The Theory and Practice of Insurance Sovereign Catastrophe Risk Financing Limitations of Traditional Insurance and the Potential of Alternative Risk Transfer Solutions Supervised by: Prof. Christopher L. Culp Authors: Martin Reinhard ID- No: 05-723-648 martinreinhard@gmx.ch Aicha Khuder ID- No: 11-106-937 aicha_khuder@yahoo.de Susanna Kullenberg ID- No: 11-111-499 susanna.kullenberg@gmail.com Bern‚ February 27th 2012 Table of Content Abstract ...................................
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Risk Financing Risk imposes costs in two broad forms – loss costs and the costs of uncertainty. Risk financing attempts to mitigate the impact of these costs by structuring the availability of funds to pay claims‚ aid recovery and enable the organization to maintain financial stability as it moves forward towards its mission. How risk financing occurs can vary. At one end of the scale‚ fully self-insured entities retain responsibility and‚ if risk-related costs arise‚ the entity directly bears those
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USAA Ex. 1. The United Services Automobile Association (USAA) is a Texas-based diversified financial services group of companies which includes a Texas Department of Insurance regulatedunincorporated‚ reciprocal inter-insurance exchange and a Fortune 500 financial services company offering banking‚ investing‚ and insurance to people and families that serve‚ or served‚ in the United States military. At the end of 2011‚ there were 8.8 million members. 2.5 million of the total of 8.4 million members
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way to not only insure their vehicles but also themselves. The officers self-insured one another when they were unable to secure auto insurance due to the perception that they‚ as military officers‚ were a high-risk group. Before being known as the United Services Automobile Association (USAA)‚ it was first known as the United States Army Automobile Association but eventually changed its name in 1924 after officers of other US military services became eligible for membership. It is the pioneer of direct
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30:161 Twentieth Century Literature Catastrophe Erica Nielsen “Catastrophe” by Samuel Beckett is a play about the staging of a play; the dress rehearsal for the final scene of the play. There are 4 characters in the short play: the Director (D)‚ the female Assistant (A)‚ the Protagonist (P) and Luke (L)‚ an electrician who is in charge of the lighting but does not come on stage. “Catastrophe” begins with the Protagonist in a black gown and black hat‚ hands clenched in the pockets with his
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| USAA SWOT Analysis | | | Management 303 SWOT Analysis of USAA Section I – Organizational History Fortune 500 company‚ United Services Automobile Association (USAA) began as a small group of 25 U.S. Army officers in 1922. Nearly 90 years later‚ it is now an organization with more than 7.4 million members‚ offering banking‚ investing‚ retirement and insurance services worldwide. Since its inception‚ USAA has expanded membership eligibility to include all members of the Armed Forces and
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Management 303 SWOT Analysis on USAA Savings Bank Section I- Organizational History USAA Savings Bank has been around for a long time believe it or not. In 1922 USAA was originally founded in San Antonio‚ Texas when 25 Army officers decided to come together and insure each other’s automobiles. William Garrison was USAA’s first elected president. Shortly after that USAA’s first employee was Harold Dunton‚ who was hired as a general manager. Major Walter Moore purchased the first automobile insurance
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Case Analysis: USAA Question: Is USAA a typical insurance company? List all reasons supporting your answer. When USAA started in 1922‚ they were a property and casualty insurance company however‚ with time they expanded their services to their members and became a financial institution. Their objective when starting the company was to provide auto insurance to military officers. In 1988‚ they owned 32 wholly-owned subsidiaries. Their main scope remained property and casualty insurance with
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HR Practices of United Services Automobile Association Company Information & Business Strategy The United Services Automobile Association (USAA) is a Fortune 100 company as of the year 2009 that primarily sells life and property insurance to its 7.7 million members‚ which consists of active and retired military personnel and their family members (www.biz.yahoo.com). They also offer such services as banking and investment management‚ focused on helping military persons to manage their money
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Catastrophe Bonds By Kirill Graminschi The trouble with Catastrophe Bonds The article presents the difficulties insurance companies face when they are issuing catastrophe bonds. Do they efficiently hedge against large-scale disasters? It is very difficult hedging against catastrophic losses. Japan’s March earthquake‚ tsunami and nuclear disaster threat could cost the insurance industry between $21 and $34 billion. The catastrophe bonds are not helping much the insurance companies‚ although
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