Tools for testing the Solvency Capital Requirement for life insurance

Longevity risk is one of the major risks that an insurance company or a pension fund has to deal with and it is expected that its importance will grow in the near future. In agreement with these considerations, in Solvency II regulation the Standard formula furnished for calculating the Solvency Capital Requirement explicitly considers this kind of risk. According to the new European rules in our paper we suggest a multiperiod approach to evaluate the SCR for longevity risk. We propose a backtesting framework for measuring the consistency of SCR calculations for life insurance policies.

A importância económica e social dos seguros de vida

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Paredes moldadas no edifício Carlton Life Lusíada, São Domingos de Benfica, Lisboa

Define-se como paredes moldadas os elementos estruturais, fabricados em betão armado, construídos “in situ” por meio de escavação no terreno de trincheiras profundas e relativamente largas, sem necessidade de entivações. Estas paredes, mais propriamente designadas por cortinas, são construídas antes da retirada do terreno que vai dar lugar à futura escavação. Devido às características do terreno(terreno mole), a escavação da vala, fez-se utilizando Lamas Tixotrópicas (Bentonite), que são introduzidas à medida que a escavação vai avançando. Estas permanecem no interior da vala, durante as operações de escavação, colocação da armadura e da própria betonagem. Na betonagem, como o peso específico da bentonite é inferior ao do betão, à medida que se vai betonando, a bentonite vai sendo expulsa da trincheira, sendo reaproveitada para painéis a executar posteriormente. A Carlton Life, ao pretender construir uma Unidade de Cuidados Continuados junto ao Hospital dos Lusíadas, para complemento do mesmo, teve que atender à envolvente e às suas condicionantes. A equipa de projecto, neste caso o Gabinete de Projecto Sopsec, com sede no Porto, procedeu ao levantamento das condições existentes assim como dos respectivos condicionamentos. Dado que junto, à futura edificação, do lado Norte, situa-se a Av. Lusíada e sob a mesma, a linha Azul do Metropolitano de Lisboa, a execução da contenção seria condicionada não só pela profundidade das fundações,como pela proximidade da linha de Metro. O alçado Norte, virado para a linha de Metro, teria que ser executado através de paredes moldadas, sem ancoragens, pelo que as paredes teriam que ser escoradas, processo pouco usual, justificando-se assim o interesse deste trabalho. Este relatório refere-se a esta fase da construção do edifício, paredes moldadas e monitorização da respectiva execução.

A supervised versus home-based program effects on liver transplanted familial amyloidotic polyneuropathy patients: walking, fatigue and quality of life

Purpose: To evaluate the effects of a six months exercise training program on walking capacity, fatigue and health related quality of life (HRQL). Relevance: Familial amyloidotic polyneuropathy disease (FAP) is an autossomic neurodegenerative disease, related with systemic deposition of amyloidal fibre mainly on peripheral nervous system and mainly produced in the liver. FAP often results in severe functional limitations. Liver transplantation is used as the only therapy so far, that stop the progression of some aspects of this disease. Transplantation requires aggressive medication which impairs muscle metabolism and associated to surgery process and previous possible functional impairments, could lead to serious deconditioning. Reports of fatigue are common feature in transplanted patients. The effect of supervised or home-based exercise training programs in FAP patients after a liver transplant (FAPTX) is currently unknown.

A supervised versus home-based program effects on liver transplanted familial amyloidotic polyneuropathy patients: walking, fatigue and quality of life

Familial amyloidotic polyneuropathy is a systemic deposition of amyloidal fibre mainly on peripheral nervous system (but also in other systems like heart, gastrointestinal tract, kidneys, etc) and mainly produced in the liver. Purpose of this study: to evaluate the effects of a six months exercise training program(supervised or home-based) on walking capacity, fatigue and health related quality of life (HRQL) on Familial Amyloidotic Polyneuropathy patients submitted to a liver transplant.

"Second Life": quando o cinema abdica de ser o lugar que nos habita por dentro

O projecto “Principais tendências no cinema português contemporâneo” nasceu no Departamento de Cinema da ESTC, com o objectivo de desenvolver investigação especializada a partir de um núcleo formado por alunos da Licenciatura em Cinema e do Mestrado em Desenvolvimento de Projecto Cinematográfico, a que se juntaram professores-investigadores membros do CIAC e convidados. O que agora se divulga corresponde a dois anos e meio de trabalho desenvolvido pela equipa de investigação, entre Abril de 2009 e Novembro de 2011. Dada a forma que ele foi adquirindo, preferimos renomeá-lo, para efeitos de divulgação, “Novas & velhas tendências no cinema português contemporâneo”.

Web 2.0 and its impact on knowledge and business organizations

Today, information overload and the lack of systems that enable locating employees with the right knowledge or skills are common challenges that large organisations face. This makes knowledge workers to re-invent the wheel and have problems to retrieve information from both internal and external resources. In addition, information is dynamically changing and ownership of data is moving from corporations to the individuals. However, there is a set of web based tools that may cause a major progress in the way people collaborate and share their knowledge. This article aims to analyse the impact of ‘Web 2.0’ on organisational knowledge strategies. A comprehensive literature review was done to present the academic background followed by a review of current ‘Web 2.0’ technologies and assessment of their strengths and weaknesses. As the framework of this study is oriented to business applications, the characteristics of the involved segments and tools were reviewed from an organisational point of view. Moreover, the ‘Enterprise 2.0’ paradigm does not only imply tools but also changes the way people collaborate, the way the work is done (processes) and finally impacts on other technologies. Finally, gaps in the literature in this area are outlined.

The portuguese insurance industry: basis for strategic process decision

Nowadays, the Portuguese insurance industry operates in a market with a much more aggressive structure than a few decades ago. Markets and the economy have become globalised since the last decade of the 20th century. Market forces have gradually shifted – power is now mainly on the demand side. In order to meet the new requirements, the insurance industry must develop a strong strategic ability to respond to constant changes of the new international economic order.One of the basic aspects of this strategic development will focus on the ability to predict the future. We introduce the subject by briefly describing the sector, its organisational structure in the Portuguese market, and challenges arising from the development of the European Union. We then analyse the economic and financial structure of the sector. From this point of view, we aim at the possibility of designing models that could explain the demand for insurance, claims and technical reserves evolution. Such models, (even if based on the past), would resolve, at least partly, one of the greatest difficulties experienced by insurance companies when estimating the budget. Thus, we examine the existence of variables that explain the previous points, which are capable of forming a basis for designing models that are simple but efficient, and can be used for strategic planning.

Framework genérica de business intelligence para suporte financeiro

Actualmente, não existem ferramentas open source de Business Intelligence (BI) para suporte à gestão e análise financeira nas empresas, de acordo com o sistema de normalização contabilística (SNC). As diferentes características de cada negócio, juntamente com os requisitos impostos pelo SNC, tornam complexa a criação de uma Framework financeira genérica, que satisfaça, de forma eficiente, as análises financeiras necessárias à gestão das empresas. O objectivo deste projecto é propor uma framework baseada em OLAP, capaz de dar suporte à gestão contabilística e análise financeira, recorrendo exclusivamente a software open source na sua implementação, especificamente, a plataforma Pentaho. Toda a informação contabilística, obtida através da contabilidade geral, da contabilidade analítica, da gestão orçamental e da análise financeira é armazenada num Data mart. Este Data mart suportará toda a análise financeira, incluindo a análise de desvios orçamentais e de fluxo de capitais, permitindo às empresas ter uma ferramenta de BI, compatível com o SNC, que as ajude na tomada de decisões.

Health related quality of life in patients with refractory chronic heart failure undergoing cardiac resynchronization: type of therapeutic response

The benefits of cardiac resynchronization therapy (CRT) in the health-related quality of life (HRQL) are largely demonstrated in selected patients with severe congestive heart failure (CHF). However, the differences between responders and non-responders, with regard to the effect of CRT in the various dimensions that constitute HRQL are still a matter of discussion. Objective: To evaluate the impact of CRT on the HRQL of patients with CHF refractory to optimal pharmacological therapy, within 6 months after CRT. Methods: 43 patients, submitted to successful implantation of CRT, were evaluated in hospital just before intervention and in the outpatient clinic within 6 months after CRT. HRQL was analyzed based on the Kansas City Cardiomyopathy Questionnaire (KCCQ). Patients were classified as super-responders (ejection fraction of left ventricle - LVEF - ≥45% post-CRT), n=15, responders (sustained improvement in functional class and LVEF increased by 15%), n=19, and non-responders (no clinical or LVEF improvement), n=9. Results: In the group of super-responders, CRT was associated with an improvement in HRQL for the various fields and sums assessed (ρ<0.05); in responders, CRT has been associated with an improvement of HRQL in the various fields and sums, except in the self-efficacy dimension (ρ<0.05); in non-responders, CRT was not associated with improvement of HRQL. Conclusion: In a population with severe CHF undergoing CRT, the patients with clinical and echocardiographic positive response, obtained a favorable impact in all dimensions of HRQL, while the group without response to CRT showed no improvement. These data reinforces the importance of HRQL as a multidimensional tool for assessment of benefits in clinical practice.

Environmental life cycle assessment of concrete made with fine recycled concrete aggregates

The majority of worldwide structures use concrete as its main material. This happens because concrete is economically feasible, due to its undemanding production technology and case Of use. However, it is widely recognized that concrete production has a strong environmental impact in the planet. Natural aggregates use is one of the most important problems of concrete production nowadays, since they are obtained from limited, and in some countries scarce, resources. In Portugal, although there are enough stone quarries to cover coarse aggregates needs for several more years, Supplies of fine aggregates are becoming scarcer, especially in the northern part of the country. On the other hand, as concrete structures' life cycle comes to an end, an urgent need emerges to establish technically and economically viable solutions for demolition debris, other than for use as road base and quarry fill. This paper presents a partial life cycle assessment (LCA) of concrete made with fine recycled concrete aggregates performed with EcoConcrete tool. EcoConcrete is a tailor-made, interactive, learning and communications tool promoted by the Joint Project Group (JPG) on the LCA of concrete, to qualify and quantify the overall environment impact of concrete products. It consists of an interactive Excel-spreadsheet in which several environmental inputs (material quantities, distances from origin to production Site, production processes) and outputs (material, energy, emissions to air, water, soil or waste) are collected in a life cycle inventory, and are then processed to determine the environmental impact (assessment) of the analysed concrete, in terms of ozone layer depletion, smog or "greenhouse" effect.

How important is personality in neurological patient' quality of life perception?

In the last decades, the value of research on neurological patients’ quality of life (QOL) has become unquestionable. In this context, most studies focus on the relationship between patients’ QOL and their sociodemographic and/or clinical and/or modifiable psychosocial characteristics. They give us information regarding the sociodemographic and clinical profile most prone to low QOL reports and also on ways to improve patients’ QOL (e.g., targeting their selfesteem). Nevertheless, little is known about the role nonmodifiable psychosocial variables can have on patients’ QOL perception. Consequently, the aim of the present study is to explore the relationship between QOL and personality in neurological patients.

The importance of quality of life in patients with multiple sclerosis: do they need auxiliary walking devices?

Objective: To describe the importance of training multiple sclerosis (MS) patients with auxiliary walking devices (walking stick, crutch, or wheelchair) in a way that achieves a better quality of life (QOL). Design: Exploratory and descriptive. Setting: General hospital in Portugal.

Evaluating the quality of life in patients with refractory chronic heart failure undergoing cardiac resynchronization regarding the type of therapeutic response

The benefits of cardiac resynchronization therapy (CRT) in the quality of life have been largely demonstrated in selected patients with severe congestive heart failure (CHF). However, the differences between responders and non-responders, with regard to the effect of CRT in the various dimensions of quality of life is still a matter of discussion. Objective: to evaluate the impact of CRT on the quality of life of patients with CHF refractory to optimal pharmacological therapy, within 6 months after CRT.

Relation of happiness, hope and affection with quality of life in patients with heart failure

Introduction: Meeting the actual role of positive psychology, begins to be recognized the relation of positive variables with health. Objective: To know the relation of happiness, hope and affection with quality of life in individuals with heart failure. Population and Methodology: 128 individuals with heart failure, 98 men and 30 women, 61.9±12,1 years of age, 6,6±3,9 years in school and 74,2% retired because of this disease. 56,3% were in Class III of New York Heart Association, with poor left ventricular ejection fraction (25,3±6,2%). The clinical history was of 9,4±8,5 years for this heart disease and had at least one hospitalization due to heart failure with 51,6% having ischemic heart disease.