Risk management anf insurance in the United States
Çağdaş risk yönetimi sigortacılık dalında Amerika Birleşik Devletleri tecrübesi
- Tez No: 54497
- Danışmanlar: PROF.DR. ÖMÜR ŞAKİR BABAOĞLU
- Tez Türü: Yüksek Lisans
- Konular: Sigortacılık, İşletme, Insurance, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1996
- Dil: İngilizce
- Üniversite: Marmara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 119
Özet
Özet yok.
Özet (Çeviri)
EXECUTIVE SUMMARY RISK MANAGEMENT AND INSURANCE IN THE UNITED STATES The purpose of this thesis is to examine risk management and insurance in the United States. My studies as a visiting scholar in the graduate masters program at the University of Wisconsin Madison, and my present employment with Sedgwick Global in New York City have afforded me special opportunities to study at close range risk management and insurance in the United States. While my study focuses on the United States it has international releViUice for risk management and insurance in other countries. The United States is the dominant economy and leads the world in total insurance purchases. Developing trends and new directions in the United States tend to spread internationally to other countries. Therefore important lessons as well as mistakes can be learned by studying the U.S. system. Having worked in the Turkish insurance industry for a while, as a another purpose of this thesis, I aimed to draw parallels between the U.S. and Turkish insurance systems. Examination of the U.S. experience could provide an opportunity to identify similarities and differences between two industries and areas where the Turkish market can advance ahead in the use of risk management and insurance techniques. The paper will be divided into six major sections listed below: I. The U.S. Insurance Market II. Risk Management Process K ^J. _ * % \ ?^ * »“.:? ?III. Underwriting Cycles and Markets IV. Captive Insurance Market V. New Directions in Risk Management and Insurance VI. Turkish Insurance Industry in light of Developments in the U.S. Market A summary of each of these sections will be presented below. I. The U.S. Insurance Market The United States leads the world in total insurance premiums, but is closely followed by the Japan. Together the U.S. with 31.3% of world premiums and Japan with 30.4% of world premiums account for over 60 percent of the total world market. The insurance markets in the U.S. are broken down into two major categories, life and health, and property and liability (casualty)1 insurance. Life/health insurers have assets totaling near $2 trillion, while property/liability insurers have assets of about $700 billion. Life health and annuity premiums total about $540 billion while property/liability insurance premiums are $250 billion. Life and health companies have a bigger asset base because premiums are greater, but mainly because of the longer term nature of their products, that is they hold on to the policyholders monies for a longer period of time. Altogether there are about 5,000 life/health and property/casualty insuance companies which employ more than 2.2 million people in the U.S.. 1 Note that the terms liability and casualty are used interchangeably in the U.S. and will be so used in this paper. - I. * ?Life insurance in force ni the end of 1994 was close to $12 trillion. Life insurance in force equals the total face values (death benefits) of all outstanding life insurance products. Life insurance is owned by almost 80% of American households, with the average amount per insured household equal to over $150,000. Of the four categories of life insurance, ordinary, group, industrial and credit, two categories ordinary or individual and group account for most life insurance purchases and in force business. Industrial life was historically an important type of life insurance purchased by large numbers of industrial workers, but today has almost been totally phased out. Since its inception, credit life has always been a minor portion of the life insurance markets. Property/liability insurance is dominated by automobile insurance which accounts for 45% of total premiums written. Not surprisingly, the two largest automobile and personal lines insurers, State Farm and Allstate, are also the two largest property/liability insurers. Their dominance in the property/liability field is similar to Prudential Life's (number 1) and Metropolitan Life's (number 2) dominance in life and health insurance. The leading underwriter of commercial property/liability insurance is American International Group (AIG). Interestingly AIG has the largest presence in international markets of any property/liability insurer. Also of note is the recent consolidation of Continental with CNA, which will make the combined company larger than AIG. Consolidation in the insurance industry is one of the main subjects discussed in Section V of this paper - New Directions in Risk Management. Property/Casualty insurance companies can be formed under several different organizational structures, including stock insurers, mutual insurers, reciprocals and Lloyds Associations. Of these structures, stock and mutual insurers dominate as organizational types. Insurance is.«&«*-”** »^.f“'MLife insurance in force ni the end of 1994 was close to $12 trillion. Life insurance in force equals the total face values (death benefits) of all outstanding life insurance products. Life insurance is owned by almost 80% of American households, with the average amount per insured household equal to over $150,000. Of the four categories of life insurance, ordinary, group, industrial and credit, two categories ordinary or individual and group account for most life insurance purchases and in force business. Industrial life was historically an important type of life insurance purchased by large numbers of industrial workers, but today has almost been totally phased out. Since its inception, credit life has always been a minor portion of the life insurance markets. Property/liability insurance is dominated by automobile insurance which accounts for 45% of total premiums written. Not surprisingly, the two largest automobile and personal lines insurers, State Farm and Allstate, are also the two largest property/liability insurers. Their dominance in the property/liability field is similar to Prudential Life's (number 1) and Metropolitan Life's (number 2) dominance in life and health insurance. The leading underwriter of commercial property/liability insurance is American International Group (AIG). Interestingly AIG has the largest presence in international markets of any property/liability insurer. Also of note is the recent consolidation of Continental with CNA, which will make the combined company larger than AIG. Consolidation in the insurance industry is one of the main subjects discussed in Section V of this paper - New Directions in Risk Management. Property/Casualty insurance companies can be formed under several different organizational structures, including stock insurers, mutual insurers, reciprocals and Lloyds Associations. Of these structures, stock and mutual insurers dominate as organizational types. Insurance is.«&«*-”** »^.f "'M
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