TABLE OF CONTENTS ............................................... v
AUTHORS' BIOGRAPHIES ......................................... xvii
1. INTERNATIONAL INSURANCE MARKETS: BETWEEN GLOBAL
DYNAMICS AND LOCAL CONTINGENCIES-AN INTRODUCTION ............. 1
1.1. INTRODUCTION ............................................ 1
1.2. CONTENTS AND COUNTRY SELECTION .......................... 2
1.3. CHAPTER CONTENTS ........................................ 6
1.4. GLOBAL SIMILARITIES AND LOCAL DIFFERENCES .............. 17
1.5. ACKNOWLEDGEMENTS ....................................... 23
1.6. REFERENCES ............................................. 23
2. THE UNITED STATES INSURANCE MARKET: CHARACTERISTICS AND
TRENDS ...................................................... 25
2.1. INTRODUCTION ........................................... 25
2.2. HISTORY OF THE U.S. INSURANCE MARKET ................... 26
2.3. THE CURRENT REGULATORY ENVIRONMENT ..................... 44
2.4. THE U.S. LIFE-HEALTH INSURANCE INDUSTRY ................ 58
2.5. THE U.S. PROPERTY-LIABILITY INSURANCE INDUSTRY ......... 91
2.6. CONCLUSION ............................................ 131
2.7. REFERENCES ............................................ 132
2.8. LEXICON ............................................... 137
3. THE JAPANESE INSURANCE MARKET AND COMPANIES: RECENT
TRENDS ..................................................... 147
3.1. INTRODUCTION .......................................... 147
3.2. INSURANCE MARKETS ..................................... 148
3.3. LIFE INSURERS ......................................... 162
3.4. NON-LIFE INSURERS ..................................... 176
3.5. OTHER INSURANCE PROVIDERS ............................. 185
3.6. CURRENT IMPORTANT ISSUES .............................. 191
3.7. CONCLUDING REMARKS .................................... 196
3.8. REFERENCES ............................................ 196
3.9. USEFUL WEB SITES ...................................... 197
3.10.LEXICON ............................................... 198
4. THE UK INSURANCE INDUSTRY-STRUCTURE AND PERFORMANCE ........ 205
4.1. INTRODUCTION .......................................... 205
4.2. REGULATION AND SUPERVISION ............................ 207
4.3. THE STRUCTURE OF THE INDUSTRY ......................... 209
4.4. CONCLUSION ............................................ 232
4.5. REFERENCES ............................................ 233
4.6. APPENDIX .............................................. 235
5. THE FRENCH INSURANCE MARKET: BACKGROUND AND TRENDS ......... 241
5.1. INTRODUCTION .......................................... 241
5.2. A BRIEF HISTORY OF FRENCH INSURANCE ................... 242
5.3. REGULATION OF THE FRENCH INSURANCE MARKET ............. 248
5.4. GENERAL DESCRIPTION OF THE FRENCH INSURANCE MARKET .... 254
5.5. INSURANCE ECONOMIC ACTORS IN FRANCE ................... 264
5.6. FINANCIAL PERFORMANCE OF FRENCH INSURANCE COMPANIES ... 272
5.7. DISTRIBUTION CHANNELS ................................. 277
5.8. CONCLUSION ............................................ 296
5.9. REFERENCES ............................................ 296
5.10.LEXICON ............................................... 300
6. THE GERMAN INSURANCE INDUSTRY: MARKET OVERVIEW AND
TRENDS ..................................................... 305
6.1. HISTORY OF PRIVATE INSURANCE MARKETS IN GERMANY ....... 305
6.2. GENERAL MARKET OVERVIEW ............................... 307
6.3. INSURANCE LINES ....................................... 318
6.4. REGULATION ............................................ 331
6.5. CONCLUSION: DEVELOPMENT AND OUTLOOK ................... 339
6.6. REFERENCES ............................................ 340
6.7. LEXICON ............................................... 342
7. THE ITALIAN INSURANCE SECTOR BETWEEN MACRO AND MICRO
FACTS: SALIENT FEATURES, RECENT TRENDS, AND AN
ECONOMETRIC ANALYSIS ....................................... 347
7.1. INTRODUCTION .......................................... 347
7.2. THE MACRO-DYNAMICS OF THE ITALIAN INSURANCE MARKET .... 348
7.3. A MICRO PERSPECTIVE OF THE ITALIAN INSURANCE MARKET ... 378
7.4. A MICROECONOMETRIC ANALYSIS OF INSURANCE HOLDINGS ..... 382
7.5. CONCLUSION ............................................ 396
7.6. REFERENCES ............................................ 397
7.7. WEB SITES OF INTEREST ................................. 399
7.8. LEXICON ............................................... 399
8. A DESCRIPTIVE ANALYSIS OF CANADIAN INSURANCE MARKETS ....... 403
8.1. INTRODUCTION .......................................... 403
8.2. CANADIAN INSURANCE INDUSTRY: A HISTORICAL
PERSPECTIVE ........................................... 404
8.3. THE ECONOMIC ENVIRONMENT IN CANADA .................... 406
8.4. THE CANADIAN INSURANCE MARKET ......................... 408
8.5. FINANCIAL CONDUCT AND PERFORMANCE ..................... 429
8.6. CURRENT AND FUTURE TRENDS IN THE CANADIAN INSURANCE
INDUSTRY .............................................. 444
8.7. CONCLUSION ............................................ 448
8.8. REFERENCES ............................................ 449
8.9. IMPORTANT WEB SITES ................................... 451
8.10.LEXICON ............................................... 451
9. INSURANCE IN THE NETHERLANDS: MARKET STRUCTURE AND RECENT
DEVELOPMENTS ............................................... 455
9.1. INTRODUCTION .......................................... 455
9.2. HISTORICAL BACKGROUND ................................. 455
9.3. OVERVIEW OF RECENT DEVELOPMENTS ....................... 459
9.4. MARKET OVERVIEW ....................................... 462
9.5. CONCENTRATION, GLOBALIZATION, INTEGRATION, AND THE
DUTCH INSURANCE MARKET ................................ 483
9.6. SUPERVISION ........................................... 490
9.7. CONCLUSION ............................................ 491
9.8. REFERENCES ............................................ 493
9.9. LEXICON ............................................... 495
10.THE STRUCTURE, CONDUCT, AND PERFORMANCE OF THE SPANISH
INSURANCE INDUSTRY ......................................... 499
10.1.INTRODUCTION .......................................... 499
10.2.REGULATION ............................................ 500
10.3.THE STRUCTURE OF THE SPANISH INSURANCE MARKET ......... 510
10.4.TECHNICAL RESULTS, PROFITS, AND FINANCIAL
CONDITIONS ............................................ 538
10.5.CONCLUSION ............................................ 547
10.6.REFERENCES ............................................ 548
10.7.LEXICON ............................................... 550
11.THE INSURANCE MARKET IN THE REPUBLIC OF IRELAND ............ 553
11.1.INTRODUCTION .......................................... 553
11.2.POLITICAL AND ECONOMIC BACKGROUND ..................... 554
11.3.THE NON-LIFE INSURANCE MARKET ......................... 559
11.4.LIFE INSURANCE ........................................ 572
11.5.PENSIONS .............................................. 577
11.6.HEALTH INSURANCE ...................................... 579
11.7.DISTRIBUTION CHANNELS ................................. 583
11.8.CONCLUSIONS ........................................... 585
11.9.REFERENCES ............................................ 586
11.10.APPENDIX ............................................. 588
11.11.LEXICON .............................................. 591
12.CHINA'S INSURANCE INDUSTRY: DEVELOPMENTS AND PROSPECTS ..... 597
12.1.INTRODUCTION .......................................... 597
12.2.CHINA'S INSURANCE INDUSTRY BEFORE 1949 ................ 598
12.3.CHINA'S INSURANCE INDUSTRY IN THE ECONOMIC REFORM:
PAST AND PRESENT ...................................... 600
12.4.AFTER OPENING UP: OPPORTUNITIES AND CHALLENGES ........ 618
12.5.THE FUTURE OF CHINA'S INSURANCE INDUSTRY .............. 622
12.7.REFERENCES ............................................ 630
12.8.APPENDIX 1: An Overview of the Top Insurance
Companies in China's Life and Non-Life Industry ....... 634
12.9.APPENDIX 2: Average Exchange Rate of RMB to Main
Convertible Currencies (Middle Rate), 1980-2003 ....... 638
12.10.LEXICON .............................................. 638
13.AN ANALYSIS OF THE EVOLUTION OF INSURANCE IN INDIA ......... 641
13.1.INTRODUCTION .......................................... 641
13.2.EVOLUTION OF INSURANCE BEFORE NATIONALIZATION ......... 642
13.3.EVOLUTION OF INSURANCE DURING THE NATIONALIZED ERA:
1956 TO 2000 .......................................... 645
13.4.CURRENT STATE OF PLAY AND FUTURE PROSPECTS ............ 665
13.5.CONCLUSIONS ........................................... 673
13.6.REFERENCES ............................................ 674
13.7.APPENDIX 1: Definitions of Various Lines of Business
in the Insurance Act of 1938 .......................... 675
13.8.APPENDIX 2: Detailed Factors for Each Major Line of
Insurance Business .................................... 676
13.9.APPENDIX 3: Insurance/Reinsurance Companies in
India (December 31, 2003) ............................. 677
13.10.LEXICON .............................................. 677
14.SOUTH AFRICAN INSURANCE MARKETS ............................ 679
14.1.INTRODUCTION .......................................... 679
14.2.HISTORY OF SOUTH AFRICA'S INSURANCE MARKETS ........... 680
14.3.REGULATORS ............................................ 686
14.4.THE RETIREMENT FUNDING MARKET ......................... 689
14.5.THE LONG-TERM (LIFE) INSURANCE MARKET ................. 699
14.6.THE SHORT-TERM MARKET ................................. 715
14.7.MEDICAL HEALTH FUNDING ................................ 724
14.8.CONCLUSION ............................................ 732
14.9.REFERENCES ............................................ 732
14.10.STATUTES ............................................. 736
14.11.LEXICON .............................................. 737
15.RECENT DEVELOPMENTS IN THE BRAZILIAN INSURANCE MARKET ...... 743
15.1.INTRODUCTION .......................................... 743
15.2.THE SOUTH AMERICAN INSURANCE MARKET ................... 744
15.3.THE DEVELOPMENT OF BRAZILIAN INSURANCE ................ 750
15.4.THE FUTURE OF THE BRAZILIAN INSURANCE MARKET .......... 779
15.5.CONCLUSION ............................................ 781
15.6.REFERENCES ............................................ 781
15.7.LEXICON ............................................... 783
16.EUROPEAN INSURANCE MARKETS: RECENT TRENDS AND FUTURE
REGULATORY DEVELOPMENTS .................................... 789
16.1.INTRODUCTION .......................................... 789
16.2.OVERVIEW OF EUROPEAN INSURANCE MARKET ................. 790
16.3.COUNTRY OVERVIEWS ..................................... 798
16.4.CONCLUSION ............................................ 845
16.5.REFERENCES ............................................ 846
17.SOUTH AND EAST ASIAN INSURANCE MARKET GROWTH AND
DEVELOPMENT ................................................ 849
17.1.INTRODUCTION .......................................... 849
17.2.DEMAND AND SUPPLY OF SOUTH AND EAST ASIAN INSURANCE ... 850
17.3.UNDERSTANDING THE DRIVERS OF INSURANCE MARKET
GROWTH ................................................ 866
17.4.IMPLICATIONS FOR DECISION MAKERS ...................... 869
17.5.CONCLUSION ............................................ 870
17.6.REFERENCES ............................................ 871
17.7.LEXICON ............................................... 874
18.THE GLOBAL REINSURANCE MARKET .............................. 877
18.1.INTRODUCTION .......................................... 877
18.2.THE DEMAND FOR REINSURANCE ............................ 879
18.3.STRUCTURE OF THE GLOBAL REINSURANCE MARKET ............ 885
18.4.THE WORLD'S MAIN REINSURANCE CENTERS .................. 889
18.5.MARKET IMPROVES RESULTS AND CAPITALIZATION ............ 896
18.6.CONCLUSION ............................................ 897
18.7.REFERENCES ............................................ 898
18.8.LEXICON ............................................... 900
19.LLOYD'S AND THE LONDON INSURANCE MARKET: AN OVERVIEW ....... 903
19.1.U.K.INSURANCE MARKET CONTEXT .......................... 903
19.2.THE LONDON MARKET ..................................... 905
19.3.LLOYD'S BACKGROUND AND HISTORY ........................ 910
19.4.LLOYD'S: A MARKET, NOT A COMPANY ...................... 911
19.5.LLOYD'S GLOBAL IMPACT ................................. 916
19.6.CURRENT CHALLENGES FOR THE U.K.INSURANCE INDUSTRY ..... 919
19.7.CONCLUSION ............................................ 921
19.8.REFERENCES ............................................ 922
19.9.USEFUL WEB SITES ...................................... 922
19.10.LEXICON .............................................. 923
20.AN OVERVIEW OF THE ALTERNATIVE RISK TRANSFER MARKET ........ 925
20.1.WHAT IS ALTERNATIVE RISK TRANSFER? .................... 925
20.2.MARKET OVERVIEW ....................................... 926
20.3.WHY ALTERNATIVE RISK TRANSFER DEVELOPED ............... 927
20.4.GLOBAL DEVELOPMENTS ................................... 930
20.5.TYPES OF ALTERNATIVE RISK TRANSFER .................... 931
20.6.THE BERMUDA INSURANCE MARKET .......................... 948
20.7.CONCLUSION ............................................ 949
20.8.REFERENCES ............................................ 949
20.9.LEXICON ............................................... 951
INDEX ......................................................... 953
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