celine 

Herweijer, Nicola Ranger and Robert E.T. Ward 

� Insurance, Developing Countries and Climate Change, by Joanne Linnerooth-Bayer, Koko 

Warner, Christoph Bals, Peter Höppe, Ian Burton, Thomas Loster and Armin Haas 

� Weather Index Insurance and Climate Change: Opportunities and Challenges in Lower Income 

Countries, by Benjamin Collier, Jerry Skees and Barry Barnett 

� Measuring Non-Catastrophic Weather Risks for Businesses, by Juliusz Pres 

OTHER ARTICLES 

� WTO and the Chinese Insurance Industry, by J. Tyler Leverty, Yijia Lin and Hao Zhou 

� Foreign Participation in Life Insurance Markets: Evidence from OECD Countries, by Dezhu Ye, 

Donghui Li, Zhian Chen, Fariborz Moshirian and Timothy Wee 

� Determinants of Efficiency and Productivity in German Property-Liability Insurance: Evidence 

for 1995-2006, by Michael Luhnen 

Vol. 34 – No. 2 / April 2009 

SPECIAL ISSUE ON INSURANCE LINKED SECURITIES, ASSET AND BALANCE SHEET 

MANAGEMENT 

� How Much Capital Does a Reinsurance Need?, by Jean-Luc Besson, Michel M. Dacorogna, 

Paolo de Martin, Michael Kastenholz and Michael Moller 

� Dynamic Financial Analysis in the Insurance Industry, by Yung-Ming Shiu 

� International Diversity in Measuring the Fair Value of Life Insurance Contracts, by Paul J.M. 

Klumpes, Christopher D. O’Brien and Andres Reibel 

� Reporting on the Financial Performance of Life Insurers, by Jozef De Mey 

� Do Life Insurers’ Asset Allocation Strategies Influence Performance within the Enterprise Risk 

Framework?, by Etti G. Baranoff and Thomas W. Sager


� Maintaining Stakeholder Trust in Difficult Times: Some Fundamental Reflections in Light of the 

Credit Crisis, by Kai-Uwe Schanz 


� The Revival of Local Authority Mutual Insurers in the U.K., by John Hood, Bill Stein and Jim 

McKendrick 

� Automatic Balance Mechanisms in Pay-As-You-Go Pension Systems, by Carlos Vidal-Meliá, 

María del Carmen Boado-Penas and Ole Settergren 

Vol. 34 – No. 1 / January 2009 

� Editorial: Drivers for Change: Key Global Issues for the Risk Industry, by Patrick M. Liedtke 

CONTRIBUTIONS FROM THE 35TH GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION, 

MAY 2008 

� Restructuring Financial Sector Supervision: Creating a Level Playing Field, by Michel Flamée 

and Paul Windels 

� Ageing and Long-Term Care: Key Challenges in Long-Term Care Coverage for Public and 

Private Systems, by Henri de Castries 

� Solvency II: Setting the Pace for Regulatory Change, by Matthew Elderfield 

� How do We Square the Circle between Accounting and Solvency?, by Jacques Aigrain 

� IFRS Phase II and Solvency II: Key Issues, Current Debates, by Denis Duverne and Jacques 

Le Douit 

THE GENEVA ASSOCIATION / IIS RESEARCH AWARDS PARTNERSHIP PAPERS 

� A Comparative Study of International Insurance Markets, by Wei Zheng, Yongdong Liu and 

Yiting Deng 

� The Impact of Mortgage-Backed Securities on Capital Requirements of Life Insurers in the 

Financial Crisis of 2007-2008, by Etti G. Baranoff and Thomas W. Sager 

� One Possible Life Insurance Market Response to Ageing, by Gustavo Ferro 


� The United States RBC Standards, Solvency II and the Swiss Solvency Test: A Comparative 

Assessment, by Ines Holzmüller 

� An Introduction to the Development and Regulation of Agricultural Insurance in China, 

by Zhou Yanli 

� Old-Age Security and Silver Workers: An Empirical Survey Identifies Challenges for Companies, 

Insurers and Society, by Jürgen Deller, Patrick M. Liedtke and Leena M. Maxin 

Vol. 33 – No. 4 / October 2008 



� Community Rating, Entry-Age Rating and Adverse Selection in Private Health Insurance in 

Australia, by Thomas Buchmueller 

� Private Supplementary Health Insurance: Retirees’ Demand, by Carine Franc, Marc Perronnin 

and Aurélie Pierre 

� Health Insurance and Lifestyle Choices: Identifying Ex Ante Moral Hazard in the US Market, 

by Anderson E. Stanciole 

� Empirical Evidence on Long-term Care Insurance Purchase in France, by Christophe Courbage 

and Nolwenn Roudaut 

� Long-Term Care: Risk Description of a Spanish Portfolio and Economic Analysis of the Timing 

of Insurance Purchase, by Montserrat Guillén and Jean Pinquet 

� Relative Income and Attitudes towards Long-Term Care Financing, by Joan Costa-Font, Anna 

Garcia-Gonzalez and Montserrat Font-Vilalta 

� An Empirical Analysis of Patterns in the Japanese Long-Term Care Insurance System, by Olivia 

S. Mitchell, John Piggott and Satoshi Shimizutani 

� Does the Age Profile of Health Care Expenditure Really Steepen over Time? New Evidence from 

Swiss Cantons, by Stefan Felder and Andreas Werblow 

� Re-estimating the Demographic Impact on Health Care Expenditure: Evidence from Taiwan, 

by Yung-Ming Shiu and Mei-Ching Chiu 

� The Cost Incidence of the UK’s NHS System, by Paul J.M. Klumpes and Liyan Tang 

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Vol. 33 – No. 3 / July 2008 

DISTRIBUTION 

� Why Are Insurance Companies Different? The Limits of Convergence Among Financial 

Institutions, by Andrea Beltratti and Giuseppe Corvino 

� Reasons for the Coexistence of Different Distribution Channels: An Empirical Test for the 

German Insurance Market, by Lucinda Trigo-Gamarra 

� Bancassurance: Tapping into the Banking Strength, by Mark Teunissen 

FINANCE 

� The Swiss Solvency Test and its Market Implications, by Martin Eling, Nadine Gatzert and Hato 

Schmeiser 

� The Relevance of Portfolio Management Action for Solvency Measurement, by Alexander König 

and Axel Brohm 

� Why Insurers Fail: The Dynamics of Property and Casualty Insurance Insolvency in Canada, 

by Darrell Leadbetter and Suela Dibra 

OTHER 

� The Chinese Insurance Market: Estimating its Long-Term Growth and Size, by Wei Zheng, 

Yongdong Liu and Gerry Dickinson 

� Global Climate Change in the Wider Context of Sustainability, by Walter R. Stahel 

� The Emergence of Cross-Border Insurance Groups within Europe with Centralised Risk 

Management, by Dirk Schoenmaker, Sander Oosterloo and Otto Winkels 

� Deposit Insurance and Banking Supervision in China: The Agenda Ahead, by Haibo Yan and 

Ying Huang 

� Demutualization and Demand for Reinsurance, by Jennifer L. Wang, Vincent Y. Chang, Gene C. 

Lai and Larry Y. Tzeng 

Vol. 33 – No. 2 / April 2008 

� Malpractice Payouts and Malpractice Insurance: Evidence from Texas Closed Claims, 1990- 

2003, by Charles Silver, Kathryn Zeiler, Bernard S. Black, David A. Hyman and William M. Sage 

� A Critical Analysis of the Solvency ll Proposals, by René Doff 

� The Need to Monitor Customer Loyalty and Business Risk in the European Insurance Industry, 

by Montserrat Guillen, Jens Perch Nielsen and Ana M. Pérez-Marín 

� Does National Health Insurance Promote Access to Quality Health Care? Evidence from Nigeria, 

by Ade Ibiwoye and Ismail A. Adeleke 

� Risk Analysis of Mortality Improvement: The Case of Chinese Annuity Markets, by Hong Mao, 

Krzysztof M. Ostaszewski and Yuling Wang 

� Insuring Large-Scale Floods in the Netherlands, by Ruben Jongejan and Pauline Barrieu 

SPECIAL ISSUE ON THE LAW AND ECONOMICS OF ENVIRONMENTAL INSURANCE 

Guest Editor: Donatella Porrini 

� Law and Economics of Environmental Insurance (Editorial), by Donatella Porrini 

� A European Nuclear Accident Pool, by Göran Skogh 

� The Coverage of the Nuclear Risk in Europe: Which Alternative?, by Michael G. Faure and 

Karine Fiore 

� Hell or High Water? An Economic Analysis of the Swedish Institutions for Flood Risk 

Management, by Erik Lenntorp 

� The Efficient Liability Sharing Factor for Environmental Disasters: Lessons for Optimal 

Insurance Regulation, by Marcel Boyer and Donatella Porrini 

Vol. 33 – No. 1 / January 2008 

CONTRIBUTIONS FROM THE 34TH GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION, JUNE 

2007 

SECURITIzATION AND INSURANCE 

� The Securitization of Insurance Liabilities: The View from Zurich, by Dieter Wemmer 

� Securitization and Insurance – Characteristics of Hannover Re’s Approach, by Wilhelm Zeller 

NEW IDEAS IN RETIREMENT PLANNING 

� Variable Annuities and the New Retirement Realities, by Christopher M. Condron 

� The Long-Term Care Insurance Market, by Denis Kessler

IFRS AND SOLVENCY II—KEY ISSUES AND STRATEGIC IMPLICATIONS 

� The IASB Discussion Paper on Insurance: A CFO Forum Perspective, by Denis Duverne and 

Jacques Le Douit 

IFRS AND SOLVENCY II —GLOBAL EXPOSURE AND INTERACTION 

� IFRS and Solvency ll: Global Exposure and Interaction—The Work of the IAIS, by Michel 

Flamée 

� Solvency ll and the Work of CEIOPS, by Thomas Steffen 

SPECIAL ISSUE ON CLIMATE CHANGE AND INSURANCE 

Guest Editors: Sophie Chemarin and Pierre Picard 

� Insurance and Adaptation to Climate Change (Editorial), by Sophie Chemarin and Pierre Picard 

� Climate Change and the Insurance Sector, by Andrew Dlugolecki 

� Insurability of Climate Risks, by Arthur Charpentier 

� Preparing for Climate Change: Insurance and Small Business, by Kim Clemo 

� Role of Insurance in Reducing Flood Risk, by David Crichton 

� The Role of Insurers in Promoting Adaptation to the Impacts of Climate Change, 

by Robert E.T. Ward, Celine Herweijer, Nicola Patmore and Robert Muir-Wood 

� Climate Change: Impacts on Insurers and How They Can Help With Adaptation and Mitigation, 

by Trevor Maynard 

� Challenges of the Renewable Energy Industry Generate New Demands for Risk Advisory: How 

to Value an Insurance Package from a Financing Perspective?, by Emmanuel Leblanc 

� Extreme Events, Global Warming, and Insurance-Linked Securities: How to Trigger the “Tipping 

Point”, by Erwann Michel-Kerjan and Frederic Morlaye 

Vol. 32 – No. 4 / October 2007 

SPECIAL ISSUE ON THE FUTURE OF PENSIONS (THE FOUR PILLARS) 

Editor: Geneviève Reday-Mulvey 


� Rational Pension Reform, by Axel Börsch-Supan 

� Risk Sharing and Stand-Alone Pension Schemes, by Arij Lans Bovenberg 

� The Impact of Occupation and Gender on Pensions from Defined Contribution Plans, 

by David Blake, Andrew Cairns and Kevin Dowd 

� Pension Reform in Poland, by Aleksandra Wiktorow 

� Conditional Indexation in Defined Benefit Pension Plans in the Netherlands, by Jacob A. Bikker 

and Peter J.G. Vlaar 

� Pension Changes in China and Opportunities for Insurance, by Qixiang Sun and Lingyan Suo 

� New Zealand’s Experiment in Tax Neutrality for Retirement Saving, by Susan St. John 

� Public Pensions and Labor Force Participation: The Case of Greece, by Milton Nektarios 

� Redistributive Impact of Differential Mortality in the French Pay-As-You-Go System, 

by Thomas Barnay 

� Performance Persistence of Spanish Pension Funds: The Best Winners and Losers Usually 

Repeat, by Luis Ferruz, Luis Vicente and Laura Andreu 

Vol. 32 – No. 3 / July 2007 


SPECIAL ISSUE ON REGULATION AND SUPERVISION 

Guest Editor: Knut Hohfeld 

� Finite Reinsurance: How does it Concern Supervisors? Some Efficiency Considerations in the 

Light of Prevailing Regulatory Aims, by Sebastian von Dahlen 

� Cross-Border Exchange of Information and Cooperation Between Insurance Supervisors, 

by Peter Braumüller 

� An Update on the Use of Modern Financial Instruments in the Insurance Sector, 

by Ernst N. Csiszar 

� Accounting and Solvency Convergence – Dream or Reality?, by Rob Esson with assistance from 

Peter Cooke 

� Bermuda Sidecars: Supervising Reinsurance Companies in Innovative Global Markets, 

by Marcelo Ramella and Leila Madeiros 

� International Solvency Requirements – Towards more Risk-based Regimes, by Tom Karp 

� Group Diversification, by Philipp Keller 

11

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� The Future of Insurance Supervision in the EU: National Authorities, Lead Supervisors or EU 

Supranational Institution?, by Jan Monkiewicz 

� Insuring the Low-Income Market: Challenges and Solutions for Commercial Insurers, 

by Craig Churchill 

� Towards a Global Approach to Reinsurance Regulation, by Ralph Vogelgesang and 

Matthias Kubicek 

Vol. 32 – No. 2 / April 2007 

� Potential Drawbacks of Price-based Accounting in the Insurance Sector, by Andrea Beltratti and 

Giuseppe Corvino 

� Using External Data in Operational Risk, by Montserrat Guillen, Jim Gustafsson, Jens Perch 

Nielsen and Paul Pritchard 

� Analysing the Performance of the Pension Fund Industry with a Stochastic Frontier Model: 

A Case Study for Portugal, by Carlos Pestana Barros and Maria Teresa Medeiros Garcia 

� What’s Insurance to a Modern Economy?, by Patrick M. Liedtke 

� The Theory of Catastrophe Risk Financing: A Look at the Instruments that Might Transform the 

Insurance Industry, by Stanley Mutenga and Sotiris K. Staikouras 

� De Facto versus De Jure Bank-Insurance Ventures in the Greek Market, 

by Elena Kalotychou and Sotiris K. Staikouras 

� The Impact of Corporate Governance Structure on the Efficiency Performance of Insurance 

Companies in Taiwan, by Jennifer L. Wang, Vivian Jeng and Jin Lung Peng 

Vol. 32 – No. 1 / January 2007 

CONTRIBUTIONS FROM THE 33RD GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION, 

MAY 2006 

CHANGING LIFE CYCLES AND THEIR IMPACT ON INSURANCE 

� Changing Life Cycles and their Impact on Insurance, by Didier Blanchet 

� A “Tour d’horizon” on the Continental European Life Insurance Market, by Rolf Dörig 

CLIMATE CHANGE AND THE GLOBAL INSURANCE INDUSTRY 

� Climate Change Impacts on Personal Insurance, by Gilles Benoist 

� Climate Change and the Global Insurance Industry, by Michael Hawker 

� Climate Change and the Global Insurance Industry: Impacts and Problems in Latin America, 

by Filomeno Mira Candel 

INSURANCE, FINANCE, SOLVENCY II AND FINANCIAL MARKET INTERACTION 

� Insurance and the Capital Markets, by Jozef De Mey 

� Insurance, Finance, Solvency II and Financial Market Interaction, by Michael Butt 

� Insurance and the Fixed Income Capital Markets, by Y.C. Wu and David Soanes 

INSURANCE, DISTRIBUTION AND CUSTOMER SATISFACTION 

� Emerging from a Turbulent Marketplace, by Arthur F. Ryan 

KEY DEVELOPMENTS OF IFRS AND THE COMING PHASE II 

� IFRS for Insurance: CFO Forum Proposals, by Denis Duverne and Jacques Le Douit 

ALSO 

� The Finnish Pension Reform of 2005, by Jukka Lassila and Tarmo Valkonen 

� The EU Reinsurance Directive, by Alastair M. Evans 

� Some Novel Perspectives on Risk Classification, by R. Guy Thomas 

� German Proposal for a Standard Approach for Solvency II, by Thomas Schubert and 

Gundula Griessmann 

� Integrated, Consolidated or Specialized Financial Markets Supervisors: Is there an Optimal 

Solution?, by Jan Monkiewicz 

Vol. 31 – No. 4 / October 2006 

SPECIAL ISSUE ON THE HEALTH 

EDITORS: CHRISTOPHE COURBAGE AND JOAN COSTA-FONT 

� On Health, Ageing and Insurance (Editorial), by Christophe Courbage and Joan Costa Font 

� Population Ageing and the Sustainability of the Spanish National Health System: Some Financial 

Policy Alternatives, by Gemma Abio Roig

� “Steeping” of Health Expenditure Profiles, by Florian Buchner and Jürgen Wasem 

� Behavioral Analysis of the Choice of Community-Based Formal Home Care, Informal Home 

Care and Nursing Home Care in Japan, by Tetsuji Yamada, Chia-Ching Chen, Tadashi Yamada, 

Marianne Fahs and Tetsuo Fukawa 

� The Interaction of Public and Private Health Insurance: Ireland as a Case Study, by Brian Nolan 

� Are Private Health Insurance Subscribers Unsatisfied with the Spanish National Health System?, 

by Joan Costa-Font and Mireia Jofre-Bonet 

� Insurance Coverage and the Heterogeneity of Health and Drug Spending in the United States, 

by Marin Gemmill, Joan Costa-Font and Panos Kanavos 

� Risk-Adjustment in Long-Term Health Insurance Contracts in Germany, by Johann Eekhoff, 

Markus Jankowski and Anne Zimmermann 

� Lifetime Subsidies in Australian Private Health Insurance Markets with Community Rating, 

by Luke B. Connelly and H. Shelton Brown III 

� Do Micro Health Insurance Units Need Capital or Reinsurance? A Simulated Exercise to 

Examine Different Alternatives, by David M. Dror and John Armstrong 

Vol. 31 – No. 3 / July 2006 

SPECIAL ISSUE ON REPUTATIONAL RISK GUEST 

Editor: Kai-Uwe Schanz 

� Reputation and Reputational Risk Management (Editorial), by Kai-Uwe Schanz 

� The Question of Reputational Risk: Perspectives From An Industry, by Ernst Csiszar and 

Gregory W. Heidrich 

� Media Reputation of the Insurance Industry: An Urgent Call for Strategic Communication 

Management, by Robert G. Eccles and Matthias Vollbracht 

� Managing Reputational Risk: A Reinsurer’s View, by Peter Forstmoser and Nikodemus Herger 

� Risks to Reputation: A Global Approach, by Sophie Gaultier-Gaillard and Jean-Paul Louisot 

� Reputation Management in the Japanese Insurance Marketplace, by Kunio Ishihara 

� Reputation: Some Thoughts From An Investor’s Point of View, by Stefan Schürmann 

� Some Thoughts on Reputation and Challenges for Global Financial Institutions, 

by George Stansfield 

� Can Reputations be “Managed”?, by Gordon Stewart 

� Reputational Risk in the context of AM. Best’s Rating Analysis, by Michael Zboron 

ALSO 

� A Reliable Fair Value for Insurance Contracts, by Stefan Engeländer and Joachim Kölschbach 

� Risk Models for Capital Adequacy: Applications in the Context of Solvency II and Beyond, 

by Peter Liebwein 

Vol. 31 – No. 2 / April 2006 


LAW AND ECONOMICS 

� Editorial – Risk Classification and Public Policy, by Reimund Schwarze 

� Fairness and Equality in Insurance Classification, by Yves Thiery and Caroline Van Schoubroeck 

� Age as a Variable in Insurance Pricing and Risk Classification, by Mary Kelly and Norma 

Nielson 

� Unisex Tariffs in Health Insurance, by Oliver Riedel 

� Risk Classification and Social Welfare, by Michael Hoy 

INTERNATIONAL LIABILITY REGIMES 

� Mainstreams in the Development of European Tort Law: A Front-Line Snapshot, 

by Bernhard A. Koch 

� Tort Law and Liability Insurance, by Gerhard Wagner 

� International Forum Shopping and Transnational Lawsuits, by Harald Koch 

� Factors Likely to Influence Tort Litigation in the European Union, by Joan T. Schmit 

� Forum Shopping: A Practitioner’s Perspective, by Anthony Fitzsimmons 

� How Important are Insurers in Compensating Claims for Personal Injury in the U.K.?, 

by Richard Lewis 

� The Social Construction of Bodily Injury, by Phil Bell 

� The American Class Action Fairness Act and Forum Shopping American-Style, 

by Linda S. Mullenix 

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Vol. 31 – No. 1 / January 2006 

CONTRIBUTIONS FROM THE 32ND GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION, 

MAY 2005 

NEW MARKETS, NEW REGULATION 

� New Markets – New Regulation: The Latin-American Experience, by Manuel Aguilera-Verduzco 

� New Markets – New Regulation, by Filomeno Mira Candel 

� New Market, New Regulation and New Prospect – The Chinese Perspective, by Wu Dingfu 

EXTERNAL FORCES IMPACTING THE INSURANCE INDUSTRY 

� External Forces Impacting the Insurance Industry: Threats from Regulation, by James J. Schiro 

� External Forces Shaping the Future of the Insurance Industry, by Gregory V. Serio 

� Our World, by Ron Pressman 

FUTURE FINANCIAL FRAMEWORKS 

� Future Financial Frameworks – Essentials for Risk-Based Capital Management, 

by Nikolaus von Bomhard and Clemens Frey 

� Stochastic Modelling—Boon or Bane for Insurance Industry Capital Regulation?, by Oliver 

Bäte, Philipp von Plato and Günther Thallinger 

NATURAL AND LARGE CATASTROPHES 

� Risk and Value: Changing Perceptions and Cultural Challenges for the Property and Casualty 

Industry, by Brian O’Hara 

� Natural and Large Catastrophes: Changing Risk Characteristics and Challenges for the Insurance 

Industry, by John R. Coomber 

ALSO 

� Group Aspects of Regulatory Reform in the Insurance Sector, by Patrick Darlap and 

Bernhard Mayr 

� Business Opportunities and Market Realities in Financial Conglomerates, by Sotiris K. 

Staikouras 

� Economic Criteria for Compulsory Insurance, by Michael G. Faure 

� The Challenge of Solvency Reform for European Insurers, by Philippe Trainar 

Vol. 30 – No. 4 / October 2005 

SPECIAL ISSUE ON THE FOUR PILLARS 


THE FUTURE OF PENSIONS AND RETIREMENT INCOME 

� Private Pension Provision: An OECD View, by Juan Yermo 

� Challenges Posed By Ageing to Financial and Monetary Stability, by E. Philip Davis 

� Optimal Retirement Portfolios: Social Security Personal Accounts in the Context of the Four 

Pillars, by David P. Richardson and Jason S. Seligman 

� A Mountain Too Far? The Saga of Social Security Personal Accounts, by Sheila Bair 

� The Future of Pensions in Taiwan, by Yung-Ming Shiu 

WORKING BEYOND 60 

� Working Beyond 60—Introduction: Key Policy Issues and Recommendations, 

by Geneviève Reday-Mulvey 

� The Employment of Older People: Can we Learn from Japan?, by Bernard H. Casey 

� The Fourth Pillar and the UK: Flexibility, Risk and the Deinstitutionalization of the Life Course, 

by Patrick John Ring 

� Reversing the Trend from ‘Early’ to ‘Late’ Exit: Push, Pull and Jump Revisited in a Danish 

Context, by Per H. Jensen 

� Promoting Employment among Ageing Workers: Lessons from Successful Policy Changes in 

Finland, by Seija Ilmakunnas and Mervi Takala 

� The Double Standard in Attitudes toward Retirement – The Case of the Netherlands, 

by Hendrik P. Van Dalen and Kène Henkens 

� Labour Force Participation of Older Workers in Italy: Trends, Causes and Policy Issues, 

by Dario Focarelli and Paolo Zanghieri

Vol. 30 – No. 3 / July 2005 

SPECIAL ISSUE ON CORPORATE GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITY 

Guest Editor: Norman Baglini 

� Global Brokers, Global Clients: A New Operational and Ethical Context, by James W. Hutchin 

� The Complementarity between Corporate Governance and Corporate Social Responsibility, 

by Andrea Beltratti 

� Corporate Social Responsibility: An Economic and Financial Framework, by Geoffrey Heal 

� The Responsibilities of Accountants, by Ronald F. Duska 

� The Link Between Corporate Governance and Corporate Social Responsibility in Insurance, 

by Lutgart Van den Berghe and Céline Louche 

� Towards a Good Governance in Financial and Insurance Services: Transparency in the Life 

Insurance Industry in Italy, by Giampaolo Galli 

� Ethical Issues Facing Stock Analysts, by J Paul Newsome 

� Investor Needs for Transparency and Good Governance, and Insurance Reactions, 

by Maurizio Lualdi 

� The Role of Professional Organizations in Boosting Trust in Financial Business, 

by Brian K. Atchinson 

� Corporate Social Responsibility and Sustainability Challenges for a Bancassurance Company, 

by Emanuele Marsiglia and Isabella Falautano 

ALSO 

� Insurers are not Banks: Assessing Liquidity, Efficiency and Solvency Risk Under Alternative 

Approaches to Capital Adequacy, by Paul Kupiec and David Nickerson 

� Issues Relating to Collateral Requirements Imposed upon Alien Reinsurers of United States 

Ceding Insurers, by Ernst Csiszar 

Vol. 30 – No. 2 / April 2005 

� Convergence in Wholesale Financial Services: Reinsurance and Investment Banking, 

by David Cummins 

� Insurance with Rent Schemes: An Empirical Study of Market Provision and Consumer Demand, 

by John Hood, William Stein and Claire McCann 

� Evaluating the Efficiency and Productivity of Insurance Companies with a Malmquist Index: A 

Case Study for Portugal, by Carlos Pestana Barros, Nazaré Barroso and Maria Rosa Borges 

� Can Insurance Firms Easily Exit from the Market? A Global Comparative Analysis of Regulatory 

Structures, by W. Jean Kwon, Hunsoo Kim and Soon-Jae Lee 

� The EU Insurance Industry: Are we Heading for an Ideal Single Financial Services Market?, 

by Matthias Müller-Reichart 

� Overcoming Past Obstacles to Insurance in the New EU Countries, by George M. von 

Furstenberg 

� Market Deregulation and Insurer Pricing Strategies: The Japanese Experience, by Nat Pope and 

Yu-Luen Ma 

� Comparing Alternative Structures of Financial Alliances, by Raimo Voutilainen 

� The Economic System as Catalyst for Evolving Liability Regimes, by Patrick M. Liedtke 

Vol. 30 – No. 1/ January 2005 


30TH ANNIVERSARY EDITION 

� Editorial, by Patrick M. Liedtke 

� Introduction to the First Issue of The Geneva Papers, Originally Published in January 1976, 

by Raymond Barre 

� The Changing Face of Risk Management (first published in 1976), by G.N. Crockford 

CONTRIBUTIONS FROM THE 31ST GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION, JUNE 

2004 

� Regulation and Insurance Economics, by Jaime Caruana, Daniel Schanté and Lucia Caudet, 

Yoshihiro Kawai, Walter B. Kielholz and Rolf Nebel, Anton von Rossum 

� Capital Adequacy and Risk Management in Insurance, by Henri de Castries, 

Nikolaus von Bomhard, James J. Schiro, Jean-Claude Trichet, John Drzik 

15

16 


� Managing Pension Obligations in Volatile and Demanding Environments, by Richard Harvey, 

Patrick Peugeot, Art Ryan 

� Insurance and International Financial Reporting Standards, by Jonathan Bloomer, 

Gérard de La Martinière, Lothar Meyer 

� Risk Transfer and the Insurance Industry, by Gerd Häusler 

ALSO 

� The Integrated Supervision of Financial Markets: The Case of Switzerland, by Philippe Gugler 

� Terrorism Risk Coverage in the Post-9/11 Era: A Comparison of New Public-Private Partnerships 

in France, Germany and the U.S., by Erwann Michel-Kerjan and Burkhard Pedell 

� Managerial Use of Discounted Cash-Flow or Accounting Performance Measures: Evidence from 

the U.K. Life Insurance Industry, by Paul J.M. Klumpes 

Vol. 29 – No. 4 / October 2004 



� The Intergenerational Impact of Long-term Care Financing Alternatives in Spain, 

by Joan Costa-Font and Concepció Patxot 

� Pre-funding Expenditure on Health and Long-term Care under Demographic Uncertainty, 

by Jukka Lassila and Tarmo Valkonen 

� Long-term Care Insurance Policy Dropping in the U.S. from 1996 to 2000: Evidence and 

Implications for Long-term Care Financing, by Paul E. McNamara and Nayoung Lee 

� Population Ageing and Health Care Expenditure: New Evidence on the “Red Herring”, 

by Peter Zweifel, Stefan Felder and Andreas Werblow 

� A “New” General Theory of Population Ageing, by Jean-Pierre Michel and Jean-Marie Robine 

� How to Finance Social Health Insurance: Issues in the German Reform Debate, 

by Friedrich Breyer 

� Demographic Development and Moral Hazard: Health Insurance with Medical Savings 

Accounts, by Jonas Schreyögg 

� Preference for National Health Service Use and the Demand for Private Health Insurance in 

Spain, by Joan Costa-Font and Montserrat Font-Vilalta 

� Prevention and Private Health Insurance in the U.K., by Christophe Courbage and 

Augustin de Coulon 

� Scenarios for Change in Cancer Treatment 2004-10: Impacts on Insurance, by Nick Bosanquet 

and Karol Sikora 

Vol. 29 – No. 3 / July 2004 

PENSIONS AND LIFE INSURANCE 

� Is there a Pensions Crisis in the U.K.?, by E. Philip Davis 

� U.K. Annuity Rates, Money’s Worth and Pension Replacement Ratios 1957-2002, 

by Edmund Cannon and Ian Tonks 

� Surprises in a Growing Market Niche: An Evaluation of the German Private Life Annuities 

Market, by Hans-Martin von Gaudecker and Carsten Weber 

� The Financial Sustainability of the Portuguese Social Security System, 

by Carlos Manuel Pereira da Silva, João Paulo Tomé Calado and Maria Teresa Medeiros 

Garcia 

� A Search for the Root Causes of the Underdevelopment of the Hong Kong Annuity Market, 

by Michael Yue Yat Hui and Wai-sum Chan 

RISK MANAGEMENT/M.O.R.E. 

� Alternative Compensation Mechanisms as Remedies for Uninsurability of Liability, 

by Michael G. Faure 

� Life Sciences and GMOs: Still an Uninsurable Risk?, by Mark Cantley 

� Uninsured Risks: Meeting the Special Challenges of an Organization Facing Potentially 

Destructive Damage, by David Kaye 

� The Insurability of New Liability Risks, by Christian Lahnstein 

� Flood Insurance and Government: ‘Parasitic’ and ‘Symbiotic’ Relations, by Colin Green and 

Edmund Penning-Rowsell

OTHERS 

� Impact of a Fair Value Financial Reporting System on Insurance Companies: A Survey, 

by Gerry Dickinson and Patrick M. Liedtke 

� Regulatory Dissonance and Challenges to Globalization: A Comparative Study of the United 

States and Indian Non-life Insurance Regulatory Frameworks, by Veena Raman 

Vol. 29 – No. 2 / April 2004 

INSURANCE LAW AND ECONOMICS 

� The Law and Economics of Insurance: Catastrophic Risks, Competition on Insurance Markets 

and Insights from History, by Roger Van den Bergh 

� In the Aftermath of Dresden: New Directions in German Flood Insurance, by Reimund Schwarze 

and Gert G. Wagner 

� Insurability and Regulatory Reform: Is the English Flood Insurance Regime Able to Adapt to 

Climate Change?, by Michael Huber 

� Improving Risk Allocation Through Indexed Cat Bonds, by Martin Nell and Andreas Richter 

� How Deregulation Shapes Market Structure and Industry Efficiency: The Case of the Italian 

Motor Insurance Industry, by Giuseppe Turchetti and Cinzia Daraio 

� Information Exchange as Collusive Behaviour: Evidence from an Antitrust Intervention in the 

Italian Insurance Market, by Donatella Porrini 

� The Emergence and Development of Fidelity Insurance in 19th Century Britain, by Greg 

Anderson 

� Insurance as an Instrument of War in the 18th Century, by Geoffrey Clark 

REGULATION AND FINANCIAL STABILITY 

� Financial Stability and Insurance Supervision: The Future of Prudential Supervision, by Terri M. 

Vaughan 

� Regulations as a Source of Systemic Risk: The Need for Economic Impact Analysis, by Rolf 

Nebel 

� Domestic Regulation and Insurance: The Case for a GATS “Reference Paper” for the Insurance 

Sector, by John Cooke 

� Credit Derivatives, Insurance Companies and Liquidity Black Holes, by Avinash Persaud 

� Insurance Fraud: Issues and Challenges, by Stijn Viaene and Guido Dedene 

� Issue Management in (Re)Insurance: An Emerging Strategic Challenge, by Kai-Uwe Schanz 

Vol. 29 – No. 1 / January 2004 


CONTRIBUTIONS FROM THE 30TH GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION, JUNE 

2003 

� Insurance Economics and Legal Systems, by Walter B. Kielholz and Richard H. Murray, 

Michael A. Butt, Hans-Jürgen Schinzler 

� Insurance Operations and the Asset Meltdown, by Denis Kessler and Thomas Sutton 

� Ethics, Goverance, Trust, Transparency and Customer Relations, 

by Henri de Castries, Brian K. Atchinson, Jeremy Scott and Anton van Rossum 

� The Impact of Insurance Accounting on Business Reality and Financial Stability, 

by Jonathan Bloomer, Gerd Häusler, Lothar Meyer and James J. Schiro 

DEVELOPMENTS IN THE INSURANCE FRAMEWORK 

� Current Priorities in International Standard Setting on Insurance Supervision, by Knut Hohlfeld 

� Operational Risk Control Business Opportunity and Challenges for the Insurance Industry, 

by Dimitris N. Chorafas 

� Perception of Risks, by Ortwin Renn 

� The Economics of Annuities, by Richard Taylor 

27TH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

� Insuring Liability Risks, by Tom Baker 

Special Issue 

IMPACT OF A FAIR VALUE FINANCIAL REPORTING SYSTEM ON INSURANCE COMPANIES— 

A SURVEY 

This second report to The Geneva Association’s Accountancy Task Force provides an empirical analysis 

of the views of insurance companies on the likely impact that an international financial reporting standard 

17


based on a full fair value methodology, if it were to be introduced, would have on a number of their key 

corporate policy areas. 

Vol. 28 – No. 4 / October 2003 

STUDIES ON THE FOUR PILLARS 


AGE AND EMPLOYMENT: THE FIRM AND THE STATE 

� Older Workers, Employer Behaviour and Public Policy, by Philip Taylor 

� France: Struggling to Find a Way Out of the Early Exit Culture, by Anne-Marie Guillemard 

� Ageing Workforce: Firm Strategies and Public Policy in Germany, by Winfried Schmähl 

� Managing and Ageing Labour Force: The Interplay between Public Policies and the Firm’s Logic 

of Action – The Case of Japan, by Masato Oka and Takeshi Kimura 

� Age Discrimination in the Labour Market and Policy Responses: The Situation in the United 

Kingdom, by Philip Taylor and Alan Walker 

� Ageing and Work in Canada: Firm Policies, by Victor W. Marshall and Joanne Gard Marshall 

� Labour Market Transitions and the Erosion of the Fordist Lifecycle: Discarding Older Workers 

in the Automobile Manufacturing and Banking Industries in the United States, 

by Jill Quadagno, Melissa Hardy and Lawrence Hazelrigg 

� Why is the Employment Rate of Older Swiss so High? An Analysis of the Social Security 

System, by David Dorn and Alfonso Sousa-Poza 

� Concluding Remarks – Company Practices and Public Policies Regarding Age: Lessons Drawn 

from Comparisons, by Anne-Marie Guillemard 

THE FUTURE OF PENSIONS 

� Pension Economics: The Relativity of Time and Risk, by Patrick M. Liedtke 

� Whither the Pension Reform Debate? Some Reflections, by Dalmer D. Hoskins 

� Raising the Age of Retirement to Ensure a Better Retirement, by Pierre Pestieau 

� Pensions and Development in the South, by Armando Barrientos 

� Pensions in North Africa: The Need for Reform, by Houssi Chourouk 

� Analysing French Pension Reforms, by Anne Lavigne 

Vol. 28 – No. 3 / July 2003 

� Insurance Misunderstood, by Patrick M. Liedtke 

� The Role of Insurability and Insurance, by Walter R. Stahel 

� Climate Change and the Financial Services Sector: An Appreciation of the UNEPFI Study, 

by Andrew Dlugolecki and Thomas Loster 

� Innovation, Insurability and Sustainable Development: Sharing Risk Management between 

Insurers and the State, by Kristina Dahlström, Jim Skea and Walter R. Stahel 

� A Safety Management System Model with Application to Fire Safety Offshore, 

by Alan N. Beard and Jaime Santos-Reyes 

� War and Terrorism Insurance: Plans for Long-term International Stability and Affordability, 

by Harold Caplan 

� Moral Hazard in Liability Insurance, by Christopher Parsons 

� Changing Risk Patterns and Behaviour: Regulator and Market Failure in the Provision of 

Pensions, by Jyoti M. Navare 

� Integrated Distribution of Insurance and Financial Services and Value Creation: Challenges 

Ahead, by Isabella Falautano and Emanuele Marsiglia 

� The Creation of Value through a Specialized Distribution Network, by Giovanni Perissinotto 

� Irish Life: Paradise Lost and Regained, by David Went 

� Outsourcing of Insurance Claims: A U.K. Case Study, by John Hood and William Stein 

� The Economics of Capital Regulation in Financial Conglomerates, by Alan D. Morrison 

� 30 th Anniversary of The Geneva Association – Operating Today and Tomorrow, 

by Patrick M. Liedtke 

Vol. 28 – No. 2 / April 2003 

REPORT FROM THE GENEVA ASSOCIATION’S TASK FORCE ON ACCOUNTANCY 

� The Search for an International Accounting Standard for Insurance: Report to the Accountancy 

Task Force of The Geneva Association, by Gerry Dickinson 

18



� Market Insurance, Public Insurance and the Rate of Technical Change in Medical Care, 

by Mark V. Pauly 

� Medical Innovation: A Challenge to Society and Insurance, by Peter Zweifel 

� The Impact of Genetic Testing on Healthcare Insurance, by Michael Hoy, Fabienne Orsi, 

François Eisinger and Jean-Paul Moatti 

� Medical Progress and Supplementary Private Health Insurance, by Reiner Leidl 

� The Meaning of Longevity in Centenarians, by Vincenzo Marigliano, Laura Tafaro and Ilaria 

Trani 

� Ageing and the Challenges of New Technologies: Can OECD Social and Healthcare Systems 

Provide for the Future?, by Stephane Jacobzone 

� Private Compulsory Long-term Care Insurance in Germany, by Helga Riedel 

� Ageing, Disability and the WHO’s International Classification of Functioning, Disability and 

Health (ICF), by Jerome E. Bickenbach, Somnath Chatterji, Nenad Kostanjsek and T. Bedirhan 

üstün 

� Health as Human Capital and its Impact on Economic Performance, by David Bloom and 

David Canning 

� Pharmacogenetics: A New – or not so New? – Concept in Healthcare, by Klaus Lindpaintner 

� Reconstructing the Body: Costs, Prices and Risks, by David F. Williams 

� How Medical Progress Impacts on Society and Insurance: The French Case, 

by Richard Guédon and François Peythieu 

� Demographic Developments, Full Funding and Self-Regulation: The Foundations of the Social 

Health Insurance of the Future, by Wilfried Johannssen 

Vol. 28 – No. 1 / January 2003 


CONTRIBUTIONS FROM THE 29TH GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION, 

MAY - JUNE 2002 

� Global Financial Architecture: Implications for Regulation, Supervision and Accountancy Issues, 

by Hans-Jürgen Schinzler 

� Additional Remarks and Comments on Global Financial Architecture, 

by Knut Hohlfeld, Robert Mendelsohn and Daniel G. Schanté 

� Global Pension Schemes: How Governments and Insurers are Responding to the Global Aging 

Problem, by Arthur Ryan 

� Additional Remarks and Comments on Global Pension Schemes, by Gilles Benoist, 

Richard Harvey and Filomeno Mira 

� Insurance Technology Strategy: Time to Re-evaluate, by Ronald Pressman 

� Additional Remarks and Comments on Insurance Technology Strategy, by Hugo Andersen, 

Claude Bébéar and Ewald Kist 

� Additional Remarks and Comments on Global Expansion and the Impact on the Insurance Value 

Chain: the Reassessment of Business Models and the Revisiting of the Value Proposition, 

by Brian M. O‘Hara and Jean-Philippe Thierry 

� The Aftermath of September 11: The Impact on and Systemic Risk to the Insurance Industry, 

by Jozef De Mey 


� Government Insurance versus Market Insurance, by George L. Priest 

GLOBAL ISSUES FACING THE INSURANCE INDUSTRY 

� Challenges to Financial Stability, by Geoffrey Bell 

� The Complexity of Managing a Global Company: Regional Exposure vs. Global Exposure, 

by Gérard de Ia Martinière 

� Strategic Positioning in a Liberalizing Market to Serve the Needs of the Industry, 

by N. Rangachary 

� The Broader Cultural Context of Insurance: Insurance and Religions, by Jean-Pierre Daniel 

� Call Centers: A Case Study on the Interplay Between Organization and Information Technology, 

by Matthias Graumann, Hans-Jürgen Arnold and Nicole Beltjes 

� Pension Funds in France: Still a Dead End?, by Anne Lavigne 

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Vol. 27 – No. 4 / October 2002 

GLOBAL AGEING AND PENSION ORGANIzATION 

� Global Aging and the Rise of the Developing World, by Paul S. Hewitt 

� The Global Retirement Crisis, by Richard Jackson 

� Older Workers: Trends and Prospects, by Philip Taylor, Sol Encel and Masato Oka 

� Assessing the Suitability of the Elderly for Employment, by Yoshio Yazaki 

� Four Pillars, Four Solutions: Pension Reform and Insurance Opportunities, by Boris Dunnewijk 

� Incentives to Contributing to Supplementary Pension Funds: Going Beyond Tax Incentives, 

by Clara Busana Banterle 

� The Challenge of Increasing Life Spans for Employment and Pension Schemes: An Open Letter 

to All Those Who Are, or Will Be, 65, by Orio Giarini 

HIGHLIGHTS FROM THE JOINT INSURANCE LAW AND ECONOMICS CONFERENCE 

� The Ninth Joint Conference on Risk and Insurance of The Geneva Association and the European 

Association of Law and Economics, by Henrik Lando 

� A Transaction Cost View of Title Insurance and its Role in Different Legal Systems, 

by Benito Arruñada 

� When is the Preponderance of the Evidence Standard Optimal?, by Henrik Lando 

� Insurance of the Costs of Pharmaceuticals in the Netherlands: A Law and Economics 

Perspective, by N.J. Philipsen and M. G. Faure 

� An Economic Analysis of a Swedish Hydropower Plant Liability Case, by Adam Mantaye 

SPECIAL REGIONAL CONTRIBUTIONS ON INSURANCE 

� Towards Free Trade in Services: Emerging Insurance Markets in Asia, by W. Jean Kwon 

� Evolution and Innovation in Insurance Management: The Italian Case, by Roberto Pontremoli 

Vol. 27 – No. 3 / July 2002 

GENERAL ARTICLES ON INSURANCE 

� Bancassurance: The New Challenges, by Gilles Benoist 

� Development of Bancassurance in Canada, by Bernard Dorval 

� Development of Caissassurance in Quebec, by François Joly 

� Multinational Insurance Groups: The Main Problems for Supervisors, by Giovanni Manghetti 

� Prudential Practices and Financial Stability: Some Conceptual Issues, by Somesh K. Mathur 

� The General Agreement on Trade in Services: A Review of its Textual Clarity and Consistency, 

by Julian Arkell 

� Liability and Insurance after September 11: Embracing Risk Meets the Precautionary Principle, 

by Tom Baker 

� Liability Rules, Compensation Systems and Safety at Work in Europe, by Chris Parsons 

� Fraud Risks in E-commerce Transactions, by Wolfgang Wopperer 

� Law, Politics and Life Insurance Consumption in Asia, by Damian Ward and Ralf Zurbruegg 

� The Role and Powers of the Chinese Insurance Regulatory Commission in the Administration of 

Insurance Law in China, by Jeffrey E. Thomas 

� Risk and Enterprise Value, by Henry Essert 

� Size and Efficiency in European Long-term Insurance Companies: An International Comparison, 

by S.R. Diacon, K. Starkey and C. O’Brien 

� Risk Management: From Portfolio Strategy to Value-creating Systems Strategy, 

by Eskil Ullberg, Enrique Rodriguez and Nils Stormby 

Vol. 27 – No. 2 / April 2002 

SPECIAL ISSUE ON RISK MANAGEMENT 

NATURAL CATASTROPHES AND RISK MANAGEMENT 

� Editorial and Introduction—Protecting Natural Capital, by Norman A. Baglini 

� Environmental Risk Management—A Critical Part of Corporate Strategy, by Dan R. Anderson 

� The Use of Computer Modeling in Estimating and Managing Future Catastrophe Losses, 

by Karen M. Clark 

� Environmental Risk Management for Developing Countries, 

by Paul K. Freeman and Howard Kunreuther

� Defending Claims for Environmental Damage under First-Party Property Insurance Policies in 

the United States, by William H. Howard and Margaret A. Mackowsky 

� Environmental Conservation and the Risk Industry: A Natural Alignment of Interests, 

by James W. Hutchin 

� Carbon-Based Conservation Strategies in Latin America: An Innovative Tool for Financing 

Environmental Conservation, by Sheldon M. Cohen 

MAN-MADE CATASTROPHES AND RISK MANAGEMENT 

� Editorial—Insurance, Risk Management and Culture, by Walter R. Stahel 

� Does WTC Matter for the Investment Policy of P/C Insurance Companies?, 

by Paul Achleitner, Jörg H. Biebel and Daniel Wichels 

� The Role of Government in Financing Catastrophes, by Frank W. Nutter 

� The Public Role of Insurers in Man-Made Catastrophes, by Gordon Stewart 

Vol. 27 – No. 1 / January 2002 

Special Editorial: Towards the New Insurance World, by Patrick M. Liedtke 


� One Region, One Money: Implications of Regional Currency Consolidation for Financial 

Services, by George M. von Furstenberg 

� Comments on the 25th Annual Lecture of The Geneva Association, by Brian K Atchinson, 

Kevin T. Cronin, Ernst M. Csiszar, Gerry Dickinson, Robert Gibbons and Daniel E. Nolle 

ABSTRACTS FROM THE DEBATE OF THE GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION, 

JUNE 2001 

� Remarks on the Development of Global Regulation for Financial Services Industries and its 

Impact on Insurance, by Claude Bébéar 

� Comments on Global Regulation, by Carlo Acutis, Kevin T. Cronin, Knut Hohlfeld and Gijsbert 

J. Swalef 

� The Longevity Challenge: Consequences for Health and Life Insurance, by João Talone 

� Comments on the Longevity Challenge, by Gilles Benoist and Val Gooding 

� The Debate on Global Warming, by Richard Harvey, Michael Butt and Bo Ingemarson 

� The Debate on the Insurance Value Chain, by Anton van Rossum, Henri de Castries and Robert 

Mendelsohn 

INSURANCE AND REINSURANCE IN THE NEW-ECONOMY CONTEXT 

� Reinventing Re/Insurance for the Twenty-First Century, by Alan Punter 

� The Case for Liberal Reinsurance Regulation, by Rolf Nebel 

� Regulating Reinsurance in the Global Market, by Marie-Louise Rossi and Nicholas Lowe 

� The Customer Shall Lead: E-Business Solutions for the New Insurance Industry, 

by Thomas Kaiser 

Vol. 26 – No. 4 / October 2001 




� The Insurance Discourse and Social Security, by Mikael Forss, Esko Kalimo and Tapani Purola 

THE FUTURE OF PENSIONS 

� The Impact of Ageing Populations on the Economy, a European Perspective: From Baby Boom 

to Baby Bust, by Jan Mantel 

� Will it Last? An Assessment of the 2001 German Pension Reform, by Holger Bonin 

� Pension Reform in Japan at the Turn of the Century, by Noriyuki Takayama 

� Privatizing Pensions in the United States: Shifting Sands for Policy Makers?, by Lucy apRoberts 

� The New Pension System in Argentina: Experiences and Lessons, by Rafael Rofman 

PROSPECTS FOR EMPLOYMENT AND LONG-TERM CARE 

� A European Code of Good Practice on Age and Employment (for Older Workers), 

by Elizabeth Drury 

� Ageing Workers in Finland and in the European Union: Their Situation and the Promotion of 

their Working Ability, Employability and Employment, by Juhani Ilmarinen 

� Beyond Lifetime Employment, by Atsuchi Seike 

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� Funding Long-term Care in the United States: The Role of Private Insurance, by Yung-Ping Chen 

� Long-term Health and Social Care for the Elderly: An International Perspective, 

by Laurence Assous 

Vol. 26 - No. 3 /July 2001 

ECONOMICS ISSUES IN INSURANCE 

� Integrated Financial Services – A Framework for Success: Synergies in Insurance, Banking, and 

Asset Management, by Ewald Kist 

� The Organization of Insurance Companies: Points for Discussion on Mutuals, Demutualization 

and Beyond, by Antoine Hennequin and Patrick Peugeot 

� The European Commission’s Action Plan for Financial Services, by Patrick Pearson 

� What is the Economic Meaning of the Precautionary Principle?, by NicolasTreich 

� The Role of Insurance in Ensuring Financial Market Liquidity, by Philippe Trainar 

� Enterprise Risk Management: Its Origins and Conceptual Foundation, by Gerry Dickinson 

� Ethical Behavior, Corporate Culture and Financial Services, by Norman A. Baglini 

� Hedging Natural Catastrophe Risk in Developing Countries, by Paul K. Freeman 

� Consumer Perceptions of Financial Risk, by Stephen Diacon and Christine Ennew 

SOCIAL ISSUES IN INSURANCE 

� The Future of Active Global Ageing: Challenges and Responses, by Patrick M. Liedtke 

� The Controversy of Funding versus Pay-As-You-Go: What Remains of the Debate?, 

by Jan B. Kuné 

� Longevity: Causes, Consequences and a New Reliable Calculation Method, 

by Wolf-Rüdiger Heilmann and Caspar Sieger 

� A Note on Private vs. Public Health Insurance Schemes for the Elderly: Partial vs. General 

Equilibrium Effects, by Per-Olov Johansson 

� An Economist’s View on Risk Perceptions for Severe Accidents, by Henri Loubergé 

� The Economics of Innovation in Health and Insurance Markets, by Jean-François Outreville 

INSURANCE WORLDWIDE 

� Insurance and Transition Economics: The Insurance Market in Russia, 

by François-Xavier Albouy and Dimitri Blagoutine 

� Korean Experiences in Life Insurance Sector Reforms after the Financial Crisis, by Wondon Lee 

� Reinsurance in Nigeria: The Issue of Compulsory Legal Cession, by Chibuike U. Uche and B. E. 

Chikeleze 

� A New Approach to Insurance in Rural Africa, by Hans Hoogeveen 

Vol. 26 - No. 2 / April 2001 

INSURANCE AND FINANCIAL SERVICES DEVELOPMENT 

� Insurance and Reinsurance at the Dawn of the 21st Century, by Jacques Blondeau 

� Understanding the New Service Economy: Economics, Technology and Risk Management, 

by Orio Giarini and Patrick M. Liedtke 

� Convergence in the Financial Services Industry, by Lutgart Van den Berghe and Kurt Verweire 

� Financial Services in the Virtual World, by John Ginarlis 

� Executive Management in Insurance Entities: A Comparative Study of Mutual Companies 

and Joint-Stock Companies in Spain with a View to the 21st Century Market, by Miguel Angel 

Martinez, Irene Albarrán and David Camino 

� Insurance: Accounting, Regulation, Actuarial Science, by Alain Tosetti, Thomas Béhar, 

Michel Fromenteau and Stéphane Ménart 

� The Insurance Industry in the Development of the Czech Economy, by Karel Zeman 

MANAGING MODERN RISKS AND VULNERABILITIES 

� From Producing Safety to Managing Risks, by Bruno Porro and Thomas Epprecht 

� Managing Technological Risks: A Challenge for Professional Engineering Insurers, 

by Detmar Heidenhain 

� Mitigation and Financial Risk Management for Natural Hazards, by Howard Kunreuther 

� Managing Natural Catastrophe Risks: The Structure and Dynamics of Reinsurance, 

by David Durbin

Vol. 26 - No. 1 /January 2001 

� Anticipating and Managing Risks in the 21 st Century, by Denis Kessler 

� 24th Annual Lecture of The Geneva Association: Financial Regulation in the New Millennium, 

by Stephen A. Ross 

� Comments on the 24th Annual Lecture of The Geneva Association, 

by Alfonso Desiata, Gerry Dickinson, John H. Fitzpatrick and Knut Hohlfeld 

� Objectives and Developments in International Supervision of Financial Institutions, 

by Andrew Crockett 

� The Importance of Financial Services in the International Context: Challenges for Stability, 

by Kaspar Villiger 

� Financial Regulation and the Convergence Scenario, by Arthur Ryan 

� Insurance Regulation: Some Issues, by Somesh Mathur 

� Rethinking Risk Management – The Combination of Financial and Industrial Risk, by Jürgen 

Zech 

� Technological Changes in IT and Their Influence on Insurance: The Change Ahead l, 

by Henning Schulte-Noelle 

� Technological Changes in IT and Their Influence on Insurance: The Change Ahead ll, 

by Max Taylor 

� Public Policy Implications of the World’s Ageing Populations, by Stuart J. Brahs 

� Ideas for the Funding of Healthcare in the Context of the Ageing of the Population, 

by Vince Fitzgerald 

� The Ageing Population and the Future of Healthcare Plans, by Jean-François Outreville 

� Identification and Pricing of the Embedded Option in a Supplementary Disability Insurance, 

by Hans van Leeuwen and Michiel Lodewijk 

Vol. 25 - No. 4 / October 2000 

� The WTO’s Financial Services Agreement and the Imperative of Further Liberalization of Trade 

in Insurance and Reinsurance, by Max Taylor 

� Insurance Regulation in the Public Interest: The Path Towards Solvent, Competitive Markets, 

by Harold D. Skipper, Jr. and Robert W. Klein 

� U.S. Regulatory Proposal: Insurance Securitizations – Reinsurers’ Perspective Outline, 

by Bradley L. Kading and Joseph B. Sieverling 

� A Model for the Detection of Insurance Fraud, by El Bachir Belhadji, Georges Dionne and 

Faouzi Tarkhani 

� Measuring Value Added in the Pensions Industry, by David Blake and John Board 

� Comment on the Article “Measuring Value Added in the Pensions Industry”, by Matti Ruohonen 

� Natural Disasters: Lessons from the Past – Concerns for the Future, by Wolfgang Kron 

� Climate Change and the Insurance Industry, by A.F. Dlugolecki 

� Implementing the Kyoto Mechanisms: Potential Contributions by Banks and Insurance 

Companies, by Josef Janssen 

� Global Climate Change: Uncovering Hidden Investment Risk and Opportunity, by M. Whittaker 

� Risk Management, Financial Markets, and Insurance: The Hidden Linkages, 

by Peter L. Bernstein 

Vol. 25 - No. 3 / July 2000 


INSURANCE STRATEGIES 

� The Present Situation of Insurance in India and Developments in Private Insurance in the Next 

Five to Ten Years, by Praveen Gupta 

� China’s Insurance Market: Opportunity, Competition and Market Trends, by Yiming Shen 

� The Twenty-First Century General Insurance Scenario in the Third World: The Case Study of the 

Indian Market, by R.D.Samarth 

� European Merger Controls in Liberalized and Deregulated Insurance Markets: The Decision- 

Making Practice of the European Commission and the Future Outlook for the Delineation of the 

Market, by Frank Altemöller 

� The S-Curve Relation Between Per-Capita Income and Insurance Penetration, by Rudolf Enz 

� The Lifetime Redistributive Impact of Capital-Funded Dutch Supplementary Pensions, 

by Jan H.M. Nelissen 

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24 


� Evaluating the Long-Term Risk of Equity Investments in a Portfolio Insurance Framework, 

by Manuel Ammann and Heinz Zimmermann 

� U.S. Alternative Risk Management Products: A Reinsurance Perspective, 

by Bradley L. Kading and Debra J. Hall 

� Remarks on Reinsurance Decisions with Multiple Objectives: Preference Modelling and 

Defining Objectives, by Matthias Graumann 

Vol. 25 - No. 2 / April 2000 

ISSUES IN LAW AND ECONOMICS 

� Introduction to the Law and Economics Issue, Year 2000, 

by Göran Skogh and Roger Van den Bergh 

� Annual Lecture of The Geneva Association: On the Social Function and the Regulation of 

Liability Insurance, by Steven Shavell 

� Private Arrangements to Cover Large-scale Liabilities Caused By Nuclear and Other Industrial 

Catastrophes, by Marcus Radetzki and Marian Radetzki 

� Capping Environmental Liability: The Case of North American Nuclear Power, 

by Anthony Heyes and Catherine Liston-Heyes 

� Global Change, Natural Disasters and Loss-sharing: Issues of Efficiency and Equity, 

by Joanne Linnerooth-Bayer and Aniello Amendola 

� Environmental Harm and Financial Responsibility, by Eberhard Feess and Ulrich Hege 

� Large Companies and Insurance Purchases: Some Survey Evidence, by Brian G.M. Main 

� Risk Neutrality and Strategic Insurance, by Roland Kirstein 

FINANCIAL SERVICES AND INSURANCE 

� Convergence in the Financial Services Industry, by Lutgart Van den Berghe and Kurt Verweire 

� Weather Derivatives: A Risk Management Tool for Weather-sensitive Industries, 

by Andreas Müller and Marcel Grandi 

� To Insure or not to Insure? Considerations on Irrational Strategies to Take Out Insurance, 

by Michael Theil 

� The Consensus Agenda for International Financial Stability, by Ellito Schwartz 

Vol. 25 - No. 1 / January 2000 

STRATEGIC ISSUES 

� Introduction: Leaping Forward into the New Century, by Orio Giarini 

� The Cost of Capital for Insurance Companies, by Walter Kielholz 

� Comments on the Cost of Capital, by Jozef De Mey 

� Capital Management and the Cost of Capital for the Insurance Industry, by Age Korsvold 

� The Impact of Low Interest Rates on Insurers, by Jan H. Holsboer 

� The Implications of Lower Interest Rates for Insurers: A Comment, by Gerry Dickinson 

� Consequences of the Reduction of Interest Rates on Insurance, by Sergio Siglienti 

� The 1997 World Trade Organization Accord on Financial Services: Its Impact on and 

Implications for the World Insurance Industry, by Brian Woodrow 

� International Investment, Trade Liberalization and Competition: Some Issues for the Insurance 

Sector to Consider, by Julian Arkell 

� Optimal Health Insurance, by Mark V. Pauly 

� Environmental Liability Risk Management for the 21 st Century, by Timothy Cuddihy 

� The Catastrophe Risk Exchange (Catex) in New York: An Exchange and Electronic Processing 

System for Reinsurance Business, by Carsten Kretzler and Fred Wagner 

� Effects of the Euro on the Insurance Industry, by Klaus-Wilhelm Knauth 

Vol. 24 - No. 4 / October 1999 



� Social Security and Private Insurance: The Great Change, by Denis Kessler 

� The Future of Pensions and Retirement in Europe: Towards Productive Ageing, by Alan Walker 

� Exit from the Labor Force for Older Workers: Can the NDC Pension System Help?, 

by Edward Palmer

� From PAYG to Funding in Italy: A Feasible Transition?, by Onorato Castellino and Elsa Fornero 

� The Swiss Pension Scheme: Long-term Security Through Reform, by Verena Brombacher 

Steiner 

� Recent Reforms in Financing Pensions in Central and Eastern Europe, by Jens Bastian 

� The Reality of Retirement in the United States: Lessons in Planning for Tomorrow, 

by Paul J. Yakoboski 

� Chile: Controversy, Difficulty and Solutions, by David Callund 

� New Developments in Europe for Employment at End-of-Career, by Robert Anderson 

� End-of-Career Management in German Enterprise, by Karl Kuhn 

� Recent Trends in the Labour Force Participation of Older People in the UK, by Philip Taylor and 

Peter Urwin 

Vol. 24 - No. 3 / July 1999 

ISSUES IN RISK MANAGEMENT AND INSURANCE 

� Repositioning of the Insurance Industry in the Financial Sector and its Economic Role, 

by Jan H. Holsboer 

� The Insurance Industry in the Financial Services Market, by Thomas Wellauer 

� A Comparison of the Main European Financial Groups, by João Talone 

� Disability Solutions on a Global Scale, by James F. Orr 

� The Privatisation of Social Security, by Kurt Biedenkopf 

� Portfolio Choice Models of Pension Funds and Life Assurance Companies: Similarities and 

Differences, by David Blake 

� Annuity Markets: Problems and Solutions, by David Blake 

� The Ubiquitous Role of Risk Management in the Modern Economy, by Jim Bannister 

� Need for Risk Management by Governments: A Challenge for the 21 st Century, 

by Tom Wilmot and Tony Paish 

� Catastrophic Effects of Environmental Damage and their Consequences, by Werner Schenkel 

� Ten Years of EMF Discussion in the Insurance Industry: Quo Vadis?, by Dieter Kohl 

� Competing Through Marketing Adoption: A Comparative Study of Insurance Companies in 

Belgium and Spain, by Clara-E. García, Jaime Rivera Camino and Víctor Molero 

Vol. 24 - No. 2 / April 1999 

ISSUES IN RISK MANAGEMENT AND INSURANCE 

� 22 nd Annual Lecture: Risk, Time and Reversibility, by Peter L. Bernstein 

� A Comment on Peter Bernstein’s “Against the Gods: The Remarkable Story of Risk”, 


� The Development of European Private Sector Insurance over the Last 25 Years and the 

Conclusions that Can be Drawn for Business Management Theory of Insurance Companies, 

by Dieter Farny 

� Some Observations Concerning the Privatization of Social Security Systems, by Klaus Heubeck 

� A Bill for the Reform of the German Insurance Contracts Act – Separation of Investment 

Activities and Risk Business, by Dieter Hesberg and Walter Karten 

� Discounted Downside Risk: The Time Dimension of Asset-Liability Management, 

by Robert van der Meer and Meije Smink 

� The Influence of Information Highways on Management Practice in the Insurance Industry, 

by Bertrand Venard 

� Risk Management and Insurance Solutions for Space and Satellite Projects, 

by Oliver Schöffski and André Georg Wegener 

� Government Ownership of Insurance Companies in Nigeria: A Critique, 

by Chibuike Ugochukwu Uche 

� Insurance Spirals and the London Market, by A.D. Bain 

Vol. 24 – No. 1 / January 1999 


1973 – 1998 TWENTY FIVE YEARS OF INITIATIVES AND RESEARCH ON THE ECONOMIC ROLE OF 

INSURANCE AND RISK MANAGEMENT IN MODERN SOCIETY 

WEALTH, INHERITANCE AND INTERGENERATIONAL TRANSFERS 

� A New Venture for the Geneva Papers, by Orio Giarini 

25

26 


� Intergenerational Transmission Models: A Survey, by Anne Laferrère 

� Wealth Accumulation by Age Cohort in the U.S., 1962-1992: The Role of Savings, Capital Gains 

and Intergenerational Transfers, by Edward N. Wolff 

� Bequests and Aggregate Wealth Accumulation in Germany, by Anette Reil-Held 

� Age, Wealth Inequality and Life-Cycle Modelling, by James B. Davies 

� Survey Information on Household Assets: Some Irish Lessons, by Brian Nolan 

� Mandating Retirement Provision: The Australian Experience, by Hazel Bateman and John 

Piggott 

� Privatizing Social Security: A Critical Assessment, by Pascal Belan and Pierre Pestieau 

No 89 / October 1998 


INSURANCE AND RISK MANAGEMENT IN MODERN SOCIETY (VOL. II) 

INTRODUCTIONS AND ACKNOWLEDGEMENTS 

by Claude Bébéar, Ruy de Carvalho, Brian Corby, Dieter Farny, John Robins 

PREPARING FOR THE NEW CENTURY 

� Challenges in Insurance Markets, by Antoine Bernheim 

� Will the International Financial Markets Replace Traditional Insurance Products?, by Jürgen 

Zech 

� Emerging Regions and Insurance: A Reflection on Latin-American Markets, by Filomeno Mira 

� At the Turn of the Century: Reflections on the Insurance Industry in Society, by Björn Wolrath 

� Shaping the Future for the Insurance Sector, by Lutgart Van den Berghe 

� The Economic Role of the Insurance Sector in the Risk Transfer-Capital Market Nexus, 

by Gerry Dickinson 

� Developing Tomorrow’s Leaders Today, by Norman A. Baglini 

� Risk and Insurance Economics 25 Years After, by Henri Loubergé 

� Trends in Financial Services, by Sir David Walker 

� Risk Securitization – An Alternative of Risk Transfer of Insurance Companies, by Fred Wagner 

� The IAIS – Tasks and Aims, by Knut Hohlfeld 

� The IAIS Survey on Reinsurance Supervision – An Overview of the Findings, 

by R.C.L Bakker and H.J.M. Teeuwen 

No 88 / July 1998 


INSURANCE AND RISK MANAGEMENT IN MODERN SOCIETY (VOL. I) 

INTRODUCTIONS 

by Raymond Barre, Jan Holsboer and Orio Giarini 

PREPARING FOR THE NEW CENTURY 

� The Strategic Development of Insurance Markets: Some Deliberations with Particular Focus on 

Commercial Risks and Risk Financing Innovations, by Walter B. Kielholz and Kai-Uwe Schanz 

� 25 Years (and more) in Reinsurance – Looking Back and Looking Forward, by Fedor Nierhaus 

� Insurance and the EURO, by Michel Albert and Patrick Lefas 

� An Outlook on the Private Life Insurance Business in Japan, by Terumichi Tsuchida 

ACKNOWLEDGEMENTS 

� by Fabio Padoa, Julius Neave, Reimer Schmidt, John Roberts, Rony Castro de Oliveira Lyrio 

and Herbert Schimetschek 

GENERAL REPORT ON TWENTY FIVE YEARS OF ACTIVITY OF THE GENEVA ASSOCIATION 

� The Four Pillars – Research Program on Social Security, Insurance, Savings and Employment, 


No 87 / April 1998 

ISSUES IN LAW AND ECONOMICS 

� Long Tail (Liability) Risks and Claims Made Policies, by Jaap Spier 

� Insuring the Uninsurable? The Appeal of the Circumstances Clause, by Geert Schoorens and 

Caroline Van Shoubroeck

� Comments on the Appeal of the Circumstances Clause and the Uninsurability of Long Tail Risks 

by Gerhard Wagner 

� Long Tail Risks and Endogenous Liabilities: Regulating Looting, by Timothy Swanson and 

Robin Mason 

� Asymmetric Information, Moral Hazard and the Insurance of Legal Expenses, by Roger Bowles 

and Neil Rickman 

� Insuring Litigation Risk: Some Recent Developments in England and Wales, by Neil Riskman 

and Paul Fenn 

� Information Disclosure in a Competitive Insurance Market - The Government Role, 

by Kruno Kukoc 

� Development Risks, Strict Liability and the Insurability of Industrial Hazards, by Göran Skogh 

� The Applicability of Principles of Private Insurance to Social Health Care Insurance, Seen from 

a Law and Economics Perspective, by Michael G. Faure 

No 86 / January 1998 

MANAGING VULNERABILITIES 

� On the Reform of Solvency Rules for Insurance Undertakings in Europe: Comments from the 

View Point of the Insurance Industry, by Norbert Konrath 

� Insurance in the Light of Financial Theory and Innovation, by Ambroise Laurent 

� The Corporate Demand for Insurance: A Strategic Perspective, by S.G. Ashby and S.R. Diacon 

� The Reinsurer’s Strategic Objectives-An Analysis Applying the Theoretical Framework of 

Perspective Decision Theory, by Mathias Graumann 

� Size and Concentration Patterns of the World’s Largest Reinsurance Companies, 

by Jean-François d’Outreville 

� Internet Insurance Whitepaper: How to Build Insurable Internet Business, by Steven B. Adler and 

Richard A. Sand 

� Insurability of Risks on the Information Highway, from the User’s Point-of View—A Specialist 

Insurer’s Approach, by Christian Mehl 

� Risks in Teleworking on the Information Highway, by Simon Robinson 

15TH GENEVA LECTURE 

� The Evolution of Health Insurance in the United States, A dossier, by Ronald E. Compton and 

Neil Schlackman 



SUSTAINABILITY AND INSURABILITY 

� A Risk Focused Approach by the State on the Subject of Sustainability, by Henk C. van 

Latesteijn 

� Some Thoughts on Sustainability, Insurability and Insurance, by Walter Stahel 

� The 1995 Report of the IPCC (Intergovernmental Panel on Climate Change) Working Group ll – 

Chapter 7 – Financial Services, by Andrew F. Dlugolecki 

� Natural Disasters and the Greenhouse Effect: Impact on the Insurance Industry and Possible 

Countermeasures, by Gerhard A. Berz 

� How to Expand the Limits of Insurability, by Walter T. Karten 

� Efficiency and Productivity of the Insurance Industry in the OECD Countries, by Olivier Donni 

and Fabienne Fecher 

� An Analysis of the Difference in Solvency Experience of U.S. and Canadian Life Insurers, 

by Anne E. Kleffner and Jerry L. Jorgensen 

� Attitudes to Risk and Insurance in Chinese Households and Enterprises, by G.A. Whitmore, Yuan 

Wei and Jin Yongjin 

� Market Orientation and Business Performance in the Spanish Insurance Sector, by Nora Lado 

Cousté and Miguel Angel Martinez Martinez 

27


No 84 / July 1997 

WORKER’S COMPENSATION 

� Principles and Economic Effects of Private and State Systems, by Eamon Butler 

� Private Versus State Systems for Industrial Accident: The Belgian Case, by Claude Desseille 

� Elements of an Effective Worker’s Compensation System, by Peter A. Garza-Zavaleta 

� Private Versus Public Systems for Industrial Accidents and Invalidity Insurance - The German 

Solution, by Gunther Sokoll 

� Private Versus State Systems for Industrial Accidents and Invalidity Insurance in the U.K., 

by Chris Williams 

� The Netherlands Recover from their Illness, by A.C. Blom 

LIBERALIzATION OF SERVICES TRADE 

� The Services Liberalization Agenda of the World Trade Organisation: What are the Issues? 

by Julian Arkell 

� A Pioneer’s View of Financial Services Negotiations in the GATT and in World Trade 

Organization: 17 Years of Work for Something or Nothing?, by Harry L. Freeman 

� The World Trade Organization and Liberalization of Trade in Insurance Services: Impact and 

Implications of the 1995 Protocol on Financial Services, by Brian Woodrow 

� The EU Proposal for a Council Directive on Export Credit Insurance: A Critical Evaluation, 

by David Camino and Clara Cardone 

� Summaries of Articles published in 1996 by the “Zeitschrift für die Gesamte 

Versicherungswissenschaft “ 

No 83 / April 1997 

MANAGING CATASTROPHIC RISKS 

� Rethinking Society’s Management of Catastrophic Risks (21st Geneva Annual Lecture), 

by Howard Kunreuther 

� About the Insurability of Catastrophic Risks, by Christian Gollier 

� Comments on the Management of Catastrophic Risks, by Göran Skogh 

� The American Legal System and the Insurability of Environmental Damage and Catastrophic 

Loss, by George L. Priest 

� Market-based Environmental Audits and Environmental Risks: Implementing ISO 14000, 

by Paul R. Kleindorfer 

� Environmental Liability Insurance as a Handmaiden to International Trade and Investment, 

by Mark Pauly 

� Insurance Markets and Climate Change, by Neil Doherty 

� Legislation and Practice Concerning Natural Disasters in Insurance in a Number of European 

Countries, by Caroline Van Schoubroek 

� Summaries of Articles published in 1995, by the “Zeitschrift für die Gesamte 

Versicherungswissenschaft “ 


STRATEGIC ISSUES IN INSURANCE AND REINSURANCE 

� Insurance Derivatives and Securitization: New Hedging Perspectives for the US Cat Insurance 

Market, by Walter Kielholz and Alex Durrer 

� The Context for Trading Insurance Risks, by Prakash Shimpi 

� Reinventing Reinsurance Using the Capital Markets, by Richard E. Smith, Emily A. Canelo and 

Anthony M. Di Dio 

� Social Security and Social Costs: Towards Radical Reform of the System, by Claude Bébéar 

� Financing Old-age Dependency in Europe: Towards Overall Management of Old-age, 

by Jacques Blondeau and David Dubois 

� Remarks on the American Risk Based Capital Model, by Brian K. Atchinson 

� Security of Insurers: The American Risk Based Capital Model versus the European Model of 

Solvability for Property and Casualty Insurers, by Dieter Farny 

� Some Issues in Risk-Based Capital, by G.M. Dickinson 

� A Consideration of Pension Credit and Termination Insurance in the UK, by Steven Haberman 

� The Phenomenon of Whiplash and the Compulsory Third Party Liability Insurance: An Interim 

Report from the Netherlands, by F. Th. Kremer and D. van Der Kwaak 

28

� Life Insurance Asset-Liability Management: An International Survey 

by M. Smink and R.A.H. van der Meer 



� Preventing Conflicts Between Generations (20th Geneva Association Annual Lecture), by Denis 

Kessler 

� The Role of the Fourth Pillar in the Redesign of Social Security, by Yung-Pin Chen 

� Managing an Ageing Workforce in Britain and France, by Anne-Marie Guillemard, Philip Taylor 

and Alan Walker 

� Gradual Retirement in the OECD Countries: A Summary of the Main Results, by Geneviève 

Reday-Mulvey and Lei Delsen 

� New Trends in Gradual Retirement in Germany, by Gerhard Naegele 

� Gradual Retirement in Italy, by Angelo Scarioni 

� Partial Retirement and Public Policy - A Comment, by Peter Scherer 

� End to Occupational Life and Transition to Retirement: A Challenge for Swiss Institutions? 

by Maryvonne Gognalons-Nicolet, Xavier Gaullier and Anne Bardet Blochet 

No 80 / July 1996 

RISK MANAGEMENT STRATEGIES 

� Editors Introduction, by Paul Kleindorfer, Howard Kunreuther and Ortwin Renn 

� Rights, Solidarity and Cost-effectiveness: Ethical Guidelines for Sustaining Global Health, 

by Gunnar Bengtsson 

� The EU Experience and the Challenges in Insuring Environmental Risks, by Jürg Spühler 

� The Contribution of Environmental Impairment Liability (EIL) Insurance to Eco-Efficiency, 

by Peter Zweifel 

� Managing the Environmental Aspects of a Business: A Framework of Available Tools, 

by P. Hindle, B. De Smet, P.R. White, J.W. Owens 

� Environmental Risk Management in Commercial Enterprises, by Dirk Matten 

� Measures of Endangerment, by Ulrich Müller-Herold 

� The Insurance of Natural Hazards: Proposals to an Appropriate Risk Partnership Between 

Insurers, Reinsurers, the Government and the Policyholders, by Burkhardt Meyer 

� Large-scale Technological Risks - A Challenge for Insurers and Reinsurers, 

by Heinz Huppmann and Georg Duesing 

� The Role of Risk Management and Insurance: Looking Beyond the Neo-classical Views on the 

Economics of Uncertainty, by Orio Giarini 

No 79 / April 1996 


THE LAW AND ECONOMICS OF INSURANCE 

� Introduction, by Paul Fenn and Göran Skogh 

THE LAW AND ECONOMICS OF INDUSTRIAL RISKS, WASTE TREATMENT AND INDUSTRIAL 

ACCIDENTS 

� The Precautionary Principle : A Status Questionis, by Herman Cousy 

� Extended Producer Responsability - Recycling, Liability and Guarantee Funds, 

by Karl Lidgren and Göran Skogh with a Comment by Walter Stahel 

� The “Polluter Pays Principle”: Should Liability Be Extended When the Polluter Cannot Pay?, by 

James Boyd and Daniel E. Ingberman 

� Long-Term Liability and the Choice of Liquidation, by Robin Mason and Timothy Swanson 

� The Ban of a Single Pesticide, by Arndt Rölike 

� Optimal Liability: The Effects of Risk Aversion, Loaded Insurance Premiums, and the Number 

of Victims, by Martin Nell and Andreas Richter 

THE BOUNDARIES BETWEEN PRIVATE AND SOCIAL INSURANCE 

� Pensions as Insurance, by Richard Disney 

� The Provision and Finance of Long-Term Care in the United Kingdom, by David K. Whynes 

� Providing for Long-Term Care: Insurance Vs. Trust Saving, by Peter Zweifel 

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19 TH GENEVA ASSOCIATION ANNUAL LECTURE 

� Insurance and Catastrophes, by Richard Zeckhauser 

INSURANCE STRATEGIC ISSUES 

� Solvency of Insurance Undertakings and Financial Groups, by Norbert Konrath 

� The Prudence Concept in EC Insurance Accounts Law, by Hans-Joachim Welzel 

� The Theoretical Considerations Underlying the Risk Reserve Process and the Practical 

Assessment and Control of the Capital Required (Risk-Based Capital), 

by Eberhard Müller and Michael Reischel 

� The European Internal Insurance Market: Expectations, Assessments and Consequences for 

Business Policy from the Insurer’s Point of View - Questionnaire Results, by Gerard Weidenfeld 

� New Frontiers of Security for Banks and Insurance Companies, by Alfonso Desiata 

� The Draft Pension Funds Directive and the Financing of Pensions in the EU, by Karel Lannoo 

� Summaries of Articles published in 1994, by the “Zeitschrift für die Gesamte 

Versicherungswissenschaft” 


INSURABILITY ISSUES 

� Insurability and Uninsurability: An Introduction, by Jan H. Holsboer 

� Insurability: Threats and Opportunities, by Heil Hamilton 

� Insurability and the Economic Relevance of Insurance: A Historical Economic Perspective, 


� Insurance as a Product of National Values, by Geert Hofstede 

� The Paradox of Welfare and Insurance, by C.J.M. Schuyt 

� From Insurance State to Welfare State, and Back Again?, by B. de Vries 

� Uninsurability: A Growing Problem, by A.J. Vermaat 

� The Limits to Insurability from a Law and Economics Perspective, by M.G. Faure 

MANAGING CATASTROPHES 

� Impact of Catastrophes on the Reinsurance Industry, by John Engeström 

� Catastrophe Insurance System in France, by Serge Magnan 

� Great Hanshin Earthquake - A Japanese Insurer’s View, by Takashi Kagawa 

FACING MONETARY INSTABILITY 

� Coping with Economic and Monetary Instability - Conditions of Monetary Stability - Can they 

be Reached?, by Helmut Schlesinger 

� Europe on Its Way to a Single Currency, by Cees Maas 

� Comments on the European Project of Monetary Unification, by Robert Raymond 

� Investing in Emerging Markets: What Lessons Can we Learn from the Recent Unstable Period?, 

by Antoine Jeancourt-Galignani 

� The Challenge of Educating the Leaders of Tomorrow, by Antonio M. Borges 

� The Promotion of Insurance Economics within Universities and Learning Institutions, by Orio 

Giarini 

No 76 / July 1995 

15TH GENEVA ASSOCIATION LECTURE 

� Transnational Mergers and Transnational Experience in Insurance, by J.L.M. Bartelds 

RISK MANAGEMENT ISSUES 

� Gene Technology: Possibilities and Limitations, by Richard Braun 

� Biotechnology for Insurers: Reflections and Suggestions, by Mark F. Cantley 

� Genetics and Life and Health Insurance International Aspects, by Yves Chiche 

� The Cost of Risk and the Concept of Risk Partnership, by John W. Reid 

� Some Comments on John W. Reid’s Paper, by Luigi Selleri 

� EC Safety Management Research, by S.T. Cole and P.J. Wicks 

� Validation of Computational Analysis Procedures with Respect to Product Liability and 

Consequential Loss, by Anup Puri 

� Risk Management Behaviour and Company Policy for Insurance - A Part of Business Decision- 

Making, by Arto Suominen

� Risk Management : The State of the Art in Italy, by Paola Tagliavini 

� Natural Hazards as the Cause of Toxic Spills in the United States, with some Notes on Liability, 

by Pamela S. Showalter 

� The Environmental Insurance Markets in the U.S. and Western Europe: A U.S. Underwriter’s 

Observations, by William Kronenberg III 

� Environment and Insurability - Strengths in Insurance ?, by David B. Clement 

� Environment and Insurability; The Application of Risk Management Principles to Running an 

Insurance Company, by John D. Arpel 

� Reinsurance of Environmental Risks - A Combination of Conditions, Pricing and Risk 

Assessment, by Reiner Bellenbaum 

No 75 / April 1995 

WORLD INSURANCE 

� The Life Insurance Industry in South Africa, by A. Reg Munro and Anton Snyman 

� Emerging Insurance Markets in Far East, by Ben Ho 

� Challenges and Prospects in the Non-Life Reinsurance Markets of Developing Asian Countries, 

by M.S. Wijenaike 

� Understanding the Korean Insurance Market and Its Future Outlook, by Hyung-Sup Shim 

� The Development of a Vietnamese Insurance Industry Organisation, Operation and Prospects, 

by Daniel Bucheton and Duc Cominh 

� Underwriting Motor Profitably - The Malaysian Approach, by Lim Chia Fook 

ECONOMICS ISSUES 

� Captive Insurance Tax Policy: Resolving a Global Problem, 

by M. Moshe Porat and Michael R. Powers 

� The Cost Structure of Distribution Systems in the U.S. Property/Liability Insurance Market, 

by Arthur M.B. Hogan, Peruvemba K. Satish and Robert C. Witt 


INSURANCE STRATEGIC ISSUES 

� The Dynamics of the Scandinavian Insurance Market: Some Observations, by Björn Wolrath 

� Effects of the Deregulation of Supervision on the Selling of Insurance, by Edgar Jannott 

� Liability-Driven Performance Attribution, by Auke Plantinga and Robert van der Meer 

� Financing of Insurance Companies, by E.C. Lekkerkerker and J.F.M. Peters 

� The European Single Insurance Market, by Marc J. Boléat 

� Insurance Services in the Uruguay Round Services Negotiations: An Overview and Assessment 

of the Final Agreement, by R. Brian Woodrow 

� Considerations on the Significance for Insurance Law of the Consequences of Economic Studies, 

by Reimer Schmidt 

� Organization and Strategy in Insurance - Empirical Research into the Sector in Spain, 

by Miguel Angel Martinez Martinez 






� 14th Annual Lecture of The Geneva Association: Uncertainty under the Welfare State - Policyinduced 

Risk, by Assar Lindbeck 

� Uncertainty under the Welfare State by Assar Lindbeck, by Denis Kessler 

� Work and Income in the Third Age - An EU Perspective, by Alan Walker 

� The Role for Paid Employment for Women and Men in their 50s and 60s in the UK Around the 

Millenium and Beyond, by Chris Trinder 

� Options for Extending the Working Period and Flexibilising the Transition to Retirement in the 

German Insurance Industry - The Current Situation and Assessment for the Future, 

by Winfried Schmähl and Jutta Gatter 

� Research into the Work Performance of Older Employees, by Peter Warr 

� Continuing Training until End-of-Carreer: A Key Policy for the Fourth Pillar, 


31

32 


� Financing Long-Term Care: An Intragenerational Social Insurance Model, by Yung-Ping Chen 

� Age Discrimination Against Older Workers in the European Union, by Elizabeth Drury 

No 72 / July 1994 

WORLD INSURANCE ISSUES 

� On Risk and Uncertainty in Modern Society, by Sir Brian Corby 

� The Role of Government in the United States Addressing Natural Catastrophes and 

Environmental Exposures, by Franklin W. Nutter 

� A Global Trend: Privatization and Reform of Social Security Pension Plans, 

by W.G. Poortvliet and T.P. Laine 

� Challenges for Insurers in the Nineties, by Henning Schulte-Noelle 

� Insurance: the Future has Begun, by Felix Mansilla 

� Challenge to the Future, by Josei Itoh 

� The Need for Insurers to Change, by Dean O’Hare 

No 71 / April 1994 

13TH GENEVA LECTURE 

� Some Strategic Issues in the Insurance Industry Today, 

by Eugenio Coppola di Canzano 

INSURANCE ISSUES 

� The Internal Market for Insurance: A Reality?, by Humbert Drabbe 

� Implications and Conceptual Characteristics of the Dec. 19, 1991 Directive on the Annual 

Accounts and Consolidated Accounts of Insurance Undertakings, by Hans-Joachim Welzel 

� Theories of Regulation: Some Reflections on the Statutory Supervision of Insurance Companies 

in Anglo-American Countries, by M.B. Adams and G.D. Tower 

� Bancassurance in Britain and France: Innovating Strategies in the Financial Services, 

by G. Morgan, A. Sturdy, J.-P. Daniel and D. Knights 

� Aspects of Multicultural Marketing of Insurance Companies, by Ute Werner 

� The Development of the Chinese Insurance Industry: Its Structure, Performance and Future, 

by Y.M. Niu 


THE LAW AND ECONOMICS OF INSURANCE AND OF SERVICES 

� The Law and Economics of Insurance and Services: an Introduction 

� Supervision of Financial Conglomerates -Remarks on Solvency Control and Alleged Double 

Gearing-, by Dieter Hesberg and Walter Karten 

� Prices, Distribution Channels and Regulatory Intervention in European Insurance Markets, 

by Jörg Finsinger and F.A. Schmidt 

� Should a Regulatory Body Control Insurance Policies Ex Ante or is Ex Post Control more 

Effective?, by Per-Olof Bjuggren, Dan Magnusson and Carl Martin Roos 

� Ex Post Control of Insurance Policies in Belgium, by Herman Cousy and Hubert Claassens 

� Compensation for Personal Injuries: A Review of Recent Legal and Insurance Developments in 

the UK, by Roger Bowles 

� Audit Fee Determination and Governance Structure: Empirical Evidence from UK Insurance 

Companies,by Neill O’Sullivan and S.R. Diacon 

� The Burden of Proof and the Liability Rule for Suppliers of Services in the EEC, 

by Christopher Curran 




WORLD INSURANCE STRATEGIC ISSUES 

� Private Insurance and Social Insurance Sectors in Latin America, 

by Rony Castro de Oliveiro Lyrio 

� Insurance System Reform and The Future of the Life Insurance Business in Japan, 

by Terumichi Tsuchida

� A Japanese Perspective of Risk and Insurance, by Atsushi Inatomi 

� Specialization and Diversification in Financial Services - Some Recent, Practical Experiences in 

the Netherlands, by J.H. Holsboer 

� La Bancassurance, à la fortune du mot, par Jean Peyrelevade 

� Quantitative Accumulation - Qualitative Jump; New Social Challenges Facing the Insurance 

Industry, by Peter Frey 

� The Consumer Movements and the Impact on Insurance - An American Point of View, 

by Robert C. Winters 

� Reengineering and Insurance: Solving Problems, Seizing Opportunities, by Ronald E. Compton 

� Risk and Society: A View from Switzerland, by Robert Baumann 

� Reinsurance Worldwide - Opportunities, Risks and Perspectives, by Dieter Göbel 

� Consumer Protection and Insurance Supervision, by Peter Pfund 

� Consumers and Insurers - The Role of Insurance Supervision, by Knut Hohlfeld 

� Large Industrial Risks, Catastrophes and Environmental Threats, Defining Insurability, the Role 

of the Private Insurance Industry and the State, by Ernesto Jutzi 

� Large Industrial Risks, Catastrophes and Environmental Threats - Defining Insurability, the Role 

of Private Insurance Industry and the State, by Filomeno Mira Candel 

� Catastrophes Naturelles: Le Projet de Loi à l’Etude en Italie, par Dario Gaverbi 

No 68 / July 1993 

1973 - 1993 TWENTY YEARS OF INITIATIVES AND RESEARCH ON THE ECONOMIC ROLE OF 

INSURANCE AND RISK MANAGEMENT IN MODERN SOCIETY 

� Message - Grussadresse, by Raymond Barre 

� The Geneva Association: Twenty Years on - Les Vingt Ans de l’Association de Genève, 

by Fabio Padoa 

� Reflections on the Twentieth Anniversary of The Geneva Association - Ein Wort am Wege der 

Genfer Vereinigung, by Reimer Schmidt 

� General Report on Twenty Years of Activity 

� Report on the 20th Year of Activity (1992 - 1993) 

� Research Programme on Social Security, Insurance, Savings and Employment – The Fourth 

Pillar, by Geneviève Reday-Mulvey 

No 67 / April 1993 

� 8th Geneva Lecture of The Geneva Association, by Michel Albert 

� 9th Geneva Lecture of The Geneva Association, by J.F.M. Peters 

� 10th Geneva Lecture of The Geneva Association, by Hans-Dieter Sellschopp 

� 16th Annual Lecture of The Geneva Association, by John S. Flemming 

INSURANCE ISSUES 

� The Supervision of Financial Conglomerates, by Klaus-Wilhelm Knauth & Hans-Joachim Welzel 

� Strategies and Techniques for Assets-Liability Management: An Overview, by Robert van der 

Meer and Meye Smink 

� Price Regulation in US Automobile Insurance: A Case Study of Massachusetts Private Passenger 

Automobile Insurance 1978 - 1990, by Richard A. Derrig 

� Electronic Communications in the Insurance Markets, by Douglas Shillito 

� Life Insurance in the UK: The Role of the Actuary and the Single Market, by Steven Haberman 



THE ECONOMICS OF INSURANCE 

� Introduction, by Dieter Farny 

� Entrepreneurial Insurance - A New Paradigm for Deregulated Markets, by Roland Eisen, 

Wolfgang Müller and Peter Zweifel 

� Summaries of articles published in 1991 by the “Zeitschrift für die gesamte 


33

34 



LAW AND ECONOMICS OF ENVIRONMENTAL POLICY 

� Introduction: The Law and Economics of Environmental Policy, by Michael G. Faure 

� The Comparative Efficacy of Tort Law and Regulation for Environmental Protection, 

by Donald N. Dewees 

� A Socio-Economic Analysis of Controls on Land Use around Hazardous Installations, 

by Philippe Rocard and Henri Smets 

� Using Economic Incentives to Regulate the Municipal Solid Waste Stream, by Peter S. Menell 

� Compensation for Damages Caused by Nuclear Accidents: A Convention as Insurance, 

by Michael G. Faure and Göran Skogh 

� Policing the North Sea: The Impact of Fisheries Protection Activity, by Paul Fenn 

� A Summary of The Geneva Association’s Comparative Study on Personal Injury Compensation, 

by Werner Pfennigstorf 

No 64 / July 1992 

RISK MANAGEMENT STUDIES 

I. RISK MANAGEMENT TODAY 

� Rethinking Risk Management, by H. Felix Kloman 

� Toward a Holistic Approach to Total Risk Management, by Yacov Y. Haimes 

� Comparative Product-Life-Cycle Confrontation of Risks, by William W. Lowrance 

� Risk Management in the United Kingdom - A Personal Retrospect, by Dennis Farthing 

� Risk Management from a Technological Perspective, by Vernon Leslie Grose 

� Taking Aim at Environmental Risks: Questions of Feasibility and Desirability, by Adam M. 

Finkel 

� The Past and Future of Loss Financing, by James V. Davis 

� Is Good News No News?, by Judith Lichtenberg and Douglas MacLean 

� Education in Risk Management - A European View: Past, Present and Future, by Gordon C.A. 

Dickson 

II. STUDIES ON CLIMATIC CHANGE 

� An Analysis of the Climate Change Issue, by J.L. Rasmussen 

� Greenhouse Effects on Natural Catastrophes and Insurance, by Gerhard A. Berz 

� Insurance Implications of Climatic Change, by Andrew F. Dlugolecki 

� Sea-Level Changes and Forecasting Floodrisks, by M.J. Tooley 

III. MANAGING RISK IN THE CATERING INDUSTRY 

� Case Study: The Management of Risks to Employees and Consumers of the Catering Industry in 

the United Kingdom and France, by Alan Gordon 

No 63 / April 1992 

THE WIN (WORLD INSURANCE) PROGRAMME INSURANCE AND INTERNATIONAL INSTITUTIONS 

� Worldwide EDI Standards and the Insurance Marketplace, by Robert E. Merriman 

� Insurance and The European Community, by W.E. Pool 

� Insurance Activities in OECD, by André Laboul 

� The Uruguay Round and the Liberalization of Trade in Insurance Services, 

by Mario A. Kakabadse 

� An Examination of U.S. Insurance Regulation and Taxation vis-à-vis Selected GATT Principles, 

by H.D. Skipper, Jr., and L.A. Gardner 

� The Development of Insurance Markets of Developing Countries: UNCTAD’s Activities in the 

Field of Human Resources Development, by Michel Couroux and J. François Outreville 

� The Role of the International Maritime Organization (IMO) in the Management of Maritime 

Risks, by A. Blanco-Bazan 

� MIGA and Long-Term Political Risk Insurance for Investment in Developing Countries, 

by L.P. Hollywood 

� Worldwide Insurance - A Better Solidarity, by Ruy de Carvalho 

� Quo Vadis? For General Insurance Industry in Developing Countries, by R. D. Samarth 

� A Dynamic World Insurance Industry Essential to Stable Growth? A Comment from a 

Practitioner, by John M. Stoker



� The Changing Ages of Man, by Xavier Gaullier 

� A Two Decade Comparison of Work After Retirement in the United States, 

by Kathryn Anderson, Richard Burkhauser and George Slotsve 

� Aging and the Four Pillars in Japan, by Isao Shimowada 

� Changing the Retirement Age in Germany, by Winfried Schmähl 

� The Fourth Pillar in France in the 1990’s: Favourable Trends and Current Obstacles, 


� Integration of the Disabled in the Work Process: The Dutch Policy, 

by Lei Delsen and Saskia Klosse 

� Ageing and the Costs of Health Care in the Future: The Case of Holland, by G.W. de Wit 


SIXTH GENEVA LECTURE 

� Issues for the 1990s: Perspective of a Global Insurer, by M. R. Greenberg 

INSURANCE AND SERVICES INTERNATIONAL TRADE 

� The Relevance of a Multilateral Services Trade Agreement for the World Economy, 

by Sir Brian Corby 

� Remarks on the Uruguay Round Negotiations, by Charles R. Carlisle 

� Deregulation of Financial Services and Liberalization of International Trade in Services, 

by Francis Lohéac 

� How the Uruguay Round Services Negotiations Will Affect Worldwide Insurers, 

by Oakley Johnson 

� Services, Globalization and Regulation, by J. Saint-Geours 

No 60 / July 1991 

ASSESSING THE PERFORMANCES OF THE INSURANCE INDUSTRY (VOL II) 

� Market Size and Concentration: Insurance and the European Internal Market 1992, 

by Roland Eisen 

� Economies of Scale in Italian Non-Life Insurance, by Luigi Prosperetti 

� Some Considerations on Productivity and Performance in Insurance, by Antonio Borghesi 

� Economies of Scale in UK Life Insurance Companies: An Empirical Approach, by Geraldine 

Kaye 

� Scale Economies and Performance in the French Insurance Industry, by F. Fecher, S. Perelman 

and P. Pestieau 

� Economies of Scale and Economies of Diversification in Insurance Business: Some Elements of 

Valuation, by Robert Teyssier 

� Insurance Economics Between Theoretical Ambitions and Empirical Relevance, by Elmar Helten 

� 18th Annual Report on the Activities of The Geneva Association 

� Summaries of Articles published in 1990 by the “Zeitschrift für Gesamte 


No 59 / April 1991 


ASSESSING THE PERFORMANCES OF THE INSURANCE INDUSTRY (VOL I) 

� Comments to the Studies on the Performance of the Insurance Industry, by Denis Kessler 

� Technological Imperatives, Productivity and Insurance Costs, by William J. Baumol 

� Technological Imperatives, Productivity and Insurance Costs: A Comment, by Pierre Pestieau 

� A Comment on Technological Imperatives, Productivity and Insurance Costs, by Denis Kessler 

� Productivity Growth, Capital Intensity and Skill Levels in the U.S. Insurance Industry, 1948-86, 

by Edward N. Wolff 

� Measures of the Insurance Sector Output, by Andreas Hornstein and Edward C. Prescott 

� Measuring the Output of Life Assurance Companies, by C.D. O’Brien 

� Scale and Scope Economies in the Canadian Property and Casualty Insurance Industry, 

by Jean Marc Suret 

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36 



STUDIES IN LAW AND ECONOMICS 

� The Welfare Economics of Controls on Brokers’ Commissions, by H.S.E. Gravelle 

� The Effects of No Fault on Automobile Insurance Loss Costs, by J. David Cummins and Mary A. 

Weiss 

� The Insurance of Fines: The Case of Oil Pollution, by Michael Faure and Günter Heine 

� Insurance and the Institutional Economics and Financial Intermediation, by Göran Skogh 

PERSPECTIVES OF INSURANCE IN CENTRAL AND EASTERN EUROPE 

� Fifth Geneva Lecture: A Competitive Insurance Market in the Former GDR - an Analysis of the 

Situation in Autumn 1990, by Reimer Schmidt 

� The Czechoslovak Insurance Industry and Insurance Science at the Dawn of a New Epoch, 

by Vojtěch Bočinsky 

� Alte Traditionen und neue Tendenzen in der ungarischen Versicherungswirtschaft, von Eva Ebli 

� Stand und Perspektiven der Versicherungswirtschaft in Polen, von Andrej Gawronski 

� Moderne Probleme der Entwicklung des Versicherungswesens in der Sowjetunion, 

von L.I. Reitman 

� Index for The Geneva Papers on Risk and Insurance 1976-1989 


INSURANCE STRATEGIES AND ISSUES 

� Second Geneva Lecture: The AXA Group Strategy, by Claude Bébéar 

� Third Geneva Lecture: The International Strategy of European Insurance Companies, 

by Enrico Randone 

� Fourth Geneva Lecture: Corporate Strategy of European Insurers, by Dieter Farny 

� Ecu-Denominated Insurance Contracts: Issues and Potential, by Gerry M. Dickinson 

� The Use of Ecu in Insurance Contracts in Italy, by Fabio Padoa 

� The Ecu as a Currency for Financial Transactions: An Overview, by Sir George Blunden 

� Insurance Perspectives on an Integrated Hazardous Waste Management Strategy, 

by Neil Doherty, Paul Kleindorfer and Howard Kunreuther 



No 56 / July 1990 

COMPARATIVE STUDIES IN LIABILITY AND COMPENSATION 

� Comparative Liability Studies: Challenges and Limitations, by Werner Pfennigstorf 

� Liability Procedures: The Position Applying in the United Kingdom, by John E.J. Baggs and 

Kenneth S. Cannar 

� Some Characteristics of the Dutch System for Compensation of Damage, by John W. Wansink, 

Robert A. Salomons and F. Theo Kremer 

� Liability Procedures and Alternatives in the Federal Republic Germany, by Werner Pfennigstorf 

� Liability Insurance in the Federal Republic of Germany, by Ernst Klingmüller 

� Regional Variations of Compensation Awards: The Quantum of Damages in Personal Injury and 

Wrongful Death Claims in Western Europe, by Paul Szöllösy 

� Tort Liability and Alternative Approaches to Compensation: Summary of a Comparative Survey 

of Foreign Systems at Work, by Werner Pfennigstorf 

No 55 / April 1990 


� Introduction: The Opportunities of the Four Pillars’ Strategy, by Orio Giarini 

� Work and Retirement - Future Prospects for the Baby-Boom Generation, by Geneviève Reday- 

Mulvey 

� New Technologies and Aged Workers, by Luigi Frey 

� Solutions to the Coming Crisis in Social Security: Save Today or Work Tomorrow, by Denis 

Kessler 

� Part-Time Early Retirement in Europe, by Lei Delsen

� Prolonged Lifetime Employment and Flexible Transition from Labour Force Participation to 

Retirement in View of Future Requirements of the Labour Market and Old Age Pensions, 

by Jürgen Kruse and Werner Steinjan 

� From Research to Practical Application: A Comment, by Gerhard Laskowski 

� The Fourth Pillar and the UK Insurance Industry, by Amin Rajan and Penny van Eupen 


LAW AND ECONOMICS OF PROFESSIONAL LIABILITY INSURANCE (VOL.II) 

� Alternative Liability Regimes for Medical Injuries, by Patricia M. Danzon 

� Medical Negligence: Evaluating Alternative Regimes, by H.S.E: Gravelle 

� Medical Indemnity Insurance in the UK: a Public Choice Approach, by Roger Bowles and Philip 

Jones 

� Bargaining Behaviour by Defendant Insurers: An Economic Model, by Paul Fenn and Ioannis 

Vlachonikolis 

� On “Bargaining Behavior by Defendant Insurers: An Economic Model”, by Patricia M. Danzon 

� Medical Malpractice in Canada, 1971 - 1987, by P.C. Coyte, D.N. Dewees and M.J. Trebilcock 

� Comment: Medical Malpractice in Canada, 1971 - 1987, by Lois Quam 

No. 53 / October 1989 

LAW AND ECONOMICS OF PROFESSIONAL LIABILITY INSURANCE (VOL.I) 

� Preface, by Christopher J. Whelan 

� The “Crisis” in Professional Liability Insurance, by C. Whelan and D. McBarnet 

� Compulsory Insurance for Professional Liability, by M. Faure and R. Van den Bergh 

� Expanding Tort Liability in English Law and Compulsory Insurance for Professional Risks, 

by David Oughton 

� Liability Rules and the Cost of Professional Indemnity Insurance, by Peter Cane 

� Professional Liability Insurance in Scandinavia, by Göran Skogh 

No 52 / July 1989 


TWELFTH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

ON THE APPLICATION OF THE CONTINUOUS-TIME THEORY OF FINANCE TO FINAN CIAL 

INTERMEDIATION AND INSURANCE 

� Introduction, by Eric Briys 

� Twelfth Annual Lecture, by Robert C. Merton 

� Response to Professor Robert C. Merton’s Paper, by Brian Corby 

� Réflexion à propos de la Conférence du Professeur Robert C. Merton, par Jean Dromer 

� Comment on Robert C. Merton’s Lecture, by Stephen A. Ross 

� Comment, by Bruno Solnik 

� 16th Annual Report on the Activities of The Geneva Association 

No 51 / April 1989 

HAzARDOUS WASTE MANAGEMENT 

� Towards an Integrated Waste Management Program, by Howard Kunreuther 

� Risk Assessment Issues Associated with Cleaning Up Inactive Hazardous Waste Sites, 

by Elizabeth L. Anderson, Paul C. Chrostowski, Judy L. Vreeland 

� Insurance Issues Associated with Cleaning up Inactive Hazardous Waste Sites, by Leslie Cheek 

� Risk Management Strategies Used in Cleaning up Hazardous Waste Sites, 

by James M. Seif and Thomas C. Voltaggio 

� Environmental Risk Management: The Experience of a European Insurer, by Peter Schroeder 

� Insurability Issues Associated with Managing Existing Hazardous Waste Facilities, 

by Baruch Berliner and Jürg Spühler 

� Legislative, Liability and Economic Strategies for Controlling Risks at Existing Hazardous 

Waste Facilities, and the Role and Use of Risk Assessment in a Preventive Program, 

by Richard C. Fortuna 

� Document: Financing the Clean-up of Hazardous Waste, by Maurice R. Greenberg 

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SUPPLEMENT: THE FIRST GENEVA LECTURE 

� Consequences of the Freedom of Services on Insurance in the European Community, 

by Reimer Schmidt 


THE FOUR PILLARS, AIDS AND OTHER INSURANCE ISSUES 

� Global AIDS: A Status Report, by Jonathan Mann 

� Confronting AIDS: The Perspective of American Insurers, by John J. Creedon 

� AIDS and the Non-Life Insurance Market, by A.A. Cassidy 

� The Four Pillars of Retirement, by Denis Kessler 

� Integrating the Elder into the Labor Force: Consequences and Experience for Insurance, 

by F. Peter Libassi 

� Mode of Foreign Market Entry: An Analysis of the Property and Liability Insurance Industry, 

by Frederick W. Schroath 

� Investment Strategy of Captive Insurers - Are Risk Managers Becoming Investment Managers? 

by M. Moshe Porat and Anthony F. Gasich 

No 48 / July 1988 

RISK AND SOCIETY 

� The Changing Patterns of Risk, by Sir Hermann Bondi 

� Implications for Insurers, by Brian Corby 

� The Cultural Foundations of the Brand Image of Insurance, by Orio Giarini 

THE DISCOUNT RATE - LE TAUX D’ACTUALISATION 

� Problèmes Actuels de l’Actualisation, par Etienne-Sadi Kirschen 

� The Discount Rate in the United Kingdom’s Public Sector, by Ian C.R. Byatt 

� Le Taux d’Actualisation en France, par Bernard Walliser 

� Le Taux d’Actualisation en Belgique, par Herbert Glejser 

� Le Taux d’Actualisation en Assurance, par Pierre Devolder 

RISK AND INSURANCE ISSUES 

� The Proposal for a Community Directive on the Accounts of Insurance Undertakings, 

by Hans Joachim Welzel 

� The Developing Threat from Arson, by C. Douglas Woodward 

No 47 / April 1988 

ESSAYS IN INSURANCE ECONOMICS 

� Tarification et Interfinancement dans les Régimes Obligatoires d’Assurance-Automobile, 

par Claude Fluet 

� Increasing Risk and Self-Protection Activities, by Georges Dionne and Louis Eeckhoudt 

� Earthquake Risk and Insurance - Policy Considerations: The Israeli Case, by Yehuda Kahane 

� On the Theory of Rational Insurance Purchasing in a Continuous-Time Model, by Eric Briys 

� Editors’ Reports 




ELEVENTH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

UNCERTAINTY IN MACROECONOMICS 

� Uncertainty in Macroeconomics: A Survey of its Treatment, by George M. von Furstenberg 

� Owning up to Uncertainty in Macroeconomics, by George M. von Furstenberg and Jin-Ho Jeong 

� Uncertainty in Macroeconomics: A Comment, by Christian de Boissieu 

� Uncertainty in Macroeconomics and the Microeconomics of Uncertainty, by Henri Loubergé 

� Owning up to Uncertainty in Macroeconomics - A Comment, by Manfred J.M. Neumann 


PROBLEMS AND PERSPECTIVES OF HEALTH INSURANCE 

� Introduction, by Reimer Schmidt

� Changing Health Care in the United States, by Dallas Salisbury 

� Future Perspectives of Health Insurance, by Thomas C. Ramey 

� The Evolution of Health Care Delivery in American Industry, by Warren L. Moser 

� A Comment on the Future Perspectives of Health Insurance in the USA, by John K. Kittredge 

� HMOs and Some European Alternatives, by Peter Zweifel 

� Die Stellung der Privaten Krankenversicherung im System der Sozialen Sicherung in der 

Bundesrepublik Deutschland, von Hans Georg Timmer 

No 44 / July 1987 

RISK AND INSURANCE ISSUES 

� Systèmes Economiques Complexes et Vulnérabilité: Notes sur la Naissance de l›Economie de 

Service, par Orio Giarini 

� Problems and Issues of Environmental Liability Insurance, by Howard Kunreuther 

� Crime and Insurance, by R. A. Litton 

� Motor Insurance in the United Kingdom: A Description and an Appraisal, 

by G.B. Hey and John D. Hey 

� Empirische Darstellung des Versicherungsoutputs in Versicherungsgarantieeinheiten, 

by Obi Mordi und Franz Thole 

� Outputmessung in der Versicherungswirtschaft - Konzeptionelle Wirtschaftliche und 

Versicherungstechnische Überlegungen, von Obi Mordi 

� Productivity in Insurance with Special Reference to Telecommunications, by Norbert Gaser 

No 43 / April 1987 

LIABILITY, INSURANCE AND SAFETY REGULATION 

� Introduction, by Göran Skogh 

� Negligence, Strict Liability and Regulation of Safety Under Belgian Law : An Introductory 

Economic Analysis, by Michael Faure and Roger Van den Bergh 

� Accidents, Taxes, Liability Rules and Insurance, by H.S.E. Gravelle 

� Moral Hazard and Safety Regulation, by Ingemar Hansson and Göran Skogh 

� Insurance for Civil Liability for Marine Oil Pollution Damages, by Jan C. Bongaerts and 

Aline F.M. de Bièvre 

� Evaluating Irreplaceable Loss: Some Implications for Insurance and Liability Rules, by Paul 

Fenn 



� A Financial Theory of the Insurance Firm Under Uncertainty and Regulatory Constraints, 

by Richard D. Mac Minn and Robert C. Witt 

� The Pricing of Non-Independent Risks Under Constant Absolute Risk Aversion, 

by Emilio C. Venezian and Dongsae Cho 

� The Decision to Buy or Sell Insurance Under Constant Relative Risk Aversion, 

by George G. Szpiro 

� The Substitutability Between Discretionary and Contractual Saving and the “Propensity” to Save 

Profit and Wage Income in the UK, by Christos N. Pitelis 

� The Impact of Rate Regulation in U.S. Property-Liability Insurance Markets: A Cross-Sectional 

Analysis of Individual Firm Loss Ratios, by J. David Cummins and Scott E. Harrington 



MEASUREMENT AND MANAGEMENT OF INTERNATIONAL TRADE RISKS 

� The Management of International Trade Risks: The Role of the Berne Union, by Donald A. Ward 

� Protection and Export Insurance: The identification and the Measurement of InternationaI Trade 

Risks, by Tamir Agmon 

� The Management of International Trade Risks, by Donald R. Lessard 

� Export Credit Insurance - Why Government? by J. Gill 

� Some Comments on the Present Consensus Arrangement and its Implications to World Trade, 

by Axel Wallen 

� Insurance and Risk Management of Foreign Trade Risks, by Yehuda Kahane 

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� Export Credit Insurance and the Debt Crisis, by H.H. Hashek 

� The Boundaries of Credit Insurance: A Comment, by Jan W. Hoobroeckx 

� Some Observations on the Use of Social and Political Indicators in International Trade Risk 

Assessment, by Aran Schloss 

No 40 / July 1986 

NINTH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

RISKY CHOICES IN MEDICAL DECISION MAKING, 

by Milton Weinstein 

� Introduction to the Ninth Annual Lecture, by Louis Eeckhoudt 

� Risky Choices in Medical Decision Making: A Survey, by Milton C. Weinstein 

� Risky Choices in Medical Decision Making: A Comment, by M.F. Drummond 

� Risky Choices in Medical Decision Making: Commentaire, par J.C. Sailly 

� De la Théorie à la Pratique de la Décision médicale, par Annick Alperovitch 

No 39 / April 1986 

LIMITS OF INSURABILITY OF RISKS 

� A Strategic Approach to Insurability of Risks, by Fedor Nierhaus 

� A Comment on Nierhaus’ Paper: Some Thoughts on Subjective Net Gross Insurability, 

by Baruch Berliner 

� Subjective Determination of Limits of Insurability on the Grounds of Strategic Planning, 

by Baruch Berliner and N. Bühlmann 

� Loadings for Insurance Premiums, by Sidney Benjamin 

� Reinsurance, Profitability and Insurability, by Harald Bohman 

� Moral Hazard, by Heinz H. Müller and Ruth Brammertz 

� Public Policy and Insurability, by R.L. Carter 

� Legal and Cover Restrictions, by Malcolm Aickin 



� Optimal Insurance Purchasing in the Presence of Compulsory Insurance and Uninsurable Risks, 

by J. Matthias Graf von Schulenburg 

� Compulsory Insurance and Consumer Welfare: A State-Claims Approach, by Harris Schlesinger 

� Risk-Return Tradeoff, Income Measurement and Capital Asset Pricing for Life Insurers: An 

Empirical Investigation, by Sandra Gustavson and Cheng-F. Lee 

� The Capital Asset Pricing Model and the Determination of Fair Underwriting Returns for the 

Property-Liability Insurance Industry, by Jorge L. Urrutia 

� Social Security As a Wage Subsidy Over the Life Cycle, by Harris Schlesinger 


STUDIES IN RISK MANAGEMENT 

� Risk and Insurance Management in the Packaged Goods Industry, by Roy Damary 

� Analysis of Recovery from Fire Risk in Industry and Commerce, by Eric W. Marchant 

� Contract Risk Analysis for Turnkey Project Bid: A Case Study, by C.B. Chapman and Dale F. 

Cooper 

� Management of Risk in Engineering: Risk Allocation through Contractual Approaches, 

by R.W. Hayes 

� Large Risks and Limits of Insurability, by Baruch Berliner 

No 36 / July 1985 

ESSAYS IN THE THEORY OF RISK AND INSURANCE 

� The Value of Life and Safety: A Survey of Recent Developments, by Michael W. Jones-Lee 

� An Uncertainty Model of the Professional Partnership, by Gabriel Hawawini 

� A Theory of Insurance Premiums, by Karl H. Borch 

� No Claim Bonus? by John D. Hey 

� No Claim Bonus? - A comment, by J. Matthias Graf von Schulenburg

No 35 / April 1985 

RISK MANAGEMENT AND INSURANCE STUDIES 

� Space Projects and the Coverage of Associated Risks, by Pierre Blassel 

� Expected Building Losses Caused by Earthquakes, by José Grases 

� Private Initiative and Public Intervention on the Market for Export Credit Insurance, 

by Henri Loubergé and Pierre Maurer 

� The European Currency Unit and the Insurance Sector, by Alfonso Desiata 

� Market Development and Market Structure of Legal Expenses Insurance in Germany, 

by Robert Schwebler 



EIGHTH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

UNEMPLOYMENT INSURANCE, 

by Edmond Malinvaud 

� Introduction to the Eighth Annual Lecture, by Jannik Lindbaek 

� Presentation of the Speaker, by Karl Borch 

� Unemployment Insurance, by Edmond Malinvaud 

� Competitive Unemployment Insurance Pricing, by Michael Beenstock 

� Unemployment Insurance: A Comment, by Anders Björklund 

� Unemployment Insurance and Wages, by Stephen Nickell 

� Unemployment Insurance, Payroll Taxes and Employment, by Erling Steigum 


SEVENTH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

REFLECTIONS ON UNCERTAINTY IN ECONOMICS, 

by Walter A. Weisskopf 

� Reflections on Uncertainty in Economics, by Walter A. Weisskopf 

� Commentaire à l’Annual Lecture, par Fabio Padoa 

� Comment on the Annual Lecture, by Fabio Padoa 

� The Paradigms of Uncertainty, by René Passet 

� Some Thoughts on Uncertainty, the Transfer of Knowledge and Insurability, by Baruch Berliner 

� L’Incertitude de Newton à Heisenberg, un Nouveau Paradigme pour l’Economique, 

par Orio Giarini 

No 32 / July 1984 

NATURAL DISASTERS AND INSURANCE (VOL. III) 

� Seismic Vulnerability and Insurance Studies, by Auguste C. Boissonnade and Haresh C. Shah 

� Seismic Risk for the Largest Cities of the World, by V.I. Keilis-Borok, T.L. Kronrod 

and G.M. Molchan 

� Demand for Natural Disaster Insurance, by Yasushi Morimiya 

ECONOMICS OF INSURANCE 

� Identification and Quantification of the Overall Impact in the Federal Republic of Germany, 

by Robert Schwebler 

� L’Assurance Italienne et l’Actuel Régime de Restrictions des Changes, par Alfonso Desiata 

� The Effects of Insurance on the Possibilities of Fraud, by Georges Dionne 

� Adverse Selection and Repeated Insurance Contracts: Some Comments, by J.Hofmann 

No 31 / April 1984 

NATURAL DISASTERS AND INSURANCE (VOL. II) 

� Catastrophe Insurance, by Ake Munkhammar and Robert Themptander 

� Research and Statistics on Natural Disasters in Insurance and Reinsurance Companies, 

by Gerhard Berz 

� Natural Disaster Insurance, Problems of Capacity and Solvency, by Bruno Porro 

� Reinsurance and Natural Disasters, by Nigel J. Thorne 

� The Markets for Disaster Insurance, by Guillermo Gallardo 

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� Natural Disasters: A Comparison of Alternative Methods for Evaluating Preventive Measures, 

by M.W. Jones-Lee 

� Causes of Underinsurance against Natural Disasters, by Howard Kunreuther 


NATURAL DISASTERS AND INSURANCE (VOL. I) 

From the Proceedings of the First Meeting of the International Working Group on Natural Disasters and 

Insurance, sponsored by UNDRO, Geneva, UNESCO, Paris, The Geneva Association, Geneva 

� Existing Recommendations and Definitions on Disaster Insurance, by Vit Karnik 

� Seismic Hazard and Risk Assessment: Some Case Studies, by S.T. Algermissen and Karl 

Steinbrugge 

� Reducing Vulnerability to Natural Hazards, by Harold D. Foster 

� Natural Hazard Risk Assessment for an Insurance Program, by Don G. Friedman 


ESSAYS IN THE THEORY OF RISK AND INSURANCE 

� Static Equilibrium Under Uncertainty and Incomplete Markets, by Karl H. Borch 

� Adverse Selection and Repeated Insurance Contracts, by Georges Dionne 

� Discussion on Adverse Selection, by Scott E. Harrington 

� The Hypotheses of Absolute and Relative Risk Aversion: An Empirical Study Using 

Cross-Section Data, by George G. Szpiro 

� Assurance et Prévention: Une Approche Portefeuille, par Patrick Gougeon 

� Rating Bureaus in U.S. Property-Liability Insurance Markets: Anti or Pro-Competitive? 

by Patricia Munch Danzon 

� Price Competition, Regulation, and Systematic Underwriting Risk in Automobile Insurance, 

by Robert C. Witt and Jorge Urrutia 

No 28 / July 1983 

TENTH ANNIVERSARY OF THE GENEVA ASSOCIATION 

THE INSURANCE FORUM 

� Genève, Dix Ans Après, par Fabio Padoa 

� The Changed Face of Reinsurance, by Julius Neave 

� The Economic Significance of the Private Insurance Business Sector (with Summary), 

by Wolfgang Schieren 

� Die künftige Entwicklung des Versicherungsmarktes aus der Sicht der Praxis (mit 

Zusammenfassung), von Karl Kornis 

� El Seguro - Hoy y Mañana, por Jaime Argüelles y Armada 

� Science and Practice of Insurance (with Summary), by Reimer Schmidt 

� Inflation et Assurance, par Georges Martin 

� The Impact of Productivity in the Insurance Cycle, by A.R.N. Ratcliff 

� Underwriting in a Competitive Market, by John J. Roberts 

� Social Security in a European Perspective, by E.K. Den Bakker and G.W. de Wit 

� Structural Problems Facing the German Insurance Industry, by Georg Büchner 

� The Italian Insurance Market, by Pier Carlo Romagnoli 

� Résultats et Perspectives de l’Assurance Vie en Italie, par Antonio Longo 

� Les Perspectives d’Evolution de l’Assurance Vie en France, par Guy Verdeil 

� Norwegian Property and Casualty Insurance Towards 1990, by Jannik Lindbaek 

No 27 / April 1983 

SIXTH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

L’ETAT ET LA DEMANDE DE SECURITE DANS LES SOCIETES CONTEMPORAINES, 

par Raymond Barre 

� Introduction, by Fabio Padoa 

� L’Etat et la Demande de Sécurité, par Raymond Barre 

� The State and the Demand for Security, by Raymond Barre

� Response to Professor Barre’s Lecture, by Robert L. Carter 

� Comments on Professor Barre’s Lecture, by J. David Cummins 

� On the Theory of Social Insurance, by Joseph E. Stiglitz 

THE RISK FORUM 

� The World’s Monetary and Payments Situation, by Otmar Emminger 

� The Great Debate, by Irving S. Friedman 

� Investment Management in an Inflationary World, by Hans J. Mast 

� Réflexions sur les Relations Commerciales Internationales, par Olivier Long 

� Trade in Services and the World Economy, by Reubin D. Askew 

� Public Insurance Provision and Non-Market Failures, by H.B. Leonard and R.J. Zeckhauser 

� “The Third Wave “- Also in Insurance ?, by Matthias Haller 


FIFTH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

RISK, INCENTIVES AND INSURANCE: THE PURE THEORY OF MORAL HAzARD, 

by Joseph E. Stiglitz 

� Introduction, by Heinz B. Vischer 

� Risk, Incentives and Insurance: The Pure Theory of Moral Hazard, by Joseph E. Stiglitz 

� Some Comments, by Karl Borch 

� Equilibrium Under Moral Hazard, by David Gale 

� Comment on Joseph Stiglitz’s Paper, by Oliver D. Hart 

� A Comment, by Peter Leepin 

� Moral Hazard and Monopolistically Competitive Insurance Markets, by Martin F. Hellwig 


THE ASIR MODEL 

The Advanced Simulation Model of Insurance and Re-insurance Operations 

� The ASIR Model - An Introduction, by Lawrence Galitz 

� Inflation and Interest Rates: A Research Study Using the ASIR Model, by Z. Margaret Brown 

and Lawrence Galitz 

� Fluctuating Exchange Rates: A Study Using the ASIR Model, by Z. M. Brown and L. Galitz 

� ASIR - A User’s View, by W.M. Abbott 

� From the User’s Manual: l. Main Design Concepts, 2. Preparing Data for a Simulation, 

3. Running the ASIR Model, 4. Data Requirements for ASIR 

No 24 / July 1982 


� Optimum Retirement Age, by Norma L. Larsen and August Ralston 

� Demand for Supplementary Health Insurance in Switzerland: A Theoretical and Empirical 

Investigation, by Peter Zweifel 

� Business Insurance and Large, Widely-Held Corporations, by Brian G.M. Main 

� Some Considerations on the Empirical Research of Goal Systems of Insurance Companies, 

by Bernd Kaluza 

� Indexed and Non-Indexed Insurance, by Yaffa Machnes 

No 23 / April 1982 


STUDIES IN RISK MANAGEMENT (VOL. 2) 

� Controlling in Risks from Liquefied Natural Gas, by Emilio Biamonte 

� A Comparison of Attitudes Towards Risks Among Business Managers, by Gordon C.A. Dickson 

� The Composition of a Consequential Loss from a Strategic Perspective, by Brian J. Kylen 

� An Overview of Risk Management, by Douglas G. Olson and John A. Simkiss, Jr. 

� The Captive Insurance Phenomenon: A Cautionary Tale?, by H. Felix Kloman 

and D. Hugh Rosenbaum 

� Managing Insurance Risks: Research into Price, by Maurice Salvator 

� The Bibliography and History of Risk Management: Some Preliminary Observations, 

by G. Neil Crockford 

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� Continuing Evolution of the Risk Management Function and Education in the United States, 

by George L. Head 


STUDIES IN RISK MANAGEMENT (VOL. I) 

� Risk Management Under Changing Economic Conditions, by Robert L. Carter 

� Développement Economique et Croissance des Risques, par Orio Giarini 

� A Study of Recall Practices Among Manufacturers of Consumer Products, 

by Roy Damary and Graham A.S. Hurst 


ESSAYS IN THE ECONOMIC THEORY OF RISK AND INSURANCE 

� Underinsurance on a Portfolio of Property Exposures in an Inflationary Environment, 

by Gerard M. Dickinson and Leigh A. Roberts 

� Comments on Dickinson and Roberts, by Philippe Van Namen 

� Information and Observability - Some Notes on the Economics of Moral Hazard and Insurance, 

by Roland Eisen 

� Les Opérations des Compagnies d’Assurance IARD: Identification de Modèles et Simulation 

d’Hypothèses de Conjoncture Economique, par Jean-François Outreville 

� Stochastic Dominance: An Application to the Insurance Portfolio Decision, 

by Devinder K. Gandhi, Anthony Saunders and Edmund G. Sugars 

� Theoretical Concepts of Insurance Production, by Wolfgang Müller 

� Some Considerations on the Activity of Insurance Business and its Relevance for a General 

Reassessment of Economic Theory, by Orio Giarini 

� Some Considerations on the Activity of Insurance Business and its Relevance for a General 

Reassessment of Economic Theory: A Comment, by Peter J. Franklin 

No 20 / July 1981 

FOURTH ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

THE THREE MARKETS FOR PRIVATE INSURANCE, 

by Karl Borch 

� Introduction, par Georges Martin 

� Présentation, par Edouard Franckx 

� The Three Markets for Private Insurance, by Karl Borsch 

� Commentaires sur “Les Trois Marchés de l’Assurance”, par Freddy Corlier et Jean Lemaire 

� Asymétrie d’Information et les Trois Marchés d’Assurance, par Jean-Jacques Laffont 

� Assurance et Information Imparfaite, par Claude Henry 

� Commentaire sur l’Exposé de Karl Borch, par Hugo Clemeur 

� Inferring Risk Tolerance from Deductibles in Insurance Contracts, by Jacques H. Drèze 

No 19 / April 1981 

LA MARGE DE SOLVABILITE ET LE MODELE ASIR 

Solvency Margin and the ASIR Model 

� La Marge de Solvabilité et l’Egalité des Chances pour Accéder aux Marchés de l’Assurance 

Non-Vie, par André Gabus et Susanne Hagemann 

� Solvency Margin and its Effects on Competition - English Summary 

� ASIR - The Advanced Simulation Model of Insurance and Re-Insurance Operations: 

An Introduction, by Lawrence Galitz and Margaret Brown 


SOCIAL SECURITY, RETIREMENT AND INSURANCE 

� Social Security and Saving: A Tentative Survey, by Denis Kessler, André Masson and 

Dominique Strauss-Kahn 

� Real Rates of Return and Pension Funding - Some Preliminary Considerations, 

by Richard Hemming 

� Real Rates of Return and Pension Funding: A Comment, by Giovanna Ferrara

� Reply to Giovanna Ferrara, by Richard Hemming 

� Capital Investment and Saving: A Review, by Francis H. Schott 

� Le Troisième Age: Problèmes et Perspectives, par Susanne Hagemann 

No 17 / June 1980 


� The Demand for UK Ordinary Life Insurance, by Stephen R. Diacon 

� Dépenses d’Assurances, Primes Encaissées: Une Approche Macroéconomique, 

by Jean-François Outreville 

� The Demand for Non-Life Insurance: A Consumption-Oriented Model, by Antonio Falciglia 

� The New “Schwankungsrückstellung” in Annual Statements of German Insurers – An 

Application of the Theory of Risk?, by Walter Karten 

� Portfolio Adjustment in a Reinsurance Market, by Neil A. Doherty and Bob M. Korkie 

� L’Accroissement de Risque: Théorie et Application à la Production en Incertitude, 

by Louis Eeckhoudt 

� Deductibles from a Risk-Theoretical Point of View, by Hans-Peter Sterk 

No 16 / April 1980 

ASPECTS DU RISQUE ET DE LA VULNERABILITE DANS LES ECONOMIES EUROPEENNES 

Aspects of Risk and Vulnerability in European Economies - Recueil de Conférences 

� Introduction, by Julius Neave 

� Thoughts on the Policy of Detente in Europe, by Bruno Kreisky 

� Economic and Monetary Prospects: A Spanish Viewpoint, by Fernando Abril Martorel 

� Réflexions sur le Système Monétaire Européen, par Robert Triffin 

� Discussion sur l’Exposé du Prof. Triffin, par MM. Martin, Davignon, Giarini, Bébéar 

� L’Assurance et l’Intégration Monétaire Européenne, par Fabio Padoa 

� Economics and Risk, by Ubaldo Nieto de Alba 

� Remarques sur l’Economie et le Risque, par Georges Martin 

No 15 / February 1980 

THIRD ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

THE EFFECT OF SOCIAL SECURITY ON SAVING, 

by Martin Feldstein 

� Introduction, by Fabio Padoa 

� Comment, by Emil-Maria Claassen 

No 14 / December 1979 


� Solidity, Leverage and the Regulation of Insurance Companies, by Yehuda Kahane 

� Reinsurance and Foreign Exchange Risk, by Henri Loubergé 

� Functional Relations Between General Economic Indicators, Premium Income and Claims Costs 

in Different Insurance Sectors, by Fritz Becker 

� Modelling the Investment Behaviour of British Life Offices 1963 -1977, by J.C. Dodds 

� Economists in the Insurance Industry, by W. Zajdlic 



STUDIES IN RISK MANAGEMENT 

� Examples of Calculation of the Value Deducted, by Orio Giarini 

� The Nature and Importance of Economic Losses Due to the Utilisation of Containers in the 

Transportation Systems, by Jacques P. Pezier, Donald C. Creswell and Stanley J. Davenport 

� Les Risques de Pertes Indirectes Induites par les Systèmes Informatiques, par André George 

� Risks and Indirect Losses Due to the Utilisation of Computerized Systems (English Summary) 

� European Fire Costs: The Wasteful Statistical Gap, by Tom Wilmot 

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No 12 / June 1979 

SECOND ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

HUMAN CAPITAL AND RISK-BEARING, 

by Jacques H. Dreze 

� First Annual Lecture: Comments 

� Can Additional Information Really Have Negative Welfare Effects? - A Note on Arrow’s Risk 

Allocation and Information, by Friedrich Breyer 

� Can Additional Information Really Have Negative Welfare Effects? – Reply, by Kenneth J. 

Arrow 



� The Risk-Sharing Problem, by Denis Moffet 

� Equilibrium in Risk-Bearing: The Principle of Equivalence - Different Implications of 

Alternative Interpretations, by Roland Eisen 

� A Mathematical Model of Insurance Business and How it May be Used, by Harald Bohman 

� Simulation of an Automobile Portfolio, by Freddy Corlier, Jean Lemaire and Dunia Muhokolo 

� Determination of the Amounts available for Long Term Investment in an Insurance Company, 

by Eugenio Prieto Perez 

� The Characteristics Approach and its Application to Financial Liabilities, Financial Assets and 

Portfolio Choice, by Peter J. Franklin 

� Reinsurers’ Investment and Underwriting Portfolios and the Exchange Rates Risk, 

by Yehuda Kahane 

No 10 / November 1978 

SOCIAL SECURITY AND INSURANCE 

� State, Security and Insurance, by Walter Ackermann 

� Social Security Versus Private Saving and Insurance, by George M. von Fürstenberg 

� On the Development of Group Insurance and Collective Saving in the Federal Republic of 

Germany and in Great Britain, by Brigitte Reitz 

� La Prévoyance dans l’Economie Italienne, par Giuseppe Petrilli 

� The Expansion of Social Security in Italy, by Lucia Vitali 

� Soziale Sicherheit und Staatsfinanzen, von Alfred Radner 

� Document: Problems of Social Security under Economic Recession and Inflation 

No 9 / July 1978 

ECONOMIC PROBLEMS IN RISK MANAGEMENT 

� Risk, Uncertainty and Economic Futures, by Hazel Henderson 

� Eléments pour une Analyse Economique de la Responsabilité du Fait des Produits, 

par Philippe Charpentier 

� A Survey of Consequential Loss Practices in Western Europe with Emphasis on the Chemical 

Industry, by Roy Damary and Peter Schmeer 

� Quelques Aspects de l’Assurance dans les Relations Economiques Internationales, 

par Luciano Kramar 

No 8 / June 1978 

FIRST ANNUAL LECTURE OF THE GENEVA ASSOCIATION 

RISK ALLOCATION AND INFORMATION: SOME RECENT THEORETICAL DEVELOPMENTS 

by Kenneth J. Arrow 


RISKS IN MODERN SOCIETY 

� New Dimensions of Risks: Consequences for Management, by Matthias Haller 

� Trends of Risk and Security Problems for States and Emerging Strategies for Coping with those 

Trends, by Robert Ellsworth 

� The Investments of Insurance Companies: Difficulties New and Old, by Mario Einaudi

� Industrial Management Flexibility in Times of Economic Change, by Friedrich Thomée 

� Security as a Service, by Hans Braunschweiler 



� Optimal Life Insurance, by Karl Borch 

� International Insurance Transactions and the Balance of Payments, by Gerry M. Dickinson 

� Economics, Vulnerability and the Diminishing Returns of Technology, by Orio Giarini 

� Business Cycles and Insurance, by Elmar Helten 

� Insurance in the National Accounts: A Case-Study of France, by Lutgart Van den Berghe 

No 5 / February 1977 

ESSAIS SUR LA THEORIE ECONOMIQUE DU RISQUE ET DE L’ASSURANCE 

� Introduction, by Karl Borch 

� Ansätze einer betriebswirtschaftlichen Theorie des Versicherungsunternehmens, 

von Dieter Farny 

� L’Approche Empirique de la Demande d’Assurance-Vie, par Christian Ferry 

� La Demande d’Assurance Non-Vie: L’Etat Actuel de la Théorie, par Jean-Jacques Rosa 


THE TEACHING OF RISK AND INSURANCE ECONOMICS IN EUROPE 

by Henri Loubergé 


NATURE ET IMPORTANCE DES PERTES ECONOMIQUES DANS L’UTILISATION DE 

L’INFORMATIQUE EN EUROPE EN 1988 

� Une recherche de Risk Management et de Prévision Technologique, par André George 

No 2 / August 1976 

THE MANAGEMENT OF RISK AND INSURANCE 

� A Macro-Economic Approach to Risk Management, by Orio Giarini 

� The Changing Face of Risk Management, by G.N. Crockford 

� Les Objectifs du Risk Management, par Matthias Haller 

� A Survey of the Practice of Risk Management in West Europe Companies, by Roy Damary 


A MODEL FOR MEASURING THE IMPACTS OF INFLATION ON MOTOR INSURANCE BUSINESS 

by Jean-Marc Belloy and André Gabus 

� Introduction, par Raymond Barre 

� Commentaires, par André Rosa and Giovanna Ferrara 

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Publisher: Palgrave Macmillan Ltd 

Editors: Keith J. Crocker, The Pennsylvania State University, University 

Park, USA and Achim Wambach, University of Cologne, Germany. 

© The International Association for the Study of Insurance Economics 

The Geneva Risk and Insurance Review targets academics and 

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Vol. 37 – No. 1 / March 2012 

� Risk Aversion, Downside Risk Aversion and Paying for Stochastic Improvements, by W Henry Chiu 

� Risk-sharing Contracts with Asymmetric Information, by Renaud Bourlès and Dominique Henriet 

� Corporate Management of Highly Dynamic Risks: Evidence from the Demand for Terrorism 

Insurance in Germany, by Christian Thomann, Razvan Pascalau and J.-Matthias Graf von der 

Schulenburg 

� Raising Capital in an Insurance Oligopoly Market, by Julien Hardelin and Sabine Lemoyne de Forges 

� Enhancing Insurer Value Using Reinsurance and Value-at-Risk Criterion, by Ken Seng Tan and 

Chengguo Weng 

Vol. 36 – No. 1 / June 2011 

� Conversion and Efficiency Performance Changes: Evidence from the U.S. Property-Liability 

Insurance Industry, by Lih-Ru Chen, Gene C Lai and Jennifer L Wang 

� Surety Bonds with Fair and Unfair Pricing, by Achim Wambach and Andreas R Engel 

� Impacts of Jumps and Stochastic Interest Rates on the Fair Costs of Guaranteed Minimum Death 

Benefit Contracts, by François Quittard-Pinon and Rivo Randrianarivony 

� Weather Risk Hedging in the European Markets and International Investment Diversification, by 

Charles C Yang, Linda Shihong Li and Min-Ming Wen 

Vol. 35 – No. 2 / December 2010 

� Hidden Overconfidence and Advantageous Selection, by Rachel J. Huang, Yu-Jane Liu and Larry 

Y. Tzeng 

� Skewness Preference, Risk Taking and Expected Utility Maximisation, by W. Henry Chiu 

� Pension Fund Design under Long-term Fairness Constraints, by Esben Masotti Kryger 

� Wealth Effects on Self-insurance, by Kangoh Lee 

Vol. 35 – No. 1 / June 2010 

EGRIE KEYNOTE ADDRESS 

� Uncertainty in the Theory of Public Finance, by Agnar Sandmo 

ARTICLES 

� Incentive Effects of Community Rating in Insurance Markets: Evidence from Massachusetts 

Automobile Insurance, by Sharon Tennyson 

� Insurance Market Effects of Risk Management Metrics, by Carole Bernard and Weidong Tian 

� A Note on Risk Aversion, Prudence and Portfolio Insurance, by Philippe Bertrand and Jean-Luc 

Prigent 



� The Changing Role of Nominal Government Bonds in Asset Allocation (Keynote Address), by 

John Y. Campbell 

ARTICLES 

� Negligence, Ignorance and the Demand for Liability Insurance, by Vickie Bajtelsmit and Paul Thistle 

� Effects of Health and Longevity on Financial Risk Tolerance, by James K Hammitt, Kevin Haninger 

and Nicolas Treich 

� Optimal Insurance Under the Insurer’s VaR Constraint, by Chunyang Zhou and Chongfeng Wu 

Vol. 34 – No. 1 / June 2009 

� Empirical Evidence for Advantageous Selection in the Commercial Fire Insurance Market, by 

Kili C. Wang, Rachel J. Huang and Larry Y. Tzeng 

� Reinsurance Brokers and Advice Quality: Is There a Need for Regulation?, by Sebastian Friese, 

Michael Sonnenholzner and J.-Matthias Graf v.d. Schulenburg 

� Bargaining Power and Efficiency in Insurance Contracts, by John Quiggin and Robert G. 

Chambers 

� The Role of Repetition and Observability in Deterring Insurance Fraud, by Michal Krawczyk


The Geneva Risk and Insurance Review 

� First-Order Mortality Basis for Life Annuities, by Michel Denuit and Esther Frostig 

� Which Price is Right: Load or Premium?, by Rexford E. Santerre 

� Fair Valuation of Participating Life Insurance Contracts with Jump Risk, by Olivier Le Courtois 

and François Quittard-Pinon 

� Background Risk and the Performance of Insurance Markets under Adverse Selection, by Keith 

J. Crocker and Arthur Snow 

Vol. 33 – No. 1 / June 2008 


� On Optimal Insurance in the Presence of Moral Hazard, by Edi Karni 

ARTICLES 

� Intergenerational Effects of Guaranteed Pension Contracts, by Trond M. Døskeland and Helge A. 

Nordahl 

� The Effect of Pre-Commitment and Past-Experience on Insurance Choices: An Experimental 

Study, by Thomas Papon 


� The Optimal Asset Allocation of the Main Types of Pension Funds: A Unified Framework, 

by Katarzyna Romaniuk 

� Insurer’s Insolvency Risk and Tax Deductions for the Individual’s Net Losses, by Rachel J. 

Huang and Larry Y. Tzeng 

� Screening Equilibria in Experimental Markets, by Lisa L. Posey and Abdullah Yavas 

� On Tail Value-at-Risk for Sums of Non-independent Random Variables with a Generalized 

Pareto Distribution, by Antonella Campana 

Vol. 32 – No. 1 / June 2007 

� Overconfidence and Trading Volume, by Markus Glaser and Martin Weber 

� Adverse Selection and the Market for Annuities, by Oded Palmon and Avia Spivak 

� On the Role of Market Insurance in a Dynamic Model, by Helge Braun and Winfried Koeniger 

� Internalizing Externalities of Loss Prevention through Insurance Monopoly: An Analysis of 

Interdependent Risks, by Annette Hofmann 


� Aggregating Risk Capital, with an application to Operational Risk, by Paul Embrechts and 

Giovanni Puccetti 

� Optimal Insurance Contract under a Value-at-Risk Constraint, by Hung-Hsi Huang 

� Adverse Selection in the Annuity Market with Sequential and Simultaneous Insurance Demand, 

by Johann K. Brunner and Susanne Pech 

Vol. 31 – No. 1 / July 2006 

� Optimal Insurance Contracts without the Non-negativity Constraint on Indemnities: Revisited, 

by Michael Breuer 

� The Design of an Optimal Insurance Contract for Irreplaceable Commodities, 

by Rachel J. Huang and Larry Y. Tzeng 

� Underwriting Profit Margin of P/L Insurance in the fuzzy-ICAPM, by Li-Hua Lai 

� A Note on Risk Aversion and Herd Behavior in Financial Markets, by Jean-Paul Decamps and 

Stefano Lovo 

� Analysis of Embedded Options in Individual Pension Schemes in Germany, by Alexander King, 

Jochen Russ and Hato Schmeiser 

� Optimal Financial Crises: A Note on Allen and Gale, by François Marini 


� Uncertainty and the Cost of Reversal, by Giovanni Immordino 

� A Study of Mutual Insurance for Bank Deposits, by Carole Bernard, Olivier Le Courtois and 

François Quittard-Pinon 

51

52 


� Wealth Effects on Self-Insurance and Self-Protection against Monetary and Nonmonetary 

Losses, by Kangoh Lee 

� Optimal Insurance Design Under a Value-at-Risk Framework, by Ching-Ping Wang, 

David Shyu and Hung-Hsi Huang 

Vol. 30 – No. 1 / June 2005 

� The Probationary Period as a Screening Device: The Monopolistic Insurer, by Jaap Spreeuw 

� Assessing the Efficiency of an Insurance Provider—A Measurement Error Approach, 

by Mario Jametti 

� A Note on Partial Insurance and the Arrow-Pratt Measure of Risk Aversion, by W. Henry Chiu 

� Mortality Risk and the Value of a Statistical Life: The Dead-Anyway Effect Revis(it)ed, 

by Friedrich Breyer and Stefan Felder 

� Tax Compliance and Rank Dependent Expected Utility, by Jean-Louis Arcand and 

Grégoire Rota Graziosi 

� Strategic Price Discrimination in Compulsory Insurance Markets, by Luigi Buzzacchi and 

Tommaso M. Valletti 

� The Newsboy Model: Changes in Risk and Price, by Jorge Ibarra-Salazar 


� Opting Out of Public Insurance: Is It Socially Acceptable?, by Carine Franc and Laurence 

Abadie 

� Portfolio Selection with Quadratic Utility Revisited, by Timothy Mathews 

� Utility and the Skewness of Return in Gambling, by Michael Cain and David Peel 

� Reimbursing Preventive Care, by Francesca Barigozzi 

� Relative Guarantees, by Snorre Lindset 

Vol. 29 – No. 1 / June 2004 

� Infrequent Extreme Risks, by C. Gourieroux and A. Montfort 

� Cream Skimming, Dregs Skimming, and Pooling: On the Dynamics of Competitive Screening, 

by Diderick Lund and Tore Nilssen 

� Health and Wealth: How do They Affect Individual Preference, by Béatrice Rey and Jean- 

Charles Rochet 

� Labor Income Risk and Car Insurance in the UK, by Winfried Koeniger 

� The Effective Duration and Convexity of Liabilities for Property-Liability Insurers Under 

Stochastic Interest Rates, by Kevin C. Ahlgrim, Stephen P. D’Arcy and Richard W. Gorvett 


� Weber’s Law and the Biological Evolution of Risk Preferences: The Selective Dominance of the 

Logarithmic Utility Function, by Hans-Werner Sinn 

� Some Remarks on the Evolution, by Harris Schlesinger 

� Communication in Private-Information Models: Theory and Computation, 

by Edward Simpson Prescott 

� Will Private Health Insurance Make the Distribution of Public Health Subsidies More Equal? 

The Case of India, by Ajay Mahal 

� Locally Greater Vulnerability to Background Risk, by Donald C. Keenan and Arthur Snow 

� Variance Vulnerability, Backgrounds Risks and Mean-Variance Preferences, 

by Thomas Eichner and Andreas Wagener 

Vol. 28 – No. 1 / June 2003 

� To Insure or Not to Insure?: An Insurance Puzzle, by Christian Gollier 

� On Compulsory Per-Claim Deductibles in Automobile Insurance, by Chu-Shiu Li and 

Chwen-Chi Liu 

� On the Optimality of Bank Runs: Comment on Allen and Gale, by Margarita Samartin 

� Efficient Insurance Contracts under Epsilon-Contaminated Utilities, by G. Carlier, R.A. Dana 

and N. Shahidi 

� A Note on Deductible Insurance and Production, by Yaffa Machnes and Kit Pong Wong



� Reinsuring Climatic Risk Using Optimally Designed Weather Bonds, by Pauline Barrieu and 

Nicole Ei Karoui 

� Risk Mutualization and Competition in Insurance Market, by Marie-Cécile Fagart, 

Nathalie Fombaron and Meglena Jeleva 

� On the Judgement Proof Problem, by Richard Macminn 

� The Pricing of Event Risks with Parameter Uncertainty, by Kenneth A. Froot and 

Steven E. Posner 

Vol. 27 – No. 1 / June 2002 

� Experimental Economics and the Theory of Decision Making Under Risk and Uncertainty, 

by John D. Hey 

� On the Observability of Plans in Dynamic Choice Problems Involving Risk: Comment about J. 

Hey, by Marc Willinger 

� Stochastic Dominance and Conditional Expection – An Insurance Theoretical Approach, 

by Anders Borglin and Hans Keiding 

� More on Properness: The case of Mean-Variance Preferences, by Fatma Lajeri-Chaherli 

� Asymptotic Fairness of Bonus-Malus Systems and Optimal Scales of Premiums, 

by A.Heras, J.L.Vilar and J.A.Gil 


� On the Characterisation of Investor Preferences by Changes in Wealth, 

by Christian S. Pedersen and Stephen E. Satchell 

� The Valuation of Insurance under Uncertainty: Does Information about Probability Matter?, 

by Carmela Di Mauro and Anna Maffioletti 

� Public Versus Private Insurance with Dual Theory: A Political Economy Argument, 

by Jean Hindriks 


� A Value at Risk Approach to Background Risk, by Elisa Luciano, Robert Kast 

� On Microfoundations of the Dual Theory of Choice, by Sergei Guriev 

� Diffidence Theorem, State-Dependent Preferences, and DARA, by Georges Dionne, 

Marie-Gloriose Ingabire 

� Finding Pareto Optimal Insurance Contracts, by Y.M. Ermoliev, S.D. Flåm 

Vol. 26 – No. 1 / June 2001 

� Social Security with Heterogeneous Populations Subject to Demographic Shocks, 

by Gabrielle Demange and Guy Laroque 

� A General Theorem on the Comparative Statics of Changes in Risk, by Arthur Hau 

� Self-Insurance, Self-Protection and Market Insurance within the Dual Theory of Choice, 

by Christophe Courbage 

� A Finite Difference Approach to the Valuation of Path Dependent Life Insurance Liabilities, 

by Bjarke Jensen, Peter Lochte Jorgensen and Anders Grosen 


� Genetic Screening and Price Discrimination in Insurance Markets, by Michael Hoy and 

Peter Lambert 

� Exclusions and the Demand for Porperty Insurance, by Rod Garratt and John M. Marshall 

� Equilibrium in Competitive Insurance Markets Under Adverse Selection and Yaari’s Dual 

Theory of Risk, by Virginia R. Young and Mark J. Brown 

� Centralizing Insurance Fraud Investigation, by M. Martin Boyer 

� Self-Protection, Information and the Precautionary Principle, by Giovanni Immordino 

Vol. 25 – No. 1 / September 2000 

� Editor’s Note, by Louis Eeckhoudt 

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� Background Risk, Demand for Insurance, and Choquet Expected Utility Preferences, 

by Meglena Jeleva 

� Financial Markets for Unknown Risks if Beliefs Differ, by Susanne Klimpel and Till Requate 

� The Production of Goods in Exces of Demand: A Generalization of Self-Protection, 

by Carole Haritchabalet 

� The Consequences for a Monopolistic Insurance Firm of Evaluating Risk Better than Customers: 

The Adverse Selection Hypothesis Reversed, by Bertrand Villeneuve 

� Arbitrage and Viability in Insurance Market, by Anja De Waegenaere 


� The Econometrics of Risk Classification in Insurance, by C. Gourieroux 

� Experimental Tests of Self-Selection and Screening in Insurance Decisions, 

by Zur Shapira and Itzhak Venezia 

� The Design of an Optimal Area Yield Crop Insurance Contract, by Olivier Mahul 

� The Coexistence of Distribution Systems When Consumers Are Not Informed, by S. Hun Seog 

� Corporate Insurance as a Necessary Form of Consultant-Investigator Contract, 

by Jaeyoung Sung 

Vol. 24 – No. 1 / June 1999 

� Coalition-Proof Allocations in Adverse-Selection Economies, by Jeffrey M. Lacker and 

John A. Weinberg 

� Should More Risk-Averse Agents Exert More Effort?, by Bruno Jullien, Bernard Salanié and 

François Salanié 

� Optimal Insurance Under Random Auditing, by Marie-Cécile Fagart and Pierre Picard 

� Regulation of Insurance Markets, by Ray Rees, Hugh Gravelle and Achim Wambach 

� An Equilibrium Model of Catastrophe Insurance Futures and Spreads, by Knut Aase 

� Automobile Insurance Contracts and Risk of Accident: An Empirical Test Using French 

Individual Data, by Didier Richaudeau 

Vol. 23 - No. 2 / December 1998 

� An Extended Family of Financial-Risk Measures, by Christian S. Pedersen and 

Stephen E. Stachell 

� Pareto-Improving Social Security Reform, by Pascal Belan, Philippe Michel and Pierre Pestieau 

� A Reexamination of the Relationship Between Preferences and Moment Orderings by Rational 

Risk-Averse Investors, by Patrick L. Brockett and James R. Garven 

� Government Deposit Insurance and the Diamond-Dybvig Model, by J. Huston McCulloch and 

Min-Teh Yu 

� Voluntary Contributions with Uncertainty: The Environmental Quality, by Pierre-André Jouvet 

Vol. 23 – No. 1 / June 1998 

� Editor’s note, by Christian Gollier 

� Background Uncertainty and the Demand for Insurance Against Insurable Risks, 

by Luigi Guiso and Tullio Jappelli 

� Changes in Background Risk and the Demand for Insurance, by Donald J. Meyer and 

Jack Meyer 

� A Model of an Oligopoly in an Insurance Market, by Matthias K. Polborn 

� Long-Term Care Insurance and Life Insurance Demand, by Volker Meier 

� Risk Classification by Fuzzi Inference, by Per-Johan Horgby 


SPECIAL ISSUE ON ASYMMETRIC INFORMATION 

� Editor’s Comments, by Harris Schlesinger 

� Competition and Insurance Twenty Years Later, by Michael Rothschild and Joseph E. Stiglitz 

� Complete Versus Incomplete Insurance Contracts under Adverse Selection with Multiple Risks, 

by Claude Fluet and François Pannequin


� Pooling and Separating Equilibria in Insurance Markets with Adverse Selection and Distribution 

Costs, by Marie Allard, Jean-Paul Cresta and Jean-Charles Rochet 

� Explaining Insurance Policy Provisions via Adverse Selection, by Virginia R. Young and 

Mark J. Browne 

� Full Insurance, Bayesian Updated Premiuns, and Adverse Selection, by Richard Watt and 

Francisco J. Vasquez 

� Imperfect Agency and the Regulation of Hospitals, by Mattias Lundbäck 

Vol. 22 – No. 1 / June 1997 

� The Design of Optimal Insurance Contracts: A Topological Approach, by Sandrine Spaeter and 

Patrick Roger 

� Prudence, Demand Uncertainty, Background Risk, and the Law of Supply: A Non-Expected 

Utility Approach to the Firm, by Fanny Demers and Michel Demers 

� An Option-Princing Approach to the Costs of Expert Credit Insurance, by Sebastian T. Schich 

� First-Order Approach to Principal-Agent Problems: A Generalization, by Eskander Alvi 


� The Values of Insurance Companies Under Different Uncertain Portfolios, by Knut K. Aase and 

Isaac Meilijson 

� Risk Aversion with State Dependent Preferences in the Rank-Dependent Expected Utility 

Theory, by W. Henry Chiu 

� Investment Under Demand Uncertainty: The Newsboy Problem Revisited, by Georges Dionne 

and Tahar Mounsif 

� Consumer Risk Perceptions and Information in Insurance Markets with Adverse Selection, 

by James A. Ligon and Paul D. Thistle 

Vol. 21 – No. 1 / June 1996 

SPECIAL ISSUE ON INSURANCE AND FINANCIAL RISK MANAGEMENT 

GUEST EDITORS: HENRI LOUBERGé AND MARTI G. SUBRAHMANYAM 

� Introductory Note, by Henri Loubergé 

� The Term Structure of Interest Rates: Alternative Approaches and Their Implications for the 

Valuation of Contingent Claims, by Marti G. Subrahmanyam 

� Some Remarks on Modeling the Term Structure of Interest Rates, by Günter Franke 

� Exotic Unit-Linked Life Insurance Contracts, by Steinar Ekern and Svein-Arne Persson 

� Uniqueness of the Fair Premium for Equity-Linked Life Insurance Contracts, 

by J. Aase Nielsen and Klaus Sandmann 

� Optimal Dynamic Hedging in Incomplete Future Markets, by Abraham Lioui, 

Pascal Nguyen Duc Trong, and Patrice Poncet 

� Fairly Priced Deposit Insurance, Incentive Compatible Regulations, and Bank Asset Choices, 

by Sun Heun Yoon and Sumon C. Mazumdar 


� Insurance and Catastrophes, by Richard Zeckhauser 

� Insurance and Catastrophes: The Changing Role of the Liability System, by W.Kip Viscusi 

� Insurance and Catastrophes: Comment, by Henri Loubergé 

� Insurance and Catastrophes: Comment, by Christian Gollier 

� Beneficial Changes in Random Variables via Copulas: An Application to Insurance, 

by Luisa Tibiletti 

� Demand for Insurance in a Portfolio Setting, by Jack Meyer and Michael B. Ormiston 

� A Note on Increased Probability of Loss and the Demand for Insurance, 

by You-Song Jang and Josef Hadar 

Vol. 20 – No. 1 / June 1995 

SPECIAL ISSUE ON NON-EXPECTED UTILITY AND RISK MANAGEMENT. 

GUEST EDITORS: CHRISTIAN GOLLIER AND MARK J. MACHINA 

� Editor’s Note, by Harris Schlesinger 

55

56 


� Introductory Note, by Christian Gollier 

� Non-Expected Utility and the Robustness of the Classical Insurance Paradigm, 

by Mark J. Machina 

� Non-Expected Utility and the Robustness of the Classical Insurance Paradigm: Discussion, 

by Edi Karni 

� The Comparative Statics of Deductible Insurance in Expected-and Non-Expected-Utility 

Theories, by Edward S. Schlee 

� Risk Aversion Concepts in Expected- and Non-Expected-Utility Models, by Michèle D. Cohen 

� Government Action, Biases in Risk Perception, and Insurance Decisions, by W. Kip Viscusi 

� A comparison of the Estimates of Expected Utility and Non-Expected-Utility Preference 

Fonctionals, by Enrica Carbone and John D. Hey 

� Functional Form Problems in Modeling Insurance and Gambling, by W. Erwin Diewert 


� Social Protection and Private Insurance: Reassessing the Role of Public Sector Versus Private 

Sector in Insurance - The Eighteenth Annual Lecture of The Geneva Association, 

by Pierre Pestieau 

� Social Protection and Private Insurance: A Comment of Professor Pestieau’s Lecture, 

by David F. Bradford 

� A Discussion of Social Protection and Private Insurance, by Gary S. Fields 

� Equilibrium in a Reinsurance Market: Introducing Taxes, by Pierre-François Koehl and 

Jean-Charles Rochet 

� On Financial Guarantee Insurance under Stochastic Interest Rates, by Van Son Lai and 

Michel Gendron 

� Optimal Insurance Contracts When Establishing the Amount of Losses is Cosstly, 

by Louis Kaplow 

� Review Article of Devolder’s Finance Stochastique, by François Quittard-Pinon 

Vol. 19 - No. 1 / June 1994 

� Prices and Returns on Paintings: An Exercise on How to Price the Priceless, 

by O. Chanel, L.A. Gerard-Varet and V. Ginsburgh 

� The Spillover Effect of Compulsory Insurance, by Christian Gollier and Patrick Scarmure 

� Risky Production Processes and Demand for Preventive Safety Measures Under Uncertainty, 

by Carmela Di Mauro 

� Life Insurance in a Contingent Claim Framework: Pricing and Regulatory Implications, 

by Eric Briys and François De Varenne 

� Review of the Social Response to Environmental Risk, 

edited by Daniel W. Bromley, Kathleen Segerson, and Henri Loubergé 


� Actuarial Pricing of Deposit Insurance, by Christian Kerfriden and Jean-Charles Rochet 

� Self-Insurance and Self-Protection, by Kai A. Konrad and Stergios Skaperdas 

� Financing and the Demand for Corporate Insurance, by Martin F. Grace and Michael J. Rebello 

� Adverse Selection when Loss Severities Differ: First-Best and Costly Equilibra, 

by Neil A. Doherty and Hong Joo Jung 

� Review of Harald A. Benink’s Financial Integration in Europe, by Anthony G.C. Paish 

Vol. 18 - No. 1 / June 1993 

� Aspects of Insurance, Intermediation and Finance, by Michael J. Brennan 

� Product Price and Advice Quality:Implications of the Commission System in Life Assurance, 

by Hugh Gravelle 

� A Normative Analysis of Capital Income Taxes in the Presence of Aggregate Risk, 

by Vidar Christiansen 

� The Economics of Delegated Regulation: The EEC and the Case of Insurance, 

by Peter Zweifel, Roland Eisen and Wolfgang Müller 

� Freedom of Services and Competition in Insurance Markets: A Note, by Pedro Pita Barros


� Review of Peter Zweifel’s Bonus Options in Health Insurance, by Maryse Gadreau 


� Dynamic Equilibrium and the Structure of Premiums in a Reinsurance Market, by Knut K. Aase 

� Commitment Problems Justify Subsidies for Medical Insurance, by Amihai Glazer and 

Esko Niskanen 

� Self-Protection in the Expected-Utility-of-Wealth Model: An Impossibility Theorem, 

by George Sweeney and T. Randolph Beard 

� Multivariate Risk Aversion and Intertemporal Substitution, by Edward E. Schlee 

� A Note on Beneficial Changes in Random Variables, by Josef Hadar and Tae Kun Seo 

Vol. 17 - No. 1 / June 1992 

� Beneficial Changes in Random Variables Under Multiple Sources of Risk and Their Comparative 

Statics, by Jack Meyer 

� Comparative Statics Under Multiple Sources of Risk with Applications to Insurance Demand, 

by Georges Dionne and Christian Gollier 

� Pricing Insurance and Warranties: Ambiguity and Correlated Risks, by Robin M. Hogarth and 

Howard Kunreuther 

� Saving Under Uncertainty: A Bivariate Non-Expected Utility Approach, by Fanny Demers and 

Michel Demers 

� Economic Behaviour of the Firm and Prevention of Occupational Injuries, by Thierry Schneider 


� Social Insurance: The Fifteenth Annual Lecture of The Geneva Association, 

by Anthony B. Atkinson 

� Social Insurance and Social Security: A Comment on Professor Atkinson’s Lecture, 

by Agnar Sandmo 

� A Comment on Social Insurance, by John S. Flemming 

� A Comment on Professor Atkinson’s Lecture, by Pierre Pestieau 

� Incentives, Redistribution and Social Insurance, by Jean-Charles Rochet 

� Risk Taking and Taxation in Complete Capital Markets, by Kai A. Konrad 

� International P/L Insurance Output, Input, and Productivity Comparisons, by Mary A. Weiss 

� Review of Von Furstenberg’s “Acting Under Uncertainty: Multidisciplinary Conceptions”, 

by Bertrand Munier 

Vol. 16 - No. 1 / June 1991 

� Multivariate Risk Aversion and Uninsurable Risks: Theory and Applications, 

by Fanny Demers and Michel Demers 

� Reliability of Risk Management: Market Insurance, Self-Insurance, and Self-Protection 

Reconsidered, by Eric Briys, Harris Schlesinger and J.-Matthias Graf von Schulenburg 

� Unemployment Insurance: Risk Sharing Versus Efficiency, by Christian Gollier 

� Index for “The Geneva Papers on Risk and Insurance”, 1976 to 1989, compiled by Wondon Lee 

Vol. 15 - No. 2 / September 1990 

� Social Insurance for Work and Product Injuries, by W. Kip Viscusi 

� Unemployment Insurance and Incentives, by Knut K. Aase 

� The Double Liability Rule, by Jörg Finsinger and Mark V. Pauly 

� Exclusive vs. Independent Agencies: A Comparison of Performance, 

by Peter Zweifel and Peter Ghermi 

� Review Article of Drèze’s Essays on Economic Decisions under Uncertainty, by Georges Dionne 

Vol. 15 - No. 1 / March 1990 

THE ALLOCATION OF RISKS IN AN INCOMPLETE ASSET MARKET 

� Editors’ Note 

� Competitive Allocations when the Asset Market is Incomplete, by Heraklis M. Polemarchakis 

57

58 


� Incomplete Markets and Incentives to set up an Options Exchange, 

by Franklin Allen and Douglas Gale 

� Financial Innovation, Values and Volatilities when Markets are Incomplete, 

by Jerome B. Detemple 

� The Capital Asset Pricing Model as a General Equilibrium with Incomplete Markets, 

by John Geanakoplos and Martin Shubik 

� Non-Informative Rational Expectations Equilibria when Assets are Nominal: An Example, 

by K. Mischel, H.M. Polemarchakis and P. Siconolfi 

� Indeterminacy of Competitive Equilibrium in Incomplete Market Structures as an Extreme Form 

of Market Coordination Breakdown, by Yves Younès

Publisher: The Geneva Association 

Editor: Patrick M. Liedtke 


The Geneva Reports 

Risk and Insurance Research 

For back-issues, please indicate the number and date of the issue you require and forward to The Geneva Association 

at the following address: Route de Malagnou 53, CH-1208 Geneva, Tel.: 0041-22-707 66 00, email: secretariat@ 

genevaassociation.org 

Back issues are € 30.- plus postage per copy 

The Geneva Reports Series tackles issues of strategic importance to the insurance industry that warrant 

special attention and particular analysis. The series is published at irregular intervals and available both 

in printed and electronic versions. 

Addressing the Challenge of Global Ageing—Funding Issues and Insurance 

Solutions, edited by Patrick M. Liedtke and Kai-Uwe Schanz, Geneva Report No. 6, June 

2012 

Increasing life expectancy and falling fertility rates are creating a demographic situation that has become 

one of the greatest economic and societal challenges of the 21 st century. 

No doubt, the drivers behind these challenges are major successes such as longer life-times reflecting 

better health and increasing affluence and education. 

However, funding these longer lives will become increasingly difficult 

under current schemes. The sustainability of public and corporate 

pension schemes is at risk. Indeed, the cost of funding state pension 

benefits its set to rise dramatically—by more than double in some 

countries. This poses a considerable political and economic dilemma 

about how to keep the burden on the working population bearable 

whilst not sacrificing the standard of living for those drawing pensions. 

Against this backdrop, governments and employers tend to shift 

responsibility for old-age security to individuals. The financial 

crisis has further accelerated the underlying shift in responsibility as 

governments face mounting fiscal pressures and employers contend 

with a low-growth environment. Insurers can make a meaningful 

contribution to old-age security if a conducive legal and regulatory 

framework is in place. So too can they devise and implement 

innovative solutions appropriate for the broadest possible spectrum 

of society. 

With papers from old-age security experts, industry practitioners as well as the IMF and Center for 

Strategic and International Studies, this report provides a concise and authoritative overview of the global 

ageing challenge, its funding and the insurance role amongst the solutions available for its resolution. 

No. 6 

June 2012 




Addressing the Challenge of 

Global Ageing—Funding Issues 

and Insurance Solutions 

edited by Patrick M. Liedtke and Kai-Uwe Schanz 

59

60 


Extreme events and insurance: 2011 annus horribilis, edited by Christophe Courbage 

and Walter R. Stahel, Geneva Report No. 5, March 2012 

2011 has been the most expensive year in recorded history both for 

the national economies and the insurance sector, with an estimated 

direct economic cost of US$380bn and original insured losses of 

approximately US$105bn. It also showed an increasing severity 

arising from natural catastrophes, with a series of extreme events 

including the 11 March Japanese earthquake, the Australian and 

Thai floods, the New Zealand earthquakes, and the U.S. tornadoes. 

These extreme events entail huge consequences in terms of human 

and economic losses but they also have important repercussions for 

the insurance industry. 

This report presents the insurance’ s role in managing extreme events 

and the mechanisms that make these insurable, both by the public and 

private sectors. In this context, it provides a detailed picture of the 

main extreme events that occurred in 2011 and analyses their impact 

on local insurance markets as well as the lessons learnt to efficiently 

manage these risks. 

September 11—Ten Years On- Lasting impact on the world of risk and insurance, 

edited by Patrick M. Liedtke and Kai-Uwe Schanz, Geneva Report No. 4, September 2011 

Ten years after the terrorist attacks of September 11, 2001 The Geneva 

Association has initiated a comprehensive research effort focusing on 

the lasting impact of an event which was the most expensive man-made 

disaster for insurance ever and which in its immediate aftermath was 

widely viewed as heralding a new era in global politics, economics 

and business. This effort builds on The Geneva Association’s seminal 

special monograph Insurance and September 11—One Year After: 

Impact, Lessons and Unresolved Issues which, written and published 

in 2002, has proven remarkably prescient in many respects. 

With a collection of eight essays from leading industry economists, 

underwriting specialists and Geneva Association researchers, The 

Geneva Association intended to make a meaningful contribution to 

establishing the event’s permanent relevance for the world of risk and 

insurance. It also hoped to stimulate its readers to consider the longterm 

development of the insurance industry and the various ways in 

which it is intertwined with human lives and activities. 

No. 4 

September 2011 

Anatomy of the credit crisis—An insurance reader from The Geneva Association, 

edited by Patrick M. Liedtke, Geneva Report No. 3, January 2010 

In this special Geneva Report, The Geneva Association has assembled a series of key articles written 

during and on the subject of the credit crisis, compiling them into an insurance “Reader”. This Reader 

provides an insight into the credit crisis from an insurance point of view, looks at its impact on the 

insurance industry and finally examines the episode for lessons-learned and concerns that remain. The 

majority of the articles were written during the crisis and have been published unchanged in order to 

give a true insight into how thinking developed as the crisis unfolded. 

With articles unchanged from the time of writing accompanied by a highly detailed timeline, the 

Geneva Report No 3 provides a very real anatomy of the credit crisis, the lessons learned from it and 

the implications it has for the insurance industry in future. 

The Geneva Reports - September 11 — Ten Years On - Lasting impact on the world of risk and insurance No. 4 • September 2011 

No. 5 

March 2012 




Extreme events and insurance: 

2011 annus horribilis 

edited by Christophe Courbage and Walter R. Stahel 




September 11—Ten Years On 

Lasting impact on the world of risk and insurance 

edited by Patrick M. Liedtke and Kai-Uwe Schanz

The Insurance industry and climate change—Contribution to the global debate, 

by The Geneva Association, Geneva Report No. 2, July 2009. 

Climate change brings new risks but also new opportunities for the insurance sector. The report 

shows that climate change is about more than just extreme weather events. It analyses what insurance 

companies are already doing, what they could do in the future and where they need the cooperation of 

governements and other partners to succeed. 

Regulation and intervention in the insurance industry fundamental issues, 

by E. Baltensperger, P. Buomberger, A.A. Iuppa, B. Keller and 

A. Wicki, Geneva Report No. 1, February 2008. 

Financial markets belong to the strongly supervised and regulated sectors of most modern economies. 

This applies to both banking and insurance. Traditional motives and justifications for regulation in these 

two industries overlap to some extent, but differ also in many ways. 

While a very substantial body of literature concerned with the regulation of banking has developed over 

recent years, dealing with both its fundamental motivation and specific forms and applications of such 

regulation, a similar intellectual effort concerned with insurance regulation is lacking to a considerable 

extent. It is the aim of this report to work towards closing this gap. 

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Special Reports, Monographs, 

Books and Co-publications 

Special reports and monographs 

Insurance and Resolution in Light of the 

Systemic Risk Debate—A contribution to the 

financial stability discussion in insurance 

The Geneva Association, February 2012 

Company failures are at the heart of the systemic risk discussions 

and are occupying the minds of many regulators, supervisors 

and policymakers the world over. Much of the discussion is 

centred around banking and the most recent experience during 

the financial crisis. Experts realise how much damage failures 

in banking often create and how quickly they can generate 

a systemic threat and consequently an immediate need for 

substantial and very expensive government interventions. The 

picture in insurance is much less clear to many of those experts. 

And while historically no insurance failure ever created a 

systemic financial crisis, the issue of recovery and resolution in 

insurance demands special attention and careful analysis: How 

do these processes work specifically in insurance and how do 

they relate to the systemic risk discussions and possible new 

financial services regulation? 

Building on the first three reports of The Geneva Association 

on financial stability, this report examines the existing features 

of recovery and resolution mechanisms in insurance and their 

relation to ongoing international supervisory and regulatory 

discussions on systemic risks. It also proposes recommendations 

for possible measures to increase the existing resilience of 

financial systems. 

Insurance Regulation—Reflections for a Post- 

Crisis World 

The Geneva Association, January 2012 

Financial regulation is complex and has a profound impact 

on the way capital markets and financial systems operate. But 

regulation is always heavily influenced by political and social 

factors, and reflects the interests of a variety of stakeholders. 

Insurance and Resolution in Light 

of the Systemic Risk Debate 

A contribution to the financial stability discussion in insurance 

February 2012 

Insurance Regulation 

Reflections for a Post-Crisis World 

January 2012 

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64 


The insurance industry proved to be extremely resilient during the recent crisis and hence should be 

more a source of positive examples and solutions for other industries than be subject to regulatory 

rules invented for different institutions and industries, such as banking. The future size and shape of 

the international regulatory architecture for the insurance industry will become much clearer in 2012 

and the discussions on that process are reaching a critical juncture. 

This document on insurance regulation sets the context for these vital next months. It is part of a 

substantial body of work on financial stability by The Geneva Association and draws on selected 

contributions from the book published recently on the subject, The Future of Insurance Regulation and 

Supervision. A Global Perspective (Palgrave Macmillan 2011). The papers included in this publication 

are key analyses and considerations for this crucial period for the future of the insurance industry and 

highlights some of the concepts that will be crucial in informing the debates that will prove to be so 

important. 

Tackling Climate Risk: An Insurance Contribution 

to the COP Discussions—COP 17 Background 

Document by The Geneva Association 

The Geneva Association, December 2011 

As the negotiators gather for the Conference of the Parties 

17 (COP17) in Durban, South Africa to reinforce the fragile 

momentum gathered in Cancun in 2010, international insurance 

economics think tank, The Geneva Association has issued this 

paper to emphasise the key role that insurance plays when it 

comes to dealing with climate and environmental risks and how 

this industry can contribute in a positive way to cope with the 

challenges confronting humankind. The document builds on 

the central messages of The Geneva Association’s 2009 Kyoto 

Statement and the 2010 Developing Countries Statement, 

issued in collaboration with ClimateWise, the Munich Climate 

Insurance Initiative (MCII) and UNEP-FI. 

The Essential Role of Insurance Services for 

Trade Growth and Development—A Primer 

from The Geneva Association’s Programme on 

Regulation and Supervision (PROGRES) 

The Geneva Association, December 2011 

This document considers the essential role of insurance services 

in trade growth and development around the world and the 

main factors that influence it. In the context of the role and 

function of insurance in the economy and the principles and 

restrictions that underlie the regulation of insurance, it examines 

the impolications of the World Trade Organization (WTO) and 

the Doha Development Agenda Round of trade negotiations 

and the work of the United Nations Commission on Trade and 

Development (UNCTAD) as they relate to insurance. Written 

by Julian Arkell, Special Advisor to The Geneva Association on 

Global Services and Trade and Investment issues, it is intended 

as a reference document and a primer on these issues that affect 

the globalisation of the insurance industry. 

The Geneva Association’s Climate Risk 

and Insurance Project 


Tackling Climate Risk: An Insurance 

Contribution to the COP Discussions 

COP 17 Background Document by The Geneva Association 

December 2011 

The Essential Role of Insurance Services 

for Trade Growth and Development 

A Primer from The Geneva Association’s Programme on Regulation 

and Supervision (PROGRES) 

December 2011

The General Assembly Review 2011 

The Geneva Association, July 2011 

This review is a retrospective on some of the key discussions 

at The Geneva Association’s 38th annual General Assembly in 

Rio de Janeiro. Comprising essays by CEOs, Chief Regulators 

and leading commentators it is intended to provide an insight 

into the General Assembly, the most prestigious gathering of 

insurance CEOs worldwide, and some of the strategic issues 

discussed by the insurance leadership. Subjects include, 

financial stability in insurance, climate risks, developments in 

liability and law, demographics as well as opportunities open 

to the industry. 

The Geneva Association is the leading international insurance 

think tank for strategically important insurance and risk 

management issues. Its members are the CEOs of the world’s 

90 leading insurers and reinsurers. 

Considerations for Identifying Systemically Important Financial Institutions 

in Insurance 

The Geneva Association, Geneva, April 2011 

The Geneva Association’s efforts in the field of financial 

sability in insurance continue with this report which addresses 

two fundamental areas that are currently occupying policymakers’ 

and regulators’ agenda: in Part I “A Methodology to 

Identify Systemically Important Financial Institutions (SIFIs) 

in Insurance”, and in Part II “An Analysis of the AIG Collapse: 

understanding systemic risk and its relation to insurance”. 

The methodology presented in Part I is a logical further 

development of the earlier work carried out by The Geneva 

Association. It is inspired by the need to develop a comprehensive 

approach to identifying potentially systemically risky activities 

and the entities that carry them out. 

Part II provides an analysis of the AIG case, which regularly 

features prominently in discussions about systemic risk and 

insurance and which is often misunderstood. The analysis aims 

to provide more clarity on this oft cited example and sets it in 

the wider context of systemic risk issues and their relationship 

to insurance. 

Special Reports, Monographs, Books and Co-publications 


The General Assembly 

review 

The Geneva Association’s Climate Change and Insurance Project International 

Contacts and Links 

The Geneva Association, The Geneva Association, November 2010 

The Climate Change and Insurance Project International Contacts and Links document is a compendium 

of organisations looking at climate change and related issues from an economic perspective. It is not 

meant to be an exhaustive list but a useful tool to help inform a wider target group on ongoing worldwide 

research activities as well as insurance sector contributions to the subject. 

2011 

Considerations for Identifying 

Systemically Important Financial 

Institutions in Insurance 

A contribution to the Financial Stability Board and International Association 

of Insurance Supervisors’ discussions 

April 2011 

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66 


Key Financial Stability Issues in Insurance—An 

account of The Geneva Association’s ongoing 

dialogue on systemic risk with regulators and 

policy-makers, Follow-up report on Systemic 

Risk in Insurance 

The Geneva Association, Geneva, July 2010. 

This report is based on a series of background papers and 

special presentations on systemic risk in insurance created 

between March and June 2010. It summarises the insurance 

industry’s thinking—as advanced and crystallised by The 

Geneva Association—on these areas which include both 

corporate activities (e.g. asset management) and regulatory 

measures (e.g. crisis resolution mechanisms). 

The Geneva Association General Assembly 

Review 2010 

The Geneva Association, Geneva, July 2010. 

This review is a retrospective on some of the key discussion at The Geneva Association’s 37th annual 

General Assembly, the most prestigious gathering of insurance CEOs worldwide. Comprising essays by 

CEOs, Chief Regulators and leading commentators it is intended to provide an insight into the General 

Assembly and some of the strategic issues discussed by this key forum for insurance leadership. Subjects 

include systemic risk regulation, climate change, developments in liability and law, demographics as well 

as opportunities open to the industry. 

Systemic Risk in Insurance—An analysis of insurance and financial stability, 

Special Report of The Geneva Association Systemic Risk Working Group 

The Geneva Association, Geneva, March 2010 

The financial crisis has exposed flaws in the supervisory 

system and engendered calls to re-regulate the financial 

sector. Among the many proposals under consideration 

or implementation is the idea of applying more stringent 

supervision and, perhaps, more onerous regulations to 

“systemically relevant institutions”. This proposal is usually 

conceived as applying to banks. However, international 

institutions, such as the Financial Stability Board (FSB), 

have recently suggested that a similar approach be applied 

to insurers. The consequence of getting these systemic risk 

reforms wrong would not only be severely damaging to the 

insurance industry, but to the economy as well. 

This report examines the performance of the insurance 

industry during the crisis, assesses the application of FSB’s 

proposal on systemic risk to insurance and develops first 

recommendations to address current regulatory gaps and 

strengthen industry risk management practices. 

This report does not intend to dispute the proposed criteria 

for systemic risk. On the contrary, these criteria are used 

to explain why insurance activities present far less systemic risk than banking activities. And, more 

important for the regulatory purposes, they show that systemic risk accrues not to firms as such but to 

the activities of those firms.

Climate change as a major risk management 

challenge—How to engage the global insurance 

industry 

Prepared by Patrick M. Liedtke, Dr. Kai-Uwe Schanz and 

Walter R. Stahel, The Geneva Association, Geneva, December 

2009. 

This background paper is a continuation of the Climate 

Change and Insurance research project of The Geneva 

Association and augments the Kyoto Statement of The 

Geneva Association (29 May 2009) and the Geneva 

Report No. 2 The insurance industry and climate change– 

Contribution to the global debate. 

Impact of a Fair Value Financial Reporting System on 

Insurance Companies—A Survey 

Published as a Special Issue for The Geneva Papers on Risk and 

Insurance—Issues and Practice, June 2004 

Special Reports, Monographs, Books and Co-publications 

The Search for an International Accounting Standard for 

Insurance—Special Report to the Task Force Accountancy 

of the Geneva Association 

published as a Special Issue for The Geneva Papers on Risk and Insurance— 

Issues and Practice, February 2003 

COP15 Background Paper of The Geneva Association 

Climate change as a major 

risk management challenge 

How to engage the global 

insurance industry 

Climate change as a major risk management challenge: 

How to engage the global insurance industry 

Prepared by 

Patrick M. Liedtke 

COP 15 Background Paper of The Geneva Association* 

Dr. Kai-Uwe Schanz 

Prepared by 

Walter R. Stahel 


Dr. Kai-Uwe Schanz 

Walter R. Stahel 

December 2009 

December 2009 

“The Geneva Association is the leading international insurance “think tank” researching strategically important 

insurance and risk management issues where insurance plays a substantial role or which influence the insurance 

sector. Through the development of research programmes, regular publications and the organisation of international 

meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and 

insurance matters. In parallel, it advances—in economic and cultural terms—the development and application of 

risk management and the understanding of uncertainty in the modern economy.” 

International Association for the Study of Insurance Economics – “The Geneva Association” 

Route de Malagnou 53, CH-1208 Genève • Tel: +41 22 707 66 00 • Fax: +41 22 736 75 36 • www.genevaassociation.org 

The future of pensions and 

retirement: 10 Key Questions 

by Geneviève Reday-Mulvey, The Geneva Association / GINA, 

in cooperation with R. Sigg, O. Seld, D. Bridel, I. Hoskins and A. 

Stuckelberger, Geneva, March 2002 

Les retraites en dix questions – L’avenir des retraites et 

de la retraite 

par Geneviève Reday-Mulvey, Association de Genève / GINA, en 

collaboration avec R. Sigg, O. Seld, D. Bridel, I. Hoskins et A. 

Stuckelberger, Genève, octobre 2000 

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68 


Geneva Association books and co-publications 

Financing Long Term-Care in Europe—Institutions, Markets and Models 

Edited by Joan Costa-Font and Christophe Courbage, Palgrave Macmillan, 

2012 

Composed of 16 chapters from the main experts in the field (including 

leading academics, the OECD, Swiss Re and civil servants), this book 

examines the potential cooperation and different forms of partnership 

between state, market and societal stakeholders in the financing of LTC. 

It not only offers a full understanding of the institutional responses and 

mechanisms in place for financing old age but also provides a deep analysis 

of both the demand and supply factors underpinning the development of 

financial instruments to cover LTC needs in Europe. 

The Future of Insurance Regulation and Supervision—A Global Perspective 

Edited by Patrick M. Liedtke and Jan Monkiewicz, Palgrave Macmillan, April 2011. 

The recent financial crisis has provoked a broad spectrum of regulatory 

observations and possible responses. Currently most of these proposals 

The recent financial crisis has provoked a broad spectrum of regulatory 

have been quick solutions to politically pressing questions and often only 

observations and possible responses. Currently most of these proposals have 

been quick solutions to politically pressing questions and often only address 

parts of regulatory systems, but not the whole. At times, the result has been 

more confusion than clarity. Although historically wide-ranging reshaping has 

been a common phenomenon after the severe failure of an existing financial 

address parts of regulatory systems, but not the whole. infrastructure, At there times, is an important difference this the time – the global reach result 

of 

today’s markets and enterprises. Moreover, never before have so many reforms 

following a banking crisis not only affected the banking sector but also other 

parts of the financial services sector, such as insurance, the social systems and, 

of course, our real economy. 

has been more confusion than clarity. Although historically wide-ranging 

Written by leading academics, researchers and insurance industry experts, this 

book offers a diversified perspective on how the regulatory and supervisory 

framework for the insurance sector will develop over the coming years. It is 

supported by The Geneva Association, the world-leading think tank of the private 

reshaping has been a common phenomenon after the severe insurance industry. failure of an 

Patrick M. Liedtke is Secretary General and Managing Director at The Geneva 

Association, Switzerland. He is Editor-in-Chief of The Geneva Papers on Risk and 

Insurance - Issues and Practice, and Editor of the Insurance and Finance newsletter. 

existing financial infrastructure, there is an important difference this time 

Jan Monkiewicz is Professor in Financial Management at Warsaw University of 

Technology, Poland. He is also on the editorial board of Wiadomosci 

Ubezpieczeniowe (Insurance Digest) and Editor of the PROGRES newsletter of The 

Geneva Association. 

—the global reach of today’s markets and enterprises. Moreover, never 

before have so many reforms following a banking crisis not only affected 

the banking sector but also other parts of the financial services sector, such 

as insurance, the social systems and,of course, our real economy. 

ISBN 978-0-230-29269-7 

90101 

Cover illustration © Fotolia.com 

Written by leading academics, researchers and insurance industry experts, 9 780230 292697 this 

www.palgrave.com 

book offers a diversified perspective on how the regulatory and supervisory 

framework for the insurance sector will develop over the coming years. It is 

supported by The Geneva Association, the world-leading think tank of the 

private insurance industry. 

The Performance Economy 

second edition, by Walter R. Stahel, Palgrave Macmillan, Basingstoke/ 

New York, 2010, ISBN 978-0-230-58466-2 (360 p.) 

The industrial economy is transforming from a production-based model 

into a more intelligent performance-based model. Yet despite the proven 

benefits that selling performance provides, too many managers and policymakers 

still focus on designing, manufacturing, and selling goods using 

costly economic models and production methods. 

Replete with case studies, new examples and decades of proven research, 

the second edition of The Performance Economy outlines the strategies 

need to face tomorrow’s challenges by using science and knowledge 

to improve product performance, create jobs, and increase wealth and 

welfare. Additional topics include a description of the skills needed to 

produce and sell performance, details of how performance is managed 

over time (long-term thinking), and clear explanations that illustrate how 

Printed in Great Britain 

THE FUTURE OF INSURANCE REGULATION AND SUPERVISION 

Edited by PATRICK M. LIEDTKE and JAN MONKIEWICZ 

THE FUTURE OF 

INSURANCE 

REGULATION 

AND 

SUPERVISION 

A Global Perspective 

Edited by PATRICK M. LIEDTKE 

and JAN MONKIEWICZ 

LiedtkeMonkiewicz37793_9780230292697.indd 1-2 18/03/2011 10:42

Special Reports, Monographs, Books and Co-Publications 

manual and skilled jobs are created—all while reducing the consumption of non-renewable resources 

and contributing to a low carbon, low toxin society. 

Ubezpieczenia. Podręcznik akademicki (Insurance— 

Academic manual) 

Jerzy Handschke, Jan Monkiewicz, Poltext, Warszawa 2010 

This manual is recommended for the use in the institutions of higher 

education by the Polish Finance Committee of the Polish Academy of 

Science. It contains special chapters on regulation and supervision. 

Ubezpieczenia w zarządzaniu ryzykiem przedsiębiorstwa. 

Zastosowania, tom II (Insurance in corporate risk 

management. Practice, Vol. II) 

coeditor with Lech Gasiorkiewicz, Poltext, Warszawa 2010 

The book concentrates on the application of corporate insurance to different 

activities spanning from production undertakings through commercial companies, construction and 

various services. It is prepared by leading industry experts. 

Ubezpieczenia w zaradzaniu ryzykiem przedsiebiorstwa, tom I (Insurance in 

corporate risk management, Vol. I) 

Boguslawa Hadyniaka and Jana Monkiewicza (eds), PZU/The Geneva Association, Wydawnictwo 

POLTEXT, Warsaw 2010 (250 p.) 

This book provides a modern framework for the management of corporate insurance on the policyholder 

side. It is written by leading industry experts. 

The Economics of New Health Technologies—incentives, 

organization, and financing 

edited by Joan Costa-Font, Christophe Courbage and Alistair McGuire, 

Oxford University Press, Oxford U.K., June 2009, ISBN 978-0-19- 

955068-5 (298 pages) 

This book offers the first truly global economic analysis of health care 

technologies; takes the subject beyond simply economic evaluation 

and explores the behavioural aspects, organization and incentives for 

new technology developments, and the adoption and diffusion of these 

technologies; and is hugely topical for modern health care, relevant to 

issues such as nano-technology, cloning, and tissue engineering. It contains 

contributions from international experts including economists, health 

policy analysts, clinicians and social scientists. 

A Renewed Focus on the Market and the Customer 

CEO Insurance Summit Papers (Vol 6), Asia Insurance Review/The Geneva 

Association, 2006, Ins Communications Pte Ltd, Singapore (270 pages). 

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70 


The Employment Dilemma and the Future of Work 

by Orio Giarini and Patrick M. Liedtke, 2nd edition, The Geneva Association, Geneva, 2006 (164 

pages). 

This book, a bestseller which has been translated into eight languages, was 

originally published as a Report to the Club of Rome. The first question it considers 

is that in order to achieve full employment one must understand the fundamental 

changes of today’s economy. This book is largely devoted to the consequences 

of the fact that service functions have become dominant in all the sectors of the 

economy, and in particular, in the industrial and manufacturing sectors, in the 

last 30 years. This implies that the growth in services is not merely a question 

concerning the tertiary sector but also overall fundamental economic changes. 

This influences both the quantity and the quality of employment possibilities 

available. It also addresses the fact that the lengthening of the life cycle increases 

the possibility for partial employment for all those over 60 years of age. 

Also available in Bulgarian, Finnish, French, German, Italian, Korean, Romanian and Spanish. 

Working Beyond 60 – Key Policies and Practices in Europe 

by Geneviève Reday-Mulvey, 2005, Palgrave Macmillan, Basingstoke U.K., 

ISBN 1-4039-4796-1 (220 pages) 

Because of demographic challenges, recent EU pension reforms encourage later 

and more flexible retirement. Increasing the participation of “older” workers is 

therefore crucial to implementing these reforms. While the question of why work 

beyond 60 has now become obvious, the how and for whom questions are the 

real topic of this new study by one of the best European specialists in the area. 

This book provides an in-depth analysis of the growing importance of work 

beyond 60 and a comparative discussion of new policies in several EU Member 

States (Finland, Denmark, the Netherlands, the United Kingdom, Germany, 

France, Italy, Switzerland and others) as well as of company best practice. 

Creating a World-Class Management Culture for Growth and Success in Asia 

CEO Insurance Summit Papers, Asia Insurance Review/The Geneva Association, 2005, Ins 

Communications Pte Ltd, Singapore (270 pages). 

Ventures in Insurance Economics and Strategy 30 Years – The Geneva Association 

edited by Patrick M. Liedtke, Geneva 2003, Blackwell, ISBN 1-405-11555-6 (481 pages). 

This book is a commemorative work that spans 30 years not only of the existence of The 

Geneva Association but of modern insurance in general. It includes an historical overview of the 

Association since its foundation in 1973 and 14 key lectures given by those who have shaped the 

current knowledge and understanding of insurance and risk management in the past three decades. 

Eying World-Class Standards In Insurance—The Asian Approach 


Communications Pte Ltd, Singapore (270 p.). 

Insurance and September 11 – One Year After: Impact, 

Lessons and Unresolved Issues 

edited by Patrick M. Liedtke and Christophe Courbage, The Geneva 

Association, Geneva, 2003, ISBN 2-9700339-1-7 

This Geneva Association publication regroups an analysis of the key questions 

facing the insurance industry worldwide as a reaction to the 11 September 2001 

terrorist attacks on the United States of America. The first part of the book 

comprises contributions from different national insurance associations that look 

at the impact of the catastrophe on their regional markets. Part two discusses


specific lines of business from a company and business perspective and highlights what the key issues 

and problems are in each sector. In the third part, the contributions deal with systemic questions linked 

to the event and draw a broader picture of where we are still facing unresolved issues. At the very end 

there is a postscript that takes a much broader view, considering wide-ranging aspects of the events as 

they relate to our societies in general. 

Strategic Issues in Insurance 

edited by Walter Kielholz and Patrick M. Liedtke, Blackwell, Oxford, 2001, 

ISBN 0-631-23126-9 

This book contains a number of essays dealing with the challenges that the 

insurance industry faces today and tomorrow. Among others: general and 

specific business strategies, internet, e-commerce and distribution; the changing 

regulatory environment for conducting insurance business; ethical behaviour, 

corporate culture and the new work environment; insurance in established and 

emerging markets; risk management and controlling; financial markets and 

reinsurance challenges. It discusses not only current topics but also addresses 

open questions where the insurance industry still has to find some of the answers. 

Priority Issues for Survival 


Communications Pte Ltd, Singapore (260 pages). 

Die Performance-Gesellschaft: Chancen und Risken beim Ubergang zur Service 

Economy 

by Orio Giarini and Walter R. Stahel, Metropolis Verlag, Marburg, 2000, ISBN 3-89518-320-2 

Handbook of Insurance 

edited by Georges Dionne, Huebner International Series on Risk, Insurance, and Economic Security, 

Kluwer Academic Publishers, Boston/Dordrecht/London (975 p.) 

The Future of Work and the Employment Dilemma: An analysis of employment in 

the new service economy, as a reference for the new perspectives and changes 

in the welfare state 

• El dilema del Empleo, by Orio Giarini and Patrick M. Liedtke, first edition by BBK- Bilbao 

Bizkaia Kutxa, Bilbao, 1997 (282 pages); second revised edition by Galaxia Gutenberg/ Círculo 

de Lectores, Barcelona, 1998 (287 pages) 

• Wie wir arbeiten werden (hard and soft cover versions), by Orio Giarini and Patrick M. Liedtke, 

Hoffmann und Campe, Hamburg, 1998 , (287 pages), ISBN 84-8109-219-3 

� Come Lavoreremo, by Orio Giarini and Patrick M. Liedtke, Franco Angeli, Milano, 2000 

� Le plein emploi dans l’économie de service, by Orio Giarini and Patrick M. Liedtke, Editions 

Economica, Paris, 1999, ISBN 2-7178-3882-1 

� Korean Edition, ISBN 89-7297-411-0 

� Bulgarian Edition, ISBN 954-9758-05-2 (223 pages) 

� Romanian Edition, Bucarest, 2001, ISBN 973-655-073-7 (224 pages) 

Gradual Retirement in the OECD Countries, Macro and Micro Issues and Policies 

edited by Lei Delsen and Geneviève Reday-Mulvey, Dartmouth Publishers, Aldershot/UK, Brookfield/ 

USA, 1996, ISBN 1-85521-708-2 (224 pages). 

71

72 


La pensione flessibile, Politiche statali e strategie imprenditoriali 

by Lei Delsen, Geneviève Reday-Mulvey and Angelo Scarioni, Dartmouth Publishing Company/ 

Liocorno Editori Srl, Roma, 1995. 

Financial Risk and Derivatives 

edited by H. Loubergé and M.G. Subrahmanyam, Kluwer Academic Publishers, 1996 (140 p.) 

The Limits to Certainty—Facing risks in the new service economy 

by Orio Giarini and Walter R. Stahel, with a contribution by Geneviève Reday-Mulvey, a preface by 

Ilya Prigogine, Brussels, and a foreword by Alexander King. 

First published in 1989, 2nd revised edition 1993. Kluwer Academic Publishers, Dordrecht/ Netherlands, 

Boston, MA, USA, ISBN 0-7923-2167-7 (270 pages). 

� Les Limites du Certain, Presses polytechniques et univer si taires romandes, Lausanne, 1990, ISBN 

2-88074-188-2 

� I limiti della certezza, Etaslibri, Milano, 1993, ISBN 88-453-0598-8 

� Limitele Certitudinii, Edimpress-Camro, Bucuresti, 1996, ISBN 973-97539-1-4 

� Japanese version, Juse Press, 1998 

Personal Injury Compensation 

edited by Werner Pfennigstorf, Lloyd’s of London Press, London, 1993 (213 pages). 

Risk, Information and Insurance 

edited by Henri Loubergé, Kluwer Academic Publishers, Dordrecht, The Netherlands, 1990 (274 p.). 

Special Issue of “ECU” Assurance et ECU 1989 - IV 

Editions ECU ACTIVITIES, Brussels, 1989. 

Insuring and Managing Hazardous Risks: from Seveso to Bhopal and Beyond 

by P.R. Kleindorfer and H.C. Kunreuther, Springer-Verlag, 1987 (534 pages). 

Automobile Insurance – Actuarial Models 

by Jean Lemaire (Ernst-Meyer-Prize) Kluwer Nijhoff Publishers, Dordrecht, The Netherlands, 1985 (252 

pages). 

Financement et Assurance des Crédits à l’Exportation 

par H. Loubergé et P. Maurer, Librairie Droz S.A., Genève-Paris, 1985 (502 pages) 

Théorie des Marchés d’Assurance 

by Jean-Paul Cresta Editions Economica, Paris, 1984 (232 pages). 

Strategic Planning and Modeling in Insurance 

by D. Cummins, Editor, KIuwer Academic Publishers, Hingham, Ma., 1984 (336 pages). 

Risks at Sea, Amsterdam Insurance and Maritime Europe 1766-1780 

by E.C. Spooner (Professor of Economic History, University of Durham), published with an Ernst Meyer 

contribution of the Geneva Association, Cambridge University Press, 1983 (320 pages). 

The Value of Life and Safety 

Proceedings of a Conference held by The Geneva Association, M.W. Jones-Lee, Editor, North Holland, 

1982 (309 pages). 

L’épargne et la retraite—L’avenir des retraites préfinancées 

par Denis Kessler et Dominique Strauss-Kahn, Editions Economica, Paris, 1982 (183 pages)


Survey of Risk and Insurance Teaching in Europe 1979-1980 

by R.L. Carter and Penny Stark, University of Nottingham, Department of Economics, 255 pages, 1981. 

Dialogue on Wealth and Welfare 

by Orio Giarini, Pergamon Press, Oxford, 1980 (386 pages). 

• Varallisuus ja hyvinvoimnti—Raportti Rooman klubille, by Orio Giarini, Weilin+Göös, Tampere, 

1983. 

• Dialogue sur la richesse et le bien-être, Rapport au Club de Rome, Economica, Paris, 1981. 

Reinsurance in the Third World 

by J.0. Irukwu, The Caxton Press (West Africa) Ltd. Ibadan, 1980 

Economie et Finance de l’Assurance et de la Réassurance 

par Henri Loubergé, Editions Dalloz, 1980 (315 pages) 

Selbstbeteiligung unter Risikotheoretischen Aspekten 

von Dr. Hans-Peter Sterk (Universität Mannheim) Veröffentlichungen des Insti tuts für 

Versicherungswirtschaft, der Universität Mannheim, Band 14, Verlag Versicherungswirtschaft e.V., 

Karlsruhe, 1979 (278 pages). 

Versicherungs- und Risikowirtschaftlehre in Europa (1977-78) 

von Henri Loubergé et Heinz Kaplanek, Institut für Versicherungswirtschaft der Hochschule St. Gallen, 

262 pages, June 1978. 

Theorie des Versicherungsgleichgewichts 

von Roland Eisen (Veröffentlichungen des Deutschen Vereins für Versicherungswissenschaft - Heft 77) 

Duncker & Humblot, Berlin, 1978 (183 pages). 

Insurance Management in Africa 

by J.0. Irukwu (Managing Director of the Nigeria Reinsurance Corporation, Chairman of the Education 

Committee of the West African Insurance Consulta tive Association (WAICA) The Caxton Press (West 

Africa) Limited, Ibadan, 1977 (425 pages). 

The Effect of Transaction Costs on the Demand for Life Insurance 

by Denis Moffet (Professeur adjoint au programme d’actuariat, Université Laval , Québec, Canada), 1977 

mimeo), (111 pages). 

Altersicherung und Einkommensverteilung 

von Winfried Schmähl (Professeur, Freie Universität Berlin) Verlag J. C. B. Mohr, Tübingen, printemps 

1977 (480 pages). 

L’enseignement de l’économie du risque et de l’assurance en Europe (1976-77) 

par Henri Loubergé (assistant, Université de Genève, Département d’Economie Politique et Institut 

Universitaire d’Etudes Européennes), 144 pages, November 1976. 

Trends in Life Insurance and Related Saving Schemes 

by Stephen Wynn (University of Sussex) Associated Business Programmes, London, 1975 

(120 pages) 

Die betriebliche Altersversorgung 

von Erich Riedlbauer Verlag Versicherungswirtschaft e.V., Karlsruhe, 1975 (112 pages) 

Les Nations Unies et l’assurance-réassurance 

par Raymond Krommenacker (économiste, GATT, Division Générale, Dép. de la Politique Commerciale), 

Librairie Générale de Droit et de Jurisprudence, Paris, 1975 (215 pages). 

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Publications linked to The Geneva Association 

Itinéraire vers la Retraite à 80 ans avec une lettre ouverte à ceux qui ont–ou 

auront–65 ans 

by Orio Giarini, Institut du Risque/Economica, Paris, 2002, ISBN 2-7178-4543-7 

Sickness, Recovery and Death 

by James C. Riley (Ernst-Meyer-Prize), The Macmillan Press Ltd., Houndmills and London, 1989 (295 

pages) 

L’Europe face à la nouvelle économie de service 

edited by Orio Giarini and Jean Rémy Roulet, Presses Universitaires de France, Paris, 1988 (240 

pages). 

La Suisse et le Marché commun face à la libéralisation des services 

by Orio Giarini and Jean Rémy Roulet, Institut Universitaire d’Etudes Européennes, Genève, 1988 

(63 pages). 

The Emerging Service Economy 

edited by Orio Giarini, Pergamon Press, Oxford, 1987 (298 pages). 

Cycles, Value and Employment—Responses to the Economic Crisis 

Edited by Orio Giarini, Pergamon Press, Oxford, 1984.

estricted / on request 

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Editor: Patrick M. Liedtke 


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Etudes et Dossiers are the working paper series of The Geneva 

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The Geneva Association. Where they contain work in progress 

or summaries of conference presentations, the material must 

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these documents are available freely on The Geneva Association 

website. 

No. 388 / April 2012 

14th Meeting of The Geneva Association’s 

Amsterdam Circle of Chief Economists 

23-24 February 2012, Amsterdam 

& 

6th Geneva Association Meeting of 

Chief Investment Officers in Insurance 

1 March 2012, zurich 

Working Paper Series 

Etudes et Dossiers 

PART 1—14TH MEETING OF THE GENEVA ASSOCIATION’S AMSTERDAM CIRCLE OF CHIEF 

ECONOMISTS 

� Programme 

� List of Speakers and Participants 

� Summary of the 14th ACCE Meeting, by Kai-Uwe Schanz 

� Finding our Way in a New World Order, by Mary Pieterse-Bloem 

� Extreme Economic Uncertainty—The All-In Game, by David Rhodes and Heiner Leisten 

� Don‘t Feel Safe—Major Threats for Insurance in the Ongoing Discussion on Systemic Relevance, 

by Michael Menhart 

� The Economic Importance of Insurers as Investors, by Kim B. Staking and Etti Baranoff 

� Turning (Non-Life) Markets: History, Triggers, Catalysts and Impediments, by Robert P. Hartwig 

PART 2—6TH GENEVA ASSOCIATION MEETING OF CHIEF INVESTMENT OFFICERS IN INSURANCE 

� Programme 


� Eurozone Economic Outlook—Aviva Investors London Strategy Team, by Alain Dromer 

� Insurance Investing in Asia, by Stephan van Vliet 

� Impact of State Finances on Asset Management, by Wolfgang Krauel and Michael Voisin 

� Global Liquidity Trends and Financial Market Outlook 2012, by Mike Howell 

� Insurance ALM—How Resilient is our Industry to External Shocks?, by Philipp Keller 

� Insurance and Banking: Connectedness, Complementarities, Dependencies, by Patrick Frost 

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No. 387 / April 2012 

12th CEO INSURANCE SUMMIT IN ASIA 

15-16 February 2012, Singapore 

� Programme 


� Special Address: Creating Value for all Stakeholders, by Chris Townsend 

� Sustainability as the Driving Force—Reality or Myth?, by Anthony Kennaway 

� Global Risk Outlook 2012: Key Issues Concerning Insurance CEOs, by Simon Sole 

� What CEOs Should Know about Ratings and the Rating Process, by Roger Sellek 

� Making Regulators your Partner & Friend: Myth or Reality?, by Sivam Subramaniam 

� Anchor Address One: The Role of International Financial Centres in Planning, Global Strategy 

and Growth, by David Kinloch 

� Turning Up the Dial on Leadership and People Management, by Gordon Perchthold 

� Economic Capital and Dynamic Financial Analysis, by John Spencer 

� Mergers and Acquisitions—Some Food for Thought, by Mark Saunders 

� Capturing the New Frontier; Drivers for Growth, by Ranjit Jaswal and Stephen Woolley 

� CEOs Role in Effective Marketing, by Nick Hill 

� Anchor Address: A Best Practices Charter for CEO’s, by Shaun Crawford 

No. 386 / March 2012 

2nd CLIMATE CHANGE SUMMIT FOR ASIA’S INSURANCE INDUSTRY 

30-31 January 2012, Singapore 

Working Papers Series Etudes et Dossiers 

� Programme 


DAY ONE: MONDAY 30 JANUARY 2012 

� Welcome Address, by Ernst Rauch 

� Global Keynote Address: The Science of Climate Change—The Latest Understanding, by Fredolin 

Tangang 

� Special Address I: Climate Change—Impact on Asia and Possible Adaptation Measures, by Walter 

R. Stahel 

UNDERWRITING CLIMATE CHANGE TODAY 

� A Modelers Dilemma: How to Deal with Climate Theory?, by Bill Keogh 

� Climate Change and Catastrophe Losses—An Asian Perspective, by Scott Ryrie 

� Risk Transfer as a Component of an Adaptation Strategy on Micro and Macro Level, by Ernst Rauch 

CLIMATE CHANGE: A CHANGING RISK LANDSCAPE AND HOW TO ENGAGE THE GLOBAL 

INSURANCE INDUSTRY 

� A Global Perspective: How is the Actuarial Profession Getting Ready to Respond to Environmental 

Challenges?, by Elayne Grace 

� Assessing Costs & Benefits of Adaptation Options as a Starting Point for Collaboration between 

Authorities and the Insurance Sector, by Ivo Menzinger 

CLIMATE CHANGE LIABILITIES 

� Sompo Japan’s Approach Toward Sustainable Society—With Special Focus on the Japan Earthquake, 

by Megumi Honda 

� Experience of Weather Indexed Insurance in the Philippines, by Rino Antonio Asuncion 

� ClimateWise Approach to Embedding a Strategic Response to Climate Risk in Core Business 

Operations, by Gregory Lowe and Katharine Thoday 

DAY TWO: TUESDAY 31 JANUARY 2012 

� Special Industry Address: Risk Management and Insurance Solutions under the Climate Change 

Convention: Evolution of the Topic and Entry Points for the Insurance Industry, by Miwa Kato 

� International Address: Managing Risks of Hydro-Meteorological Hazards in a Changing Climate, 

by Maryam Golnaraghi 

� Climate Change or Socio-Economic Change?, by Adityam Krovvidi 

� Special Case Study: Tackling Climate Risks through Innovative Agricultural Solutions—Integrated 

Financial Package-cum-Weather Index-based Insurance (WIBI), by Lurraine Baybay Villacorta

THE ‘GREEN’ PARADIGM SHIFT—OPPORTUNITIES IN THE GREEN FUTURE 

� Low Carbon Investments—Perspective of an Institutional Investor, by Armin Sandhoevel 

� Climate Bonds and Insurance—A Favored Asset Class for Insurers in Creating Long Term Values, 

by Louis Perroy 

� Modelling Catastrophic Exposures in Forestry, by Phil Cottle 

SPECIAL PANEL: CLIMATE CHANGE AS A MAJOR RISK MANAGEMENT CHALLENGE 

� Climate Change as a Major Risk Management Challenge, by Anthony Knap 

� Panel on Climate Change as a Major Risk Management Challenge, by Ernst Rauch 

� Asia’s Rising Climate Risk—The Risk Management Challenge, by Wai-Shin Chan 

No. 385 / March 2012 

7th CHIEF RISK OFFICER ASSEMBLY 

“The path to future growth” 

16-17 November 2011, Rüschlikon, Switzerland 

� Programme 


EMERGING RISKS: OFF THE BEATEN PATH—ANTICIPATING AND INSURING NEW RISKS 

� Welcome to the 7th CRO Assembly—Risk Horizons, by Patrick M. Liedtke 

� Emerging Risks in a Globalized Economy, by Bennett W. Golub 

� Global Longevity and Potential Social and Economic Implications, by George Magnus 

� Complex Accumulation Risks—A Challenge for the Insurance Industry, by Joachim Oechslin 

� Climate Risks—Natural Disaster Trends, by David Bresch 

� Unintended Consequences of Regulatory Changes, by Philipp Keller 

� Emerging Risk Initiative (CRO ERI), by Markus Aichinger and Michael Bruch 

� Understanding Geo-Political Risk, by John Scarlett 

EMERGING MARKETS: SIGNPOSTS FOR RISK MANAGEMENT IN GROWTH MARKETS 

� Growth Strategy in Emerging Markets, by Luis Maurette 

� Managing and Insuring Political Risk in Emerging Markets, by Benjamin Baker 

� Anticipating Market Development in China, by Clarence Wong 

� Shifting Demographic and Challenges & Opportunities for Japanese Life Insurers, by Makoto Okubo 

� Managing Microinsurance, by Michael Anthony and Michael Roth 

� New Insurance Products in Latin America, by Rolf Hüppi 

REGULATORY FRAMEWORKS IN A GLOBALISED ECONOMY—MAPPING THE NEW 

REGULATORY LANDSCAPE 

� Risks and Opportunities in the Global Regulatory Landscape, by Stefan Lippe 

� Outlook on the European Regulatory Landscape on Insurance, by Karel van Hulle 

� The Interaction of Banking and Insurance Regulation, by Paul Wright 

� The Impact of Changing Accounting Standards on the Performance of the Insurance Industry, by 

Terri M. Vaughan 

CHALLENGES ALONG THE PATH TO FUTURE GROWTH—STAYING ON COURSE 

� Reputation Risk in Insurance—Why Non-Technical Risks Matter, by Britta Rendlen and Felix Staub 

� Implications of the Systemic Risk Debate, by Nick Kitching 

� Own Risk & Solvency Assessment (ORSA), by Jean-Christophe Ménioux 

No. 384 / February 2012 

8th INSURANCE AND FINANCE SEMINAR OF THE GENEVA ASSOCIATION & PRESENTATIONS ON 

THE GENEVA ASSOCIATION’S FINANCIAL STABILITY IN INSURANCE INITIATIVE 

7-8 December 2011, London 

� Report from the 8th International Insurance and Finance Seminar of The Geneva Association, by 

Etti Baranoff 

� Strategic Challenges in a Changed World—The CEO Perspective, by Bruno Pfister 

� Strategic Challenges in a Changed World—The CEO Perspective, by Patrick Snowball 

� Strategic Challenges in a Changed World, by Richard Ward 

� Introduction to the Panel on Financial Challenges in a Changed World—The CFO Perspective, by 

David Fried 

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78 


� Diversification Benefits in a Crisis Environment, by Gérald Harlin 

� The FSB SIFI framework, by Grace Sone 

� Initiatives for a Future Comprehensive Group Supervision, by Monica Mächler 

� Long-Term Financing Considerations in the P&C Insurance Industry, by Charles Brindamour 

� Insurance Investment—Long-Term Financing of Insurance Operations. Sharing Experiences of 

Japan and Mitsui Sumitomo, by Shigeyuki Goto 

� Insurance Investment—Long-Term Financing of Insurance Operations, by Tarcisio Godoy 

� Introduction to the Panel on Insurance Viewed from Outside, by Sivam Subramaniam 

� Insurance Viewed from the Outside: Contributing to Financial Stability, by John Drzik 

� Insurance Viewed from the Outside, by Brian Shea 

� The Insurance Industry’s Financial Reporting/Accounting Challenge, by Jerry M. de St. Paer 

� Some Thoughts on Decision Useful Reporting, by Burkhard Keese 

� Insurance Contracts: Project Update, by Elke Koenig 

� Insurance Contracts: Project Update, by Jennifer Weiner 

� Orientation Paper for Systemically Important Financial Institutions (SIFIs) Discussions in Insurance, 

by The Geneva Association 

� IASB and FSB Project on Systemically Important Financial Institutions (SIFIs) - May 2011, by 


� Questions for Observers for Discussion with FSC on 5 May 2011 

� The Geneva Association—Response to IAIS FSC Questions - October 2011 

� CFO Panel at Geneva Association 8th Insurance and Finance Seminar—Chairman’s Briefing 

Document - December 2011 

� Insurance and Resolution in Light of the Systemic Risk Debate - January 2012 

No. 383 / January 2012 

8th INTERNATIONAL LIABILITY REGIMES CONFERENCE OF THE GENEVA ASSOCIATION 

Economic Loss—A Breeding Ground for Liability Risks 

27-28 October 2011, Munich 

� Keynote Speech, by Patrick M. Liedtke 

� The Range of Economic Loss after Man-made Disasters: An Overview, by Ina Ebert 

� Pure Economic Loss After Industrial Accidents, by Richard Lazarus 

� Pure Economic Loss and Liability Insurance, by Hermann Kramer 

� Why Liability Dynamics is a Geneva Association Priority, by Richard H. Murray 

� Economic Loss: A Breeding Ground for Liability Risk. Bran Reputation—Increasing Value, 

Increasing Risk?, by Mary Merkel 

� Features of the Brand Risk Landscape, by Simon Plumridge 

� Expanding the Boundaries: Providing Data to Insure Reputation Risks, by Roland Schatz 

� Evolving Issues Related to Intellectual Property, by Jennifer Stevens 

� Intellectual Property, Cybercrime and Insurance. New Frontiers in a Global Market Place, by Nick 

Gibbons 

No. 382 / January 2012 

8th GENEVA ASSOCIATION HEALTH AND AGEING CONFERENCE 

Insurance and Dementia 

14-15 November 2011, Toronto 


� Epidemiology of Dementia, by Benoit H. Mulsant 

� Anti-Dementia Drugs, by Sharon Cohen 

� Modern Diagnostic Methods and Therapeutic Prospects in Alzheimer’s Disease, by John Evans 

� Caregivers of Dementia Patients, by Richard Schulz 

� Global Economic Burden of Dementia, by Anders Gustavsson 

� Alzheimer/Dementia Index—Empowering Awareness , by Johan Hjertqvist 

� Dementia—Challenge for Ageing Societies, by Michaela Grimm 

� Screening for Dementia and the Impact on Mortality and Morbidity in Long Term Care Insurance, 

by Marc A. Cohen 

� Growing Old is Mandatory: Growing Up is Optional. Creating a Market for Dementia Insurance, 

by Chris Ball

� Insurability and Insurance Products to Cover Dementia, by Philip Smalley 

� The Future of Dementia: The Next Generation, by Judy Beamish 

No. 381 / November 2011 

3rd CLIMATE RISK AND INSURANCE (CR+I) SEMINAR 

Interactions between the Private Sector and Asian Policymakers on Mitigation and Adaptation for 

Extreme Events and Climate Risk 

18 October 2011, Singapore 

� Climate Risk and Insurance, by Walter R. Stahel 

� Insights from the Asian (micro) Insurance Markets, by Haresh C. Shah 

� Reducing Vulnerability through Effective Cooperation, by Jan P. Mumenthaler 

� Asia, a Continent Highly Affected by Climate Change and Intensifying Weather, Extremes—How 

can these Increasing Risks be Managed?, by Peter Hoeppe 

� Product Carbon Footprints and Supply Chain Innovation, by Jan Van der Ven 

� Extending the Limits of Insurability: Interactions between the Private Sector and Policymakers, 

by Arup Chatterjee 

� Actual and Anticipated Effects of Climate Change on Food Security, by Paul Teng 

� Innovative Risk Transfer Products for Agriculture, by Roman Hohl 

� The Challenges, Needs and Looks of Sustainable Nat Cat PPPs in Asia, by Thomas Mahl 

� Adaptation and the Role of the Insurance Sector, by Andreas Spiegel 

� The Resilience and Opportunities of Climate Change Risk—A Study on Bangladesh’s Scope and 

Experience in Dealing with Natural Catastrophes, by Akhtar Ahmed and Madhu Acharyya 

No. 380 / October 2011 

38th SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE ECONOMISTS 

19-21 September 2011, Vienna 

� Decreasing Aversion and Prudence under Ambiguity Aversion, by Frédéric Cherbonnier and 

Christian Gollier 

� Three Measures of the Intensity of Temperance, by David Crainich and Louis Eeckhoudt 

� Risk-Taking-Neutral Background Risks, by Guenter Franke, Harris Schlesinger and Richard C. 

Stapleton 

� Optimal Portfolio and Insurance Choice in the Presence of Uninsurable Background Risk: A General 

Two-Parameter Approach, by W. Henry Chiu 

� Asymmetric Information in the Automobile Insurance Revisited, by Steffen Hagmayer, Martin 

Spindler and Joachim Winter 

� Adverse Selection in Reinsurance Markets, by James R. Garven and Martin F. Grace 

� The Schwarzian Derivative as a Ranking of Downside Risk Aversion, by Donald C. Keenan and 

Arthur Snow 

� Profitable Contracts in Competitive Insurance Markets with Adverse Selection, by Wanda Mimra 

and Achim Wambach 

� On Insuring and Caring Parent’s Long-term Care Needs, by Christophe Courbage and Louis 

Eeckhoudt 

� Insurance Demand under Ambiguity and Conflict for Extreme Risks: An Experimental Analysis, 

by Théodora Dupont-Courtade 

� The Effect of Contract Type on Insurance Fraud, by Ignacio Moreno Gabaldón, Francisco J. 

Vázquez Hernández and Richard Watt 

No. 379 / September 2011 

M.O.R.E. 25 Seminar 

Modelling and Mapping Risks and Opportunities (MMR+O) 

12-13 July 2011, Bermuda 

WORKSHOP 1 MMR+O ON GEOGRAPHIC TOPICS 

� Beyond Risk in the Economics of Disaster Losses: The Case of US Hurricane Damage, by Roger 

Pielke 

� Forecasting Tropical Cyclones: A Market-Consensus Forward-Looking Approach, by Jack S.K. 

Chang 

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80 


� The Impacts of Sea-Level Rise on Coastal Cities, by Robert J. Nicholls 

WORKSHOP 2 MMR+O ON SOCIO-ECONOMIC TOPICS 

� Preventive Actions on Early Warnings of Occupational Risks, by Johan Gort 

� A Tragic Year: The Horror of Nature’s Most Powerful Storm, by Kevin M. Simmons 

� Technology 2.0: Unpredictable, Risky and Contingent, by Brad Allenby 

� Potential and Risks in Geothermal Energy Exploration for Electricity Production, by Eva Schill 

� Account for Model Uncertainty in Risk Quantification, by Lixin Zeng 

WORKSHOP 3 MMR+O IN MANAGEMENT APPLICATIONS 

� The Future of Casualty Insurance Using Analytics, by Kim Holmes 

� Moving Beyond History: A Loss Driver Approach to Projecting and Quantifying Exposure, by 

Salomon Billeter 

� Strategic Decisions Utilizing an Enterprise Risk Model, by Akira Higuma 

� An Evolutionary Approach to Identifying Emerging Risks, by Neil Allan 

� Risk Management: Dealing with Modeling Uncertainty, by Pierre Wiart 

WORKSHOP 4 MMR+O IN THE CONTEXT OF NATURE AND THE ENVIRONMENT 

� Regimes, Volatility and Trends: Changing the Design of Underwriting and Decision-Making for 

our Industry, by Gero Michel 

� Time Critical Crowdsourcing, by Patrick Meier 

� Lessons from the Chile, New Zealand and Japan Earthquakes, by Robert Muir-Wood 



16th INTERNATIONAL CONFERENCE ON SPACE ACTIVITIES DEVELOPMENT—RISK 

MANAGEMENT & INSURANCE ASPECTS 

Evolving Space Technologies at a Time of Financial Uncertainty—The Role of Risk Management 

and Insurance 

6-8 April 2011, Rome 

� Programme 

� Opening Address, by Benito Pagnanelli 

SPACE AGENCIES, GOVERNMENTS AND POLICIES 

� Japan’s Long Two Years from the Last Conference, by Kouichi Morimoto 

� Risk Sharing in Inter-Governmental Space Programmes, by Giuseppe Morsillo 

� The Risk Handling in Space Programmes, by Cosimo La Rocca 

� IAC-10.E3.3.13 – The Role of “Integrated Financing” in the Development of Italy’s Space Sector, 

by Giacomo P. Sciortino 

� NASA Vision, by Michael Wholley 

GALILEO PROGRAMME: FUNDING, IMPLEMENTATION AND APPLICATIONS 

� European GNSS Programmes: EGNOS, by Giedre Valentaite 

� European Global Satellite Navigation System, by Paul Flament (presented by Giedre Valentaite) 

� The Role of GNSS and Satellites in Future European ATM, by Anna Masutti 

LEGAL ISSUES 

� Legal Issues: How to Avoid Disputes between Insurers and Insureds, by Peter Elson 

� How to Avoid Disputes Between Insurers and Insured (and Manufacturers), by Stephen T. O’Neill 

� How to Reduce Space Insurance Disputes, by Neil Stevens 

TECHNOLOGY INNOVATION: PUSHING THE ENVELOPE FOR DEMANDING END-USERS 

� What Kind of Satellites for Demanding End Users?, by Giuliano Berretta 

� SpaceX 14-1, by Timothy Hughes 

LAUNCHERS AND SPACECRAFT MANUFACTURING EVOLUTION 

� Arianespace Service & Solutions, by Jacques Breton 

� Evolving Space Technologies at a Time of Financial Uncertainty—The Role of Risk Management 

and Insurance Launchers & Spacecraft Manufacturing, Evolution, by Kjell Karlsen 

� Satellites in the Connected Society—Investment in the Future of the Industry, by Barry Noakes 

� The PROTON Company, by Phil Slack 

� H-IIA Launch Services—Current Status and Future Perspective, by Shigehiro Suzuki 

� DS 2000—Platform Update, by Toru Yunoki

RISK MANAGEMENT SESSIONS 

� Introduction—Risk Management Sessions, by Chris Kunstadter 

� Why is Facing up to Disaster Management so Critical?, by Paul Freeman 

� Space Weather: Solar Max 2012-2013, by Peter Elson 

� Scientific Research to Help Protect Satellites on Orbit , by Richard B. Horne 

� Space Weather and Insurance Implications, by David Wade 

� Monitoring Weather and Climate from Space: What it Takes to Cope with Extreme Events?, by 

Pierre-Alain Schieb 

� Space Insurance and Space Debris, by Chris Kunstadter 

� The Space Data Association, by Richard Denny 

INSURANCE SESSIONS 

� Space for New Ideas… …New Ideas for Space—Space Insurance Update, by Chris Kunstadter 

� Space Insurance Market Status and Future Outlook, by Bruno Bajard 

� Statistical Round-up and Forecast, by Peter Elson 

� China Space Introduction—Risk Management and Insurance Aspects, by Shu Lu 

� Space Insurance 1: Technological Innovation, by David Wade 

No. 377 / August 2011 

13th MEETING OF THE GENEVA ASSOCIATION’S AMSTERDAM CIRCLE OF CHIEF ECONOMISTS 

17-18 February 2011, Amsterdam 

& 

7.5th INTERNATIONAL LIABILITY REGIMES CONFERENCE OF THE GENEVA ASSOCIATION 

17 June 2011, Beijing 

PART 1 13TH MEETING OF THE GENEVA ASSOCIATION’S AMSTERDAM CIRCLE OF CHIEF 

ECONOMISTS 

� Programme 


� Post Crisis Environment and the Insurance Industry: The View from Europe, by Freddy Van den 

Spiegel 

� The Post-Crisis Environment and the Insurance Industry: A Global Picture of Impacts and Future 

Developments—The View from North America, by Steven N. Weisbart 

� Asian Insurance after the Crisis, by Valentijn van Nieuwenhuijzen 

� The Consequences of Sustained Low Interest Rates for the Insurance Industry, by Thomas Hess 

� Assessment of Systemic Risk Indicators in the Insurance Sector, by Patrick M. Liedtke 

� Rating Agencies and Regulation: The Insurance Industry between Scylla and Charybdis?, by 

Michael Wolgast 

� Future of Guaranteed Products in Life Insurance & Annuities, by Brian K. Atchinson 

� Next Generation Lifetime Income Guarantees: Risks and Opportunities, by Jacob Herschler 

PART 2 7.5TH INTERNATIONAL LIABILITY REGIMES CONFERENCE OF THE GENEVA 

ASSOCIATION 

� Programme 


� The Geneva Association—An Introduction, by Walter R. Stahel 

� Deepwater Horizon, by Ina Ebert 

� The Role of Insurance in Extreme Events Caused by Climate Change, by Richard H. Murray 

� Environmental Impairment Liability Insurance in China, by Qin Lu 

No. 376 / August 2011 

9th ART OF CROs, ANNUAL ROUND TABLE OF CHIEF RISK OFFICERS 

12-13 May 2011, Basel, Switzerland 

� Programme 


LOW INTEREST POLICIES AND THE THREATS FOR THE INSURANCE INDUSTRY 

� Geneva Association Welcome, by Hans Peter Würmli 

� Systemic Risk: Regulation and Governmental Policies as Amplifiers, by Philipp Keller 

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� The Cost of Low Interest Rates: A Macroeconomic View, by Astrid Frey 

� Current Financial Uncertainties and the Ability of Solvency II to Cope with Them, by Michel 

Dacorogna 

� Role of Information in Creating Transparency, by Bruno Porro 

SOLVENCY II IMPLEMENTATION & RISK GOVERNANCE 

� The Devil is in the Detail: How to Implement Solvency II in an International Organisation?, by 

Manuela Zweimüller 

� Data, Models and Processes, by Markus Stricker 

� The Internal Model Application Process. The Experience of a Typical Non-life Insurer, by Pierre- 

Andre Camps 

� How to Apply Risk-based Frameworks Globally: The Key Activities of the CRO Forum 2011, by 

Jérôme Berset 

TOPICAL ISSUES OF RISK & PRODUCT MANAGEMENT 

� The Shifting Sands of Liability: It’s the Mass not the Tort, by Richard H. Murray 

� Real versus Perceived Risk: A Moving Target, by Peter Boller 

� Value Creation through Risk Management, by Stefan Nölker 

� Risk Management Culture—Why is Risk Culture Important to you, by Gerard L’Aimable 

� Future of ART of CROs—Introduction to Workout Session, by Hans Peter Würmli 

No. 375 / July 2011 


27th PROGRES INTERNATIONAL SEMINAR 

“Balancing Regulation and Supervision in Search for Optimal Global Solutions” 

7-8 April 2011, Geneva, Switzerland 

� Programme 


SESSION 1: MACROPRUDENTIAL SURVEILLANCE: A MISSING COMPONENT? 

� Macroprudential Surveillance in Insurance: Concepts and Issues, by Marcelo Ramella 

� Macroprudential Surveillance and Systemically Important Financial Institutions, by Julian Adams 

� Macroprudential Oversight—ESRB Perspective, by Piotr Szpunar 

SESSION 2: IN SEARCH FOR EFFICIENT SUPERVISORY SOLUTIONS 

� The Making of Good Supervision: Learning to Say “No”, by Nadege Jassaud 

� Supervisory Models in Development, by Donato Masciandaro 

� Reform of the EU Supervisory Set up: Where are we Heading To?, by Karel van Hulle 

� Reform of U.S. Supervisory Structure, by Ethan Sonnichsen 

SESSION 3: SUPERVISION OF TRANSBORDER GROUPS AND TRANSBORDER 

SUPERVISORY COOPERATION 

� Supervisory Colleges in International Supervisory Coordination, by Duncan Alford 

� IAIS ComFrame and its Role for Cross-Border Supervisory Cooperation, by Monica Mächler 

� Cross-state Group Supervision in the US: Trends and Issues, by David Vacca 

SESSION 4: SUPERVISORS IN THE SAFETY NET: WHAT ARE THE OTHER STAKEHOLDERS? 

� Insurance Supervisors and Guaranty Funds: Cooperation and Interdependence, by Milton Nektarios 

� Rethinking the Role of Market Discipline for Prudential Purposes, by Constantinos Stephanou 

� Special Governance Issues Faced by Insurers and Reinsurers, by Ralph Ferrara 

� Resolution and Insolvency Framework in the Safety Net and the Role of a Supervisory Authority: 

EU Experience, by Victor Rod 

SESSION 5: REGULATION AND SUPERVISION OF SYSTEMICALLY IMPORTANT 

FINANCIAL INSTITUTIONS 

� Challenge of Insurance Supervision—Systemic Risk and Insurance, by Yoshihiro Kawai 

� How to Assess Systemic Relevance of Insurers and How to Mitigate it, by Janko Gorter 

� Systemic Risk: Regulation and Governmental Policies as Amplifiers, by Philipp Keller

No. 374 / July 2011 

11th CEO Insurance Summit in Asia 

21-22 March 2011, Singapore 

� Programme 


� Official Keynote Address, by Mei Lan Luz Foo 

� Special Address l: Changing Rules—Changing Games? Repositioning the Insurance Industry, by 


� CEO Special: Lessons from Mount Everest—from Good to Great, by David Lim 

� Industry Keynote Address ll: Repositioning in the New Era—Debut of a 91-year-old, by Gordon 

Watson 

CATAPULTING THE ASIAN INDUSTRY & BREAKING THE BARRIERS OF GROWTH 

� Growth Nuggets, Prospects and Opportunities, by Mark Saunders 

� Building and Managing Sustainable Insurance MNC Operations in Asia , by Gordon Perchthold 

� Risk Management: From Blunt to Sharp Instrument in Fostering Growth, by Steve Crouch 

THE NEW RULES OF THE GAME 

� Keynote Address: Asia—Many Markets or One?, by Geoff Riddell 

� Risks: The Thinkable and Unthinkable—Which are we Managing?, by Doug Caldwell 

AWAKENING THE GIANTS OF ASIA 

� Building CEO Legacies—Imperative Training and Human Resources Skills for Successful Future 

CEOs, by Roderick F. Haire and J. Robert Scott 

� Switching Gear: Profitable Growth—From Fantasy to Reality?, by Dirk Schmidt-Gallas 

THE SOLUTIONS PANEL 

� Asia Leading IT Based Innovation in Insurance?, by Woody Mo Yuan-Wu 

� New Tech—New Opportunities, by Peter Williamson 

� CEOs and Solvency II—Time to Prepare and be Ready, by Graham Handy 

No. 373 / June 2011 

14th JOINT SEMINAR OF THE EUROPEAN ASSOCIATION OF LAW AND ECONOMICS AND THE 

GENEVA ASSOCIATION 

“Law and Economics of Natural Hazards Management in a Changing Climate” 

24-25 February 2011, Innsbruck 

� Programme 


� Interdependency of Science and Risk Finance in Catastrophe Insurance and Climate Change, by 

Paul R. Kleindorfer 

� Increasing Climate Change Resilience of New York City through Flood Insurance, by Jeroen C.J.H. 

Aerts and W.J. Wouter Botzen 

� Insurance for Financial Crisis?, by Michael Faure and Klaus Heine 

� The Implications of Climate Model Uncertainty for Insurance and Adaptation Decision Making— 

The Case of Insurance Regulation, by Swenja Surminski 

� Disaster Risk Reduction Legislation as a Basis for Effective Adaptation , by Silvia Llosa and Irina 

Zodrow 

� Uncertainty of Governmental Relief and the Crowding Out of Insurance, by Manijeh Schwindt, 

Paul A. Raschky, Reimund Schwarze and Ferdinand Zahn 

� Vulnerabilities, Transnational Facts, and Case Studies as a Basis for Assessing Costs of Natural 

Hazards in Alpine Regions, by Clemens Pfurtscheller and A. Thieken 

� Private Construction of Protective Structures in Austria—A Legal Perspective, by Sebastian Schmid 

� The Analysis of the Way in which a New Legislative Initiative is Perceived in Romania—The 

Mandatory Home Insurance, by Maria Ioncică, Eva-Cristina Petrescu and Diana Ioncică 

� Defining Efficient Insurance Models within Climate Change Economic Policies, by Donatella 

Porrini and Reimund Schwarze 

83


No. 372 / May 2011 

1st Climate Change Summit for Asia’s Insurance Industry 

16-18 January 2011, Singapore 

� Programme 


� Keynote Address, by Tan Yong Soon 

� Industry Keynote Address: Climate Change and Insurance—Why Bother, by Patrick M. Liedtke 

� Insurance and Climate Change: Global Finance and Environmental Politics, by Jan P. Mumenthaler 

� Climate Change and Sustainable Development in Asia, by Shailendra Yashwant 

� A Changing Risk Landscape in China Under Climate Change, by Helen Ye 

� India Story on Climate Change from an Insurance Perspective, by Yogesh Lohiya 

� Developing and Delivering Sustainable Financial Services in Asia Pacific, by Teresa Au 

� Climate Change and Business, by Anthony H. Knap 

� Agricultural Solutions to Tackle Climate Change, by Roman Hohl 

THE GREEN REVOLUTION 

� Emerging Trends in Green Investments and Initiatives, by Armin Sandhoevel 

� Employee led Sustainability. Climate Change—Impacting Business and People, by Anuradha Purbey 

CLIMATE CHANGE AS THE ULTIMATE ENTERPRISE—RISK MANAGEMENT CHALLENGE 

� The Changing Arctic and Why It Matters to Asia, by Pen Hadow 

� Climate Change—The View Beyond Challenges, by Ernst Rauch 

� Climate Change and Forestry Sequestered Carbon—Markets and Opportunities, by Darryl Hawke 

� Climate Change and Catastrophe Losses in Asia—The Icing on the Cake, by Scott Ryrie 

� Catastrophe Modelling in the New Regulatory Environment—New Game, New Rules, by David 

Simmons 

� Legislating for Change: What New Laws or Liability Issues Should be of Greatest Concern for 

Insurers? A Review from Around the Globe, by Tim Hardy 

COUNTRY STUDIES: EXPERIENCES AND LESSONS FROM THE REGION 

� Adaptation and Mitigation—Sompo Japan’s Approach, by Masao Seki 

� Developing Weather Insurance to Protect Smallholder Farmers Against the Impacts of Climate 

Change—The China Experience, by Liu Meiying and Jan Kerer 

PANEL DISCUSSION—POTENTIAL COSTS AND OPPORTUNITIES FOR THE INSURANCE 

INDUSTRY ON CLIMATE CHANGE 

� Insurance as Business Enabler for the Renewable Energy Industry, by Michael Sorg 

� Climate Change—Risks and Opportunities for the Insurance Industry, by Suzanne Corona 

� Anchor Address: What Role Can and Should the Insurance Industry Play, by Mitsuru Muraki 

No. 371 / April 2011 


7th INSURANCE AND FINANCE SEMINAR OF THE GENEVA ASSOCIATION 

6-7 December 2010, London 

& 

Presentations on The Geneva Association’s Financial Stability in Insurance Initiative 

PART ONE: 7TH INSURANCE AND FINANCE SEMINAR OF THE GENEVA ASSOCIATION 

� Programme 


Special Address 

� Lessons of the Recent Decade and Insurance in the New Market Normal, by Simen Vier Simensen 

Strategic Challences in a Changed World—The CEO Perspective 

� Strategic Challenges—The CEO Perspective , by Donald A. Stewart 

Responding to the Financial Challenges in a Changed World—The CFO Perspective 

� Responding to Financial Challenges in a Changed World, by Michael E. Sproule 

� Responding to the Financial Challenges in a Changed World—The CFO Perspective, by Philip V. 

Bancroft 

� Responding to the Financial Challenges in a Changed World, by George Quinn 

� Responding to the Financial Challenges in a Changed World—The Lloyd’s Perspective, by Luke 

Savage 

84

Global Insurance Regulation in a Changed World 

� Prospects and Challenges for Indian Insurance Industry, by Ramalinga Kannan 

� Global Insurance Regulation in a Changed World, by Carlos Montalvo Rebuelta 

The Next Generation of Solvency—The Industry’s Next Steps 

� Our Views on Differentiated Nature and Scope of Financial Regulation, by Makoto Okubo 

Capstone Presentation: Insurance Industry’s Appeal to Investors 

� The Insurance Industry’s Appeal to Investors , by Brian Shea 

Outlook for a Single Set of High Quality Global Accounting Standards 

� Exposure Draft—Insurance Contracts, by Elke König 

� Discussion Paper—Preliminary Views on Insurance Contracts, by Marc A. Siegel 

The Insurance Industry’s Financial Reporting Challenge 

� IFRS Phase II, by Tim Harris 

� Considerations in Respect of IFRS 4 Phase 2 , by Burkhard Keese 

� The Allstate Corporation—IASB Exposure Draft, by Kevin Spataro 

� IFRS Insurance Contract Exposure Draft, by Lynda Sullivan 

PART TWO: PRESENTATIONS ON THE GENEVA ASSOCIATION’S FINANCIAL STABILITY 

IN INSURANCE (FSI) INITIATIVE 

� Industry’s Response to IAIS and FSB Project on Systemically Important Financial Institutions 

(SIFIs), December 2010 

� Assessment of Systemic Risk Indicators in the Insurance Sector, February 2011 

� Insurance Industry’s Perspective on and Contribution to the G20/FSB/IAIS Project on Systemic 

Risk, March 2011 

No. 370 / March 2011 

6th CHIEF RISK OFFICER ASSEMBLY 

A vision for risk management in the “new normal” 

24-25 November 2010, Munich 

� Programme 


Insurance Business in the “New Normal” and its Impact on Risk Management and Accounting 

� Making Risks Insurable, by Torsten Jeworrek 

� Long-term Development of Insurance Industry—A Reinsurers Perspective, by Carsten Prussog 

� Broker’s Perspective on Insurability and Service, by Adrian Clark 

� After the Financial Crisis, …the Perspective of a Reinsurance Buyer, by François Bucchini 

� The Primary Insurer’s View: Underwriting Risk—Excellence in P&C Lines of Business, by Axel 

P. Lehmann 

� Convergence of Accounting Standards: Key Financial Information to Enhance Risk Communication, 

by Elke König 

Risk Management—New Job Sharing between Corporate Governance & Supervision and Management 

Required? 

� Risk Management 2.0—A Challenge for CROs, for NEDs in Risk Committees and for their 

Collaboration, by Jens Riedel 

� Risk Management—A Global Board Room Issue?, by Raj Singh 

Managing Systemic Risks—Squaring the Circle? 

� Too Much Capital, not Enough Safety?, by Avinash Persaud 

� Systemic Risk and Insurance: Challenges and Opportunities, by Michaela Koller 

� How has the Crisis Changed the Banking Business?, by Tobias Guldimann 

� The Japanese Perspective on the Systemic Risk Debate, by Takaaki Tamai 

� Model Certification: Myths and Realities, by Tom Grondin 

� Driving the Risk Management Function: A U.S. Perspective, by Gideon A. Pell 

� Emerging Risks Initiative (CRO-ERI), by Jörg Grünenwald 

Panel Discussions—DIGI Votes 

� 1st Panel Discussion: Risk/Opportunities of the “New Normal”—Consequences for Risk 

Management 

� 2nd Panel Discussion: What Does New Normal Mean to Supervision Under Solvency II 

85

86 


� 3rd Panel Discussion: Managing Systemic Risk = Squaring the Circle? 

� 6th CRO Assembly—Voting Results 


WORLD RISK AND INSURANCE ECONOMIC CONGRESS 

25-29 July 2010, Singapore 

� Programme 

� Concurrent Sessions Overview 

PLENARY SESSIONS—PRESENTATIONS 

� Global Financial Crisis and Regulatory Developments in Insurance in Japan, by Yasushi Hasegawa 

� Regulatory Response to the Financial Crisis, by Walter B. Kielholz 

� Risk Financing of Nat Cat Events, by Clarence Wong 

� Ageing, Pensions & Longevity Risk: The Singapore Approach , by Liew Heng San 

� Longevity Risk Financing—A Reinsurer’s Perspective, by Andrew Linfoot 

� Finding Liquidity in the Longevity Risk Market–Hedging Longevity Risk in the Capital Markets, 

by Guy Coughlan 

� The Economics of Uncertain Climate Change: The Problem of the Discount Rate, by Christian 

Gollier 

� RMI Education in Asia, by Hunsoo Kim 

� North American Risk Management and Insurance Programs, by Vickie L. Bajtelsmit 

CONCURRENT SESSIONS—ABSTRACTS 

� Abstracts of papers presented during the Concurrent Sessions 

No. 368 / January 2011 

7th GENEVA ASSOCIATION HEALTH & AGEING CONFERENCE 

U.S. and French Long-Term Care Insurance Markets Development 

Paris, 18-19 November 2010 


Session 1: Long-Term Care Epidemiology and Risk Profiles 

� Long-Term Care in France—The Epidemiological Approach of Disability, by Karine Pérès 

� Long-Term Care Trends in the U.S., by Juergen Bludau 

Session 2: Long-Term Care Insurance Markets and Products 

� The U.S. Private Long-Term Care Insurance Market: Evolution, Market Trends and Future 

Challenges, by Susan Coronel 

� Group Long-Term Care in France: A Catalyst for the Market?, by Claudine Brom and David 

Fischer 

Special Presentation 

� Long-Term Care Insurance Risk Monitoring and Profitability: Impacts of Solvency ll, by 

Christophe Izart 

Session 3: Actuarial and Risk Monitoring of Long-Term Care Insurance 

� Actuarial and Technical Issues in the French LTC Insurance Market, by Sophie Michon 

� Rousseau, Descartes, Calamity? Actuarial Challenges in the Multi-regulated U.S. Market, by 

Etienne Dupourqué 

Session 4: Financing Long-Term Care: Public Framework and Benefits, Relation with Private Insurance 

� The Class Act: Public Financing of Long-Term Care in the U.S., by Holly Bakke 

� Public LTC Benefits and Private Long-Term Care Insurance in France: Dialectics and Possible 

Partnership, by Pierre-Alain de Malleray 

Session 5: Future Perspectives: Products, Services and Models 

� “Waiting for Godot”—Reflections on Industry Challenges, Opportunities and What Lies Ahead, 

by Peter M. Goldstein 

� Revamping French LTC Insurance—Heading for a Mature Sustainable Market, by Pierre-Yves 

Le Corre

No. 367 / January 2011 

7th INTERNATIONAL LIABIILITY REGIMES CONFERENCE OF THE GENEVA ASSOCIATION 

London, 19-20 October 2010 

� It is the Mass, not the Tort, by Richard H. Murray 

� Deepwater Horizon, by Nicholas Roenneberg 

� Environmental Litigation Case Studies, by Christian Lahnstein 

� Safety and Environmental Records, by Georgene Vairo 

� The Long Tail of Environmental Liability Litigation, by Georgene Vairo 

� Climate Litigation Case Studies, by Ina Ebert 

� Climate Change Litigation, by Michael B. Gerrard 

� Boundaries of Insurability/Political Idealism, by Aidan Thomson 

� Climate Change and Liability Insurance, by Rolf Tolle 

� Liability for Climate Change: a Phantom or a Real Threat?, by Jaap Spier 

� Climate Change and Environmental Liability – Implications for Directors and Officers Insurance,by 

David Bassi 

� Voting Results Day One as Numbers 

� Voting Results Day One as Percentages 

� Voting Results Day Two as Numbers 

� Voting Results Day Two as Percentages 


Amsterdam, 10-11 February 2010 

� Systemic Risk and Insurance, by Patrick M. Liedtke 

� The Credit Crisis and Insurance: The View from North America, by Steven N. Weisbart 

� European Insurance Industry—After the Crisis, by Freddy Van den Spiegel 

� Credit Crisis and Insurance—The View from Japan and Asia, by Chisato Kojima 

� Overview of Turkish Economy and Insurance Industry in 2009/2010, by Akın Kozanoğlu 

� Inflation Risk: A Long Term Pressure Scenario for Insurance Companies, by Philippe Trainar 

� Capitalising Insurance Companies: New Regulatory Regimes and Changed Capital Markets, by 

Michael Menhart 

No. 366 / December 2010 

THE 2nd CLIMATE CHANGE AND INSURANCE (CC + I) SEMINAR 

Climate Change: Opportunities for Latin American Insurers? 

São Paulo, 27-28 September 2010 

� Global Climate and Environmental Change: Causes, Impacts and Challenges, by Germán Poveda 

� Sulamérica’s Experience and the Environment Ministry Brazilian Protocol for Social-Environmental 

Policy, by Adriana Boscov 

� Alternative Risk Pooling in Agriculture and Crop Insurance: Applying CCRIF’s Parametric Insurance 

Experiences to the Agricultural Sector, by Ekhosuehi Iyahen 

� Potential Impacts of Climate Change in Latin American Economy, by Raquel Szalachman 

� Solutions for Mitigation and Adaptation – the Role of the Insurance Industry, by Peter Hoeppe 

� Climate Change and Disease Cost – A Case Study for Brazil, by Martha Barata 

� Adaptation to Climate Change: Challenges for International Cooperation, by Matthias Meyer 

� Crop Insurance in Latin America, by Andrés Lorenzana 

� Challenges Facing Health Insurance in a Multi Transition World – Financing of and Access to 

Healthcare Services, by José Cechin 

� Designing Gender-sensitive Health Insurance Products: Experience from the WWB Network, by 

Anna Gincherman 

� Potential Contributions to Society from Insurance Affinity Programs Due to Climate Change, by 

Paulo Pereira 

87

88 



5 th CHIEF RISK OFFICER ASSEMBLY 

Navigating the storm. Risk management during an economic crisis 

Rüschlikon, Switzerland, 11–12 November 2009 

� Still Shipworthy? ERM Performance Through the Crisis, by Raj Singh 

� Where we are Sailing?—An Update on the Economic Crisis from an Asian Insurance 

Perspective, by Jeong C. Kim 

� Group Strategy and Risk Management—Insights and Outlook; Results of Quick Poll, by Axel P. 

Lehmann 

� Changing Regulatory Environment in the EU; Results of Quick Poll, by Karel van Hulle 

� Fresh Winds: Risk Management with a More Activist State, by Thomas C. Wilson 

� Public-Private Partnerships in Risk Management, by Edouard Schmid 

� Systemic Risk Regulation, by Jo Oechslin 

� Risk Reporting, by Thomas C. Wilson 

� Are Lighthouses Still Important?; Results of Quick Poll, by Rob Jones 

� “Cruising” in a Changing Risk and Regulatory Environment, by Stefan Lippe 

� Sailing Around the Rocks: Managing Individual and Collective Risks—Pro-cyclicality, by Jim 

Webber 

� Economics of Climate Adaptation, by David N. Bresch 

� Sailing Around the Rocks: Storm/Flood Models, by Anselm Smolka 

� Introduction to CRO Forum Breakout Session, by Jean-Christophe Ménioux 

� Internal Models Admissibility Criteria, by René Schnieper 

� Insurance Risk Management Response to the Financial Crisis, by Philippe Brahin 

No. 364 / October 2010 

M.O.R.E. 24 SEMINAR 

Modelling and Mapping Risks (MMR) 

Bermuda, 24–25 June 2010 

� Modelling & Mapping Risks—Past, Present and Future, by Rowan Douglas 

� The “Inform” Early Warning System for the Early Detection and Monitoring of Risks, by 

Gerhard Schmid 

� Long-term Hazard and Loss Assessment for Catastrophe Risk Pooling and Climate Change 

Adaptation Planning, by Simon Young and Steven Stichter 

� Global Earthquake Model, by Jayanta Guin 

� Flood Modelling in Case of Dike Breaches, by Matthijs Kok 

� Improved Flood Risk Modeling Using New Accurate and Homogenous Elevation Data, by Ivo 

Bánovský 

� Mapping Fire Risks, by Anthony Westerling 

� Global Sea Level Rise, by Anthony H. Knap 

� Landslide Risk Modelling and Climate Change, by David Petley 

� Modelling for Risk Management with Respect to Climate Change: A Climate Impacts Initiative, 

by Lewis M. Rothstein 

� Future Modelling of Terrorism, by Gordon Woo 

� Can Modelling Identify Future Outbreaks of Liability Claiming?, by Ryan Irvine and Bob Reville 

� Mapping Risk for Investment Decisions in Power Networks, by Gary C Stevens 

� Medically-based Models for Managing Longevity and Excess Mortality, by William W. Hoskins 

No. 363 / August 2010 

10 th CEO INSURANCE SUMMIT IN ASIA 

Singapore, 23-25 March 2010 


� Special Address: Coming Back from the Crisis and the Way Forward, by Patrick M. Liedtke 

� Official Keynote Address, by Low Kwok Mun 

� Industry Keynote Address: Doing Business in a Post-crisis World, by Evan Greenberg 

� Special Address: Distribution Leading Business, by Derek Raper 

� The Global and Asia-Pacific Outlook for 2010-11, by Rajiv Biswas

� New Operating Models for Success in Insurance – Focussing on the Shared Services Model and 

its Effect on IT and the Global Insurer, by Marion Madden 

� CEO’s Impact on Operational Excellence and Best Practice, by Russell Hughes 

� Using Consultants Strategically to Extract Value – How to Hire, Control and Fire Them, 

by Gordon Perchthold and Jenny Sutton 

� Smarter Solutions for Insurance. Surviving and Thriving in Uncertain Times, by Paul Robinson 

� Special Address: Global Developments in Insurance Operations and Finance, by Michael J. 

Morrissey 

� Managing the Pricing Challenge: From Risk-Based Pricing to Smart Profit Growth, by Dirk 

Schmidt-Gallas 

� The Tax World of Captives – A Risk Management Approach for CEOs, by Mike Grover 

� The World of Contract Certainty – A Lloyd’s Approach to Success, by Jose Ribeiro 

� Insurance Litigation in China, by Helen Shen 

� Think about the Crisis and Look Ahead, by Huang Tien-Mu 

� Insurance Supervisory Policies after Recent Crisis: Indonesia’s Perspectives, by Isa 

Rachmatarwata 

� Achieving Growth Through Customer Experience Transformation, by David Carlon 

� Strategies for Maximizing Sales Force Effectiveness & Productivity, by Wayne Kaplan 

� Anchor Address: The Future Challenges in Asia and Suggested Ingredients for Success, 

by Bernard Yeung 

No. 362 / August 2010 

6 th INSURANCE AND FINANCE SEMINAR OF THE GENEVA ASSOCIATION 

London, 14-15 December 2009 

� Changing Dynamics in Insurance Regulation, by Monica Mächler 

� The World as an Internal Model: Risk Management Thoughts in the Context of Global Financial 

Stability, by Thomas Steffen 

� Post-crisis Insurance Operations, by Jozef de Mey 

� Post-crisis Insurance Operations – The CEO Perspective, by Bronek Masojada 

� Financial Challenges in Insurance – The CFO Perspective, by Oliver Bäte 

� Financial Challenges to Insurance – The CFO Perspective, by Denis Duverne 

� Financial Challenges in Insurance: Who Would Want to Manage an Insurer’s Capital Base?, 

by George Quinn 

� NAIC’s Solvency Modernization Initiative – An Opportunity for Broader Enhancements, by 

Ramon M. Calderon 

� Solvency II: Current Developments, Contentious Issues and International Impact, by Ian Dilks 

� Shareholder Expectations – Is the Risk-reward Function of Insurance Still Appealing?, by Stefan 

Schürmann 

� Shareholder Expectations – Is the Risk-reward Function of Insurance Still Appealing? In other 

words: Is Insurance Still Investable?, by Brian Shea 

� Making Insurance Investable: A Private Investor Perspective, by Martin White 

� An Insurance Company Perspective on the Direction of IFRS Phase II for Insurance, by Hugh 

Francis 

� IASB Developments and Financial Reporting, by Burkhard Keese 

� A U.S. View of IFRS: Where Are We Now?, by Henry Siegel 

� Financing Large Risks – New Challenges for Insurance, Reinsurance and Securitisation, by Urs 

Ramseier 

� Measuring, Managing and Controlling Risk, by Michael Steel 

� Re-thinking ALM for Life Insurers in a “Post Credit Crisis” World, by Richard Boardman 

� Financing Retirement – A Credit Rating Agency View, by Simon Harris 

� Financing Retirement: Challenges and Opportunities, by Lorenzo Savorelli 

89

90 


No. 361 / June 2010 

THE 8 th ART of CROs, ANNUAL ROUND TABLE OF CHIEF RISK OFFICERS 

Lisbon, Portugal, 29-30 April 2010 

� Welcome Speech, by Peter Brito e Cunha 

� The Many Capitals to Steer an Insurer: Coping with Ambiguity and Contradictions, by Philipp 

Keller 

� Securitization of Insurance Risk – Some Observations, by Hans Peter Boller 

� Risk Management Framework and Underwriting, by Klaus Bick and Jürgen Guhe 

� ALM Exemplified, by Hans Peter Würmli 

� Tranquilidade Group Business in a Solvency II Framework, by Tomé Pedroso 

� Valuation of Liabilities: Best Estimate and Risk Margin – Hannover Re Case Study, by Eberhard 

Müller 

� Solvency II Reporting Requirements – The Most Likely Outcome, by Gerard L’Aimable 

� “Tour d’horizon” of a Risk Manager, by Jo Oechslin 

� Regulatory Update, by Patricia Plas 

� Transition to Solvency II – The Key Issues for Supervisors, by Gabriel Bernardino 

� ISP Approach Towards Internal Models, by Gabriel Bernardino 

� Emerging Risk Up-date, by Jörg Grünenwald 

No. 360 / May 2010 


26 th PROGRES INTERNATIONAL SEMINAR OF THE GENEVA ASSOCIATION 

Global Regulatory and Supervisory Repair: Aligning National Interests and International 

Necessities 

Glion sur Montreux, Switzerland, 15-16 April 2010 

� Report from the 26 th PROGRES International Seminar, by Julian Arkell 

� New Global Supervisory Set up in Insurance: Challenges for IAIS, by Peter Braumüller 

� New Regulatory and Supervisory Framework for EU Single Insurance Market, by Thomas 

Steffen 

� New Regulatory Agenda in Japan: Impact of Crisis Lessons, by Tatsuo Yamasaki 

� Public Intervention in Incentives Structures and Compensation Rules: How to Strike a Balance?, 

by Rob Curtis 

� Sound Insurance Markets – Combining Macro Oversight and Individual Prudence, by Matthew 

C. Mosher 

� Public Ownership in Insurance: A Curse or Blessing? A Belgian Experience, by Michel Flamée 

� The AIG Bailout, by William K. Sjostrom, Jr. 

� U.S. Solvency Modernization Initiative, by Ray Spudeck 

� Insurers and the Credit Crisis: Consequences for Regulatory and Solvency Systems, by Hato 

Schmeiser 

� Solvency Developments in Emerging Economies: Latin American Perspective, by Norma Alicia 

Rosas 

� Solvency II: From Level 1 to Level 2, by Karel Van Hulle 

� Latest Activities of CEIOPS’ Committee on Consumer Protection, by Victor Rod 

� New Developments in Banking Regulation and Implications for the Insurance Industry, 

by Nadège Jassaud 

� EU Agenda on IGS, by Karel Van Hulle 

� Policyholder Protection in a Globalizing World: Recent Developments of Policyholder-Guaranty 

Schemes. System in U.S. Insurance Business, by Patrick Cantilo 

� Financial Supervision in the Aftermath of the Crisis, by Clive Briault 

� Group-wide Regulation and Supervision: Global Perspective, by Monica Mächler 

� Supervisory Colleges as a New Tool for Cross-border Cooperation, by Axel Oster 

� Bermuda’s Support of European (Re)Insurance Markets, by Bradley Kading 

� The Quality of Insurance Supervision – an IMF Perspective, by Ian Tower 

� Market Discipline in Insurance: Does it Really Work?, by Martin Eling 

� Quality of Regulatory and Supervisory Systems in Developing Economies, by Craig Thorburn 

� Quality of Regulatory and Supervisory Systems from the Industry Perspective, by Alastair Evans

No. 359 / April 2010 

13 th JOINT SEMINAR OF THE EUROPEAN ASSOCIATION OF LAW AND ECONOMICS (EALE) AND 

THE GENEVA ASSOCIATION 

Insuring Corporate Liability Risks, 

Milano, 11-12 May 2009 

� The Winding Road to Industrial Safety – Evidence on the Effects of the Environmental Liability 

on Accident Prevention in Germany, by Reimund Schwarze and Onno Hoffmeister 

� A European Pool for Industrial Accidents – A Proposal Based on the Restated Diversification 

Theorem, by Göran Skogh and Hong Wu 

� Political Economic Solutions for Climate Change Consequences: The (Potential) Role of the 

Insurance Sector, by Donatella Porrini 

� Collective Litigation in the EU: Managing Corporate Liability Risks, by Cristina Poncibò 

� Managing D&O Liability Risks, by Vito Modugno 

� Transactional Insurance and the Limits to Insurable Risks in Europe, by Alberto Monti 

� IP Risks Management: Legal Uncertainty and Insurance Solutions, by Federico Fusco and 

Alberto Monti 

� Tort Compensation and Insurance: Coordination Mechanisms and Imperfect Liability Rules, 

by Fernando Gomez and Jose Penalva 

� Insuring Emerging Catastrophe Risks: Which Role for the Government?, by Michael G. Faure 

� Emerging Risks: Different Solutions to Cope with Uncertainty in a Changing World, by Giuliano 

G. Castellano 

� Corporate Liability Risks: Observations from a Reinsurers’ Perspective, by Christian Lahnstein 

� D&O Insurance, Corporate Governance, and Securities Litigation: A Report from the U.S., 

by Tom Baker 

� Transaction M&A Insurance, by Anka Taylor 


GERONTOLOGY 2009 – XIX th IAGG WORLD CONGRESS OF GERONTOLOGY AND GERIATRICS 

Paris, 5-9 July 2009 

� Key Policies and Practices for Silver Work in Europe – in a Long-life Society, by Geneviève 

Reday-Mulvey 

� United Kingdom: Workplace Design for the Older Worker, by Peter Buckle 

� Germany: An Empirical Study of Individual Reasons and Conditions of Economic and Voluntary 

Work of Retirees, by Jürgen Deller and Leena Maxin 

� Part-time Work as a Pathway for Increasing Participation Rates and Extending Worklife – The 

Dutch Experience, by Bert Lokhorst 

& 

WORLD AGEING & GENERATIONS CONGRESS 2009 

St Gallen, 3-5 September 2009 

� Silver Workers: Key Issues, Policies and Practices in Europe – in a Long-life Society, 


� Germany: Cooperation with Silver Workers – Individual Aspects and Basic Framework 

Conditions, by Jürgen Deller and Leena Maxin 

� Living Longer? Working Longer? Reflections on Morbidity in the Light of a Rising Pension Age, 

by Bernard H. Casey 

� Silver Workers – Meeting Company Challenges. Some Experiences from the U.K., by Alan 

Beazley 

� Switzerland: For a Management Policy Adapted to Seniors – Measures and Practices, by Luc 

Python 

� Pension Systems Reforms and Active Ageing – Some European Trade Union Views, by Martin 

Hutsebaut 

� SilveR – A European Programme for Age Management in Small and Medium/sized Firms in 

Five Countries: Germany, France, Italy, Spain and Hungary, by Odile Moinecourt 

� France: Key Factors to Improve the Situation of Silver Workers, by Serge Volkoff 

� Combating Barriers of Employment Flexibility in Challenging Economic Times, by Philip 

Taylor 

91


No. 357 / January 2010 

6 th GENEVA ASSOCIATION HEALTH AND AGEING CONFERENCE 

Health and Long-Term Care Insurance in Eastern and Central European Countries 

Warsaw, 26-27 November 2009 

� Challenges of Financing and Provisioning of Long-Term Care in Eastern Europe, by Johannes 

Koettl 

� The Financial Implications of Ageing in Post-Communist Health Care Systems, by Peter Mihalyi 

� Financing Systems’ Effect on Quality, Equity and Utilization of Healthcare, by Tomasz 

Hermanowski 

� Polish Health Care System in Transition – Insurance Perspective, by Piotr Kuszewski and Paweł 

Kalbarczyk 

� Ageing and Long-Term Care in Slovakia, by Peter Pažitný 

� Long-Term Care Financing and Solidarity: Lesson from the Czech Health Reform Proposal, 

by Tomáš Macháček 

� Long-Term Care in Poland – Current Status and Future Perspectives, by Anna Skalska and 

Katarzyna Szczerbińska 

� Long-Term Care Workforce in Eastern European and OECD Countries, by Francesca Colombo 

� Services and Consulting Engineering: Dependency and Bodily Injury Cases, by Marta Kalenska- 

Jaskiewicz 

� Reform of Long-Term Care System in Slovenia, by Davor Dominkus 

� Underwriting, Developing and Pricing of Long-Term Care Products, by Tim Eppert and Chris 

Ball 

� Using Reverse Mortgages to Cover Long-Term Care Risks, by Colin Murray 

No. 356 / January 2010 

M.O.R.E. 23 / 1 st CC+I – SEMINAR OF THE GENEVA ASSOCIATION 

Insurance Industry and Climate Change, with a Latin American Focus 

Bogotá, 19-20 October 2009 


� Climate Change in the Context of Sustainable Development. The Insurance Industry and Climate 

Change Report of The Geneva Association, by Walter R. Stahel 

� An Overview of the IPCC Report in Latin America and the Chilean Case, by Cristián Parker 

� Climate Change Seen Through the Eyes of a Latin American Insurance Expert, by Luis J. Alvarez 

Marcén 

� Sustaining Private Sector Investment in the Wake of Climate Change, by Jill Partington 

� Climate Change and Human Health in Latin America: Drivers, Effects, Policies, by Ana Rosa 

Moreno 

� Global Climate and Environmental Change: Causes, Impacts and Challenges, by Germán 

Poveda 

� The Objective Responsibility and Strict Liability Concepts in Damages Caused by Climate 

Changes and the Use of Space of Differentiation and Foresight for Assessing Attributions and 

Risks to Major Enterprises, by Durval Freire de Carvalho Olivieri 

� Potential Impacts of Climate Change in Latin American Cities, by Raquel Szalachman 

� Insurance Industry and Climate Change with a Latin American Focus. Reinsurer´s Panel, 

by Germán Aguirre 

� The Catlin Arctic Survey, by Xamira Groves 

� Swiss Re’s Approach to Climate Change, by Francisco Majos 

� Potential Impacts of Climate Change on Latin American Insurance Industry, by Hernán Tovar 

& 

XXXII HEMISPHERIC INSURANCE CONFERENCE FIDES 2009 (Selection) 

Papers from the session on Climate Change and Insurance Adaptation with The Geneva 

Association participation 

Las Vegas, 1-4 November 2009 

Climate Change Adaptation and the Role of Insurance Products, by Mark Way 

� Climate Change and Insurance (CC+I), by Patrick M. Liedtke 

� Storm-proofing Homes and Businesses, by Julie Rochman 

� Climate Change and Variability: Impacts for the Reinsurance Industry, by Craig Tillman 

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Hong Kong, 24-26 March 2009 

� Opening Remarks, by Gordon Perchthold 

� The Financial Crisis and the Extraordinary Role of Insurance – Lessons for them, Lessons for us, 

by Patrick M. Liedtke 

� Keynote Address, by Clement Cheung 

� Monetizing and Marketing Insurance through Virtual Worlds, by David Piesse and Claus 

Nehmzow 

� Leveraging Information Management Technology to Optimize Marketing and Sales, by Joe 

Dzigiel 

� A User’s Perspective. How to be Innovative & What CEOs Must Know About Technology and 

New Ways of Thinking, by Tsukasa Makino 

� Event Marketing: Formula 1 and Football, by Paul Bedbrook 

� Performance Management for Insurance, by Craig Bedell 

� Strategic Vision for Insurance Industry of Tomorrow, by Denise Garth 

� Creating Valuable Relationships with your Customers, by Tyrrell Schmidt 

� Insuring the Catalyst-Customer – Generation Y and the Insurance Industry, by Terry Mezger 

� Product Alignment: Some Food for Thought, by Mark Saunders 

� Multi-Channel Distribution and How to Maximise its Application, by Peter Barrett 

� The Fall and Rise of Traditional Insurance Marketing Models, by Anthony Stevens 

� Consumer Needs in Financial Services in Asia, by Chris Ip 

� The Ultimate Question, by Nick Palmer 

No. 354 / October 2009 

7 th ANNUAL ROUND TABLE OF CHIEF RISK OFFICERS 

Warsaw, Poland, 29-30 June 2009 

� Minutes of the 7 th ART of CROs 

� Update on Solvency II and QIS 4 Main Results (CRO Forum), by Eberhard Müller 

� Reputation Risk, by Garry Honey 

� The Role of the CRO and his Reporting Line, by Michel Flamée, presented by Paul Windels 

� Liquidity Risk Management, by Bruno Porro 

� Introduction of Solvency II. Polish Insurance Market Perspective, by Piotr Kuszewski 

� SST and Solvency II, Comparable Systems – Same Capital?, by Philipp Keller 

� Models: What Went Wrong in the Financial Meltdown?, by Michael Koller 


4 th CHIEF RISK OFFICER ASSEMBLY 

Risk Management as Business Enabler 

Munich, 20-21 November 2008 

� The Future of Credit Portfolio Management, by Som-lok Leung 

� How Can Risk Management Catch up with Innovation?, by Philipp Keller 

� The Role of the Rating Agencies, Before, During and After the Crisis, by Greg Carter 

� Risk Management as a Business Enabler: Perspective of a Pharmaceutical Company, 

by Thomas Wellauer 

� Risk Management as Business Enabler. The Example of Long-Term Care, by Jean-Christophe 

Ménioux 

� New Approaches to Variable Annuity Hedging, by Stephan Reulein and Stefan Jaschke 

� “War for Talent” in Risk Management, by Wolfgang Schmidt-Soelch 

� The International Perspective of Solvency II, by Rob Curtis 

� Solvency 2: Up Date – What Now?, by Peter Skinner 

� The Group Support Regime, by René Cado 

� Insurance Contracts – IASB Discussion Papers and Responses, by Hans van der Veen 

� Solvency: A Perspective from North America, by Michael E. Sproule 

� Update on CRO Forum Work, by Tom Grondin 

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� Managing Operational Risk – Operational Risk Management in the Context of a Broader 

Enterprise Risk Management Framework, by Raj Singh 

� CRO Forum Best Risk Management Practices Initiative. Liquidity Risk Management, by Tom 

Grondin 

� Globalisation of Mass Litigation as Emerging Risk, by Christian Lahnstein 

� The Growing Political Influence on—and Interference with—Liability Insurance in Europe, by 

Phil Bell 

� Panel discussion: Risk Management Strategies in a Market Bubble, by Som-lok Leung, Greg 

Carter, Philipp Keller, Paul Sharma and Jörg SchneidPanel discussion: I Have a Dream – 

Worldwide Convergence of Regulatory Regimes, by Peter Skinner, Rob Curtis, René Cado, Hans 

van der Veen, Michael Sproule and Jo Oechslin 

No. 352 / August 2009 


THE 25 th PROGRES INTERNATIONAL SEMINAR 

Towards Efficient Regulatory Regimes: Balancing Regulations and Market Forces 

Montreux, Switzerland, 6-7 April 2009 

� Report from the 25 th PROGRES International Seminar, by Julian Arkell 

� Regulation and Supervision in a Time of Change – European Insurance Supervisory Perspective, 

by Peter Braumüller 

� Impact of SII on European and International Players, by Ian Dilks 

� Future Regulatory and Supervisory Changes in Japan – Adapting to Global Developments and 

Learning from the Crisis – An Industry View, by Katsuo Matsushita 

� The Implications of Solvency II for U.S. Insurance Regulation, by Therese M. Vaughan 

� Self-Regulatory Practices and Policies in Mature Markets: Lessons from the U.S., by Brian K. 

Atchinson 

� Could the Rating Agencies Have Seen the Black Swan? – Rating Agencies and Insurance 

Markets – What is their Future Relationship?, by Witold Jaworski 

� Principles-based Regulation – Critical Preconditions, by Ian Tower 

� OECD Project on Financial Regulation, by Timothy Bishop 

� Group Wide Regulation and Supervisory Cooperation – Current Approaches to Group 

Supervision in a Globalizing World, by Alfred W. Gross 

� Home/Host Supervisory Relations in Group Context, by Ruth Duque Santamaría 

� Group Supervision – Some Key Messages, by David Sandberg 

� IAIS MMoU as a Tool for International Supervisory Cooperation: Interim Assessment, by Axel 

Oster 

� International Perspective: Insurance Insolvency Regulations and Safety Net. The View Across 

the Pond: A Look at the U.S., by Patrick Cantilo 

� Policyholder Protection in Cross-Border Failures in the U.K.: A Model Solution for Europe, 

by Alex Kuczynski 

� Insolvencies Regulation in the EU and Solvency II. Need for Improvement?, by Karel Van Hulle 

� CEIOPS – Committee on Consumer Protection, by Victor Rod 

� Out-of-court Complaint - Settlement Systems: Do they Really Have a Future?, by David Thomas 

� Consumer Protection and Market Regulation in the U.S., by Sandy Praeger 

� IAIS in Cross-sectoral Global Supervisory Debate, by Michel Flamée 

� Regional Supervisory Cooperation in the Middle East and North Africa, by Bassel Hindawi 

� Are there Barriers to Worldwide Reinsurance? A Trade and Regulatory Perspective, by Sebastian 

von Dahlen and Juan Marchetti 

� Negotiations on Trade in Financial Services: The Role of the Committee on Trade in Financial 

Services, by Sudhir Sooklal 

� Financial Services Regulations and Institutions: A Developing Country Perspective, by Mina 

Mashayekhi and Deepali Fernandes 

� The Financial Crisis and Trade in Insurance Services, by Myrto Zambarta 

� Measuring Trade in Financial Services, by Andreas Maurer 

� The Rise of Preferential Trade Agreements: The Challenge of GATS-plus Commitments in 

RTAs, by Johannes Bernabe 

� Other Forms of Bilateralism: MFN Exemptions, Bilateral Investment Treaties, Temporary 

Migration Agreements, by Rudolf Adlung

No. 351 / March 2009 

THE AXA MPS ANNUAL FORUM 2008 

The Paradigms of Value - Protecting a changing society: new emerging socio-economic trends, 

immigration as a challenge for financial and insurance institutions 

Rome, 10 October 2008 

� Immigrants’ Insurance Needs in Italy: Survey’s Results (Italian version only), by Monica Fabris 

� Let’s Reassure Ourselves: Better Finance is Possible. The Insurance Market and Migrants. New 

International Challenges for the Market and for Social Responsibility in the Insurance Sector 

(Italian version only), by José Luis Rhi-Sausi 

� Immigration as a Challenging Opportunity for Financial and Insurance Groups - The Spanish 

Experience and the Case of “la Caixa” & CaiFor, by Mario Berenguer 

� Immigration: a Challenging Opportunity - The Spanish Case & Spain Experience, by Hipólito de 

la Cruz 

� A French Perspective on Immigration, by Lionel Zinsou 

� Quale finanza? Quale futuro? (French version only), by Jean-Paul Fitoussi 

& 


Insurance and the Credit Crisis 


� Over the Edge? Unprecedented Crisis Calls for Unprecedented Action, by Mark Cliffe 

� Looking through the Eye of the Storm - Merger and Acquisition Activity in the European 

Insurance Sector, by Michael Lamb 

� The Impact of the 2007-2008 Crisis on the Insurance Sector Market Value, by Lorenzo Savorelli 

� Leveraging Economic Intelligence in the Insurance - Key Lessons for an Outside World, 

by Thomas Hess 

& 

SPECIAL GENEVA ASSOCIATION DOCUMENTS ON THE CREDIT CRISIS 

� Credit Crisis and Insurance – A Comment on the Role of the Industry, by Patrick M. Liedtke 

� The Credit Crisis and the Insurance Industry, 10 Frequently Asked Questions 

� Maintaining Stakeholder Trust in Difficult Times: What Insurers Can Do, by Kai-Uwe Schanz 

� Lessons from the Credit Crisis: An Investment Practitioner’s Point of View, by Guido Fürer and 

Jérôme Haegeli 


5 th INSURANCE AND FINANCE SEMINAR OF THE GENEVA ASSOCIATION 


� Opening Address: How Well Have we Used our Time Since the Previous Crisis?, 

by Denis Duverne 

� Current Issues in Financial Reporting – Life Insurance, by James Dean 

� Accounting Issues, by Henry Siegel 

� Beyond CFO Forum MCEV – Focus on Better Disclosure, by Andrew Crean 

� Non-Life Insurance Accounting, by Richard Hextall 

� Financial Reporting for Non-Life Insurance, by Burkhard Keese 

� IFRS Phase II and Solvency II, by Paul Appleton 

� Current Issues in Financial Reporting in Non-life Insurance: Don’t Fix what Ain’t Broke, 

by Brian Shea 

� Insurance and the IASB Work Programme, by Stephen Cooper 

� Insurance Contracts - IASB’s Joint Project with the FASB, by Hans van der Veen 

� UK Insurance Sector – 10 Year Record, by Colin McLean 

� A Private Investor Perspective on Insurers and their Reporting, by Martin White 

� Solvency II: Current Developments and Unresolved Issues, by Jo Oechslin 

� Solvency II – A Perspective from North America, by Gideon Pell 

� Solvency II: Current Developments and Unresolved Issues, by Rob Jones 

� Insurance Risk Securitization Market Developments: Has the Credit Crisis Strengthened or 

Weakened the ILS Market?, by Wilhelm Zeller 

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� How Will the ILS Market Change?, by Steve Taylor-Gooby 

� Insurance Linked Securities: The Investor Perspective, by Urs Ramseier 

� Insurance Risk Securitization Market Development: Has the Credit Crisis Strengthened or 

Weakened the ILS Market?, by Stefano Sola 

� Rating Agencies: Their Changing Role in the Communication of Information to Markets, 

by Greg Carter 

� Rating Agencies and their Changing Role in Communicating to Markets, by Simon Harris 

� Rating Agencies and Investment Advisors in Insurance: Their Changing Role in the 

Communication of Information to Markets, by Maurizio Lualdi 

� Impact of Inflation on the Asset and Liability Management Decisions of Insurance Companies - 

Managing Inflation in a P&C Insurance Company, by François Robinet 

� Impact of Inflation on the Asset and Liability Management Decisions, by Gerhard Scheuenstuhl 

� Inflation and Asset Allocation for Insurers, by Randy Brown 

� GBP Inflation: Markets & Relevance for UK Life Insurers, by Richard Boardman 

No. 349 / January 2009 

ISTANBUL INTERNATIONAL INSURANCE CONFERENCE 

Challenges & Opportunities: Insurance Sector in Emerging Countries and Turkey’s 

Potential 

Istanbul, 7 October 2008 

� The Growth Dilemma: Too Little or Too Much?, by Enrico Tomaso Cucchiani 

� Reinsurance in an Expanding Risk Universe and Changing Business Landscape and 

Environment, by Victor Peignet 

� A Mutual’s Perspective to Insurance, by Jean-François Lemoux 

� Bancassurance / Assurbanking - Finland as an Example from The Nordic Countries, 

by Antti Calonius 

� Insurance in Turkey New Legislative Framework and Beyond, by Ahmet Genç 

� Notes on the Turkish Insurance Industry, by Hulusi Taşkıran 

� Turkish Insurance Industry, by Mustafa Su 

� Turkey and the Insurance World, by Meral Egemen 

& 5 th INTERNATIONAL LIABILITY REGIMES CONFERENCE 

The Influence of Insurance on Liability Regimes & Public Policy 

zurich, 6-7 November 2008 

� Is the US Litigation Epidemic Contagious? Comparing Litigation Cultures and Methods of 

Delivery of Legal Services Across Asia, Australasia, Europe and America, by Geoffrey Vos QC 

� EU Policies and Perspectives on Consumer Protection and the Role of Liability Insurance, 

by Alan Beverly 

� Mass Torts in the US after the Vioxx Settlement: Is there a New Paradigm for Resolving the 

Large-scale Liability Claim?, by Anthony J. Sebok 

� Mass Litigation Developments Across Europe, by Ina Ebert 

� Mass Litigation in Developing Countries, by Christian Lahnstein 

� From Stress to Distress - The Credit Crisis and the Insurance Industry, by Daniel M. Hofmann 

� Subprime Litigation and its Seemingly Ever-Expanding Reach, by Ralph Guirgis 

� Taming the Dragon: The Chinese Perspective on Tort Liability and Risk Management, 

by Eugene Chen 

� The Delphi Experiment, Electronic Voting Results 


5 th GENEVA ASSOCIATION HEALTH & AGEING CONFERENCE 

Long Term Care – Risk Profiles, Determinants and Financing 

London, 6-7 November 2008 


� Individual Risk Profiles and their Impact on Long Term Care, by Jean-Pierre Michel 

� On the Determinants of Long Term Care with Reference to Dementia, by Jean François 

Dartigues

� Prevention and Individual Risk Profiles, by Christine Hancock 

� The Economics of Long Term Care, by Peter Zweifel 

� Population Ageing and Health Care Expenditure: Is Long Term Care Different?, by Stefan Felder 

� Financing Long Term Care in Europe: How Will the Public-private Mix Evolve?, by Manfred 

Huber 

� Long Term Care – Risk Profiles, Determinants and Financing. Perspectives from Bupa’s 

Experience, by Clive Bowman 

� Long Term Care: Decisions and Dilemmas for Individuals and Their Families, by Gillian Dalley 

� EU Policies in the Area of Long Term Care: Lessons from the Open Method of Coordination, 

by Dimitris Theodorakis 

� US Long Term Care Insurance, by Loida R. Abraham 

� Long Term Care Insurance: French and International Perspective, by Pierre-Yves Le Corre 

� Characteristics and Background of Long Term Care Insurance Products in Austria, by Elisabeth 

Stadler 

� Funding Systems for Long Term Care Services: a UK Perspective, by Jose-Luis Fernandez 

� Are They Aware? Do They Care? - Analyzing Adult Children’s Demand for Insuring Their 

Parents’ Long Term Care Risk, by Tian Zhou-Richter 

� Reverse Mortgages and Long Term Care Risks, by Roger Hillier 

No. 347 / October 2008 

35 th SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE ECONOMISTS 

Toulouse, 15-17 September 2008 

� Behavioral Biases and Representative Agent, by Elyes Jouini and Clotilde Napp 

� Accident Risk, Limited Liability and Dynamic Moral Hazard, by Bruno Biais, Thomas Mariotti, 

Jean-Charles Rochet and Stéphane Villeneuve 

� The Impact of Intermediary Remuneration in Differentiated Insurance Markets, by Annette 

Hofmann and Martin Nell 

� Matching and Risk Classification in Insurance Markets with Intermediation, by Jörg Schiller 

� Risk-aversion and Prudence in Rent-seeking Games, by Nicolas Treich 

� Market Discipline in Life Insurance: Insureds’ Reaction to Rating Downgrades in the Context of 

Enterprise Risks, by Etti G. Baranoff and Thomas W. Sager 

� The Costs and Benefits of Reinsurance, by J. David Cummins, Georges Dionne, Robert Gagné 

and Abdelhakim Nouira 

� Greater Downside Risk Aversion in the Large, by Donald C. Keenan and Arthur Snow 

� Should More Ambiguity Averse Agents Exert More Effort?, by David Alary and Christian 

Gollier 

� The Impact of the Secondary Market on Life Insurers’ Surrender Profits, by Nadine Gatzert, 

Gudrun Hoermann and Hato Schmeiser 

� Genetic Information: Comparing Alternative Regulatory Approaches when Prevention Matters, 

by Francesca Barigozzi and Dominique Henriet 

� The Expiration Date Effects of Automobile Insurance Contracts—Detecting Insurance Fraud in 

Taiwan, by Chu-Shiu Li, Chwen-Chi Liu and Sheng-Chang Peng 

No. 346 / October 2008 

THE M.O.R.E. 22 – SEMINAR OF THE GENEVA ASSOCIATION 

The Total Cost of Risk – The Risk Cost Iceberg 

Munich, 18-19 September 2008 

� Can we Shrink the Iceberg Before Managing it? – Strategic Intelligence, Creativity, Stakeholder 

Values, by Günter Clar 

� The Total Cost of Risk – The Risk Cost Iceberg. Reduction & Control from a Property Risk 

Control & Engineering Perspective, by Marcel Hanssen 

� Structuring the Potential Losses from Vandalism; Actions of Insurers Confronted with the 

Insecurity Resulting from Vandalism, by Sonia Guelton 

� Total Cost of Environmental Losses: Origin, Impact, Lines of Business Concerned, 

Consequential Costs, by Gerhard Schmid 

� On the Macroeconomics of Natural Disasters, by Oliver Zenklusen 

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� The Cost Iceberg of the Great Hanshin-Awaji Earthquake, by Ryoichi Nakai 

� New WHO Guidance on Pandemic Preparedness and the International Health Regulations, 

by Helge Hollmeyer 

� Potential Effects of “Supply Chain Risk Management” on Losses, by Martin Wullschleger 

� Cost Iceberg Fire Losses, by Brendan MacGrath 

� The Total Loss Iceberg from a Major Fire (AZF Toulouse), by Alex Dali 

� Estimating the Total Cost of Risk from Fire, by Gary C. Stevens 

� Infrastructure Needs, Options, Economic Models and Policy Issues: The Case of Transport, 

by Pierre-Alain Schieb 

� Road Accidents: Total Cost of Road Accident Losses, by Christian Lahnstein and Ina Ebert 

& 

THE 6th ANNUAL ROUND TABLE OF CHIEF RISK OFFICERS, 2008 

Ballerup, 21-22 April 2008 

� About Tryg Vesta and a CEO’s View on Risk and on Peace of Mind, by Stine Bosse 

� Climate Change and Possible Impacts on the Insurance Industry, by Bruno Porro 

� Climate Change and Insurance, by Walter Stahel 

� Principles of SST and Solvency II and “Standard Approaches”, by Hans Peter Würmli 

� Risk Reporting: Developing a Standard? Possible Structure and Content, by Bruno Porro 

� Risk Management and RM Organisation at TrygVesta, by Ole Hesselager 

� Systemic Risk, by Thomas C. Wilson 

� Organizational Effectiveness, by Thomas C. Wilson 

� Emerging Risks Initiative, by Keith Baxter 

No. 345 / June 2008 

4 th LIABILITY REGIMES CONFERENCE 

Paris, 7-9 November 2007 

� Introductory Remarks, by Philippe Trainar 

� Introduction to the Conference, by Patrick M. Liedtke 

� Damage & Causation - Dealing with Limited Knowledge: GMO/EMF, by Christian Lahnstein 

� Legal Causality and Medical Imputability: What is the Difference?, by Hélène Béjui-Hugues 

� Supply, Demand and D&O Insurance in Europe, by David Bradford 

� D&O and the Crystal Ball - A Legal Perspective, by Anthony Fitzsimmons 

� Liability and Bodily Injury Claims: Expanding Boundaries – Posttraumatic Stress Disorder and 

Other Contentious Diseases, by Ina Ebert 

� The Abuse of Older People in Care – Questionnary, by Michael Lake 

� Attribution of Harm to Human Influence on Climate, by Dáithí A. Stone 

� The U.S. Lead Paint Litigation, by Anne Flanagan 

� Major Trends in Liability Perception, by François Ewald 

� 4th Liability Regimes Conference - Voting Results 

� 4th Liability Regimes Conference - Satisfactory Voting 

� Scientific Challenges in the Attribution of Harm to Human Influence on Climate - Background 

paper to the presentation of Prof. Daithi Stone 

No. 344 / April 2008 


THE 24 th PROGRES INTERNATIONAL SEMINAR 

Towards a Global Architecture for Insurance Regulations and Supervision 

Geneva, 3-4 April 2008 

� New Solvency Framework Regime of the IAIS, by Peter Braumüller 

� Some US Positions on the Evolution of Solvency Systems, by Rob Esson 

� Paving the Way for a European Model of Insurer’s Solvency, by Pamela Schuermans 

� Solvency Regulatory System – The Mexican Case, by Manuel Aguilera-Verduzco 

� Solvency II Reform in the Users‘ Eyes - Costs and Benefits, by Bruno Porro 

� Converting Challenges into Opportunities - Impact of Solvency Reforms on the General 

Insurance Companies, by Katsuo Matsushita 

� Reinsurance Regulatory Modernization: The U.S. Experience, by Walter A. Bell

� Supervisory Cooperation under Solvency II, by Karel van Hulle 

� International Supervisory Cooperation. In Search of Better Regulations and Supervision, 

by Brian K. Atchinson 

� Group-wide Supervision, by Yoshihiro Kawai 

� Limits to Cross-border Group Supervision in the European Union: National Considerations, 

by Ziemowit Rzeszotnik 

� The Issue of Groups in the Insurance Industry: Diversification Effects & Group Supervisor 

Concept, by Michaela Koller 

� Group Wide Supervision in the U.S. – NAIC Approach, by Catherine J. Weatherford 

� The U.S. Life Insurance Industry Policyholder “Safety Net”, by Peter Galanis 

� The Role of the Policyholder Protection Schemes in the Emerging Countries. Lesson from 

Ukraine, by Volodymyr Romanyshyn 

� Policyholders Protection Schemes in Japan in a Time of Crisis at the Threshold of XX and XXI 

Century, by Nobuyoshi Chihara 

� Policyholders Protection and Guarantee Funds in the EU Single Financial Market. Spanish 

Experience, by Ana García Barona 

� Regulatory and Supervisory Challenges in International Insurance Centres – Lesson from 

Bermuda, by Rick Shaw 

� Bermuda’s Insurers: Meeting Global Market Needs, by Bradley Kading 

� Luxembourg - An International Insurance Center, by Victor Rod 

� What Lies Ahead for the London Market as an International Centre?, by Alastair Evans 

� Zurich’s Approach to Finance and Risk Management as a Global Player, by Andreas Grünbichler 

� The Prudential Carve-out – Comments from Hong Kong, by Salina Yan 

� Prospects of Services Liberalization in the Current Round at the WTO, by Krishna Gupta 

� Current Considerations Concerning Reinsurance Mutual Recognition – Does it Affect Trade 

Issues?, by Sebastian von Dahlen 

No. 343 / April 2008 


Achieving Regional Synergies & Partnerships to Boost Competitiveness 

Jakarta, 30 January-1 February 2008 

� Key Global Issues for Insurance – What We Need to Know and How We Can Secure the 

Knowledge Transfer for the Strategic Challenges, by Patrick M. Liedtke 

� The Future Development of Non-Life Insurance Market in Asia - What We Should Do Now, 

by Takeo Inokuchi 

� Setting Benchmarks for Management Culture as a Strategic Driver, by Damien Sullivan 

� Cycle Management as an Imperative to Staying Alive, by Roger Sellek 

� Standards and Issues in Regulations Relating to Regional Co-operation, by Clement Cheung 

� Toward “Better Regulation” - Standards and Issues in Regulations Relating to Regional Cooperation, 

by Nobuyoshi Chihara 

� Standards and Issues in Regulations Relating to Regional Cooperation: RBC, Risk Charges and 

Regional Dynamics, by Low Kwok Mun 

� Achieving Regional Synergies & Partnerships to Boost Competitiveness, by Huang Tien-Mu 

� Compliance Issues and Regional Strategies, by Portia Ho 

� Evolving the Asia Regional Operating Model to Be Competitive in the 21 st Century, 

by Gordon Perchthold 

� A+ Implementation: More Important Than A+ Strategy….Especially For Bancassurance, 

by Paul Arrowsmith 

� Going Beyond into Internationalism, by Ewout Steenbergen 

� Considerations for Establishing Regional Services, by Jenny Sutton 

� Disruptive Technology and Distribution, by David Piesse 

� CEO Panel on Regional Strategies for Domestic Insurers – Comments on Threats and Options, 


� Growth Strategy, by David Piesse 

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No. 342 / March 2008 

KIDI INTERNATIONAL CONFERENCE 2007 

New Risk Management Environment and Strategy 

Seoul, 6 September 2007 

� Current and Future Trends in International Risk-based Supervision and Regulation, 

by Gerry Dickinson and Patrick M. Liedtke 

� The Rise of Risk - Developments in Enterprise Risk Management in Insurers, by Anthony Bice 

� Risk-based Management Strategy for Korean Insurers, by Ryu Keon-Shik 

& 

MONTEPASCHI VITA ANNUAL FORUM 2007 

Insurers and Banks: Complementarity and Competition 


� Introductory Speech, by Frédéric de Courtois 

� Why are Insurance Companies Different? The Limits of Convergence among Financial 

Institutions, by Andrea Beltratti and Giuseppe Corvino 

� Leveraging on Multi-distribution to Better Serve Customer Needs, by Jacques de Vaucleroy 

� Insurers and Banks: Complementarity and Competition, by Denis Duverne 

� Insurance and Banking: Convergence and Peculiarities, by Giampaolo Galli 

� The Paradigms of the Value - Insurance Companies and Banks: Complementariness and 

Competition. How to Produce the Highest Value from the Cooperation between Banks and 

Insurance Companies, by Fausto Marchionni 

� The Bancassurance Strategy of the MPS Group, by Antonio Vigni 

� Downstream Strategy of Banking and Insurance Industry: Challenges of Distribution, 

by Gilles Benoist 

� Next Strategies of Insurance and Banking: Distribution Challenges, by Fabio Cerchiai 

� ‘Downstream’ Strategy of Banking and Insurance Industry: Challenges of Distribution in Italy, 

by Corrado Faissola 

� Convergence between Banks and Insurance Companies, by Divo Gronchi 


10 th MEETING OF THE GENEVA ASSOCIATION’s AMSTERDAM CIRCLE OF CHIEF ECONOMISTS 


� Integration of Insurance Risk with the Capital Markets - The Context of Recent Market 

Developments, by Daniel Hofmann 

� Role and Regulation of Rating Agencies – An Insurance Industry Perspective, 

by Michael Wolgast 

� Credit Rating Agencies - Regulatory approach by the European Commission, by Jose Moncada 

and Piotr Plizga 

� Distribution Channels and their Economic Role in the Insurance Business, by Andrea Beltratti 

� Standardization as a Precondition for Further Industrialization in the Insurance Industry – 

Results of an empirical study, by Peter Maas 

� Standardization: Opportunities and Obstacles – A View on Insurance, from the U.S., 

by Steven N. Weisbart 



4 th INTERNATIONAL INSURANCE AND FINANCE SEMINAR OF THE GENEVA ASSOCIATION 


� An Overview of the Current State of the Insurance Securitization Market, by Morton Lane 

� Annuity Risk Products and ILS Market Development, by Ed Giera 

� Current Developments in Insurance Risk Securitization Markets, by Simon Harris 

� Insurance Linked Securities (ILS), by Urs Ramseier 

� Insurance Linked Securities: Investor, Legal and Rating Agency Perspectives, 

by Nigel Montgomery 

� Insurance Linked Securities: The Rating Agency Perspective, by Rob Jones 

� IFRS Phase II and Solvency II: The Current Challenges, by Tim Harris

� IFRS and Solvency 2: The Current Challenges, by Mark Swallow 

� IFRS Phase 2 and Solvency 2 – Challenges, by Alex Finn 

� Introductory Remarks to Session 4 - Solvency 2 and 2nd Generation of International Risk-Based 

Solvency Systems, by Denis Duverne 

� Solvency II and the Work of CEIOPS, by Thomas Steffen 

� Update on Solvency II, by Thomas C. Wilson 

� Risk-based Solvency – U.S. Perspective, by Gideon Pell 

� Asset Liability Management in Insurance: The Current Challenges, by Michael Bös 

� Efficient ALM – Active Management of Asset/Liability Risk, by Anthony Bice 

� ALM Challenges, by John Roe 

� Insurance Contracts: Opening the Black Box, by Peter Clark 

� What do we Need from IFRS? - An Analyst’s View, by Ralph Hebgen 

� IFRS Developments and Financial Statement - Presentation for Insurance Companies, 


� Outsourcing in Insurance Investment Management, by Martin Senn 

� Asset Management - Key Issues in Outsourcing Policy, by Guido Fürer 

� Asset Management Outsourcing in the Insurance Industry: A Practitioner’s Perspective, 

by Robert L. Goodman 

� Asset Management: Key Issues in Outsourcing Policy, by Edouard Stirling 

No. 339 / January 2008 

BARRIERS TO GLOBAL INSURANCE BUSINESS OPERATIONS: THE SITUATION IN BRAzIL, CHINA, 

INDIA, MEXICO AND RUSSIA 

Research Report, by Julian Arkell 

No. 338 / January 2008 

3 rd CHIEF RISK OFFICER ASSEMBLY 

Key Drivers of a New Risk Culture 

Rüschlikon, 26-27 November 2007 

� Key Drivers of a New Risk Culture, by Christian Mumenthaler 

� The Use of an Economic Capital Model within an Enterprise Risk Management Framework, 

by Laura Santori 

� Navigating the Minefield: Emerging Hazards, a Guide to Risk Management, 

by Veronica Somarriba and Daniel Maurer 

� From Google Earth to Risk Management. Shedding Light on your Portfolio through Geocoding, 

by Joachim Oechslin and Jürgen Schimetschek 

� Pandemic Influenza: A 21st Century Model for Mortality Shocks, by Stephen Kramer 

� Insurance Linked Securities - A Current Overview, by Martin Bisping and Luca Albertini 

� Event-linked Bonds - An Investor’s Perspective, by John Brynjolfsson 

� Blue Wings – Case Study. Securitization of a New Catastrophe Peril, by Amer Ahmed 

� Securitization of Life Risks - The Holy Grail?, by Jean-Christophe Ménioux 

� The Changing Dynamics of Insurance - Embedded Value and Beyond, by Christen K. Madsen 

� Towards a New Risk Culture and a New Risk Governance, by Jacques Aigrain 

� A Regulator’s Perspective on Solvency II - Roadmap and Current State of Debate, 

by Benedict Carr 

� Solvency II: Major Priorities that Require Further Work, by Andreas Grünbichler 

� Potential Impact of Solvency II for Third Country Insurance Operations, by Charlie Shamieh 

� Update on Selected CRO Forum Initiatives, by Raj Singh 

� Globalisation of Risks: Implications for Risk Governance, by Christopher Bunting 

� Enterprise Risk Management - for Nations & Globally?, by Tony Coleman 

& 

THE 5th ANNUAL ROUND TABLE OF CHIEF RISK OFFICERS 

Edinburgh, 21-22 May 2007 

� Disclosure of Risk Relevant Information in Annual Reports – Introduction and Laundry List for 

Discussion, by Bruno Porro 

� UK Life Companies Response to Realistic Reporting/ICA, by Jim Durrant 

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� Business Continuity Planning, by Richard Martinez 

� Emerging Risks Initiative – Quo Vadis?, by Manuela Zweimüller 

� Principles how to Allocate (Risk) Capital to Products and Business Units, by Bruno Porro 

� Overview of Insurance Risk Management – Life Insurance, by Tim Joseph 

� Overview of Insurance Risk Management – RBS Insurance, by Andrew Sincock 

� Solvency 2 and IFRS: Some Accounting Issues, by Gerry Dickinson 

� Rating Agencies’ Developments and CRO Forum Activities, by Joachim Oechslin 


THE INSURANCE INDUSTRY AND ENTERPRISE RISK MANAGEMENT: FROM COMPLIANCE TO 

VALUE CREATION 

Milan, 21 November 2007 

� Strategy for the Implementation of MiFID in Italy: The Need for Convergence in Regulation and 

Supervision, by Giovanni Sabatini 

� The Rules of Game between Regulation and Insurance Industry: Corporate Governance and Risk 

Management, by Giovanni Cucinotta 

� Solvency II: QIS 3 Results and Future Developments, by Carlos Montalvo Rebuelta 

� The Relationship between Insurance Industry and Stakeholders – Future Challenges for the 

European Insurance Industry, by Alberto Corinti 

� Implementing an ERM Model: Key Drivers of a Global Player, by Raffaele Agrusti 

� Responsabilità Sociale ed Enterprise Risk Management: Tra Shareholders e Stakeholders (Italian 

version only), by Andrea Battista 

� The Insurance Industry and Enterprise Risk Management: from Compliance to Value Creation, 

by Bruno Porro 

� Enterprise Risk Management as a Competitive Advantage, by Laura Santori 

� Managing Risks to Create Value: The case of Reputational Risk Management, by Riccardo Bigio 

� The Rise of Risk - Creating Value with ERM, by Anthony Bice 

� Competitive Advantage through ERM: Investigating the Role of the Regulators and the Rating 

Agencies in Promoting the Practice of Risk Management in the Insurance Industry, 

by Madhusudan Acharyya 

& 

UNINSURED INDUSTRIAL RISKS. THE LIMITS OF CURRENT INSURANCE SOLUTIONS AND THEIR 

CAUSES 

Ongoing Research Project, by Tileman Fischer 


TECHNOLOGY, INNOVATION AND CHANGE IN HEALTH AND HEALTHCARE 

Geneva, 18-19 October 2007 


� The Process of Health Care Innovation: Problem Sequences, Systems and Symbiosis, 

by Stan Metcalfe 

� Health Care Expenditure and Technological Diffusion: What do we know?, by Alistair McGuire 

� Technology Change in Hospital and Primary Care, by Nick Bosanquet 

� Diffusion of Health Technologies: Evidence from the Pharmaceutical Sector, 

by Victoria Serra-Sastre 

� Medical Technology Adoption, Uncertainty, and Irreversibilities, by Joshua Graff Zivin 

� Emergence and Evolution of New Knowledge and Product Markets in the Health Technology 

Sector, by Andrea Mina 

� Ageing and Pharmaceutical Innovations, by Roland Eisen 

� Intellectual Property Rights and Pharmaceutical Development, by Joan Rovira 

� Consumer Demand for Health Information and the use of the Internet, by Caroline Rudisill 

� Institutional Pathways for Integrating Genetic Testing into Mainstream Health Care, 

by Hristina Petkova 

� Technological Change and (Health) Insurance, by Peter Zweifel 

� Genetic Advances and Health Insurance, by Michael Hoy 

� Cost Sharing and the Demand for New Drugs: Evidence from the United States, 

by Marin Gemmill

� Pharmacogenetics: A New Concept in Healthcare, by Klaus Lindpaintner 

� The Convergence of Nano-, Bio- and Information Technology leading to Innovation in 

Healthcare, by Nicola Pangher 

� Some Limitations of Economic Evaluation, by Adam Oliver 


THE NEW WELFARE: THE COUNTER-AGEING SOCIETY 

Lengthening of Life-cycle, Employment, Pensions and Health 

Turin, 8 October 2007 

� Longevity and Predictive Medicine, by Vincenzo Marigliano 

� Scenarios for Health Funding and Policies in Europe, by Nick Bosanquet 

� Domotics in the Counter-Ageing Society, by Nicola Pangher 

� The Longevity Revolution, by Jean-Marie Robine 

� Health and Ageing: The Case for Long-Term Care, by Philippe Trainar 

� A Longer Life: Scenarios for a Counter-ageing Revolution (Italian version only), 

by Raimondo Cagiano de Azevedo 

� Functioning and Disability in Ageing Population in Europe: What Policy for which 

Interventions?, by Matilde Leonardi 

� Health and Long-Term Living: Trends and Best Practice in Europe, by Angelo Carenzi 

� Why the Young Generation takes no Interest in the Long-Life Society, but why they should, 

by Gordon Wollgam 

� The Strategy of the Four Pillars in a Long-life Society, by Geneviève Reday-Mulvey 

� Work and Pension in Sweden, by Eskil Wadensjö 

� La Gestione dell’invecchiamento Attivo: Fra Allungamento dell’età Pensionabile e 

“Allargamento” del Lavoro (Italian version only), by Maria Luisa Mirabile 

� La Strategia del Pensionamento Flessibile (Italian version only), by Angelo Scarioni 

� The Political Economy of State-Based Pension Reforms, by James C. Capretta 

� Pension Reform in EU Member States: Progress and Challenges, by Ruth Paserman 

� Company Measures for Retention and Reintegration of Workers at Risk of Exclusion: European 

Experience with Older Workers, by Jorma Karppinen 

� Should we have a EU Wide Minimum Guaranteed Income Scheme?, by Tito Boeri 

� Active Ageing and Pension Policies in the Context of the European Employment Strategy, 

by Martin Hutsebaut 

� The Role of Science for the European Welfare, by Ivo Slaus 


34th SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE ECONOMISTS (EGRIE) 

Cologne, 17-19 September 2007 

� Decomposing Automobile Insurance Policy Buying Behavior – Evidence of Adverse Selection, 

by Chu-Shiu Li, Chwen-Chi Liu and Jia-Hsing Yeh 

� Consumption Externality and Equilibrium Under-insurance, by Rachel J. Huang and 

Larry Y. Tzeng 

� Individual Prediction of Automobile Bodily Injury Claims Liabilities, by Mercedes Ayuso, 

Montserrat Guillén and Miguel Santolino 

� Efficiency of Insurance Firms with Endogenous Risk Management and Financial Intermediation 

Activities, by J. David Cummins, Georges Dionne, Robert Gagné and Abdelhakim Nouira 

� Mutual versus Stock Insurers: Fair Premium, Capital, and Solvency, by Christian Laux and 

Alexander Muermann 

� Cat Bonds and Reinsurance: The Competitive Effect of Information-insensitive Triggers, 

by Silke Brandts and Christian Laux 

� Using Participating and Financial Contracts to Insure Catastrophe Risk: Implications for Crop 

Risk Management, by Geoffroy Enjolras and Robert Kast 

� Intermediation, Compensation and Collusion in Insurance Markets, by Uwe Focht, 

Andreas Richter and Jörg Schiller 

� Does Competition Improve Ratings?, by Neil A. Doherty, Anastasia Kartasheva and 

Richard D. Phillips 

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104 


No. 333 / October 2007 

M.O.R.E. 21 – SEMINAR OF THE GENEVA ASSOCIATION 

Paris, 24-25 September 2007 

� Risk Management –a Reinsurer’s Perspective, by Cyril Darribère 

� Mapping of Asset Risks - Do’s and Don’ts, by Jean-François Spoiden 

� On-Site Fire Risk Engineering after Off-Site Risk Analysis?, by Gordon Biezeveld 

� High-rise Evacuation Evaluation Database (HEED): Methodologies Used in the Elicitation and 

Storage of Human Factors Data, by Ed Galea 

� Water Mist - Technical Backround and Application, by Uwe Klinkhardt 

� The Role of Disaster Restoration in Reducing Losses, by Heimo Ernst Weiss 

� European Fire Sprinkler Network - An Innovative Approach to Fire Prevention in Europe, 

by Bernadette Hartley 

� Fire and Environmental Losses – Threat and Accumulation Problem for the Insurance Industry?, 

by Gerhard Schmid 

� Spillover Moral Hazard – A Challenge to Fire Insurance, by Peter Zweifel 

� Residential Fire Risk Incidence and Reduction: UK and International Experience, 

by Gary C. Stevens 

� Statistical Analysis of Data from Large Fires – Application of Extreme Value Methods, 

by Ganapathy Ramachandran 

& 

25th ANNIVERSARY OF THE WORLD FIRE STATISTICS CENTRE 

Paris, 25 September 2007 

� Dealing with Economic Costs and Prevention Strategies - Which Fire Prevention Nowadays?, 

by Benoît Clair 

� The Uses and Values of Fire Statistics, by Glyn Evans 

� French Market of the Industrial Fire Insurance, by Jacques de Peretti 

� Insights into the Development of a Successful National Fire Strategy, by Anthony Paish 



12th JOINT SEMINAR OF THE EUROPEAN ASSOCIATION OF LAW AND ECONOMICS AND THE 

GENEVA ASSOCIATION 

Lecce, 15-16 June 2007 

� Financial Management of Large Scale Catastrophes - A Comparative Legal and Economic 

Analysis, by Alberto Monti 

� Environmental Damages – are these Risks Controllable by the Insurance Industry?, 

by Walter Roos 

� Insurance Solutions for the Environmental Liability: Challenges and Opportunities, 

by Giovanni Faglia 

� The US versus the International Nuclear Liability and Insurance System: An Economic Analysis, 

by Michael G. Faure and Tom Vanden Borre 

� The Coverage of the Nuclear Risk in Europe: Which Alternative?, by Michael G. Faure and 

Karine Fiore 

� Catastrophic Risks and First-Party Insurance, by Michael G. Faure and Véronique Bruggeman 

� The Efficient Liability Sharing Factor for Environmental Disasters: Lessons for Optimal 

Insurance Regulation, by Marcel Boyer and Donatella Porrini 

� Catastrophic Fires in Tall Buildings – Risk Assessment, Protection, Economics and Insurance, by 

Ganapathy Ramachandran 

� A Dynamic Approach of the Forest Owner’s Self-Insurance Behavior in Risky Forest 

Management: Saving versus Sylvicultural Practices, by Marielle Brunette, Stéphane Couture and 

Éric Langlais 

� Hell or High Water? - An Economic Analysis of the Swedish Institutions for Flood Risk 

Management, by Erik Lenntorp 

� Insuring Terrorism Risk, by Paolo Zanghieri

No. 331 / August 2007 

7 th ASIAN CEO INSURANCE SUMMIT 

Managing the Potential of Profits in Risks 


� Welcome Address: Managing the Potential of Profits in Risks, by Geoffrey Bromley 

� Keynote Address l, by Teo Swee Lian 

� Industry Address: Managing Risks in a Risk Industry as a Priority Issue, by Patrick M. Liedtke 

� Special Address l: Risk Based Capital and Models for Capital Management, by David Lightfoot 

� Special Address ll: Managing Risks in a Risk Industry – A Corporate Perspective, 

by John Bassetto 

� The Board’s Role in Managing Risks and Corporate Governance Issues, by Steven Dewhurst 

� How Does Enterprise Risk Management Help Insurance Companies Address the Risks they 

Face, by Greg Carter 

� The Unique Role of the CEO in Managing Risks, by Damien Sullivan 

� The New World of Solvency II and How it Enhances Security, by Frank Ellenbuerger 

� Regulatory Push Towards ERM within the Industry: Indonesia’s Perspective, 

by Isa Rachmatarwata 

� Re-making the Philippine Insurance Industry, by Evangeline Crisostomo-Escobillo 

� Riding the Waves of Change: Developing Managerial Competencies for a Turbulent World, 

by Huang Tien-Mu 

� Challenge and Experience in Japan, by Nobuyoshi Chihara 

� Key Technology Support Issues for Regulation & Supervision, by David Carlon 

� Enterprise Risk Management – The Next “S-Curve” in Insurance, by Markus Krall and 

Erik Rüttener 

� Good ERM Practices from an Australian Perspective, by Michael Goodwin 

� Can Brokers Play a Role in the ERM Wave in the Industry?, by Donald Mango 

� Bytes on Technology for CEO’s – Getting Profits Up, by Muthu Kumaran 

� Keynote Address ll: Surviving Risks in the Corporate Jungle, by Lord Peter Levene 

� Promotion of Risk Awareness & Management of Enterprise-Wide Risks - An IAIS Perspective, 

by Tom Karp 

� Addressing the Risks of the Future – A Bancassurer’s Perspective, by David Fried 

� Special Address: Managing Risk in the Life Insurance Business in ASIA – A CEO’s Perspective, 

by Victor Apps 

� Securing the Business Results of Tomorrow – Managing the Risks to Project Success, 


� Technology and Operational Risk, by David Piesse 

� Risk Capital, by Sukhpal Harrar 

� Corporate Governance: Why it Matters to CEOs, by Michael J. Casella 

� Extra Jurisdictional Impact of Laws & Regulation for Greater Transparency and Accountability - 

How CEO’s Can Focus on Risks Impacting their Business, by David E. Mendelsohn 

� Managing the Challenge of a Growing Litigation Culture in ASIA, by Katherine Chu 

� Special Anchor Address: Risk Management through Imagining the Unimaginable – Managing 

New and Emerging Risks, by Tim East 

No. 330 / August 2007 

SILVER WORKERS 

AN EMPIRICAL STUDY OF POST-RETIREMENT ACTIVITIES. ECONOMIC AND VOLUNTARY WORK 

OF RETIRED STAFF 

Research Report. 

No. 329 / August 2007 

14th INTERNATIONAL SPACE INSURANCE CONFERENCE 

Space & Private Enterprise: Is the Environment Ripe for Expansion? 

Milan, 22-23 March 2007 

� Space Opportunities and the Cost of Performance, by Walter R. Stahel 

� Space Insurance Overview, by Christopher Kunstadter 

105

106 


� Space and Private Enterprise : Is the environment ripe for expansion?, by Philippe Cotelle 

� Space Activities and Insurance Implications, by Ted H. Ignacy 

� Space Insurance at SES, by Padraig McCarthy 

� Remaining Compliant with the ITAR. When Resolving Commercial Space Reinsurance Issues, 

by John A. Ordway 

� Passport to Space, the US Government Sets Regulations for your Ticket to Ride, 

by Stephen Tucker 

� Financial Aspects of Satellite Companies, by Robert E. Diemar 

� An Update on the Vision for Space Exploration, by Michael C. Wholley 

� A Satellite Operator Perspective, by Richard Denny 

� Global Capability and Future Growth of the Russian State Satellite Fleet, by Vladimir Glebsky 

� International Space Brokers, by Roger Bathurst 

� Differentiation, Innovation & the Market Cycle, by Peter Elson 

� Space & Private Enterprise: Is the environment ripe for expansion?, by Neil Stevens 

� The Case for Differentiation, by Simon Clapham 

� Underwriting in a Downcycle: Challenges and Opportunities, by Bruno Ritchie 

� Mutual Development of Space Industry and Underwriters, by Kyoichi Shirai 

� The ‘Galileo Project’, by Paul Flament 

� A Manufacturers View, by Patrick Agnieray 

� Space Systems / Loral Overview, by Tony Colucci 

� Lockheed Martin Commercial Space Systems, by Barry Noakes 

� H-IIA Launch Services, by Shoichiro Asada 

� The Sea Launch Project, by Kjell Karlsen 

� Arianespace – Service & Solutions. A Key Contribution to Space & Private Enterprise, 

by Jean-Yves Le Gall 

� International Launch Services, by Philip Slack 

� Space Tourism and New Technologies, by Sean Gates 

� Space Tourism and New Technologies, by Jonathan Firth 

� The SPACEX Project, by Tim Hughes 

No. 328 / May 2007 




� Introductory Speech, by Silvano Andriani 

� Insurance and its Positive Role in Modern Economies, by Patrick M. Liedtke 

� La Società Globale dell’Informazione e del Rischio, il Sistema Finanziario e la Crescita 

Economica: un Nuovo Rapporto tra Pubblico e Privato – (Brief English Summary), 

by Rainer Stefano Masera 

� La Società Globale dell’Informazione e del Rischio, il Sistema Finanziario e la Crescita 

Economica: un Nuovo Rapporto tra Pubblico e Privato – (Presentation in Italian), 

by Rainer Stefano Masera 

� The Underestimated Link between Insurance and the Real Economy – its Effect on Sustainable 

Growth and Competitiveness, by Thomas Hess 

� The Role of the Insurance Sector in the Spanish Economy and its Competitiveness, 

by Rosa Alegria Iñiguez 

� Export Credit Insurance and the Real Economy, by Ignazio Angeloni 

� Institutional Speech on the Role of Pension Funds (Presentation in Italian), by Luigi Scimia 

� Issues for Discussion, by Gilles Benoist 

� Address to the Montepaschi Vita Forum, by Massimo Michaud 

& 

2006 ANNUAL LIABILITY REGIMES CONFERENCE 

Rüschlikon, 25-27 October 2006 

� New Challenges, New Responses: Report of the 2006 Liability Regimes Conference, 

by Kenneth Neil Cukier 

� Going Global: The New Mass Litigation, by Deborah R. Hensler 

� Baycol and Vioxx: Case Studies in Mass Tort Litigation, by Linda S. Mullenix 

� 2006 Annual Liability Regimes Conference – Voting Results

No. 327 / April 2007 

THE 23 rd PROGRES INTERNATIONAL SEMINAR 

Insurance Industry and Regulators in Search of Modern Regulation 

Geneva, 22-23 March 2007 

� Economics and Ethics of a Welfare State, by Leszek Balcerowicz 

� Solvency II - Status of the Project, by Karel Van Hulle 

� U.S. Solvency Initiatives, by Alfred W. Gross 

� Update on Global Standards, by Rob Curtis 

� The Swiss Solvency Test (SST), by Philipp Keller 

� A German Insurance Industry’s View on the Development of Solvency Requirements, 

by Thomas Schubert 

� A US Insurance Industry View on the Development of Solvency Requirements, by Jenny Ross 

� The Standard-setting Work of the IAIS – Should the IAIS Be Restructured?, by Michel Flamée 

� Solvency II - An Opportunity for better Insurance Regulation, by Gérard de la Martinière 

� The Risk of over regulation, by Alastair Evans 

� Regulation from the Perspective of insurance intermediaries, by Paul Carty 

� What is Microinsurance?, by Craig Churchill 

� The Practice in Micro-insurance, by Pranav Prashad 

� Work of the FSI in Building Supervisory Capacity, by Gunilla Borer 

� Barriers to Global Insurance Business Operations: The position in Brazil, China, India, Mexico 

and Russia, by Julian Arkell 

� The Age of International Collaboration and Rationale for Liberalization of Insurance and Loss 

Prevention Services, by Katsuo Matsushita 

� Insurance Trade Liberalisation from an Emerging Market Viewpoint: The Colombian Case, 

by Rebeca Herrera Diaz 

No. 326 / April 2007 

THE INSURANCE INDUSTRY: RISK GOVERNANCE AND SOLVENCY ll 


� Solvency II – Strategic Dimension, by Patrick M. Liedtke 

� Challenges for the European Insurance Industry, by Gérard de la Martinière 

� The Impact of EU Regulation on the Italian Insurance Market, by Giampaolo Galli 

� Key challenges in Insurance Industry and Supervision, by Yoshihiro Kawai 

� The relationship between Basel II and Solvency II, by Giovanni Carosio 

� The work of CEIOPS on Solvency II, by Alberto Corinti 

� Key Drivers to Empower Corporate Governance, by Alberto Marras 

� ERM: Key Drivers of a Global Player from a Strategic Viewpoint, by Mel Carvill 

� Trends and Best Practice in Internal Risk Management Models, by Paolo Fumagalli 

� Risk Governance e Value Creation: Profitability, Risk and the Cost of Capital, by Andrea Battista 

� ERM: The Integrated Use of Risk Measurement Models (a survey of Italian insurance firms), 

by Dario Focarelli 

� Enterprise Risk Management in Insurance Companies: A UK perspective, by Gerry Dickinson 

� Models and Operational Tools for Integrated Risk Management, by Angelo Scarioni 

� ERM and Ratings, by Laura Santori 

� ERM in the Insurance Industry: Exploring the Challenges and Emerging Issues from the 

Perspective of Four Case Studies, by Madhusudan Acharyya 

& 

A REPUTATIONAL RISK MANAGEMENT FRAMEWORK 

Report prepared for The Geneva Association and Macros Research 

� Preface, by Walter Stahel 

� A Reputational Risk Management Framework, by Riccardo Bigio 

No. 325 / April 2007 

4 th CHIEF COMMUNICATIONS OFFICERS MEETING 

107

108 


Amsterdam, 14-15 December 2006 

� Managing Reputation and Reputational Risk – Opening Remarks for Sessions 1 and 2, 

by Kai-Uwe Schanz 

� Insurance Information Institute, by Gordon Stewart 

� Promoting Corporate Reputation: Scope, Benefits and Risks, by Violeta Ciurel 

� Mitigating Reputational Risk: The CCO as Risk Manager?, by Roger Scotton 

� Mitigating Reputational Risk: The CCO as a Risk Manager, by Dirk Johannsen 

� Challenges in Communicating on Restructuring, by Alexander Becker 

� Rating Agencies Communications Issues, by Rob Jones 

& 

9 th AMSTERDAM CIRCLE OF CHIEF ECONOMISTS 


� Emerging Risks – Industry Main Initiatives & AXA Process, by Jean-Noël Guye 

� Uninsured Industrial Risks – Limits of Current Insurance Solutions and their Causes, 

by Tileman Fischer 

� Comments on Discussion Session ll: Uninsured Risks, by Alan Punter 

� Convergence of Insurance and Capital Markets – Challenges and Opportunities for (re-)insurers, 

by Clemens Muth 

� Securitisation: A Tool for Improving Capital Management and Risk Management in the 

European 

Insurance Industry, by Jean-Christophe Ménioux 

� Standardisation – U.S. Life Insurance Industry Experience, by Brian K. Atchinson 

� Standardisation in Insurance, by Wolf-Rüdiger Heilmann 

No. 324 / March 2007 


3 rd INTERNATIONAL INSURANCE AND FINANCE SEMINAR OF THE GENEVA ASSOCIATION 


� Comment of Appreciation – Closing Remarks, by Luke Savage 

� Summary of Discussion Sessions at the Seminar, by Stefan Schuermann 

� Use of Hybrid Instruments by European Insurers, by Shazia Azim 

� Capital Restructuring in Insurance Groups, by Richard Hextall 

� Capital Restructuring in Reinsurance Groups, by Simon Harris 

� Capital Efficiency, Reinsurance and Risk Securitisations: New Structures and the Changing 

Regulatory Scene, by Julian Adams 

� Risk Securitisation in General Insurance, by Alarik Van Doorn and Ed Collinge 

� New UK Rules on ISPVs, by Patrick Devine 

� Update on Global Standards, by Rob Curtis 

� Progress on Solvency ll and the Search for Global Standards, by Sue Kean 

� A Revolution in Insurance Company Supervision: Solvency ll, by Rob Jones 

� IASB & FASB Convergence: Agenda & Challenges, by Denis Duverne 

� IASB-FASB Convergence: Agenda & Challenges – The Broader Convergence Agenda, 

by Ian Dilks 

� IFRS-US GAAP – Does the Market need Convergence?, by Stefan Schuermann 

� Creating & Managing Economic Value in Insurance Companies, by Mel Carvill 

� Creating and Managing Shareholder Value, by Anthony Stevens 

� Creating and Managing Economic Value in Insurance Companies …and Crystallizing it…, 


� The IASB’s Project on Insurance Contracts, by Peter Clark 

� Phase ll of Insurance IFRS: Is a Solution Emerging?, by Nigel Masters 

� Phase ll of the New IFRS on Insurance: Is a Solution Emerging?, by Steven J. Bensinger 

� Background Material - Joint Presentation to the Board of the IASB: Proposals for an IFRS 

Phase ll Insurance Accounting Model, by Helmut Perlet 

� The Investment World of a Reinsurer – Operating under Multiple Constraints, by Guido Fürer 

� Managing Life Insurance Assets – A Multi Specialist Asset Manager Perspective, 

by Daniel Mouen Makoua 

� Current Challenges in Investment of Insurance Company Funds: Designing More Efficient 

Investment Strategies, by Alasdair Macdonald

No. 323 / March 2007 

2 nd CHIEF RISK OFFICER ASSEMBLY 

Munich, 20-22 November 2006 

� Conference Report, by Munich Re Group 

� Overview of the Global CRO Movement, by Charlie Shamieh 

� Risk Management - A view from “Down Under”, by Tony Coleman 

� European View - Role of CRO in a Challenging Environment, by Raj Singh 

� The Role of the CRO in a Challenging Environment, by Robert E. Lewis 

� Evaluating the Effectiveness of Enterprise Risk Management, by Mark Puccia 

� Evaluating the Effectiveness of Risk Management, by Gerhard Stahl 

� The Roadmap to Solvency II, by Evelyne Massé 

� Evaluating the Effectiveness of Risk Management - An analyst’s view, by William Hawkins 

� Wisdom of Crowds or Why Are We Not Better off Finding an Expert to Make All the Hard 

Decisions?, by Manuela Zweimüller 

� Megatrend Personal Injury: Global Developments Extending the Concepts of Loss and 

Compensation, by Christian Lahnstein 

� Liability Regimes: US Dynamics, by Rick Murray 

� Tackling with Macroeconomic Trends and Tail-risks, by Clemens Muth 

� Natural Disasters and Climate Change, by Peter Hoeppe 

� Increasing Longevity – Increasing Weight, by Achim Regenauer 


M.O.R.E. 20 SEMINAR OF THE GENEVA ASSOCIATION 

The Role of Risk Management and Insurance in the Leisure Industry 

Madrid, 16-17 November 2006 

� Geo-Risks and the Leisure Industry, by Peter Hoeppe 

� Uncertainty Modelling for Earthquake Vulnerability and Loss Estimation, 

by Marios Chryssanthopoulos 

� Changing Risks: Impact in the Insurance Industry, by Antonio Salgado 

� International Travel and Avian and Pandemic Influenza, by Helge Hollmeyer 

� Contingency Planning for a Pandemic in the Tourism Industry: The Role of DMOs, 

by Lorn R. Sheehan, Ryan B. Lee and Norma L. Nielson 

� Opportunities and Limits of Driver Assistance Systems, by Markus Lienkamp 

� The Risk Balance between Nature and People, by Walter J. Ammann 

� Loss Prevention and Risk Management in Leisure Parks, by Gerhard Schmid 

� Risk Management Approach to Business Continuity: Governing the Resilience of the Modern 

Insurance and Leisure Industry, by David Kaye 

� A Risk Management Tool for SME’s in the Leisure Industry, by Berthold Barodte and 

Eric Montagne 

� Terrorism & Tourism: Vulnerability as an Alternative Framework to Risk and Hazard, 

by R. Brian Woodrow 

No. 321 / January 2007 

33 rd SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE ECONOMISTS 

Barcelona, 18-20 September 2006 

� Insurance and Optimal Growth, by Frédéric Gannon and Vincent Touzé 

� Optimal Choice and Beliefs with ex ante Savoring and ex post Disappointment, by Christian 

Gollier and Alexander Muermann 

� Prudence, Savings and Health Care Risks, by Christophe Courbage 

� Are Risk Averse Agents more Optimistic?, by Elyes Jouini, Jean-Michel Marin, Clotilde Napp 

and Christian Robert 

� Are there Comovements in the Default Risk of Reinsurance Companies?, by Oliver Burkart 

� On the Utility Premium of Friedman and Savage, by Louis Eeckhoudt and Harris Schlesinger 

� Risk Preferences and Changes in Background Risk, by Donald C. Keenan, Donald C. Rudow 

and Arthur Snow 

� Providers Affiliation, Insurance and Collusion, by Jean-Marc Bourgeon, Pierre Picard 

and Jerome Pouyet 

� Correlated Risks: A Conflict of Interest between Insurers and Consumers and Its Resolution 

109

110 


by Patrick Eugster and Peter Zweifel 

� Analysis of Participating Life Insurance Contracts: A Unification Approach, by Nadine Gatzert 

and Alexander Kling 

� Optimal Regulation of Health System with Induced Demand and ex post Moral Hazard 

by David Bardey and Romain Lesur 

� Liability Insurance under the Negligence Rule, by Marie-Cécile Fagart and Claude Fluet 


4 th GENEVA ASSOCIATION HEALTH AND AGEING CONFERENCE 

Chronic Conditions and Insurance 

Vienna, 6-7 November 2006 

� Long Term Treatment for Chronic Disease, by Fred Paccaud 

� The Metabolic Syndrome, Diabetes and Cancer – A Challenge for Medicine in the Future 

by Wolfgang Munda 

� The Economic Consequences of Chronic Conditions, by Marc Suhrcke 

� Ways of Preventing and Overcoming Chronic Conditions with Special Emphasis on Physical 

Activity, by Norbert Bachl 

� The Role of Insurance Companies in Preventing Chronic Conditions, by Peter Eichler 

� Organising the Coverage of Chronic Conditions from the Viewpoint of Life and Disability 

Insurance, by Siegfried Akermann 

� The Challenge of Managing and Insuring the Growing Risks of Chronic Disease, by James Rice 

� Innovative Products for elderly and Challenges in Underwriting, by Olga Ruf-Fiedler 

and Jeffrey King 

� Implementation of the Strategic Decision to be the Specialized Insurer for the Generation 50+, 

by Stephan Schninnenburg 

& 

4 th CONGRESS OF THE EUROPEAN UNION GERIATRIC MEDICINE SOCIETY 

Special Session on The Financing of the Longevity Risks 

Geneva, 24 August 2006 

� The Financing of the Longevity Risks, by Christophe Courbage 

� Financing Longevity Risk: Lessons from the U.S., by Yung-Ping Chen 

� Financing Long Term Care (LTC) for an Ageing Population, by J. François Outreville 

� A Challenging but Performing Experience: The CERN Long Term Care Scheme 

by Nadine Burcher 

� Pension Financing in Europe, by Geneviève Reday-Mulvey 



MORE XL “ ‘P-PPP’ – ‘PARTNERSHIP IN PREVENTION, PRECAUTION AND PROTECTION’ ” 

zürich, 20-21 September 2006 

� Constructing Value – Pre-Operational Partnership between Insurers and Industry 

by Martin Vinkenflügel 

� Fire Following Natural Catastrophes – The Effects on Risk Models, by Yen Chin 

� European Legislation: Opportunity or Threat, by Glyn Ford 

� Working in Partnership to Build Safer Communities and Reduce the Impacts of Disasters in 

Developing Countries, by Ian O’Donnell 

� Risk Engineering – The Value for Global Corporations, by Larry Garrett 

� Harmonization of Technical Standards in Europe – The Role of Insurance Companies 

by Joachim Boeke 

� Insurance Buyers – Are you Properly Covered?, by Tileman Fischer 

& 

4 th ART OF CROs, 2006 

Rüschlikon, 17-18 October 2006 

� CRO Emerging Risk Initiative – Achievements and Outlook, by Annabelle Hett and 

Christian Mumenthaler

� A Review on Public Reporting, by Bruno Porro 

� CRO Forum’s Proposed Priorities Re Solvency ll, by Charlie Shamieh 

� Solvency ll – An Investor’s View, by Stefan Schuermann 

� Swiss Re’s Risk Management Organisation, by Christian Mumenthaler 

� Reputational Risk in Insurance, by Kai-Uwe Schanz 

� QIS2 Issues, by Bruno Porro 


THE CROs SPRING WORKSHOP 2006 OF THE GENEVA ASSOCIATION 

Bordeaux, France, 7-9 May 2006 

� Enterprise Risk Management and Rating Agencies: Update on S&P’s CAR and ERM 

by Eberhard Müller 

� Reputation and Reputational Risk, by Bruno Porro 

� Economic Framework Discussion. Confidence Intervals and Taxes, by Tom Grondin 

� Risk Management in AXA: Strategy and Implementation, by François Robinet 

� Fortis Group Credit Portfolio Management, by Luc Henrard 

� CEA Guidance on Quantitative Impact Study 2, by Bruno Porro 

� CRO Briefing: Emerging Risk Initiative – Position Paper. Climate Change and Tropical Cyclones 

in the North Atlantic, Caribbean and Gulf of Mexico, by Annabelle Hett 

� Annex: Diversification Effects in Insurance Groups – A Regulatory Angle to Efficient Solvency 

Requirements, by Patrick Darlap and Bernhard Mayr 

No. 317 / August 2006 

2 nd INTERNATIONAL LONGEVITY RISK AND CAPITAL MARKET SOLUTIONS SYMPOSIUM 

Chicago, 24 April 2006 

� Pensions, Risks and Capital Markets, by Adair Turner 

� Demographic Issues in Longevity Risk Analysis, by Eric Stallard 

� The Political Economy of Government Issued Longevity Bonds, by Jeffrey R. Brown 

and Peter R. Orszag 

� Pricing Life Securitizations and their Place in Optimal ILS Portfolios, by Morton Lane 

� Securitization of Life Insurance Assets and Liabilities, by J. David Cummins 

� Annuitization lessons from the UK: money-back annuities and other developments, 

by Tom Boardman 

� Longevity Bonds: Construction, Valuation and Use, by D. Blake, A. J. G Cairns, K. Dowd 

and R. MacMinn 

� Longevity/Mortality Index Trading: From Theory to Practice, by W. Dave Dowrich 

� Killing the Law of Large Numbers: Financial Valuation of Mortality Risk Via the Instantaneous 

Sharpe Ratio, by Moshe A. Milevsky 

� Multivariate Exponential Tilting and Pricing Implications for Mortality Securitization, 

by Sameul H. Cox, Yijia Lin and Shaun Wang 

� A Two-Factor Model for Stochastic Mortality with Parameter Uncertainty, by Andrew Cairns 

No. 316 / July 2006 

THE GENEVA ASSOCIATION’S FOUR PILLARS RESEARCH PROGRAMME 

Information, Contacts and Links 

No. 315 / June 2006 

VULNERABILITY AND THE ENVIRONMENT 

ECOLOGICAL, SOCIO-ECONOMIC AND INSTITUTIONAL DIMENSIONS OF EXPOSURE, 

ADAPTATION AND COLLAPSE 


No. 314 / June 2006 

FINAL REPORT TO THE GENEVA ASSOCIATION - VULNERABILITIES IN TECHNOLOGICAL 

SYSTEMS 

111

112 


Submitted in December 2004, Revised, Updated & Expanded in February 2006 


No. 313 / May 2006 

THE 22nd PROGRES INTERNATIONAL SEMINAR 

The Changing World of Insurance Regulation and Supervision 

Geneva, 30-31 March 2006 

� The Further Development of the Solvency ll Project, by Ivo van Es 

� Current IAIS Activities on Insurance Solvency Assessment, by Wil Dullemond 

� The Changing World of Insurance Regulation and Supervision, by Charlie Shamieh 

� Enhancing Insurance Companies’ Risk Management, by Günther Thallinger 

� The Activities of the CRO Network of The Geneva Association, by Bruno Porro 

� 10 Key Points for the German Insurance Industry as regards Solvency ll, by Thomas Schubert 

� Towards a common Global Solvency Standard, by Morag Fullilove 

� Contract Certainty. The Insurance Industry’s View, by Dave Matcham 

� Bermuda’s Carriers; Cats; and Contract Certainty, by Bradley Kading 

� Policy Contract Certainty & Catastrophic Issues. A Customer perspective, by Franck Baron 

� The EU Reinsurance Directive, by Alastair Evans 

� Integrated or Specialized Financial Markets Supervisory Authorities – is there a dilemma? 

by Jan Monkiewicz 

� Regulation of Rating Agencies: An Insurance Industry Perspective, by Michael Wolgast 

� International Cooperation-the Key to Regulation of Global Financial Markets, by A. Iuppa 

� IAIS Insurance Contracts Subcommittee Activities, by Rob Esson 

� Financial Reporting and Disclosure by Insurance Companies – International Survey of Users’ 

Needs, by Gerry Dickinson 

� Perspective of the latest IASB Board Decisions and Implications, by Joachim Kölschbach 

� Anticipating the Deregulation of the Pension system in Europe, by Eskil Ullberg 

� IAIS Recent Development, by Yoshihiro Kawai 

� Measurement of Trade in Banking Services: Some Thoughts Provoked by Proposals for 

Benchmarking, by Andrew Cornford 

� Pakistan’s GATS Commitments and Revised Offer, by Shaista Sohail 

� Insurance Services - Highlights of the UNCTAD Ad Hoc Expert Meeting, by Mina Mashayekhi 

� Improving Developing Country Participation in the GATS, by Linda Schmid 

No. 312 / April 2006 

ACCE 2006 


� Insurance and Reinsurance: Its Contribution to Economic Development, by Thomas Hess 

� Insurers’ Cost of Capital and Economic Value Creation: Principles and Practical Implications, 

by Thomas Hess 

� Offshoring in the Insurance Industry, by Wolf-Rüdiger Heilmann 

� Creating Value with Product Innovation: A case study. The Introduction of Variable Annuity with 

Guarantees, by François Robinet 

� Insurance Distribution, by Kees Tuijnman 

& 

VIVA 50 PLUS – WORLD AGEING & GENERATIONS CONGRESS 

St-Gallen, 29 September-1 October 2005 

� Introduction, by Geneviève Reday-Mulvey 

� Active Ageing in Employment – Making it a Reality, by Alan Walker 

� Confronting Demographic Change: A New Solidarity between the Generations, 

by Julius op de Beke 

� Ageing Workforce in the Netherlands, by Bert Lokhorst 

� Introduction, by Geneviève Reday-Mulvey 

� Public Pension and Change: The Case for Confidence, by Roland Sigg 

� Adequacy and Sustainability of Pensions Systems: Is there a Trade Off?, by Elsa Fornero 

� Redesigning Social Security for the U.S.: Elements of a Comprehensive Reform, 

by Yung-Ping Chen

No. 311 / March 2006 

1 st CRO ASSEMBLY 2005 ON CREATING A RISK CULTURE 

Rüschlikon, 16-17 November 2005 

� Introduction – The Geneva Association, by Patrick M. Liedtke 

� Establishing a New Chief Risk Officer Function: Reasons and Challenges, by Hans-Ulrich 

Doerig 

� Creating a Risk Culture, by Christian Mumenthaler 

� Internal Risk Model Benchmarking Study, by Raj Singh 

� Workshop – Internal Risk Models, by Raj Singh 

� Diversification and Group Solvency, by John Hele 

� Vulnerability as an Alternative Framework to Risk and Hazard, by Brian Woodrow 

� The Role of a Chief Risk Officer, by Charlie Shamieh 

� The Art of CROs Networks, by Walter Stahel 

� A View from the Regulator, by Philipp Keller 

� A Response from the Industry, by Joachim Oechslin 

� Introduction to the CRO Forum Initiative: Emerging Risk Roundtable, by Annabelle Hett 

� Megacities – Megarisks, by Andreas Siebert 

� Nanotechnology, by Lutz Cleemann 

� Influenza Epidemics and Avian Flu, by Robert Howe 

� The Psychology of Risk Perception, by David Ropeik 

� Survey on Key Issues and Emerging Risks from a CRO Perspective – Preliminary Findings, 

by Swiss Re 

� Survey on Key Issues and Emerging Risks from a CRO Perspective – Key Findings, 

by Ester Baur, Corinne Stöckli and Christina Ulardic 

� Summary of the 1 st CRO Assembly 2005 “Creating a Risk Culture” 

No. 310 / March 2006 

SOLVENCY II: STRATEGIC STAKES FOR THE INSURANCE INDUSTRY 

Brussels, 14 November 2005 

� Introductory Remarks, by Elemér Terták 

� Speech on Solvency and Insurance Regulation – Developments and Impact, 

by Gérard de la Martinière 

� Speech on Solvency and Insurance Regulation – Developments and Impact, by John Tiner 

� Solvency and IFRS, by Joseph Streppel 

� Solvency and Insurance Operations – Impact and Industry Initiatives, by Raj Singh 

& 

SOLVENCY II: CHALLENGING ISSUES FOR INSURANCE INDUSTRY 


� Solvency II: The New Regulation of Insurance Industry: What are the Main Expectations of the 

European insurance industry?, by Gérard de la Martinière 

� IAIS: Recent Developments and Future Work on Solvency, by Yoshihiro Kawai 

� Strategic Challenges of Solvency II, by Alberto Corinti 

� IFRS and Solvency II, by Gerry Dickinson 

� Solvency II: Update, Challenges and Areas of Interest for the European Industry, 

by Joseph Streppel 

� Integrated Risk Management e Solvency II: Un Nuovo Approccio (Italian version only), 

by Fausto Marchionni 

� L’importanza del Risk Management nelle Strategie Aziendali e nel Capital Management (Italian 

version only), by Carlo Acutis 

� The de Finetti’s way of Thinking, by Alfonso Desiata 

� Il Problema della Solvibilità delle Impresse di Assicurazione: Attualità dell’ Insegnamento di de 

Finetti (Italian version only), by Dario Focarelli 

� Solvency II and Integrated Risk Management in Insurance Companies, by Angelo Scarioni 

� Integrated Risks: Challenges and Views of a Global Player Insurance, by Mel Carvill 

� Solvency II e Modelli e Sistemi per Valutare e Gestire i Rischi (Italian version only), 

by Attilio Laganà 

113


� La Gestione Integrata del Rischio nelle Compagnie Vita (Italian version only), by Andrea 

Battista 

� Enterprise Risk Management: S&P’s New Approach, by Laura Santori 

No. 309 / January 2006 

PARIS INTERNATIONAL CONFERENCE ON RISK AND INSURANCE ECONOMICS 

Paris, 13 December 2005 

� Equity Risk Premium: Expectations Great and Small, by Richard A. Derrig and Elisha D. Orr 

� Discussion on “The Cost of Capital and the Equity Premium Puzzle”, by Francesco Franzoni 

� The Cost of Capital in Property-liability Insurance, by Stefan Schürmann 

� The Role of Annuities in a Changing Retirement Landscape, by Jeffrey R. Brown 

� Comment on “The Role of Annuities in a Changing Retirement Landscape, by Pierre Pestieau 

� Strategic Vulnerability of the Insurance Industry, by Patrick M. Liedtke 

� Economics and Psychology: What Have we Learnt about Risk, Savings and Investment? 

by Jean Tirole 

� The Economics of Insurance Intermediaries, by Neil A. Doherty 

� The New Retirement Challenge, by Jeffrey R. Brown 

� Annuities and Individual Welfare, by Thomas Davidoff, Jeffrey R. Brown and Peter Diamond 

� The Economics of Insurance Intermediaries, by J. David Cummins and Neil A. Doherty 

� Belief in a just World and Redistributive Politics, by Roland Bénabou and Jean Tirole 

� The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation 

by George-Marios Angeletos, David Laibson, Andrea Repetto, Jeremy Tobacman 

and Stephen Weinberg 

� Plan Design and 401(k) Savings Outcomes, by James J. Choi, David Laibson 

and Brigitte C. Madrian 

No. 308 / January 2006 


4 

114 

th ANNUAL MONTEPASCHI VITA FORUM 


� Introductory Address, by Silvano Andriani 

� Regulation of the Financial Sector and Relationships between Insurance Companies and Banks, 

by Pier Luigi Fabrizi 

� Introductory Address, by Emilio Tonini 

� Introductory Address, by Giancarlo Giannini 

� Introductory Address (Italian version only), by Luigi Scimia 

� The Development of Multilevel Legislation and its Impact on the Various Stakeholders, 

by Mario Sarcinelli 

� Presentation to the Forum Montepaschi Vita 2005, by Marco Onado 

� Regulatory Developments and the Impact on Insurance Industry Stakeholders - 3 Truisms and 

3 Expectations, by Peter Pfund 

� New Accounting Criteria for Insurance Companies: The Impact on Market Value and Investors, 

by Andrea Beltratti and Giuseppe Corvino 

� Challenges and Impacts of the Insurance multi-level Regulatory Framework, by Alberto Corinti 

� The Impact on New Regulations – ANIA Survey, by Dario Focarelli 

� Scenarios and Prospects up to 2010 for a banking Group of European scale, 

by Carlo Salvatori 

� International Association of Insurance Supervisors (IAIS) Setting the Standard for Insurance 

Supervision, by Alessandro Iuppa 

� Scenarios and Strategies from an International Player Viewpoint, by Gilles Benoist 

� Speech, by Gérard de la Martinière 

� Options for Public-private Partnership: What Role for the Financial, and Insurance Industry, 

by Giuseppe Zadra 

� The Contribution of the Insurance Sector to Economic Growth and Employment, 

by Giampaolo Galli 

� The Paradigms of Value. Public Interest and Private Initiative: How to Conceive a New 

Proactive Role of the Financial and Insurance Sector?, by Andreas Grünbichler 

� Public-private Partnership and the New Regulatory Boundaries of the Insurance World, 

by Emanuele Marsiglia

� Speech, by Fabio Cerchiai 


3 rd CHIEF COMMUNICATION OFFICERS MEETING, 2005 

Paris, 8-9 December 2005 

� Can Communication Transform the Image of the Insurance Industry as a Whole?, 

by Jean-Marie Prénaud 

� Insider’s View: Navigating the Measurement Challenge, by Dean Davison 

� Outsider’s View: Measuring Qualitative and Quantitative Communication - An Outsider’s View, 

by Stefan Schürmann 

� Media Analysis at Allianz Group, by Emilio Galli-Zugaro 

� Insurance and the U.S. public, by Gordon Stewart 

� Opportunity: Risk Towards a better Reputation of Risk, by Dirk Johannsen 

� Responding to Increasing Stakeholder Scrutiny, by Kai-Uwe Schanz 

� IFRS and Life Insurance, by Barry Walsh 

� Solvency II and its Effects on (Hannover Re’s) Capital, by Eric Schuh 

� Communication on Solvency II, and the Swiss Solvency Test, by Thomas Kähr 

� Insurance and its Positive Role in Modern Economies, by Patrick M. Liedtke 


3 rd ART OF CROs 

Brussels, 3-4 October 2005 

� Risk Management: Framework for Discussion of CRO Function and Tasks, by Bruno Porro 

� Integrated Risk Management in Banking and Insurance: The Fortis Case, by Luc Henrard 

� Loss Distributions and Confidence Limits & VaR to TVaR Comparisons, by Christian 

Mumenthaler and Bruno Porro 

� CRO Questionnaire 2005 Main Results, by Bruno Porro 

� CRO Emerging Risks Forum, by Annabelle Hett, by Christian Mumenthaler and Charlie 

Shamieh 

� Fitch’s Global Insurance Economic Capital Model, by Fedia Byrne, Jeff Mohrenweiser 

and Andrew Murray 

� Risk Mitigating Working Group / Key Principles for Final Policy Paper, by Charlie Shamieh 


3 rd HEALTH AND AGEING CONFERENCE 

Longevity – A Medical and Acturial Challenge 

Munich, 24 November 2005 

� Impact of Technological and Medical Advances on Longevity, by Caspar Sieger 

� Living Longer with Micro and Nano Technologies, by Nicola Pangher 

� Advances in Longevity and the Role of Pharmaceuticals, by Stephan Mumenthaler 

� The Challenge to Insurers presented by the Multi-Factorial Nature of Longevity, by Steve Wilson 

� Socio-Economic Factors and Life Expectancy, by Axel Börsch-Supan 

� Longevity and Long-term Care Insurance, by Lucie Taleyson 

� Longevity and its Impact on Health Systems, by David Paul 

� Is Longevity reinsurable?, by Florian Boecker 

� Longevity Protection: The Longevity Bond, by Barbara Blasel 


2 nd INTERNATIONAL INSURANCE AND FINANCE SEMINAR OF THE GENEVA ASSOCIATION 

London, 10-11 November 2005 

� Conference Summary, by Stefan Schürmann 

� Insurance Securitization: Market Development and Outlook, by John H. Fitzpatrick 

� Securitization of Life Insurance – Assets and Liabilities, by J. David Cummins 

� Risk Securitization and Insurance: Market Developments and Outlook, by Alan Punter 

� Insurance Portfolio Transfers – The Emergence of a Restructuring Tool, by Ian Clark 

� Insurance Portfolio Transfers, by Nigel Montgomery 

� Insurance – A Growth Industry, by John R. Coomber 

115

116 


� The IASB’s Project on Insurance Contracts, by Peter Clark 

� IFRS’s and Insurance Companies: Current Position and Challenges Ahead, by Tim Harris 

� What Users Want from the Financial Statements of Insurance Companies: The Geneva 

Association – Mercer Oliver Wyman Survey, by Anthony Stevens and Gerry Dickinson 

� Measuring and Assessing Insurance Company Performance, by Andrew Moss 

� Performance Reporting, by Burkhard Keese 

� Measuring and Assessing Insurance Company Performance, by Stefan Schürmann 

� Measuring and Assessing Insurance Company Performance – A Private Investor Perspective 

by Martin White 

� Measuring and Assessing Insurance Company Performance, by Simon Harris 

� Solvency ll, by Paul Sharma 

� Progress on Solvency ll and the Measurement of Capital, by Alexander Grawert 

� Measurement of Capital, by Michael Zboron 

� New Capital Raising by Insurers, by Jerry M. de St. Paer 

� New Capital Raising by Insurers, by John Westby 

� Trends in the Markets and in Bank Regulation and the Implications for European Insurers, 

by Guy Miller 

� New Capital Raising by Insurers: The Standard & Poor’s Perspective, by David Anthony 

� ALM and Strategic Management, by Paul Caprez 

� From ALM to ERM, by Martin Lees 

� ALM and its links to Strategic Management and ERM in Insurance Companies, by Ian Farr 

� From ALM to Asset Strategy: Developments and Challenges, by François Robinet 

� Life Insurance in the Quandary, by Michael E. Bös 

� A View on Essentials of Life Insurance Investment Management, by Oliver Bäte 

and Günther Thallinger 


ANNUAL LIABILITY REGIMES CONFERENCE 

How to Better React to Developments in Liability and Insurance 

Munich, 26-28 October 2005 

� Foreword: Liability Insurance – The Need for Objective Analysis of Reality, 

by Nikolaus von Bomhard 

� Mainstreams in the Development of European Tort Law, by Bernhard A. Koch 

� Mainstreams in the Development of European Tort Law, by Gerhard Wagner 

� International Forum Shopping and Transnational Law Suits, by Harald Koch 

� Forum Shopping – A Practitioner’s Perspective, by Anthony Fitzsimmons 

� The Impact of Liability Insurance on Tort Law, by Christian Lahnstein 

� The Impact of Liability Insurance on Tort Law Developments, by Gerhard Wagner 

� Liability Insurance and Tort Law, by Tom Baker 

� The Influence of Insurers upon the System of Compensation for Personal Injury, 

by Richard Lewis 

� The Social Construction of Bodily Injury, by Christian Lahnstein 

� The Social Construction of Bodily Injury, by Phil Bell 

� The Social Construction of Bodily Injury, by Jan Pieter Six 

� The Class Action Fairness Act of 2005, by Linda Mullenix 

� U.S. Asbestos Reform – Prospects and Consequences of State and Federal Reform Efforts, 

by Francis Bouchard 

� The Evolving Conditions in U.S. Liability that Change the Game for, Insurers – The Reality of 

Mass Tort, by John Swenson 



WORLD RISK AND INSURANCE ECONOMICS CONGRESS INAUGURAL CONFERENCE 

Salt Lake City, USA, 7-11 August 2005 

� Reforming Public Pensions, by Peter A. Diamond 

� AXA Equitable – Variable Product Guaranteed Benefits & Hedging Considerations, by Stan 

Tulin 

� Fighting Insurance Fraud: Regulator’s Initiatives in Korea, by Hunsoo Kim

� IAIS Discussion on Solvency, by Yoshihiro Kawai 

� Thailand’s Financial Regulation related to Capital Adequacy, by Potjanee Thanavaranit 

� Insurance Regulation and Supervision in Peru: A RBS Framework for the SBS, 

by Ruben Mendiolaza 

� A Global Framework for Solvency Assessment, by Terri M. Vaughan 

� Bounding Risk Measures for Portfolios with Known Marginal Risks, by Paul Embrechts 

and Giovanni Puccetti 

� The Economics of Insurance Intermediaries: Should Contingent Commissions Be Illegal?, 

by J. David Cummins 

No. 301 / October 2005 

THE CROs’ SPRING WORKSHOP 2005 OF THE GENEVA ASSOCIATION 

Organized with Hannover Re 

Hannover, 11-12 May 2005 

� Framework for CRO Network Activities, by Bruno Porro 

� Swiss Re’s Risk Management Function, by Bruno Porro 

� Risk Mitigation Workstream, by Charlie Shamieh and Joachim Oechslin 

� Risk based Capital, Rating and Solvency ll – How Does this Fit Together?, by Eberhard Müller 

and Peter Boller 

� Discussion with S&P, by Charlie Shamieh 

� Introduction to Emerging Risks, by Christian Mumenthaler and Charlie Shamieh 

� Proposal for Emerging Risks Study, by Annabelle Hett and Manuela Zweimüller 

No. 300 / August 2005 

THE GENEVA ASSOCIATION’S HEALTH AND AGEING RESEARCH PROGRAMME CONTACTS AND 

LINKS 

Special Issue 

No. 299 / July 2005 

11 th JOINT SEMINAR OF THE EUROPEAN ASSOCIATION OF LAW AND ECONOMICS (EALE) AND 

THE GENEVA ASSOCIATION (GA) 

Berlin, 16-17 June 2005 

� Risk Classification and Social Welfare, by Michael Hoy 

� Risk Differentiation Endangered by Recent Policy Trends?, by Michael Faure 

� Fairness and Equality in Insurance Classification, by Yves Thiery and Caroline Van Schoubroeck 

� Some Novel Perspectives on Risk Classification, by Guy Thomas 

� Dynamic Risk Classification in a Law and Economics Perspective: The Italian Experience, 

by Donatella Porrini and Irene Luperto 

� Adverse Selection with Individual- and joint-Life Annuities, by Susanne Pech 

� Age as a Variable in Insurance Pricing and Risk Classification, by Mary Kelly and Norma 

Nielson 

� Automobile Insurance Policy Options, Rating System, and Risk Classification, 

by Chwen-Chi Liu, Chu-Shiu Li and Jia-Hsing Yeh 

� Unisex-Tariffs in Health Insurance, by Oliver Riedel 

� Genetics and Insurance: Quantifying the Financial Impact of Genetic, Information, 

by Angus Macdonald 

� Compulsory Insurance of Loss to Property Caused by Natural Disasters: Competition or 

Solidarity?, by Roger Van den Bergh and Michael Faure 

No. 298 / June 2005 

THE 21st PROGRES INTERNATIONAL SEMINAR 

The Regulation and Supervision of Financial Services: Challenging Issues 

Geneva, 7-8 April 2005 

� Opening Address: Basel ll – The Evolution of the Bank Capital Adequacy Framework, 

by Ryozo Himino 

� Joint Forum / Work on Risk and Capital, by Christopher J. McHale 

117


� Recent Developments and Future Work of the IAIS, by Yoshihiro Kawai 

� Solvency ll, by Michael Koller 

� What is at Stake with the EU Solvency ll Reform?, by Philippe Trainar 

� The Insurance Core Principles – The Basis for Effective Insurance Supervision, by Helmut 

Müller 

� Assessing Contractual Savings and Insurance: Purpose and Results, by Craig Thorburn 

� Experiences from an Assessment under the FSAP, by Edward Forshaw 

� IAIS Activities on Anti-money Laundering/Combating the Financing of Terrorism, 

by Peter van den Broeke 

� Combating Money Laundering and Terrorist Financing Risks in the Life Insurance Industry, 

by Georges Stansfield 

� Challenges Facing non-life Insurers from Money Laundering, by Andy Wragg 

� Tria and Beyond: The U.S. Approach, by Christopher Yaure 

� Extremus – The German Terrorism Insurance Solution, by Bruno Gas 

� Pool Reinsurance Company Limited, by Steve Atkins 

� Improving Regulatory Governance, by Rolf Nebel 

� IFRS for Insurance Contracts, by Joachim Kölschbach, replaced by Stefan Engelländer 

� EU – US Insurance/Reinsurance Market Inefficiencies, by John Cooke 

� Liberalisation of Insurance Services, by Kurt Schneiter 

� FLWG Model Schedule and Liberalisation of Insurance Services, by Jürgen Huppenbauer 

� Work in the WTO Committee on Trade in Financial Services, by Miyon Lee 

� Assessing the Restrictiveness of Barriers to Trade in Banking Services, by Nora Dihel 

No. 297 / May 2005 


5 

118 

th ASIAN CEO INSURANCE SUMMIT 

Creating a World Class Management Culture for Growth and Success in Asia 

Taipei, 20-22 March 2005 

� VIP Address, by Wu Rong-I 

� Opening Address, by Sunny Lin 

� Special Address, by Patrick M. Liedtke 

� Keynote Address: A Chief Executive’s Perspective of Launching, Nurturing and Running a 

Successful Reinsurance Operation, by Donald Kramer 

� Special Address II: The Challenges of Producing a “World Class” Underwriter, by Terrie E 

Troxel 

� CEOs Meeting the Challenge of the Day through Innovation, by Sean Mooney 

� CEOs Meeting the Priority Challenge of the Day through Innovation, by Warren Tseng 

� Corporate Governance and other hot Legal Issues for CEOs, by John Richardson 

� IAIS Key Developments, by Yoshihiro Kawai 

� Insurance & Risk based Capital in Australia, by Tom Karp 

� An Overview of the Risk based Capital (RBC) Framework for Insurance Business, 

by Tan Hak-Leh 

� Regulatory Aspects for Creating a World Class Management Culture in Growth and Success in 

Asia – An Indian Perspective, by C. S. Rao 

� Overview of Industry Performance & Organization of Supervisory Agencies, by Huang Tien-Mu 

� The Value Proposition of a Mid-sized International Reinsurer, by Benjamin Gentsch 

� Training & Leadership as a Vital Ingredient of Success in Running an MNC Locally, 

by John Bassetto 

� DFA Modelling – out of the Backroom, into the Boardroom: How Dynamic Financial Analysis 

can help CEOs to Manage their Business and Maximise Profitability, by David Simmons 

� Managing Across Cultures, by Gordon Perchthold 

� Managing Across Cultures, by Solomon Chiu 

� Nurturing a Local Company into an International Player, by Steve T H Chen 

� Quality Underwriting: The Bedrock of an Open, Innovative and Internationally Competitive 

Marketplace, by Michael J. Casella 

� Strategic Management Tips in Non–life Insurance, by Bruce Howe 

� A Study of Changing Risk Factors over the last 10 Years in Taiwanese Life Insurance, & Lessons 

for all, by Simon Walpole 

� From Product Focus to Customer Centricity – A Critical Path to Ongoing Success, by P. Y. Chan

� What keeps CEOs of Life and Non-life Insurance Companies awake at Night? What Solutions?, 

by Frank Kuen-Bao Ling 

� Succeeding in the Insurance Business over the Long Term, by Richard Wang 

� Special Closing Address: Creating a World-class Management Culture for Growth and Success 

in Asia, by T. M. Shih 

No. 296 / April 2005 

INSURANCE AND INTERNATIONAL FINANCE REPORTING STANDARDS 

Milan, 1 December 2004 

� Opening Remarks, by Roberto Pontremoli 

� The Impact of International Accounting Standards: Strategic Challenges for European Insurance 

Industry, by Gérard de La Martinière 

� The Impact of the New IAS/IFRS and the Process of Developing an International Regulatory 

Framework, by Yoshihiro Kawai, replaced by Catherine Lezon 

� The Impact of IAS/IFRS on the Strategies and Business Models: A Global Player View, 

by Denis Duverne 

� Impact of a IFRS Based on Full Fair Value: Views of Leading International Insurance 

Companies, 


� Insurance Activity: The International Accounting Standards (IAS), by Alfonso Desiata 

� The Impact of IAS/IFRS on the Organisational Management of an Insurance Company, 

by Gianfranco Bennati 

� IFRS and Insurance Companies Competitiveness, by Attilio Laganà 

� The Impact of IAS/IFRS on Insurance Market, by Angelo Scarioni 

� New Accounting Standards and the Effects on the Insurance Sector, by Andrea Battista 

� Problems and Uncertainties in Formulating Investment Strategies within the IAS/IFRS Schemes, 

by Stefano Carlino 

� The Impact of International Accounting Standards on Insurance Market, by Dario Focarelli 

� The Impact of International Accounting Standards on the Insurance Market, by Benoit Jaspar 

� Insurance and International Accounting Standards, by Giampaolo Galli 

No. 295 / April 2005 

27th LIABILITY REGIMES CONFERENCE 

A European Perspective on Global Developments 

Rüschlikon, zurich, 27-29 October 2004 

� General Liability Crisis and (Re-)insurance Companies Strategic Issues, by Patrick Thourot 

� Social and Institutional Factors Influencing Bodily Injury Compensation, by Christian Lahnstein 

� The Economic System as Catalyst for Evolving Liability Regimes, by Patrick M. Liedtke 

� The Changing Landscape of Liability, by Geoff Lye 

� The Extremes of the US Liability System: Causes & Consequences, by Robert P. Hartwig 

� Mass Litigation in the US, The Story Continues, by Deborah Hensler 

� The Economics of Liability Losses – Insuring a Moving Target, by Thomas Holzheu 

� United Tort Laws of Europe. Blessing or Curse?, by Bernhard Koch 

� Asbestos, Liability, Insurance and European Diversity, by Nicholas Roenneberg 

� New Claims Management Processes, by Jeremy Pinchin 

� Alternative Instruments for Financing Long-Tail (Liability) Risks, by Jan Pieter Six 

� Conference Summary, by James R. Peterson 

No. 294 / April 2005 

20 th PROGRES INTERNATIONAL SEMINAR 

New Developments in the Regulation and Supervision of Financial Services 

Geneva, 4-5 November 2004 

� Recent Development and Future Work of the IAIS, by Yoshihiro Kawai 

� Challenges for the Insurance Industry facing a New, more Complex, Regulatory Environment, 

by Daniel Schanté 

� The FSI Training Programme on Insurance, by Gunilla Borer 

� Rationalizing the Regulation of Reinsurance, by William C. Marcoux 

� IAIS Activities on Solvency in the Insurance Sector, by Will Dullemond 

119

120 


� Insurance Sector Views on Solvency ll, by Thomas Schubert 

� Controlling Insurer Insolvency Risk: An International Comparison, by Robert Gibbons 

� Reinsurance in Ukraine: Today and Tomorrow, by Tatyana Mosiychuk 

� Joining the EU: The Effect on Insurance Regulation and Supervision in Poland, by J. Monkiewicz 

� The Development of Insurance Regulation in Russia: Life and Pensions, by Andrei Doubinine 

� International Financial Reporting Standards: Activities of the GA and Ideas on going forward, 


� Lessons learned from Implementation of IFRS 4 and Impact on Phase ll, by Hitesh Patel 

� Insurance Accounting Standards – an Update, by Douglas Barnert 

� EU–US Insurance/reinsurance market Inefficiencies, by John Cooke 

� Global Pension and Asset Management Developments: Opportunities and Challenges, 

by Stuart Brahs 

� Privatization of Japan’s Postal Insurance Business and the Multilateral System, by Bradley Smith 

� Recent Developments Trade in Financial Services, by Miyon Lee 

� Risks in the GATS Negotiations on Financial Services, by Myriam Vander Stichele 

� New Developments in the Regulation and Supervision of Financial Services, by Julian Arkell 

No. 293 / March 2005 



� The Public-private Interface – Task Distribution and Complementarity, by Philippe Trainar 

� Banking versus Insurance – Singularities and Competition, by Dario Focarelli 

� Changing Limits of (private) non-life (re-)insurance?, by Clemens Muth 

� Challenges and Potentials in the Life Insurance Sector, by Mel Carvill 

� How to Leverage Insurance – Capital Allocation for Growth Generation, by Frederik von Dewall 

& 

INSURANCE STRATEGIES FOR CHINA – INTERNATIONAL PERSPECTIVES 

Hangzhou, China, 24-26 October 2004 

� Developing Bancassurance with China Post, by Gilles Benoist 

� Insurance Strategies for China from International Perspective, by Takeo Inokuchi 

� Shifting Weights: Challenges of Developing Reinsurance in China vs Traditional Markets, 

by Pierre Ozendo 

� Partnership in Risk – An Essential for the Future of our Industry, by Karl Wittmann 

� China: Insuring a Promising Future, by Ron Pressman 

� Integrated Risk Management, by Karl Wittmann 

� The Global Insurance Industry: Weathering the Storms Ahead, by Patrick M. Liedtke 




The Paradigms of Value Towards a Good Governance in Financial and Insurance 

Services: The Challenge of Ethics, Trust and Transparency 


� Introductory Address, by Silvano Andriani 

� Introductory Speech, by Emilio Tonini 

� Introduction, by Mario Sarcinelli 

� Corporate Governance, Corporate Social Responsibility and the Global Impact of the Firm, 

by Andrea Beltratti and Geoffrey Heal 

� The New Italian Pension Reform Bill and the Socially Responsible Role of Pension Funds, 

by Luigi Scimia 

� Transparency and Accountability in the International Insurance Regulatory Framework, 

by Alberto Corinti 

� Introduction to the Session 2, by Patrick M. Liedtke 

� C.S.R. & Corporate Governance Relevant for the Financial and the Insurance Sector?, 

by Céline Louche, replacing L. Van den Berghe 

� The U.S. Case and the Role of Professional Organizations in Boosting Trust in Financial 

Business, by Brian K. Atchinson 

� New Commitments and Greater Transparency in French Insurance, by Gilles Benoist

� Governance and Transparency in the Italian Insurance Industry, by Giampaolo Galli 

� Socially Responsible Investing Trends, by Maurizio Lualdi 

� Linking CSR and Corporate Governance: The Good Governance Vision of an International 

Insurance Group, by Johan van der Werf 

� The Challenge of CSR and Relations With all Stakeholders of an Italian Key Player, 

by Mario Greco 

� CSR Challenges for a Bancassurance Player, by Emanuele Marsiglia 

� Intervention, by Fabio Cerchiai 

No. 291 / January 2005 

THIRD PARIS INTERNATIONAL CONFERENCE ON RISK AND INSURANCE ECONOMICS 

9 December, 2003 

� The New Financial Order: Risk in the 21th Century, by Robert J. Shiller 

� Adverse Selection due to Genetic Tests in Insurance Markets, by Jean Lemaire 

� Insurance Risk Management in the Light of Basel ll, by Paul Embrechts 

� Current Issues in European Corporate Governance, by Marco Becht 

� Social Security Reforms in Europe, by Axel Börsch-Supan 

& 

FOURTH PARIS INTERNATIONAL CONFERENCE ON RISK AND INSURANCE ECONOMICS 

14 December, 2004 

� Presentation of the Conference, by Christian Gollier and Pierre Picard 

� Tort Reform, Regulation, and Insurance Market Performance, by W. Kip Viscusi 

� Comments on Tort Reform, Regulation, and Insurance Market Performance, by Claude Fluet 

� Why is the U.S. Long-Term Care Insurance Market So Small?, by Amy Finkelstein 

� Comments on Why is the U.S. Long-Term Care Insurance Market So Small?, by Pierre Picard 

� Differentiation or Discrimination? The Economics of Insurance Pricing, by Pierre-André 

Chiappori 

� Investment Behaviour: A Behavioural Finance Perspective, by Martin Weber 

� Comments on Investment Behaviour: A Behavioural Finance Perspective, by Mark Willinger 

� Dynamic Portfolio Management, by Christian Gollier 

� Role of the CRO in an Insurance Company, by Patrick M. Liedtke 

No. 290 / January 2005 


The Role and Relevance of Insurance for Manufacturing Industries 

Bordeaux, 8-9 November 2004 

� Risk Dialogue with Industry: Conclusions after 25 years, by Matthias Haller 

� The Role & Relevance of Insurance for the Automobile Industry, by Eberhard Knebel 

� Disaster Recovery for Industrial Plants – a Case Study, by Ernst Weiss 

� The Future of Industrial Insurance, by Eric Bloem 

� A New EU Initiative: the Technology Platform “Safety for Sustainable European Industry”, 

by Olivier Salvi and Richard Gowland 

� Industrial Risk Financing Supply and Demand, by Lex Geerdes 

� Managing Large Risks, by Ruediger Seitz 

� Cycles and Trends – Underwriting Concerns for CROs, by Bruno Porro 

� Managing the Risks of a Leading Bio-tech Company – what Help is Insurance?, by J. Brizard 

� Innovation and Risk – how Antagonistic Attitudes Affect the Biotech and Insurance Industries, 

by Thomas Epprecht 

� Insurance – A View from DuPont, by John Broomfield 


2 nd MEETING OF THE GENEVA ASSOCIATION’S GLOBAL INSURANCE COMMUNICATIONS 

NETWORK 

zurich, 6-7 December, 2004 

� 15 Years Behind the Times: Branding in Financial Services, by Aubry Pierre 

� Insurance and the U.S. Public, by Gordon Stewart 

� “One Company Without Borders” A Case Study in Cultural Change Management, by Claire 

121

122 


Eeles 

� Communicating Change – Consistency is Key, by Ward Snijders 

� The Faces of Reputation, by Thomas Scheiwiller 

� 20 Years to Build a Worldwide Leading Brand, by Dorland Clauzel 

� The Journey to Becoming a Single Global Brand, by Bernhard Eggli 


2 nd HEALTH AND AGEING CONFERENCE 

Health, Ageing and Work - Strategies for the New Welfare Society in the Larger Europe 

Trieste, 21-23 October, 2004 

� Limits of Human Longevity: Empirical Evidence, by Jean-Marie Robine 

� Longevity: A Right to Conquer, by Vincenzo Marigliano 

� Extending Life - Disease Pattern Shift, by Giorgio Stanta 

� Technology Supporting Wellness Management, by Nicola Pangher 

� Saude 24: A Public-Private Partnership, by Carlos Cunha de Eça 

� Improving Access to New Therapies for Older Patients, by Nicolas Bosanquet 

� Health and Disability – The Italian Case, by Angelo Carenzi 

� Health Insurance with Medical Savings Accounts – An International Perspective 

by Jonas Schreyögg 

� Private Health Insurance in OECD Countries, by Francesca Colombo 

� The Demographic Situation Now and in the Next 10 To 20 Years, by R. Cagiano & B. Cassani 

� Active Ageing - A Core Policy Priority for the European Union, by Fritz von Nordheim 

� Recent Dutch Reforms on Employment of Older Workers, by Katalina Velladics 

� Extending Working Life: UK Experiences, by Samantha Mercer 

� Is Aging A Cause For Absenteeism In Continuing Education?, by Wolfgang Gallenberger 

� How to Reconcile Employees Interests with the Increasing Older Workers Employment 

Policies?, 

by Martin Hutsebaut 

� The Italian Attitude of Social Partners, by Maria-Luisa Mirabile 

� Work Beyond 60: Employment Strategies for an Extended Life Cycle, by G. Reday-Mulvey 

� Continuing Professional Development (CPD), by Ermanno Pitacco 

� Italian Perspectives of the Four Pillars: A Macroeconomic Point of View, by Dario Focarelli 

� Working Life Prolongement – A Labour Market Perspective, by Paolo Sestito 

� Working Life Prolongement – A Labour Market Perspective, by Federica Seganti 

� Italian Perspectives of The Four Pillars: Ongoing Reforms, by Angelo Scarioni 

� Development of Social Policy After Enlargement, by Maciej Duszczyk 

� Welfare State in Russia: Insurer’s View, by Andrei Doubinine 

� Changes in the Economy and Regional Processes after the Change of System, by Eva Ehrlich 

� Basic Factors of Needed Welfare Policy Transformation in the Czech Republic, by Karel Zeman 

� Svecchiamento -A New Feature of the 21 st Century – Can it be an Asset?, by Ivo Slaus 

� How to Thrive in the Knowledge Society?, by Aleksander Zidansek 



INTERNATIONAL INSURANCE AND FINANCE SEMINAR 

Current Financial Issues in Insurance 

London, 11-12 November, 2004 

� The Changing Finance Function within Insurance Companies, by David Gittleson 

� The Changing Role of the Risk Management in Insurance Companies and its Links to Financial 

Management, by Charlie Shamieh 

� The Use of Models in Credit Ratings, by Rob Jones 

� Innovations in Raising New Capital for Insurance Companies, by Paul Stanworth 

� Developing the Solvency II Framework in Europe, by Michael Thom 

� Capital Utilisation in Insurance Companies: an Analysts view, by Stefan Schürmann 

� Enhancing Shareholder Value in Life Insurance, by Rolf Ulrich 

� Enhancing Shareholder Value in a Non-Life Insurance, by Patrick O’Sullivan 

� The New European Embedded Principles, by Tim Harris

� Measuring Financial Performance in Insurance, by Mark Davison 

� Measuring Financial Performance in Insurance, by Michael Zboron 

� Determining the cost of Capital in an International Insurance Company, by John Hancock 

� Overview of Current Position and Theoretical and Practical Issues, by Gerry Dickinson 

� Developing an IFRS for Insurance Contacts under Phase II: the IASB Perspective, by Peter 

Clark 

� Methods of Valuing non-life Insurance Liabilities, by Mark Scully 

� Methods of Valuing Life Insurance Liabilities, by Nigel Masters 

� Information needs of Financial Analysts: European Perspective, by Robin Mitra 

� Information needs: an Institutional Investor Perspective, by Graham Warren 

� Information needs: an Institutional Investor Perspective, by Martin White 

� Lunch Speech, by John Tiner 

� Asset-Liability Management Models: Insurance Company Perspective, by Gérald Harlin 

� Asset-Liability Management Models: a Rating Agency View, by Martin Lees 

� Asset-Liability Management Models: Consultancy Perspective, by Anthony Stevens 


31 st SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE ECONOMIST (EGRIE) 

Marseille, 20-22 September, 2004 

� Point Record Mechanisms and Road Safety: An Economic Approach, by Jean-Marc Bourgeon 

and Pierre Picard 

� The main Determinants of the Number of Accidents in the Automobile Insurance: An Empirical 

Analysis, by Maria Del Carmen Melgar Hiraldo, José Antonio Ordaz Sanz and 

Flor Maria Guerrero Casas 

� Asset Allocation given Non-market Wealth and Rollover Risk, by Guenter Franke, 

Harris Schlesinger and Richard C. Stapleton 

� Medical Decision making with Imprecise Probabilities, by Louis Eeckhoudt and Meglena Jeleva 

� Do more Aggressive Investors Demand Less Insurance?, by Jérôme Foncel and Nicolas Treich 

� The Role of Patience in an Insurance Market, by Michael Sonnenholzner and Achim Wambach 

� How much Internalization of Nuclear Risk through Liability Insurance?, by Yves Schneider and 

Peter Zweifel 

� An Experimental Study of the Full-coverage Puzzle, by Zur Shapira and Itzhak Venezia 

� Insurees’ Risk Perception and Corrective Subsidies, by Michele Cohen, Johanna Etner and 

Meglena Jeleva 

� Attorneys, Fraud and Claims abuse: Improving Contracts by Manipulating the threat Points, 

by John M. Marshall 


FOLLOW-UP OF INTERNATIONAL SYMPOSIUM IN CAMBRIDGE 

Public Policy, Ageing and Work and Related Papers on Europe and China 


� Foreword, by Geneviève Reday-Mulvey 

� Synthesis: Framing Policy on Ageing and Work: Issues and Principles, by Philip Taylor 

� Australia: Population, Participation and Productivity – the Australian Government’s Approach, 

by Sol Encel 

� Attachment - Profile of Mature Age People and the Labour Market, by Sol Encel 

� Canada: To Be Employed or Not To Be Employed? An Examination of Employment Incentives 

and Disincentives for Older Workers in Canada, by Julie Ann McMullin And Terri L. Tomchick 

� The European Commission Communication “Increasing the Employment of Older Workers and 

Delaying the Exit from the Labour Market” from the Commission, to the Council, the European 

Parliament, the European Economic and Social Committee and the Committee of the Regions 

(COM (2004) 146 final, Brussels 3.3.2004) 

� The Need for an Extended Working Life in Europe, by Katalin Velladics 

� The Graying of the Middle Kingdom, The Demographics and Economics of Retirement Policy in 

China, by Richard Jackson and Neil Howe 

No. 284 / June 2004 

THE GENEVA ASSOCIATION’S 1 ST CHIEF COMMUNICATION OFFICERS MEETING 

123

124 


zurich, 4-5 December, 2003 

� Managing Capital and Risk in Turbulent Times, by Kai Uwe Schanz 

� Society’s DNA: Challenges from the Social Dimension for Insurance, by Miguel Angel Vázquez 

� Liability Trends, Issues and Jury Verdicts: Impact on Insurance Liability and Excess Casualty 

Markets, by Gordon Stewart 

No. 283 / May 2004 

4 th CEO INSURANCE SUMMIT 

Delivering on the Growth Promise and Profit in Asia 

Seoul, South Korea, 10-11 February, 2004 

� Opening Address, by Chan-Byung Bae 

� Need for Strategic Cooperative Channel for the Asian Region, by Kwon-Seok Kang 

� Reality Check in Insurance: Weathering the Storms Ahead, by Patrick M. Liedtke 

� Our Experiences in the Japanese Non-Life Insurance Market and Cooperation with Our 

Neighbors, by Takeo Inokuchi 

� Change Management with New Vision, by Chang-Jae Shin 

� China’s Insurance Industry: Challenges and Strategies, by Wang Guo Liang 

� Eyeing the Largest Market Potential in Asia - CEPA and Beyond for Insurers in Hong Kong 

Looking at China, by Chung-Foo Choy 

� Identifying Growth Avenues in Asian Markets, by Terry Metzger 

� Corporate Governance, by John Richardson 

� Challenges in Insurance Regulations & Supervision – India, by C.S. Rao 

� Solvency and RBC Requirements, by Park Chang Jong 

� Delivering on the Growth Promise and Profit in Asia, by Hauw Soo Hoon 

� Challenges in Insurance Regulation and Supervision in Malaysia, by Donald J. Jaganathan 

� Hong Kong–Benchmarking Regulation against World Standards, by Richard Yuen 

� Risk-Based Capital in Taiwan, by Mark P. Wei 

� Partnership in Risk, by Bernd Gierl 

� Critical Success Factors of a Non-Life Operation in Asia – A Winner’s Perspective, by Ian Brown 

� Critical Success Factors of a Life Operation in Asia – A Winner’s Perspective, by Pee-Yuaw 

Chan 

� Market Consistent Embedded Values – Valuing Life Insurance Companies Using Leading-edge 

Techniques, by Mark Saunders 

� Technology as a Bottom Line Strategy, by Terry McGee 

� Getting CEOs to Embrace the Changes to New Technologies, by Mijung Kim 

� AAA – Automation, Agility, Acceleration, Your Insurance Business with Business Rules, 

by Joe Boissy 

� Identifying & Responding to Opportunities in New and Old Markets, by Joan Fitzpatrick 

� The Importance of Risk-Adequate Pricing in Primary Insurance and Reinsurance, by Roland 

Eckl 

� Getting Value for Money from Project Investments, by Gordon Perchthold 

� The Future in Asia – Action Plan to Make the Potential a Reality and Narrowing the Gap 

between Minimum Standards and Best Practices, by Sean Mooney 

� Closing Remarks for the CEO Insurance Summit Conference, by Oh Sang-Hyun 

No. 282 / April 2004 


5 th AMSTERDAM CIRCLE OF CHIEF ECONOMISTS 2003 


� Changes in the Reinsurance Cycle: Opportunities and Challenges, by Clemens Muth 

� The Search for an International Accounting Standard for Insurance, by Gerry Dickinson 

� The Challenges for Insurance Asset Management, by Fred van den Spiegel 

� Integrated Assessment of Operational Risk in Insurance, by Stephen Withers 

& 

6th AMSTERDAM CIRCLE OF CHIEF ECONOMISTS 2004 


� Risk Management: a Proposed Change in Insurance Strategy, by Roberto Pontremoli 

� Challenges Facing Individuals in Managing Longevity Risk, by Harold Skipper

� Finding Sustainable Retirement Solutions for an Aging Population, by Jan Nijssen 

� Financial Reporting, Insurance Operations and Potential Conflicts: The Geneva Association 

Work on Accounting Regulation and Financial Markets, by Gerry Dickinson 

� Impact of new IFRS on Insurance Company Behaviour, by Gerard de la Martinière and 

Thomas Hess 

No. 281 / March 2004 

2 nd MONTEPASCHI VITA FORUM ON PARADIGMS OF VALUE 

The Risk Shift from Public to Private: Which Role for Insurance and Financial Groups? 

Rome, September 2003 

� Introductory Address, by Antonio Silvano Andriani 

� Introductory Address, by Emilio Tonini 

� Presentation of a Policy Report, by Emanuele Marsiglia, Andrea Beltratti and Marcella Frati 

� Integrated Savings – Are the Actors Ready to Play ?, by Maurizio Lualdi 

� A Brief Summary, by Roberto Pontremoli 

� The French Case from a Key Player View, by Gilles Benoist 

� The UK Market, by Andy Briggs 

� The German Case, by Johannes Lörper 

� The Italian Market and Scenario, by Paolo Molesini 

� The Privatisation Trend of Social Security : Challenges Ahead, by Bart De Smet 

� Scenarios and Prospects from the Viewpoint of a Bancassurance Group, by Emanuele Marsiglia 

� A Key Domestic Player View, by Sandro Salvati 

� The European Regulatory Framework: Challenges and Scenarios, by Daniel Schanté 

� Closing Address, by Fabio Cerchiai 

� Closing Address, by Antonio Silvano Andriani 

No. 280 / March 2004 

VULNERABILITIES AND CRITICALITIES OF TECHNICAL AND ORGANISATIONAL SYSTEMS IN THE 

NEW SERVICE ECONOMY 

Special Report, Geneva, March 2004 


THE M.O.R.E 18 – SEMINAR 

Uninsured Risks and First ART of CROs 

Athens, 6-7 November 2003 

No. 278 / January 2004 

INSURANCE AND THE STATE OF THE ART IN CAT BOND PRICING 

Special Issue, Geneva, January 2004 

No. 276 EGRIE I & 277 EGRIE II / December 2003 

zurich, 14-17 September 2003 


19 TH PROGRES INTERNATIONAL SEMINAR 

The Regulation of Financial Services in Relation to Risk 

Geneva, 18-19 September 2003 

No. 274 / October 2003 

A THINK TANK EXPLORATION 

The Future of the Civil Justice System – and Insurance 

Hartfort, Connecticut, 24-25 March 2003 


THE DYNAMICS OF UK RETAIL INSURANCE 

London, 27 November 2002 

125

126 


No. 272 / July 2003 

3 RD CEO INSURANCE SUMMIT 

Eying World Class Standards – The Asian Approach 

Hong Kong, 25-26 March 2003 

No. 271 bis / Conference Papers / June 2003 

INSURANCE AND RELATIONSHIP WITH BUSINESS ETHICS 

The responsibility towards shareholder and policyholders 

Milan, 14 March 2003 

No. 271 / June 2003 

WORK BEYOND 60: PREPARING FOR THE DEMOGRAPHIC SHOCK 

Vienna, 6-7 March 2003 

No. 270 / May 2003 

PUBLIC POLICY, AGEING AND WORK – AN INTERNATIONAL SYMPOSIUM 

Cambridge, 17-19 December 2002 

No. 269 / April 2003 

INTERNATIONAL CONFERENCE ON INSURANCE ACCOUNTANCY: A DIALOGUE ON ISSUES, 

CHALLENGES AND POTENTIAL SOLUTIONS 

London, 3 March 2003 

No. 268 / April 2003 

ENCOURAGING AN EXTENDED WORKING LIFE - RECENT POLICIES AND BEST PRACTICE IN 

EUROPE 

A Report prepared for the Avenir Suisse Foundation 

Geneva, April 2003 

No. 267 / March 2003 

INTEREST: INSURANCE, TECHNOLOGICAL RISK AND EMERGING SCIENCE AND TECHNOLOGY 

POLICIES FINAL REPORT 

Geneva, March 2003 



The Paradigm of Value: The Integrated Distribution of Insurance and Financial Services 


No. 265 / January 2003 

INSURANCE RESEARCH COMPENDIUM: THE GENEVA ASSOCIATION’S LIST OF USEFUL 

CONTACTS AND LINKS 

Geneva, 2002 


THE 1 ST GENEVA ASSOCIATION HEALTH AND AGEING CONFERENCE “HOW MEDICAL PROGRESS 

DRIVES SOCIETY AND INSURANCE” 

Berlin, 21-22 November 2002 


M.O.R.E 17 SEMINAR 

Unterföhring, 21-22 October 2002 



PROGRES 2002 

NEW DEVELOPMENTS IN THE REGULATION AND SUPERVISION OF FINANCIAL SERVICES 2002 

Geneva, 12-13 September 2002

No. 261 / October 2002 (Vol. II) 

EGRIE 29 – PART II 

Selected Papers from the 29 TH EGRIE Conference organised by the BETA in Collaboration 

with The Geneva Association 

Nottingham, 15-18 September 2002 

No. 260 / October 2002 (Vol. I) 

EGRIE 29 – PART I 

Selected Papers from the 29 TH EGRIE Conference organised by the BETA in Collaboration 

with The Geneva Association 

Nottingham, 15-18 September 2002 

No. 259 / August 2002 

SEPTEMBER 11: ONE YEAR AFTER 

Reprint of the Special Monograph: September 11 - One Year After: Impact, Lessons and 

Unresolved Issues, edited by Patrick Liedtke & Christophe Courbage and published by 


Geneva, August 2002 

No. 258 / July 2002 

THE GENEVA ASSOCIATION’S 1 ST FOUR PILLARS SOCIAL SECURITY LECTURE AND RELATED 

PAPERS 

Special Issue at the Occasion of the 15 th Anniversary of The Geneva Association’s Four 

Pillars Research Programme on Social Security 

Madrid, 9 April 2002 

No. 257 / July 2002 

3 RD ASEC SEMINAR ON SERVICES IN THE NEW ECONOMY 

Selected Papers from The Geneva Association’s ASEC Seminar 

Toronto, 18-19 April 2002 

No. 256 / June 2002 

THE DOUBLE HELIX OF LEARNING AND WORK BY ORIO GIARINI AND MIRCEA MALITzA 

Special Preprint Version 

Geneva/Bucharest, June 2002 

No. 255 / June 2002 

SECOND CEO INSURANCE SUMMIT IN ASIA 

Kuala Lumpur, 13-14 March 2002 

No. 254 / March 2002 

FOURTH MEETING OF THE GENEVA ASSOCIATION’S AMSTERDAM CIRCLE OF CHIEF 

ECONOMISTS 


No. 253 / March 2002 

TRADING INTO THE FUTURE: E-SERVICES FOR TRADE, INVESTMENT AND ENTERPRISE 

Supported by The Geneva Association and ASEC (Applied Services Economic Centre) 


THE M.O.R.E 16 – SEMINAR ORGANIzED BY THE GENEVA ASSOCIATION IN COLLABORATION 

WITH ASSICURAzIONI GENERALI, TRIESTE 

Venice, 29-30 October 2001 

No. 251 / March 2002 

SPECIAL ISSUE ON THE ECONOMIC CONSEQUENCES OF THE SEPTEMBER 11 ATTACKS ON 

NATIONAL INSURANCE MARKETS 

127

128 



EGRIE 28 – PART II 

SELECTED PAPERS FROM THE 28TH EGRIE CONFERENCE ORGANISED BY THE BETA IN 

COLLABORATION WITH THE GENEVA ASSOCIATION 

Strasbourg, 17-19 September 2001 


EGRIE 28 – PART I 

SELECTED PAPERS FROM THE 28TH EGRIE CONFERENCE ORGANISED BY THE BETA IN 

COLLABORATION WITH THE GENEVA ASSOCIATION 

Strasbourg, 17-19 September 2001 


9 TH JOINT SEMINAR EALE AND THE GENEVA ASSOCIATION 

Copenhagen, 5-6 April 2001 


THE REGULATION OF FINANCIAL SERVICES 

INTERNATIONAL PRINCIPLES AND STANDARDS 



LUMINA AWARDS 

THE GLOBAL REINSURANCE AWARDS 

Monte Carlo, 9-12 September 2001 

No. 245 / October 2001 

AGING AND THE GLOBAL ECONOMY 

THE 3 RD PLENARY OF THE COMMISSION ON GLOBAL AGEING 

Tokyo, 27-29 August 2001 

No. 244 / October 2001 

2 ND ASEC SEMINAR ON SERVICES IN THE NEW ECONOMY 

Brussels, 18-19 June 2001 

No. 243 / June 2001 

CEO INSURANCE SUMMIT IN ASIA 


No. 242 / June 2001 

3 RD MEETING OF THE GENEVA ASSOCIATION’S AMSTERDAM CIRCLE OF CHIEF ECONOMISTS 


No. 241 / May 2001 

INSURANCE IN INDIA 

Special award-winning papers, New Delhi 

No. 240 / April 2001 

ASEC SEMINAR ONSERVICES IN THE NEW ECONOMY 

Geneva, 9-10 November 2000 

No. 239 / March 2001 

REPORT ON THE STATE OF THE ASIAN-PACIFIC RISK MANAGEMENT AND INSURANCE - 

CONTACT SURVEY 


THE 7 TH CONFERENCE ON STRATEGIC ISSUES IN INSURANCE 


Working Papers Series Etudes et Dossiers

No. 237 / January 2001 

INTERNATIONAL INSURANCE – A NEW PERSPECTIVE 

Dublin, 11-12 October 2000 


COMPETITION FOR ESSAYS ON THE DEVELOPMENT ON INDIA’S INSURANCE MARKET 

No. 235 / November 2000 (Vol. II) 

27 TH SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE ECONOMISTS 

Rome, 18-20 September 2000 

No. 234 / November 2000 (Vol. I) 

27 TH SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE ECONOMISTS 

Rome, 18-20 September 2000 


WORKING PAPER SERIES OF THE GENEVA ASSOCIATION 

REGULATION OF INSURANCE SERVICES: GLOBAL ISSUES 


No. 232 / July 2000 

SELECTED PAPERS FROM THE MORE 15 – SEMINAR ON “Y2K – AFTER THE HYPE, THE REAL 

STORY” AND “THE FUTURE OF RISK MANAGEMENT” 

Munich, 3-4 May 2000 

Special Issue / March 2000 

SPECIAL ISSUE FOR THE AMSTERDAM CIRCLE OF CHIEF ECONOMISTS (ACCE) 

Amsterdam, 18 February 2000 

No. 231 / March 2000 (Vol II) 

SELECTED PAPERS FROM THE 15 TH INTERNATIONAL SEMINAR OF PROGRES, REGULATION IN 

FINANCIAL SERVICES: IMPLICATIONS FOR SERVICES 2000 


No. 230 / March 2000 (Vol I) 

SELECTED PAPERS FROM THE 15 TH INTERNATIONAL SEMINAR OF PROGRES, REGULATION IN 

FINANCIAL SERVICES: IMPLICATIONS FOR SERVICES 2000 



SELECTED PAPERS FROM THE ELECTRONIC TRADING IN INSURANCE SEMINAR 

London, 23 June 1999 


SPECIAL ISSUE ON PENSIONS 

Pension Strategy paper, by Merrill Lynch 

SELECTED PAPERS FROM THE EUROPEAN PENSIONS MARKET FORUM 

Milan, 20 October 1999 


SELECTED PAPERS FROM THE M.O.R.E. 14 TH SEMINAR, ON “GLOBAL CLIMATE CHANGE” 

London, 16-17 September 1999 


SELECTED PAPERS FROM THE 26 TH SEMINAR OF THE EUROPEAN GROUP OF RISK AND 

INSURANCE ECONOMISTS 

Madrid, 20-22 September 1999 

No. 225 / October 1999 (Vol. I) 

129

130 




Madrid, 20-22 September 1999 


SELECTED PAPERS FROM THE SEMINAR OF GENETICS AND LIFE/HEALTH INSURANCE 

Paris, 11-12 February 1999 

No. 223 / April 1999 

SELECTED PAPERS FROM THE 8 TH JOINT SEMINAR WITH THE EUROPEAN ASSOCIATION OF LAW 

AND ECONOMICS (EALE) 

Rotterdam, 29-30 March 1999 


SELECTED PAPERS FROM THE 14 TH INTERNATIONAL SEMINAR OF PROGRES, SERVICES 

DEVELOPMENTS AND PREPARATIONS FOR THE SERVICES NEGOCIATIONS IN 2000 


No. 221 / January 1999 (Vol. II) 



Vienna, 21-23 September 1998 

No. 220 / December 1998 (Vol. I) 





SELECTED PAPERS FROM THE M.O.R.E 13 – SEMINAR ON “MULTI – FACTOR RISKS” 

Hannover, 11-12 June 1998 

No. 218 / May 1998 (Vol. II) 

PAPERS FROM THE 6 TH STRATEGIC ISSUES IN INSURANCE CONFERENCE ORGANISED BY THE 

GENEVA ASSOCIATION IN COLLABORATION WITH JIM BANNISTER DEVELOPMENT LTD 


No. 217 / April 1998 (Vol. I) 

PAPERS FROM THE 6 TH STRATEGIC ISSUES IN INSURANCE CONFERENCE ORGANISED BY THE 

GENEVA ASSOCIATION IN COLLABORATION WITH JIM BANNISTER DEVELOPMENT LTD 


No. 216 / March 1998 

INTERNATIONAL WORKSHOP ON “EMPLOYEE BENEFITS” 

Rotterdam, 26-27 May 1997, organised by De Vlerick School Voor Management, University of Ghent, 

Belgium, and The Geneva Association 


PAPERS FROM THE 24 TH SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE 

ECONOMISTS, 

Held in Paris, 22-24 September 1997, at the Fédération Française des Sociétés d’Assurance, 26, bd 

Haussman, Paris, sponsored by The Geneva Association and the Two Chairs of Insurance at the 

French Federation of Insurance Companies 

No. 214 / January 1998 


THE LIBERALISATION OF FINANCIAL SERVICES. PAPERS FROM THE 13 TH INTERNATIONAL 

SEMINAR OF PROGRES

Geneva, 22 September 1997 

No. 213bis / December 1997 

L’éQUILIBRE DES RéGIMES DE FINANCEMENT DES RETRAITES. RéPARTITION ET 

CAPITALISATION: LE CAS DU PORTUGAL 

par Carlos Manuel Pereira da Silva et Fernando Ribeiro Mendes 


MISCELLANEOUS PAPERS AND DOCUMENTS FROM THE 24 TH GENERAL ASSEMBLY IN 

BRUSSELS AND FROM THE SINGAPORE CONFERENCE 


SELECTED PAPERS ON THE CONFERENCE ON WEALTH, INHERITANCE AND 

INTERGENERATIONAL TRANSFERS, CO-SPONSORED BY THE GENEVA ASSOCIATION 

University of Essex, UK, 22-23 June 1997 

No. 211 / October 1997 

SELECTED PAPERS FROM THE SEMINAR ORGANISED BY THE GENEVA ASSOCIATION AND JIM 

BANNISTER DEVELOPMENTS LTD. LONDON 

Guernsey, 29-30 April 1997 


SELECTED PAPERS FROM THE MORE 12 - SEMINAR ON “THE INSURABILITY OF RISKS ON THE 

INFORMATION HIGHWAY” 

Winterthur, 29-30 April 1997 

No. 209 / August 1997 

SELECTED PAPERS FROM THE 7 TH JOINT CONFERENCE BETWEEN THE EUROPEAN 

ASSOCIATION FOR LAW AND ECONOMICS AND THE GENEVA ASSOCIATION 

From August 1997 

No. 208 / June 1997 (Volume II) 

SELECTED PAPERS FROM THE 23 RD SEMINAR OF THE EUROPEAN GROUP OF RISK AND 


Hanover, 16-18 September 1996 

No. 207 / May 1997 (Volume I) 

SELECTED PAPERS FROM THE 23 rd SEMINAR OF THE EUROPEAN GROUP OF RISK AND 


Hanover, 16-18 September 1996 

No. 206 / April 1997 

PAPERS PRESENTED AT THE CONFERENCE ON “THE REORGANISATION OF LIFE AND HEALTH 

INSURANCE” 

London, 15 November 1996 


PAPERS PRESENTED AT THE CONFERENCE ON “WORKMEN COMPENSATION” 

Cologne, 30 September 1996 


PAPERS FROM THE 12 TH PROGRES SEMINAR : SERVICES AND INSURANCE IN THE 

INTERNATIONAL SCENE 

Geneva, 28-31 August 1996 

131

132 



PAPERS FROM THE 12 TH PROGRES SEMINAR : STUDIES ON INSURANCE AND SERVICES WITH 

THE WHARTON SCHOOL 

No. 202 / October 1996 

PAPERS FROM THE SEMINAR ON EMPLOYMENT AND INSURANCE 

London, 15 May 1996 


THE ELDER IN THE YEAR 2000, SEMINAR ORGANISED BY THE GENEVA ASSOCIATION 

Turin, 15-16 April 1996 

No. 200 / August 1996 

SELECTED PAPERS FROM THE 3 RD INTERNATIONAL INSURANCE BIENNIAL CONFERENCE 

ORGANISED BY THE CESAR FOUNDATION AT VILLA BRAIDA 

Mogliano Veneto-Venice, 14-16 March 1996 

No. 199 / May 1996 


Held on 26-27 February 1996, Oslo 

No. 198 / March 1996 (Vol. II) 

SELECTED PAPERS FROM THE 22ND SEMINAR OF THE EUROPEAN GROUP OF RISK AND 



No. 197 / February 1996 (Vol. I) 

SELECTED PAPERS FROM THE 22 ND SEMINAR OF THE EUROPEAN GROUP OF RISK AND 



No. 196 / January 1996 

EMPLOYMENT AND RETIREMENT IN THE SERVICE ECONOMY, SELECTED PAPERS FROM THE 

11 TH SEMINAR ON THE SERVICE ECONOMY PROGRES 



RESEARCH PAPERS ON REGULATION OF THE EUROPEAN INSURANCE INDUSTRY 

Papers kindly made available by IBC, Financial Focus Ltd. and presented at their 5 th Annual 

Conference on “Regulation of the European Insurance Industry/ The Third Life and the Third Non- 

Life Directives in practice” 


MISCELLANEOUS PAPERS FROM THE INTERNATIONAL INSURANCE CONFERENCE, 

zurich, 28-29 November 1994. Organised by Ernst & Young, in Collaboration with The Geneva 

Association 


WORKING DOCUMENT AND NOTES ON STRATEGIC ISSUES AND INSURANCE 

Presented at the 22 nd General Assembly of The Geneva Association in Estoril (Lisbon), 25-27 

May 1995, and at the International Conference of The Geneva Association on Strategic Issues in 

Insurance, London, 24-26 October 1994 

No. 192 / June 1995 


DER EU-BINNENVERSICHERUNGSMARKT NACH TRANSFORMATION DER DRITTEN RICHTLINIEN- 

GENERATION IN NATIONALES RECHT DER MITGLIEDSSTAATEN : EMPIRISCHE UNTERSUCHUNG

ÜBER EINEN BINNENVERSICHERUNGSMARKT IN DER EU 

von Herrn Dr. Gerd Weidenfeld, Köln 

No. 191 / May 1995 

SELECTED PAPERS FROM THE SEMINAR ON LAW & ECONOMICS OF INDUSTRIAL RISKS, WASTE 

TREATMENT AND ENVIRONMENTAL ACCIDENT 

6 th Joint Conference organised by The European Association of Law and Economics (EALE) and 

The Geneva Association, Yvoire (Haute-Savoie, France), 10-11 April 1995 

No. 190 / March 1995 (Vol. II) 

M.O.R.E. 10 SEMINAR, 2ND VOLUME 

Paris-Courbevoie, 22-23 November 1994 

No. 189 / January 1995 (Vol. I) 


Paris-Courbevoie, 22-23 November 1994, in 

No. 188/ December 1994 

SELECTED PAPERS FROM THE 10TH SEMINAR ON THE SERVICE ECONOMY 

Prague, 5-7 September 1994 in Prague 


SELECTED PAPERS FROM THE 21ST SEMINAR OF THE EUROPEAN GROUP OF RISK AND 


Toulouse, 19-21 September 1994 in Toulouse 

No. 186 / August 1994 

MÖGLICHKEITEN zUR AUSWEITUNG DER LEBENSARBEITSPHASE UND DER FLEXIBILISIERUNG 

DES ÜBERGANGES IN DEN RUHESTAND IN DER DEUTSCHEN VERSICHERUNGSWIRTSCHAFT - 

DIE DERzEITIGE LAGE UND EINSCHÖTzUNGEN FÜR DIE zUKUNFT 

von Winfried Schmähl und Jutta Gatter 

No. 185 / Juin 1994 

CODIFICATION DU DROIT COMMUNAUTAIRE DE L’ASSURANCE DOMMAGES 

par Roger P. Merkelbach et Christian Grosjean 

No. 184 / Mai 1994 

LA RETRAITE, L’EPARGNE ET L’INTEGRATION DES FONDS DE PENSIONS: LE CAS PORTUGAIS 

par Doutor Carlas Pereira da Silva, responsable de l’équipe de recherche 

No. 183 / April 1994 

A DOSSIER ON THE REFORMS PROPOSED FOR THE INSURANCE INDUSTRY IN INDIA 

In collaboration with R.D. Samarth 

No. 182 / January 1994 

M.O.R.E. 9 SEMINAR ON “TRENDS IN RISK MANAGEMENT”, 

Basel, 4-5 November 1993 

No. 181 / December 1993 (Vol. II) 


ECONOMISTS 



ECONOMISTS 

No. 179 / October 1993 

133

134 



No. 178 / July 1993 

EUROPEAN APPROACH TO LARGE FIRE STATISTICS - ARSON STATISTICS 

Proceedings from the 5 th Geneva Seminar, 

by Tom Wilmot, (World Fire Statistics Centre) and Douglas Woodward, (European Arson Prevention 

Institute) 

No. 177 / May 1993 

DATABANK OF EUROPEAN UNIVERSITY COURSES IN INSURANCE AND RISK MANAGEMENT 

A databank of courses held on computer at the City University Business School, London 

No. 176 / April 1993 

GLI INSEGNAMENTI RELATIVI ALLA GESTIONE DEL RISCHIO NELLE FACOLTA’ DI INGEGNERIA - 

ENGLISH SUMMARY: TEACHING RISK MANAGEMENT FOR ENGI NEERS IN ITALY 

by Giovanni Azzone and Cristina Masella 

This study is a complement of those already done for the Scandinavian countries, UK and Hol land, 

published in “Etudes & Dossiers” Nr. 79 and 80 (1984), and Germany, published in “Etudes & Dossiers” Nr. 

129 (1988). 


ANALYSIS OF THE INSURANCE ACCOUNTS DIRECTIVE IN THE EUROPEAN COMMUNITIES / 

ANALYSE DER VERSICHERUNGSBILANzRICHTILINIE IN DER EUROPÄISCHEN GEMEINSCHAFTEN 

by Hans-Joachim Welzel, Mahmood A. Syed, and Gerd Geib 

Texts prepared for a presentation in Lisbon on 19 November 1992 

No. 174 / January 1993 

EUROPEAN COMMUNITIES COMMISSION’S INSURANCE WORKSHOP / CONFERENCE ATELIER 

SUR LES ASSURANCES ORGANISEE PAR LA COMMISSION DES COMMUNAUTES EUROPEENNES 

Moscow, 17-20 March 1992 



ECONOMISTS 

London, on 21-23 September 1992 

No. 172 / October 1992 

PAPERS FROM THE 19 TH GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION 

Panel on Art and Insurance, Madrid, 11 May 1992 


STUDIES ON PRODUCTIVITY IN INSURANCE AND SERVICES 

by Jean Gadrey, Thierry Noyelle and Thomas Stanback 

No. 170 / August 1992 

THE RISK MANAGEMENT OF AND INVOLVING COMPUTERS AND ELECTRONIC EQUIPMENT 

Papers from the M.O.R.E 8 th Seminar organised by The Geneva Association and the Liverpool 

Polytechnic held in Liverpool, 3-4 March 1992 

No. 169 / July 1992 (Vol. IV) 

STRATEGIC ISSUES AND PLANNING IN INSURANCE 

Papers from the 4 th International Conference of The Geneva Association, London, 28-30 October 

1991. Session on “Comparative Study in Personal Insurance Liability” - Part II. 

No. 168 / June 1992 (Vol. III) 



Papers from the 4 th International Conference of The Geneva Association, London, 28-30 October

1991. Session on “Comparative Study in Personal Insurance Liability” - Part I. 

No. 167 / May 1992 (Vol. II) 


Papers from the 4 th International Conference of The Geneva Association, London, 28-30 

October 1991. Sessions on “The Private Utilization of ECU and Insurance: European Monetary 

Integration, the ECU and the Insurance Industry in the 1990’s”, “Present Developments and Future 

Perspectives of Telecommunication Networks in Insurance at the National and International 

Levels” and “Planning Strategies of Insurance Companies”. 

No. 166 / April 1992 (Vol. I) 


Papers from the 4 th International Conference of The Geneva Association, London, 28-30 October 

1991. Sessions on “Insurance in the National Economies” and “The Four Pillars”. 


CASE STUDIES IN RISK MANAGEMENT: THE CATERING MARKETS IN THE UK AND FRANCE 

by Alan Gordon 

No. 164 / January 1992 

A FIRST SURVEY OF TEACHING AND RESEARCH IN INSURANCE IN EASTERN EUROPE 

Erste Untersuchung über die Versicherungslehren und Forschung in Ost-Europa at the “Institut für 

Versicherungswissenschaft an der Universität Köln” in 1991 

No. 163 / January 1992 


ECONOMISTS 

Mons, Belgium, 22-25 September 1991 


WORLD VIEWS AND STRATEGIES OF INSURANCE COMPANIES 

Political Risks in Perspective - OECD and the Liberalisation of Services - Papers from the 18 th 

General Assembly of The Geneva Association, London, 10-11 June 1991 


POTENTIAL FOR THE FOURTH PILLAR 

In France, Japan, the Netherlands, the USA, in Insurance and other sectors (Intermediate Report), 

by Amin Rajan, Penny van Eupen and Geneviève Reday-Mulvey 


A CONFIDENTIAL REPORT FROM THE GENEVA ASSOCIATION ON THE WORLD ECONOMIC 

FORUM (USSR FORUM) IN MOSCOW 

by François Albouy 

No. 159 / October 1991 (Vol II) 

ISSUES IN SERVICES SERVICES DEVELOPMENT IN EASTERN EUROPE 

Papers from the “7 th Seminar on the Service Economy”, 

Paris, 13-14 May 1991 

No. 158 / September 1991 (Vol. I) 

ISSUES IN SERVICES 

Papers from the “7 th Seminar on the Service Economy” 

Paris, 13-14 May 1991 

No. 157 / August 1991 

AIRLINE INSURANCE - FEAST OR FAMINE? 

Papers from the 11 th Seminar on Risk and Society, organized by the Geneva Association on 

3 May 1991, at the Institute of Lloyd’s Underwriters’ Building, London 

135

136 


No. 156 / July 1991 

LAW AND ECONOMICS OF ENVIRONMENTAL POLICY 

Selected Papers from the Conference organized in Paris, April 1991 

No. 155 / May 1991 

ELECTRONIC DATA EXCHANGE IN INSURANCE 

Documents from the Workshop organized in Geneva, 19-20 November 1990 

No. 154 / April 1991 

CRIME AND INSURANCE 

by G. Wittkämper, M. Wulff-Nienhüser and K. Kammer 

No. 153 / March 1991 

RISK ANALYSIS IN OCEAN EXPLOITATION AND MANAGEMENT OF LARGE RISKS 

No. 152 / February 1991 (Volume IV) 

L’ASSURANCE PRIVEE DANS LA COMMUNAUTE EUROPEENNE ET L’ACCORD ENTRE LA CE ET 

LA SUISSE 

par Christian Grosjean et Roger Merkelbach 

No. 151 / January 1991 (Volume III) 


LA SUISSE 


No. 150 / December 1990 (Volume II) 


LA SUISSE 


No. 149 / November 1990 (Volume I) 


LA SUISSE 


No. 148 / October 1990 

INSURANCE ECONOMIC ISSUES 

17 th Seminar of the European Group of Risk and Insurance Economists 



PERSPECTIVES OF INSURANCE IN EASTERN EUROPE 

17 th Seminar of the European Group of Risk and Insurance Economists 


No. 146 / May 1990 

THE DESIGN OF TECHNICAL SYSTEMS 

Papers from the M.O.R.E. 7 Seminar 

zurich, 8-9 February 1990 

No. 145 / April 1990 

THE FOURTH PILLAR AND THE UK INSURANCE INDUSTRY 

by Professor Amin Rajan and Penny van Eupen 

No. 144 / March 1990 


LES QUATRE PILIERS ET LA RETRAITE - RAPPORT POUR L’ASSOCIATION DE GENEVE 

par Denis Kessler 

No. 143 / February 1990 (Vol. II) 


Papers from the 16 th Seminar of the European Group of Risk and Insurance Economists 

Jouy-en-Josas, 18-20 September 1989 



Papers from the 16 th Seminar of the European Group of Risk and Insurance Economists 

Jouy-en-Josas, 18-20 September 1989 


BANKING, INSURANCE AND SAVINGS PAPERS 

From the 16 th General Assembly of The Geneva Association 

Paris, 5 June 1989 


RAPPORT DE LA RECHERCHE SUR L’ECU 

No. 139 / October 1989 

PRESENT TRENDS IN LIABILITIES PANEL FROM THE16TH GENERAL ASSEMBLY OF THE GENEVA 

ASSOCIATION 

Paris, 6 June 1989 


LES ASSURANCES PRIVEES INDIVIDUELLES ACCIDENTS ET MALADIE POUR LES ANNEES 

QUATRE-VINGT-DIX 

No. 137 / August 1989 

PAPERS FROM THE SEMINAR ON RISK AND SOCIETY OF THE GENEVA ASSOCIA TION ON 

OFFSHORE OIL INSURANCE - THE FUTURE 

London, 9 June 1989 

No. 136 / Juillet 1989 

TEXTES PRESENTES AU SEMINAIRE DE GENEVE SUR L’UTILISATION PRIVEE DE L’ECU 

Genève, 20-21 mars 1989 

No. 135 / June 1989 

PAPERS FROM THE SEMINAR ON RISK AND SOCIETY OF THE GENEVA ASSOCIATION ON HUMAN 

ERROR AND INSURANCE 

London, 13 January 1989 

No. 134 / May 1989 

PAPERS FROM THE INTERNATIONAL CONFERENCE ON INDUSTRIAL RISK MANAGE MENT 

(in collaboration with ETH, zurich and the G. Duttweiler Institute) on Life-Cycle Engineering and 

Risk Management 

No. 133 / April 1989 (Vol. II) 

PAPERS FROM THE THIRD INTERNATIONAL SEMINAR OF THE GENEVA ASSOCIA TION 

ON STRATEGIC PLANNING FOR INSURANCE - GENETIC RISKS - THE FOUR PILLARS - 

ENVIRONMENTAL LIABILITY 

No. 132 / March 1989 (Vol. I) 

PAPERS FROM THE THIRD INTERNATIONAL SEMINAR OF THE GENEVA ASSOCIATION ON 

STRATEGIC PLANNING FOR INSURANCE 

137

138 



PROLONGED LIFETIME EMPLOYMENT AND A FLEXIBLE TRANSITITON FROM LABOR FORCE 

PARTICIPATION TO RETIREMENT IN VIEW OF FUTURE REQUIREMENTS OF THE LABOR MARKET 

AND OLD AGE PENSIONS 

A Contribution to the Discussion in the Federal Republic of Germany, 

by Jürgen Kruse and Werner Steinjan 


INSURANCE ECONOMICS ISSUES 

Papers from the 15th Seminar of the European Group of Risk and Insurance Economists 

Lisbon, 19-21 September 1988 


INSURANCE ECONOMICS ISSUES, 

Papers from the 15th Seminar of the European Group of Risk and Insurance Economists 

Lisbon, 19-21 September 1988 


RISK MANAGEMENT AND INSURANCE (RISK MANAGEMENT UND VERSICHERUNGSLEHRE) 

by Wolf-Rüdiger Heilmann, University of Karlsruhe, Germany 

No. 127 / October 1988 

COMPARATIVE COSTS AND PROCEDURES OF LIABILITY CLAIMS 

Preliminary Studies on the UK, Federal Republic of Germany and Holland 


AIDS AND INSURANCE 

Documents and texts from the panel of the 15th General Assembly of The Geneva Association 

No. 125 / August 1988 

TRANSITION TO RETIREMENT: THE FOUR PILLARS 

Documents and texts from the panel of the 15 th General Assembly of The Geneva Association 

No. 124 / July 1988 

ENQUIRIES AND PRELIMINARY STUDIES ON THE “FOURTH PILLAR” 

No. 123 / June 1988 

A PRELIMINARY SURVEY OF THE LOSSES FROM THE UTILIzATION OF COM PUTER SYSTEM 

AFFECTING THE INSURANCE INDUSTRY IN EUROPE UP TO THE YEAR 2000. 

No. 122 / March 1988 (Vol. II) 

THE FINANCING AND INSURANCE OF EXPORT CREDIT 

by Henri Loubergé & Pierre Maurer 

No. 121 / April 1988 (Vol. I) 

THE FINANCING AND INSURANCE OF EXPORT CREDIT 

by Henri Loubergé & Pierre Maurer 

No. 120 / March 1988 

RISK & SOCIETY 

Papers from an International Conference organized by the Insurance and Reinsurance Research 

Group Ltd. for The Geneva Association in London, 15-16 September 1987. 

No. 119 / February 1988 (Vol. II) 

PAPERS FROM THE 14TH SEMINAR OF THE EUROPEAN GROUP OF RISK 

AND INSURANCE ECONOMISTS 




PAPERS FROM THE 14TH SEMINAR OF THE EUROPEAN GROUP OF RISK AND INSURANCE 

ECONOMISTS 



L’ENSEIGNEMENT DE L’ECONOMIE DU RISQUE ET DE L’ASSURANCE EN EUROPE 

No. 116 / October 1987 

FOURTH M.O.R.E. (MANAGEMENT OF RISK IN ENGINEERING) CONFERENCE 

Held at Trent Polytechnic, Nottingham/UK on 22 April 1987 


DOCUMENTS FOR THE FOURTH PILLAR RESEARCH PROGRAMME: “PRIVATE SECTOR IMPACT 

OF AN AGING SOCIETY” 

Text prepared for The Travellers Symposium on A Aging Workforce on 26-28 February 1986 

No. 114 / August 1987 

THE COMPLEMENTARY FUNCTION OF PRIVATE HEALTH INSURANCE TO THE STATE SCHEME III. 


From the Panels of the 1987 General Assembly of the Geneva Association 

Berlin, 15-16 June 1987 

No. 113 / July 1987 

L’ASSURANCE EN FRANCE: ESSAIS D’ANALYSES MACROECONOMIQUES 

No. 112 / June 1987 

ECONOMIC PAPERS ON RISK AND INSURANCE 

From the papers presented at the 13 th Seminar of the European group of Risk and Insurance 

Economists 

Hamburg, 22-24 September 1986 

No. 111 / May 1987 (Vol. II) 


Continued from the Paris seminar. Preliminary documents of Berlin panel, 15-16 June 1987 

No. 110 / April 1987 (Vol. I) 


Papers from the seminar on “The Experience of HMOs in the USA and the Development of Health 

Insurance in Europe”, in collaboration with the Institut La Boétie 

Paris, 4-5 December 1986 

No. 109 / March 1987 

THE LONG RANGE PLANNING OF THE AMERICAN NATIONAL FIRE PROTECTION ASSOCIATION 

No. 108 / January 1987 

ECONOMIC PAPERS ON RISK AND INSURANCE 

From the 12th Seminar of the European Group of Risk and Insurance Economists 

Brussels, 23-25 September 1985 

No. 107 / January 1987 

THE FUTURE OF SPACE PROJECTS AND INSURANCE IMPLICATIONS 

Papers from the Conference organized in London on 19 November 1986 in collaboration with The 

Insurance and Reinsurance Research Group, London 


139

140 


WORLD FIRE STATISTICS CENTRE: THIRD SEMINAR ON WORLD FIRE COSTS 

Proceedings from the Seminar organized in Geneva on 22-23 April 1986 


THE ROLE OF INSURANCE AND COMPENSATION IN ENVIRONMENTAL POLLUTION PROBLEMS 

Workshop papers, 15 May 1986 

No. 104 / Octobre 1986 

REGULATION ET TARIFICATION EN ASSURANCE AUTOMOBILE / REGULATION AND TARIFFING 

OF AUTOMOBILE INSURANCE 

Textes sélectionnés du colloque international organisé à Paris les 11 et 12 juin 1985 


RECENT DEVELOPMENTS IN LEGAL ATTITUDES AND THE EFFECT ON LIABILITY INSURANCE 

From the panels of the 1986 General Assembly of the Geneva Association 

No. 102 / August 1986 

LIFE CYCLE ECONOMIC THEORY AND PRACTICE 

� Introduction : Bridging the Gap Between Economic Theory and Insurance Practice, by Orio 

Giarini 

� Life Cycle Theory, by Franco Modigliani (Nobel Prize Lecture delivered in Stockholm, Sweden, 

9 December 1985) 

� Social Security, Pensions and Life Cycle Accumulation of Wealth: Some Empirical Tests, 

by Edward Wolff 

� List of other Papers Presented at the International Seminar on Life Cycle Theory, Paris, 4-5 June 

1986 

No. 101 / June 1986 (Volume II) 

STRATEGIC PLANNING FOR INSURANCE 

Proceedings from the International Seminar organized in London, on 21-23 October 1985 

No. 100 / April 1986 (Volume I) 

PAPERS FROM THE SECOND INTERNATIONAL SEMINAR ON STRATEGIC PLANNING FOR 

INSURANCE 

No. 99 / March 1986 

PROBLEME UND PERSPECTIVEN DER EXPORTKREDIT-VERSICHERUNG 

Problems and Perspectives of the Export Credit Insurance Or. Hellmut Meyer-Giesow, Münche ner 

Rückversicherungs-Gesellschaft 


IMPLICATIONS OF MONETARY EROSION ON THE INSURANCE INDUSTRY 

Proceedings by the Working Group. 


TRANSPORTATION, STORAGE AND DISPOSAL OF HAzARDOUS MATERIALS. 


TRANSPORTATION, STORAGE AND DISPOSAL OF HAzARDOUS MATERIALS 

Papers from the Conference organized at I.I.A.S.A. (International Institute for Applied Systems 

Analysis, Laxenburg - Vienna), by the Geneva Association, I.I.A.S.A., The Centre for Risk and 

Decision Processes - Wharton School on 1-5 July 1985 

No. 95 / November 1985

INFORMATION AND THE LAW 

A Dissertation submitted to the Graduate School of Business and the Committee on Graduate 

Studies of Stanford University in partial fulfillment of the requirements for the Doctorate degree in 

Philosophy, 

by Ivan Paak-Liang Ping, 


RISK MANAGEMENT AND ENGINEERING 

Papers from the second and third meeting of MORE (Management of Risk in Engineering of The 

Geneva Association) 

No. 93 / September 1985 (Vol.II) 

PAPERS FROM THE TWELFTH GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION 

Oslo, 24-25 June 1985 

No. 92 / August 1985 

ROBOTS, RISKS AND INSURANCE 

Papers from the Seminar organized at the Mercantile & General Reinsurance Co. Plc., in 

collaboration with the Risk Research Group, London 

London, 14 March 1985 

No. 91 / July 1985 

LIABILITY RISKS AND THE FUTURE ROLE OF INSURANCE 

Papers from the First Panel Discussion at the Twelfth General Assembly of the Geneva Association, 

Oslo, 24 June 1985 

No. 90 / May 1985 

RISK AND INSURANCE MANAGEMENT IN THE PACKAGED GOODS INDUSTRY 

by Roy Damary /Technomic Consultants S.A., Geneva 

No. 89 / April 1985 

INTERNATIONAL CONCEPTS IN FIRE PROTECTION 

by P. Schaenman and E. Seits (Tridata Corporation, USA-Arlington Va. 22209) 

No. 88 / March 1985 

TARIFICATION IN INSURANCE WITH INCOMPLETE INFORMATION / TARIFICATION DES 

ASSURANCES EN INFORMATION IMPARFAITE ET ESTIMA TION D’UN MODELE DE CHOIX DE 

COUVERTURE DE RISQUE 

par J.P. Cresta, J.J. Laffont et J.C. Roche, (Université des Sciences Sociales de Toulouse, Faculté des 

Sciences Economiques). 


INDEMNISATION DES DOMMAGES EXCEPTIONNELS A L’ENVIRONNEMENT CAUSES PAS LES 

ACTIVITES INDUSTRIELLES 

par le Prof. Henri Smets, OECD, Paris 


PROBLEMES ET PERSPECTIVES DE L’ASSURANCE DES CREDITS A L’EXPORTATION 

par Henri Loubergé et Pierre Maurer 


PROBLEMES ET PERSPECTIVES DE L’ASSURANCE DE CREDITS A L’EXPORTATION 

par Henri-Loubergé, (Professeur à l’Université de Genève) et Dr. Pierre Maurer, (Ancien Directeur et 

Membre du Conseil d’Administration de la FEDERALE, Compagnie Anonyme d’Assurance, Zurich). 


MANAGEMENT OF RISK IN ENGINEERING 

Papers from the Second International Conference of the Engineering Economics Group of the 

Geneva Association 

141

142 


London, 28 and 29 June 1984 


11TH GENERAL ASSEMBLY OF THE GENEVA ASSOCIATION 

Panel discussions on: Retirement Plans, The Use of ECU by Insurance, and Developments in 

Financial Services 

Vienna, 26 June 1984 

No. 82 / Septembre 1984 

LES RESULTATS TECHNIQUES DE L’ASSURANCE INCENDIE, ACCIDENTS ET RISQUES DIVERS 

EN AMERIQUE DU NORD ET EN EUROPE - 1955 - 1979 

par J. François Outreville, Université Laval, Quebec - Canada 

No. 81 / August 1984 (Vol. III) 

SPACE PROJECTS AND THE COVERAGE OF ASSOCIATED RISKS 

by Pierre Blassel, (Director General, Eurosat S.A., Geneva) 

No. 80 / May 1984 (Vol. II) 

THE TEACHING OF RISK AND INSURANCE ECONOMICS FOR ENGINEERS 

by D. Sutherland 

No. 79 / April 1984 (Vol. I) 

THE TEACHING OF RISK AND INSURANCE ECONOMICS FOR ENGINEERS IN THE U.K., THE 

SCANDINAVIAN COUNTRIES AND HOLLAND 

by D. Sutherland 

No. 78 / March 1984 

A GUIDE TO THE ASIR MODEL 

by Z.M. Brown, Institute of European Finance, University College of North Wales, Bangor, GB 

No. 77 / February 1984 (Vol. IV) 

NATURAL DISASTERS AND INSURANCE 

No. 76 / January 1984 (Fifth Edition) 

THE ASIR SYSTEM (ADVANCED SIMULATION OF INSURANCE AND REINSURANCE), USER’S 

MANUAL 

by Z. Margaret Brown and Lawrence Galitz, (Department of Economics, University College of North Wales, 

Bangor, U.K) 


PRODUCT RECALL AND ASSOCIATED INSURANCE ISSUES 

A 2-day Seminar by the Geneva Association held on 28th February 1983 to discuss the study 

on Recall Practices among Manufacturers of Consumer Products, researched by Roy Damary, 

(Managing Director, Technomic Consultants), Geneva (papers presented and discussion) 


FACING FINANCIAL, ECONOMIC AND POLITICAL RISKS 

� Conference Panel with: R. Barre, U. Colombo, A. King, P.W. McCracken, H. Schlesinger, at the 

occasion of the tenth General Assembly of the Geneva Association. 

� Introduction, by Raymond Barre 

� Risks and Challenges by Science and Technology in our Society, by Alexander King 

� Technology and Industrial Development: Present and Future, by Umberto Colombo 

� Monetary Perspectives and Policies for Economic Development, by Helmut Schlesinger 

� The U.S. Economy in the World Context, by Paul McCracken 

� Conclusions, by Raymond Barre 

No. 74 / November 1983

SPACE PROJECTS STUDY AND COVERAGE OF ASSOCIATED RISKS 

Inventory of Space Projects, par Pierre Blassel (Directeur Général , Eurosat, Genève) 


RISK AND INSURANCE ECONOMICS EDUCATION FOR ENGINEERS 

Proceedings of the first International Seminar 

London, June 17th, 1983. 

� The development of risk management education: some proposals for a more unified future, 

by G.N. Crockford 

� The development of a multi-disciplinary degree in risk management: the involvement of 

engineering disciplines in a new approach to risk, by G.D. Dickson 

� The role of safety and its financial implications in the education of undergraduate engineers, 

by S.R. Tailby 

� The management of the goals of engineering education project (GEEP) at Leicester Polytechnic. 

The implications for engineering education, by G. Beuret 

� A report of the survey undertaken by the Centre for Insurance Research into the extent of risk 

management and insurance economics teaching to engineers in the UK Scandinavia and the 

Netherlands, by David Sutherland 

No. 71 / August 1983 

SOCIAL SECURITY, PUBLIC DEFICIT AND SAVING: THE ECONOMIC ENVIRON MENT FOR THE 

ITALIAN PRIVATE INSURANCE (SUMMARY) SICUREzzA SOCIALE, DISAVANzO PUBBLICO: IL 

CASO ITALIANO 

di Lucia Vitali Franciosi, Istituto di Scienza Attuariali, (Università degli Studi, Roma) 

No. 70 / July 1983 

LA VALEUR D’UNE VIE HUMAINE 

par Prof. E.S. Kirschen, (Département d’Economie Appliquée de l’Université Libre de Bruxelles) 

No. 69 / June 1983 

WORLD FIRE COSTS AND THEIR ECONOMIC RELEVANCE 

First Meeting of the World Fire Statistics Centre, by Tom Wilmot, London 

No. 68 / Mai 1983 

L’ASSURANCE EN FRANCE DE 1983 A 1975 

par J. François Outreville, (Université Laval, Québec) 

No. 67 / April 1983 

INTERNATIONAL CONCEPTS IN FIRE PROTECTION 

by Philip S. Schaenman, (President, TriData) 

No. 66 / March 1983 (Fourth Edition) 

THE ASIR SYSTEM 

by Z. Margaret Brown and Lawrence Galitz 


STRATEGIC PLANNING FOR INSURANCE, VOL. III, PLANNING IN INDUSTRY, BANKS AND 

BROKERS VOL. VIII, PLANNING IN THE AUSTRALIAN INSURANCE 

� Introduction to Planning, by Robert L. Carter 

� Strategic Planning in Union Carbide Corporation, by Gibb McNeill 

� Strategic Planning (summary), by A.H.T. Davis 

� An Introduction to the Society for Long Range Planning Quantitative Methods, by Maurice 

Salvator 

� Corporate Planning in the Austral ian Insurance Industry, by Edward J. Sharp 

No. 64 / January 1983 (Vol. VI) 

143

144 


STRATEGIC PLANNING FOR INSURANCE, ECONOMIC ANALYSIS OF INSURANCE 

� The Determination of Fair Profits for the Property-Liability Insurance firm, by Alan Kraus and 

Stephen A. Ross 

� Determining an Appropriate Level of Capital for a Non-Life Insurance Company: Some 

Theoretical and Practical Issues in the U.K. Context, by G.M. Dickinson and L.A. Roberts 

� A Practical Approach to Measuring the Distribution of Total Annual Claims, by A.S. Paulson and 

N.J. Faris 

No. 63 / December 1982 (Vol. V) 

STRATEGIC PLANNING FOR INSURANCE, MODELS FOR INSURANCE PLANNING 

� The ASIR Model (Advanced Simulation of Insurance and Reinsurance), by Lawrence Galitz 

� A Stochastic Simulation Model for Reinsurance Decision-Making by Ceding Companies, 

by Yves Roy 

� Econometric Forecasting of Property-Liabil ity Insurance Paid Claim Costs, by David Cummins 

and Scott E. Harrington 

� Econometric Models for Corporate Planning in the Insurance Industry, by Richard Broyd 


STRATEGIC PLANNING IN INSURANCE 

L’ETAT DE LA PLANIFICATION STRATEGIQUE DANS L’LNDUSTRLE DE L’ASSURANCE 

EUROPEENNE 

Version française - English Edition, par Christian Grosjean 


STRATEGIC PLANNING FOR INSURANCE, PLANNING AT THE COUNTRY LEVEL USA, SPAIN, 

FRANCE, U.K. 

� Strategic Planning in the U.S. Property-Liability Insurance Industry, by J. David Cummins and 

Charlotte C. Aylor 

� The Strategic Planning of the Spanish Insurance, by Jesus Serra-Santamans 

� Corporate Planning in the U.K. Insurance Industry, by D.G. Martin 

� Insurance and the Future of the Automobile in France, by José Gutman 

No. 60 / September 1982 (Vol. IV) 

STRATEGIC PLANNING FOR INSURANCE, PLANNING AT COMPANY LEVEL 

� Strategic Planning for Insurance: the Experience of Allstate Insurance Company, by John B. 

Gragnola 

� Corporate Reserving and Profit Models, by Forrest C. Doyle 

� The Requirement for Solidity and Equitable Rating and their Role in the Planning Process, by 

Harald Bohman 

� Valuation of Outstanding Claims with particular Reference to Experience Rating, by D.H. Reid 

� Planning in Reinsurance, by Frank Guaschi 

� Coping with Fluctuations due to Catastrophe and large Claims within Planning and Controlling, 

by Erwin Straub 

No. 59 / August 1982 (Vol. III) 

STRATEGIC PLANNING FOR INSURANCE, STRATEGIC MANAGEMENT AND ORGANISATIONAL 

DESIGN 

� Organisational Design with Reference to Insurance Companies, by Hans van Gelder 

� A comment on H. van Gelder’s paper, by Peter Franklin 

� Winning the Competitive Battle of the ‘90s (Strategic Management in the Insurance Industry), by 

Michael Muth 

No. 58 / July 1982 

FACING RISK IN MODERN SOCIETIES AND ECONOMIES 

Eagle Lodge (Philadelphia) General Assembly of the Geneva Association, July 1982, The Eagle 

Lodge Conference Programme 

� L’Etat et la Demande de Sécurité dans les Sociétés Contemporaines, par Raymond Barre 

� Trade in Services and the World Economy, by Reubin O’D. Askew

� Investment Management in an Inflationary World, by Hans Mast 

� The Problematic of the Enterprise Today, by Hugo Thiemann 

� World Disorder and the Future of Enterprise: Summary of a Report to be submitted to the Club 

of Rome, by Howard V. Perlmutter 

� Social Audit: Questions to Corporate Managers, by Business International 

� Country Risk: Experiences, by Business International 

No. 57 / June 1982 (Third Edition) 

THE ASIR SYSTEM (ADVANCED SIMULATION OF INSURANCE AND REINSURANCE), USER’S 

MANUAL 

by Z. Margaret Brown and Lawrence Galitz (as no. 56) 

No. 56 / May 1982 

INFLATION AND INTEREST RATES, A RESEARCH STUDY USING THE ASIR MODEL (FINAL 

VERSION) 


Bangor U.K.). 


A STOCHASTIC SIMULATION MODEL FOR REINSURANCE DECISION MAKING BY CEDING 

COMPANIES (AN APPLICATION TO FIRE AND EARTHQUAKE INSURANCE) 

by Yves Roy, Laval University Quebec Canada (Ernst Meyer Price 1981 de l’Association de Genève). 

No. 54 / January 1982 

INFLATION AND INTEREST RATES, A RESEARCH STUDY USING THE ASIR MODEL 


Bangor U.K.). 


RISK ASSOCIATED WITH THE LNG IMPORTATION SYSTEM 

by Emilio Biamonte and Graham Griffin, Institut Battelle, Genève 

No. 52 / November 1981 (Second Edition) 

THE ASIR SYSTEM (USER’S MANUAL) 

by Margaret Brown and Lawrence Galitz, Department of Economics, (University College of North Wales, 

Bangor U.K.). 


CRITICAL ANALYSIS INTO THE VALIDITY OF THE NATIONAL ACCOUNTING FOR THE EVALUATION 

OF THE SERVICES PERFORMED BY THE INSURANCE SECTOR 

by Lutgart Van den Berghe, Rijksuniversiteit te Gent 


A STUDY OF RECALL PRACTICE AMONG MANUFACTURERS OF CONSUMER PRODUCTS: 

APPLICATIONS FOR INSURERS 

by Technomic Consultants SA, Ferney-Voltaire 

No. 49 / May 1981 (Vol. II) 

THE ECONOMIC SIGNIFICANCE OF INSURANCE IN AN INTERNATIONAL PERSPECTIVE 

by G.M. Dickinson (The City University Business School, London) and Alasdair Smith (The London School 

of Economics, London) 

No. 48 / April 1981 

LA CAPITALISATION A-T-ELLE UN AVENIR EN FRANCE? THE FUTURE OF «CAPITALISATION» IN 

FRANCE DIE zUKUNFT DER «KAPITALISIERUNG» IN FRANKREICH 

par Denis Kessler et Dominique Strauss-Kahn (Centre de Recherche Economique sur l›Epargne, Paris) 

145

146 


No. 47 / March 1981 

TWO SIMULATION EXAMPLES - ASIR MODEL 

by Margaret Brown and Lawrence Galitz (Institute of European Finance, Bangor U.K.) 


SOURCES OF STATISTICS: FINLAND, IRELAND, ITALY, SPAIN, UNITED KINGDOM, GREECE 

by the Statistics Working Group Co-ordinator Prof. Robert Carter (University of Nottingham) 

No. 45 / January 1981 (Vol. II, for Vol. I see No. 42) 


A Dossier from the documents and papers presented at the International FIire Costs Seminar, 



CRIME AND INSURANCE - WORKING PAPERS 

by Risk Research Group, Bridge House, London and School of Criminology and Forensic Studies, Old 

College, Edinburgh 

No. 43 / November 1980 (First Edition) 

ASIR MODEL - USERS MANUAL - FIRST VERSION 

by Margaret Brown and Lawrence Galitz (Department of Economics, University College of North Wales, 

Bangor) 

No. 42 / October 1980 (Vol. I, for Vol. II see No.45) 


A Dossier from the documents and papers presented at the International Fire Costs Seminar 



ASIR MODEL - THE IMIDES SYSTEM DEMONSTRATION RUN 

by Lawrence Galitz and Jack Revell (Institute of European Finance, University College of North Wales, 

Bangor) 

No. 40 / July 1980 

ASIR - ADVANCED SIMULATION MODEL OF INSURANCE AND REINSURANCE OPERATIONS – 

PROGRESS REPORT 

by Lawrence Galitz and Jack Revell (Institute of European Finance, University College of North Wales, 

Bangor) 

No. 39 / June 1980 (Vol. II, for Vol. I see No. 35) 

THE NON-UNDERWRITING ACTIVITIES OF THE EUROPEAN INSURANCE INDUSTRY, 

INSURANCE RELATED SERVICES / LES SERVICES COMPLEMENTAIRES A L’ASSURANCE / 

NEBENLEISTUNGEN DER VERSICHERUNGSWIRTSCHAFT 

by Roy Damary (Technomic Consultants, Geneva) 

No. 38 / May 1980 

MARGE DE SOLVABILITE ET EGALITE DES CHANCES POUR ACCEDER AUX MARCHES DE 

L’ASSURANCE NON-VIE / SOLVENCY MARGING AND COMPETITION / SOLVABI LITAT UND 

KONKURRENz 

par A. Gabus et S. Hagemann (Institut Battelle, Genève) 

No. 37 / April 1980 (Vol I, for Vol. II see No. 49) 

THE ECONOMIC SIGNIFICANCE OF INSURANCE IN AN INTERNATIONAL PERSPECTIVE CASE 

STUDIES OF EGYPT, KENYA AND NORWAY 

by Professor Robert Carter (University of Nottingham)


DIE CHANCEN DER VERSICHERUNGSWIRTSCHAFT BEIM DRITTEN ALTER (IN DEUTSCHLAND, 

FRANKREICH UND IN DER SCHWEIz) / TROISIEME AGE ET ASSURANCE / THIRD AGE AND 

INSURANCE 

Untersuchung von Anny Vernay, Prognos AG, (Basel) und Susanne Hagemann (Genf) 

No. 35 / January 1980 (Vol. I, for Vol. II see No. 39) 

LES SERVICES COMPLEMENTAIRES A L’ASSURANCE / INSURANCE RELATED SERVICES / 

NEBENLEISTUNGEN DER VERSICHE RUNGSWIRTSCHAFT 

par CAPA, Paris 


RECHERCHE SUR LES RISQUES DE PERTES INDIRECTES INDUITES PAR LES SYSTEMES 

INFORMATIQUES 

par André George, (Directeur Général, Pactel France SA) 


INSURANCE CYCLES 

� Introduction, by H. Loubergé, (University of Geneva and Geneva Association) 

� Cycles in Insurance: A Review of Past Researches and Proposals for Further Studies, by G.W. de 

Wit (Nationale Nederlanden) 

� Le Développement de l’Assurance est-il lié à celui de son Environnement Economique, par A. 

Krief, (CAPA) 

� Insurance Cycles: An Italian Experience, by C. Angela Mormino, (University of Rome) 

� Elements of Loss Development: Trends, Business Cycles and Fortuitous Events, by E. Helten, 

(University of Mannheim) 

� Functional Relations between General Economic Indicators, Premium Income and Costs of 

Damages in Different Insurance Sectors, by F. Becker, (University of Mannheim) 

� Une Méthodologie de la Recherche sur les Cycles en Assurance, par F. Padoa, President, 

(Geneva Association) 

No. 32 / June 1979 (Vol. II) 

LA SITUAzIONE E LE PROSPETTIVE DEL MERCATO DELLE ASSICURAzIONI COLLETTIVE IN 

ITALIA 

par Dr. Antonio Martelli, (SITEA, Milan) 

No. 31 / May 1979 (Vol. I) 

LA SITUAzIONE E LE PROSPETTIVE DEL MERCATO DELLE ASSICURAzIONI COLLETTIVE IN 

ITALIA 

Group Insurance in Italy - L’Assurance de Groupe en Italie, par Dr. Antonio Martelli, (SITEA, Milan) 

No. 30 / April 1979 

LA FORMATION EN ECONOMIE DU RISQUE ET DE LA SECURITE DES ETUDIANTS EN MEDECINE, 

ELEVES INGENIEURS, ET ETUDIANTS EN ARCHITECTURE: 

une enquête préliminaire, par Philippe Charpentier 


THE INSURANCE GAME - A BUSINESS DECISION GANE BASED UPON A SIMULATION OF AN 

INSURANCE MARKET 

by Knud Hansen (The Institute of Insurance Economics, Copenhagen School of Economics and Business 

Administration) 


LES FONDEMENTS DE LA THEORIE ECONOMIQUE DU RISQUE ET DE L’ASSURANCE 

par Henri Loubergé (Université de Genève et Association de Genève) 

147

148 


No. 27 / November 1978 (reprint: April 1979) 

EUROPEAN FIRE COSTS - THE WASTEFUL STATISTICAL GAP 

by R.T.D. Wilmot (The University of Sussex, Centre for Contemporary European Studies, Brighton) 

No. 26 bis / April 1979 

LA RESPONSABILITA CIVILE VERSO TERzI DELLA ATTIVITA IMPRENDITORIALI - ANALISI 

COMPARATA ITALIA E FRANCIA 

di Dott. Gianfranco de Zuccato (Riunione Adriatica di Sicurtà, Milano) 


ASSICURAzIONE PRIVATA CONTRO GLI INFORTUNI - UN CONFRONTO FRA LE CONDIzIONI DI 

POLIzzA E LE TARIFFE ITALIANE, INGLESI E FRANCESI 

di Dott. Gianfranco de Zuccato (Riunione Adriatica di Sicurtà, Milano) 


SOURCES OF STATISTICS: FRANCE, GERMANY, ITALY, SWEDEN, SWITzERLAND 

by the Statistics Working Group Co-ordinator: Prof. Robert Carter (University of Nottingham, U.K.), 

followed by a study on 

COMPARATIVE SCANDINAVIAN INSURANCE STATISTICS 

by Prof. Karl Borch (The Norwegian School of Economics and Business Administration, Institute of 

Insurance, Bergen) 

No. 24 / July 1978 

LE TROISIEME AGE ET L’ASSURANCE: UNE ENQUETE PRELIMINAIRE 

par Susanne Hagemann (chargée de recherche, Association de Genève) deuxième tirage / reprint / zweite 

Auflage: Décembre 1978 

No. 23 / June 1978 

EFFETS DES REGLEMENTATIONS SUR LA RENTABILITE ET LE RISQUE DES COMPAGNIES 

D’ASSURANCES NON-VIE 

par Jean-Jacques Rosa (Institut d’Etudes Politiques de Paris) et Christian Ferry (Institut des Assurances 

de Paris) 

No. 22 / April 1978 

CASES IN RISK MANAGEMENT 

by Mark R. Greene (University of Georgia, Athens, USA) 


SOURCES OF STATISTICS: AUSTRIA, BELGIUM, NETHERLANDS, NORWAY, UNITED KINGDOM, 

YUGOSLAVIA 

by the Statistics Working Group Co-ordinator: Prof. Robert Carter (University of Nottingham) 

No. 20 / December 1977 (Second Edition) 

STAAT - SICHERHEIT - VERSICHERUNG: TEIL II - PERSPEKTIVEN 

von Dr. Matthias Haller, Projektleitung, und Walter Ackermann, Bearbeiter 

No. 19 / Januar 1978 

STAAT - SICHERHEIT - VERSICHERUNG: TEIL 1 - EIN INTERNATIONALER VERGLEICH 

Eine Analyse der Politik der sozialen Sicherung in einigen westlichen Industriegesellschaften, von 

Dr. Matthias Haller, Projektleitung, und Walter Ackermann, Bearbeiter (Institut für Ver sicherungswirtschaft 

an der Hochschule St. Gallen) 


ANALYSE DE FAISABILITE POUR UNE ETUDE SUR LES MARGES DE SOLVABILITE ET 

L’EVOLUTION COMPAREE DES COMPAGNIES D’ASSURANCES NON-VIE DANS LA COMMUNAUTE 

EUROPEENNE 

par André Gabus et Jean-Marc Belloy (Institut Battelle)


A SURVEY OF CONSEQUENTIAL LOSS PRACTICES IN WESTERN EUROPE WITH EMPHASIS ON 

THE CHEMICAL INDUSTRY 

by Roy Damary and Peter Schmeer (Technomic-Gira Consultants S.A. , Collex-Geneva) 


INTERNATIONAL INSURANCE TRANSACTIONS AND THE BALANCE OF PAYMENTS 

by G.M. Dickinson (The City University Business School, London) 

No. 15 / August 1977 (First Edition) 

STAAT - SICHERHEIT - VERSICHERUNG 

von Matthias Haller, Projektleitung, und Walter Ackermann, Bearbeiter (Institut für Versicherungswirtschaft 

an der Hochschule St. Gallen) 

No. 14 / July 1977 

QUELQUES ASPECTS DE L’ASSURANCE DANS LES RELATIONS ECONOMIQUES INTER- 

NATIONALES 

par Luciano Kramar (chargé de recherche Association de Genève) 

No. 13 bis / June 1977 (Translation) 

DEVELOPMENT OF COLLECTIVE SAVING AND GROUP INSURANCE IN GREAT BRITAIN 

UNTIL 1980/85/90 

by Brigitte Reitz (Prognos AG, Basel) 

No. 13 / May 1977 

zUR ENTWICKLUNG DER GRUPPENVERSICHERUNG UND DES KOLLEKTIVEN SPARENS IN DER 

BRD UND IN GROSSBRITANNIEN BIS 1990 

von Brigitte Reitz (Prognos AG, Basel) 

No. 12 / January 1977 

FIRE COSTS IN 4 SCANDINAVIAN COUNTRIES - A TENTATIVE ANALYSIS 

by R.T.D. Wilmot (University of Sussex, Centre for Contemporary European Studies, Brighton) 


BANKING AND INSURANCE - THE INTERFACE 

an introductory analysis, by J.E. Maycock and J. Revell (both of the Institute of European Finance, 

University College of North Wales) 

No. 10 / Novembre 1976 

L’EVOLUTION DE LA NOTION DE RESPONSABILITE ET SES CONSEQUENCES ECONOMIQUES 

une analyse préliminaire, par Philippe Charpentier (chargé de recherche, Association de Genève) 


BARRIERS TO TRADE IN INSURANCE AND REINSURANCE - A CONFERENCE DOSSIER 

by Robert L. Carter (University of Nottingham) and Gerald Dickinson (City University Business School, 

London) sponsored by the Geneva Association and the Trade Policy Research Centre, London. 

No. 8 / Octobre 1976 

INTRODUCTION A L’ECONOMIE DU RISQUE ET DE LA SECURITE 

Deuxième partie : Textes des Conférences, 

par les Professeurs Raymond Barre, Hans Bühlmann (Polytechnicum de Zurich), Orio Giarini, Matthias 

Haller (Université de St-Gall), Henri Loubergé (Université de Genève) et Jean-Jacques Rosa (Université 

de Paris II) 


ETUDE DE LA RENTABILITE DES SOCIETES D’ASSURANCE NON-VIE EN EUROPE 

par Jean-Jacques Rosa (Professeur d’Economie et de Finance, Université de Paris II) 

149

150 


No. 6 / April 1976 (reprint: October 1976) 

FIRE COSTS IN 6 EUROPEAN COUNTRIES - A TENTATIVE ANALYSIS 

by R.T.D. Wilmot (University of Sussex, Centre for Contemporary European Studies, Brighton) 

No. 5 / December 1975 (reprint: April 1976) 

zUR ENTWICKLUNG DES KOLLEKTIVEN SPARENS IN VIER LÄNDERN BIS 1980 

Vorstudie von Matthias Bittner und Dr. Brigitte Reitz (Prognos AG, Basel ) 

No. 4 / November 1975 (reprint: April 1976) 

A SURVEY OF INSURANCE AND RISK MANAGEMENT PRACTICES IN MAJOR EUROPEAN 

INDUSTRIAL COMPANIES, 

by Roy G.C. Damary (Technomic-Gira Consultants S.A., Collex-Geneva) 

No. 3 / March 1976 (reprint: October 1976) 

INTRODUCTION A L’ECONOMIE DU RISQUE ET DE LA SECURITE 

Première partie: Macro-économie du Risque et de la Sécurité, par Orio Giarini, avec la collaboration de 

Henri Loubergé (Université de Genève, Département de l’Economie Politique) 

No. 2 / March 1975 (reprint : April 1976) 

SIMULATION MODEL OF THE EFFECTS OF INFLATION ON PERSONAL AND PROPERTY DAMAGE 

INSURANCE COMPANIES, 

by Jean-Marc Belloy and André Gabus (Battelle Institute) 


INSURANCE 1985 

� Insurance as a Science 

� European Insurance in 1985, by J.E. Bannister (Keith Shipton Developments Ltd. London) 

� The Multinationals in the Insurance Market 

� The Problems and Perspective of Self-Insurance, by R.G. White (Keith Shipton Developments 

Ltd. London) 

� Consumerism and Social Responsibility 

� The E.E.C. and Insurance, by G.N. Crockford (Keith Shipton Developments Ltd. London)


Newsletters 

Seven newsletters on the main research activities, as well as on World Fire Statistics, are published 

throughout the year. They are published biannually, except for Insurance and Finance and the World 

Fire Statistics. They are disseminated in hard copy and in the form of e-newsletters, a new feature 

implemented in February 2009. 

Insurance Economics 

Information for Risk and Insurance Economics 

Print run: 2,900 copies 

Editor: Christophe Courbage, Research Director, Insurance Economics 

This newsletter for risk and insurance economists serves as an 

information and liaison bulletin to promote contacts between economists 

at universities and in insurance and financial services companies with 

an interest in risk and insurance economics. 

PROGRES 

Programme on Regulation, Supervision and Legal 

Issues 

________________________ 

No. 65, January 2012 

________________________ 

Editorial 

The Geneva Association Website: 

Information Hub in Risk and 


Christophe Courbage highlights the 

functionality of The Geneva 

Association website for researchers. 

Invited Article 

A Historical View of the Term 

“Moral Hazard” 

David Rowell and Luke B. Conelly 

addresse the origin and the meanings 

of the concept of moral hazard. 

News from EGRIE 

Letter from the EGRIE President 

Call for Papers: 39 th 1 

3 

6 

EGRIE Seminar 

SCOR-EGRIE Awards and Winners 

Geneva Association Prizes and 9 

Research Grants 

Call for Submissions: Ernst-Meyer 

Prize 2011 

Call for Papers: The Geneva 

Association/IIS Research Awards 

Partnership ... 

Ernst-Meyer Prize Winner 2010 10 

Activities Supported by 

12 


Other Seminars and 

15 

Calls for Papers 

Recent Publications Related to 18 


Geneva Association Publications 19 

Financing Long-Term Care in Europe 

The Essential Role of Insurance 

Services for Trade Growth and 

Development 

Forthcoming Geneva Association 24 

Conferences 


Editor: Jan Monkiewicz, Research Director, Progres; 

Deputy Editor: Sebastian von Dahlen, Principal Administrator at the IAIS Secretariat 

Editorial 

…………………………………………………………………………………. 

The Geneva Association Website: 

Information Hub in Risk and 


…………………………………………………………………………………. 

by Christophe Courbage + 

In this modern era of information technology, ideas and research flow 

easily among individuals, organisations, companies, and countries, 

spurring further interest in easy-to-find and qualitative available 

information on all sorts of subjects on the World Wide Web. Insurance 

economics, risk management and related fields are not spared from 

this constant drive to new and expert knowledge. With this in mind, 

The Geneva Association decided a few years back to improve the 

functionality of its website, by making a certain amount of information, 

publications and other materials related to risk and insurance 

economics publicly and freely available and accessible. For that 

purpose, The Geneva Association created a virtual library containing, 

so far, more than 4,300 documents accessible in many ways, including 

via a search engine. 

Many activities of The Geneva Association, if not all, stimulate 

research and thinking in insurance economics and risk management, 

not only by academics, but also by researchers in insurance 

companies, public organisations and other interested parties in the 

field. Indeed, between the conferences it organises, the publications it 

develops, the research it carries in-house or through expert networks, 

and its involvement in global economic and financial issues, The 

Geneva Association’s original objective to promote and stimulate risk 

and insurance research is widely met. 

To strengthen its specific role as information hub in the field of 

insurance economics, The Geneva Association has recently decided to 

expand its virtual library on the website to include all the articles 

published in its two leading journals, The Geneva Papers on Risk and 

Insurance—Issues and Practice and The Geneva Risk and Insurance 

Review. Both journals are published by Palgrave Macmillan which 

agreed that The Geneva Association could make freely available all 

articles published in the two journals three years after their date of 

publication. This means that to date, past issues of The Geneva 

Papers on Risk and Insurance from January 1976 to October 2008 are 

available and accessible for free on The Geneva Association’s 

website. Every three months, a another issue of the journal is made 

available. This represents so far a total of 1,209 articles. The first 

articles published in The Geneva Papers are worthwhile reading for all 

those interested in the history of the discipline. It is always very 

instructive to read past contributions of outstanding economists in the 

The aim of this newsletter is to contribute to the exchange of information on studies 

and initiatives aimed at better understanding the challenges arising in the fields of 

insurance regulation, supervision as well as other legal aspects. 

Risk Management 

Research on Risk Management Assessment 

and Prevention 


Editor: Walter R. Stahel, Research Director, Risk Management 

The Risk Management newsletter summarises The Geneva 

Association’s initiatives in the field. It is open to contributions from 

any institution or company wishing to exchange information on the 

subject. 

Editorial 

_________________________ .................................................................................................................. 

Managing the Opportunities and Risks 

No. 51 May 2012 

_________________________ of the Early 3rd Millennium 

.................................................................................................................. 

Editorial 

Managing the Opportunities and 

Risks of the Early 3 rd Millennium 

by Walter R. Stahel 

Guest Editorial 

Climate Liability Risk: Will it be the 

Next Chapter in the Global “Blame 

Game”? 

by Richard H. Murray 

The Value of Insurance to Society 

by Kathrin Hoppe 

The UN Shift from Social Research 

to Protecting the Environment to 

Governance 

by Meghan Orie 

New Major Publications by 


Forthcoming Books and Call for 

Papers 


Conferences 

Past Risk Management 

Conferences 

Miscellaneous Information and 

Prevention News 

The CR+I Project of The Geneva 

Association: Climate Risk and 

Insurance 

The ART of CROs Networks 

Books, Publications, Articles and 

Papers Received 

Summary of the Risk Management 

Programme of The Geneva 


Forthcoming Conferences of 


by Walter R. Stahel + 

This issue of the Risk Management Newsletter looks at paradigm 

shifts in the early 3 rd 1 

Millennium and devotes a large part to the 

6 emergence of quasi-regulatory risks. We hope you will enjoy 

reading it and look forward to your comments. 

9 

12 

17 

18 

19 

20 

21 

22 

25 

27 

28 

30 

In a number of polls, risk managers of all economic sectors are asked 

each year to list the top risks. For 2012, economic imbalances, societal 

inequalities, increased regulation and growing competition are among 

the top risks. Other areas cited by respondents included data privacy 

and security threats, the competition for talent and labour, better 

forecasting and scenario analysis, solar storms—but climate change 

has disappeared as a major threat; some polls also see an elevated 

role for Chief Risk Officers. These priorities are also valid for insurers. 1 

In addition to these annual risk polls, there exist longer-term hazards of 

a dormant nature, such as the shift from an industrial economy to a 

circular economy in the West, a shift of economic power from the 

North-Western Hemisphere to the Southern Hemisphere—China, India, 

Latin America, South Africa and Southeast Asia; the economic development 

of Siberia and the Arctic Ocean being the exception of this 

trend. Some hazards are linked to the growth of the world population, 

such as the need to increase food production, the competition for flat 

land between agriculture, industry and urban development; the competition 

for water by the same demand categories and the choice between 

economic growth and safeguarding the natural capital, i.e. biodiversity 

or the “Global Commons”—the oceans and the atmosphere, including 

greenhouse gas emissions (GHG). Others are linked to the increasing 

density of the population at certain hot spots, such as coastal plains. 

But whereas these developments are on the radar of most risk experts, 

this editorial will look at a number of lesser known “paradigm shifts” that 

have become visible at the change to the 3 rd Millennium and which the 

editor believes will shape the next decades for insurers. These shifts 

are global and represent opportunities and risks for insurance 

companies and society—plus synergies, if a common ground can be 

found; that is, if the objectives of society and economy can be married. 

151

152 


The Four Pillars 

Research on Social Security, Insurance and Retirement 


Former editor: Krzysztof Ostaszewski, Head, The Four Pillars 

Programme. 

The newsletter of the Research Programme on Social Security, 

Insurance, Savings and Employment was initiated in 1985, and provides 

information on research and publications in this area. It also covers 

themes linked to the life insurance sector. 

Insurance and Finance 

Research on Finance Issues in Insurance 


Editor: Etti Baranoff, Research Director, Insurance and Finance 

The Research Programme on Insurance and Finance comprises 

academic and professional research activities in the fields of finance 

where they are relevant to the insurance and risk management sector. 

Health and Ageing 

Research Programme on Health and Productive Ageing 


Editor: Christophe Courbage, Research Director, Health and Ageing 

It seeks to bring together facts and figures linked to issues in health, and 

to try to find solutions for the future financing of health and the role that 

insurance solutions can play in them. 

World Fire Statistics 

Information Bulletin of the World Fire Statistics Centre 

Printed run: 1,100 copies 

Editor: Brian Woodrow, Director, World Fire Statistics Center 

_______________________ 

No. 50 March 2012 

_______________________ 

Editorial 

The Four Pillars: Looking at the Last 

25 Years and the Next 25 Years 

Krzysztof Ostaszewski discusses the 

challenges the Four Pillars Programme 

faces in the next 25 years, its second 

quarter century. 

The Four Pillars Project: 25 Years On 

Orio Giarini, the creator of the Four 

Pillars Programme discusses its 25 th 

anniversary, and its significance in the 

modern service-oriented economy. 

Greece: The Pension Reform of 2010 

Milton Nektarios discusses the pension 

reform implemented in Greece in 2010, 

its accomplishments and shortcomings, 

and its relationship to the economic 

crisis. 

Actuarial Focus on Important 

Retirement Planning Issues 

Anna Rappaport and Joe Tomlinson 

present the work of the Society of 

Actuaries Committee on Post- 

Retirement Needs and Risks. 

Annuity Day at the Fields Institute in 

Toronto 

Moshe Milevsky discusses the annual 

IFID Centre conference on retirement 

planning held at the Fields Institute for 

Research in Mathematical Sciences. 

Can Contingent Annuities Solve the 

Longevity Risk Problem? 

Cande Olsen presents the new 

retirement products, contingent 

annuities, also known as stand-alone 

living benefits. 

Conference Celebrating the 25 th 

Anniversary of the Four Pillars 

Programme of The Geneva 


Call for Papers—Special Issue of 

The Geneva Papers on The Four 

Pillars: The Next 25 Years 

9 th Editorial 

………………………………………………………...……………………….. 

The Four Pillars: Looking at the Last 

25 Years and the Next 25 Years 

………………………………………………………………..…...…………… 

by Krzysztof Ostaszewski 

Health & Ageing Conference on 

Genetics and Insurance 

+ 

It is my honour and pleasure to introduce myself to you as the new 

Director for Life Insurance and Pensions at The Geneva Association, 

and the Editor of this Four Pillars Newsletter. This year, 2012, marks 

the 25 th 1 

anniversary of the Four Pillars Programme. The Programme 

was set up in 1987, with the aim of studying the key importance in the 

5 new service economy of Social Security, Insurance, Savings and 

Employment, the four key components of retirement systems. The 

Programme focuses on the future of pensions, welfare, insurance and 

employment. 

7 The main key drivers for this work are changing demography and its 

financing impact; complementarity between social security and 

insurance; and the changing perspective of the welfare state, 

employment and life cycles. 

The related research activities have had four main objectives: 

10 1) analysis of the key elements in organising old-age security systems; 

2) research of conditions for multi-pillar systems of pension financing; 

3) encouragement of multiple and complementary solutions to the 

challenges of ageing; and 4) understanding of the role of insurance in 

the provision of old-age security systems. 

13 As we enter the second quarter century of this Programme, the world 

looks dramatically different than at its onset. In 1987, world politics was 

still viewed through the prism of the Cold War, while world economics 

experienced the shock of the largest one-day global stock markets 

crash in the recorded history on 19 October 1987. But the stock market 

debacle did not prompt any significant action from governments and no 

15 significant real economy effects appeared subsequently. In the world 

we see today, the stock markets debacle of 2008 was followed by very 

painful real economy dislocations. As of early 2012, the United States 

economy is showing signs of mild growth but its levels of 

unemployment remain at levels not seen since 1983. The European 

economies are struggling with the sovereign debt crisis, and the future 

16 of the common European currency, the euro, is uncertain. 

The world has also changed in ways that affect retirement systems in 

profound ways. 

17 

The costs of retirement systems are affected by a variety of factors, 

but the most important ones are: 1) levels of interest rates and rates of 

return available from investment portfolios, for private systems, or the 

18 

growth rate of the underlying economy for public systems; 

2) length of retirement period, affected by the timing of retirement, as 

_______________________ 

No. 9, February 2012 

_______________________ 

Editorial 

Financial Stability in Insurance— 

A Built-in Resilience Mechanism 

Etti Baranoff explains the three-prong 

insurance model. 

Feature Insurance Company: An 

Interview with Charles Brindamour, 

CEO, Intact Financial Corporation 

A National Asset: Canada’s Property 

and Casualty Industry 

The Insurance Bureau of Canada 

describes the importance of a robust 

insurance industry. 

Report from the 8 th 1 

3 

8 

International 9 

Insurance and Finance Seminar of 


Etti Baranoff reviews the recent 

Insurance and Finance seminar, and the 

massive financial and regulatory 

challenges during the current turbulent 

financial markets. 

The Insurance Industry’s Financial 15 

Reporting/Accounting Update and 

Challenges 

Accounting standards will change and 

the fears are that instead of reporting 

economic volatility, accounting will 

create volatility. 

Insurance Viewed from the Outside: 19 

Contributing to Financial Stability 

The Oliver Wyman Group notes that 

even in the recent financial crisis, 

insurers have been stable. 

European Insurance Credit Trends: 22 

Third-Quarter 2011 Market 

Movements Take their Toll on 

Insurers’ Capital Adequency 

Standard & Poor’s provides its outlook 

for the insurance sector. 

The Lloyd’s Risk Index: Are 

25 

Businesses Better Prepared to Deal 

with Risk? 

Call for Papers—Special Issue of 28 

The Geneva Papers on Disaster 

Reduction and Extreme Events 

_________________________ 

No. 26 April 2012 

_________________________ 


Screening for Dementia and the 

Impact on Mortality and Morbidity 

in Long-Term Care Insurance 

Marc A. Cohen et al. show that the 

ability to accurately screen for 

dementia has important implications 

on mortality and for LTC insurance 

underwriting. 

Invited Article I 

Private Versus Public Age-Related 

Utilisation of Public Hospital 

Services in Ireland 

Brian Turner and Edward Shinnick 

look at how the public sector could 

potentially benefit from having more 

and more older patients treated 

privately. 

Invited Article II 

Health Status and Portfolio Choice: 

Does Feeling Better Affect your 

Attitude Towards Risk? 

Silvia Bressan et al. show that 

stockownership and the share of risky 

assets in the portfolio decline along 

with deteriorating health conditions. 

Invited Article III 

Public–Private Partnership 

Scenario in the Health Care System 

of Pakistan 

F. Ahmed and N. Nisar outline some 

examples of public–private 

partnerships in Pakistan and examine 

barriers to further development of 

such initiatives. 

Summary – 8 th Geneva Association 

Health and Ageing Conference— 

Insurance and Dementia 

9 th 1 

5 

9 

14 

17 

Geneva Association Health and 20 

Ageing Conference 

Recent Geneva Association 

21 

Publications 

Editorial 

………………………………………………………...………………..…. 

Financial Stability in Insurance— 

A Built-in Resilience Mechanism 

………………………………………………………………..…...………. 

by Etti Baranoff + 

The efforts to study and contribute to the financial stability debate 

and regulatory developments have continued to dominate the 

agenda of the Insurance and Finance Programme at The Geneva 

Association. In the past year, we progressed from explaining the 

insurance activities and products, and the differences between the 

insurance and the banking business models, to working on a 

methodology for identifying potentially systemically risky activities 

and Systemically Important Financial Institutions (SIFIs). The 

distinctions between the two financial sectors achieved acceptance 

through The Geneva Association’s published studies: the seminal 

report of March 2010, Systemic Risk in Insurance, that was followed 

by additional reports about AIG and activities that could potentially 

lead to systemic risks. 1 Recognition of the focus on insurers’ activities 

as distinct from those of banks was evident in the November 2011 

report Insurance and Financial Stability of the International 

Association of Insurance Supervisors (IAIS). The IAIS report agrees 

that traditional insurance activities are not systemically risky, as the 

results of the major research work conducted by The Geneva 

Association. 

The acceptance of the differences between the activities and the 

business model of insurance from that of banks for the purpose of 

designating SIFIs in insurance is a starting point for the methodology 

to be developed by the IAIS. The IAIS was appointed by the 

Financial Stability Board (FSB) to provide a methodology for 

potentially designating insurers as SIFIs, which later will be adopted 

by the G-20 for macro regulation in financial stability. The IAIS is 

currently in the process of developing this methodology and is in the 

midst of a major data collection and analysis effort. During the 

Insurance and Finance Seminar of The Geneva Association in early 

December 2011 in London, Monica Mächler, Chair of the IAIS 

Technical Committee, noted that while the activities-based 

methodology is the centrepiece of the IAIS report, it is critical to 

develop a methodology that links the potentially systemically risky 

activities with markets and business risks. The IAIS report appears to 

be taking two of the three-prong insurance mechanism for financial 

stability (featured in the Exhibit below) into account: the products or 

activities and the business model of insurers. 


.................................................................................................................. 

Screening for Dementia and the 

Impact on Mortality and Morbidity 

in Long-Term Care Insurance 

.................................................................................................................. 

by Marc A. Cohen + , Jessica Miller ++ and Xiaomei Shi +++ 

Introduction 

Carriers providing long-term care (LTC) insurance have historically 

invested significant resources in risk management activities designed to 

ensure that policies are properly priced and that premiums can remain 

relatively stable for consumers. An important focus of such risk 

management activities has been the medical underwriting process and 

more specifically dementia screening. Dementia-related claims 

continue to present the single largest claim liability to LTC carriers. 

Moreover, left unmanaged, this potential liability can threaten the longterm 

stability of premium rates, something that is of particular 

importance to carriers, policyholders and insurance regulators. 

Dementia is also related to mortality, which means that as the average 

age of life insurance applicants increases, the ability to accurately 

screen for dementia becomes increasingly important. 

Over the past decade, there have been significant improvements made 

in the ability of cognitive screens to identify individuals at the earliest 

stages of cognitive decline—a state known as “Mild Cognitive 

Impairment (MCI)”. MCI is a subtle but measurable memory disorder 

and a person with MCI experiences memory problems greater than 

normally expected with ageing, but does not show other symptoms of 

dementia such as impaired judgment or reasoning. Nearly eight years 

ago, a new cognitive screen was introduced to the market and is now 

extensively used by LTC carriers. The test called Enhanced Mental 

Skills Test (EMST) is designed to detect applicants at the very earliest 

stages of cognitive decline (Shankle et al., 2005). This test generally 

replaces an earlier cognitive screen called the Delayed Word Recall 

(DWR) (Knopman and Ryberg, 1989), which was seen as somewhat 

less effective in capturing people during the MCI stage of decline. 

Purpose 

The purpose of this article is to report on research that examined the 

relationship between the very earliest stages of cognitive decline (i.e. 

MCI) and subsequent mortality as well as evaluate the efficacy of 

screening on early morbidity experience as measured by the incidence 

of dementia-related LTC claims. We focus on the screening experience 

of each of these cognitive screens: (1) the DWR, and (2) the EMST. 

Published annually, this newsletter presents statistics on national fire costs from over 20 leading 

countries in an effort to persuade governments to adopt strategies aimed at reducing the cost of fire.


International Association for the Study of Insurance Economics—“The Geneva Association” 

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