The role of deposit insurance and bank’s asset size in the 2008 financial crisis

In this paper we analyze the role of deposit insurance in providing the market with liquidity in times of financial turmoil. To do so, we look at the variation in insured and uninsured deposits between 2005Q3 and 2011Q3, controlling for liquidity, solvency and capital adequacy indicators, and find evidence that deposit insurance does provide some confidence in keeping funds in banks in times of turmoil. Additionally we follow an event study methodology to assess the impact of deposit insurance oriented policies on bank holding companies stock market returns, and find a TBTF effect.

Statistics as a basis for discrimination in the insurance business

The European Court of Justice has held that as from 21 December 2012 insurers may no longer charge men and women differently on the basis of scientific evidence that is statistically linked to their sex, effectively prohibiting the use of sex as a factor in the calculation of premiums and benefits for the purposes of insurance and related financial services throughout the European Union. This ruling marks a sharp turn away from the traditional view that insurers should be allowed to apply just about any risk assessment criterion, so long as it is sustained by the findings of actuarial science. The naïveté behind the assumption that insurers’ recourse to statistical data and probabilistic analysis, given their scientific nature, would suffice to keep them out of harm’s way was exposed. In this article I look at the flaws of this assumption and question whether this judicial decision, whilst constituting a most welcome landmark in the pursuit of equality between men and women, has nonetheless gone too far by saying too little on the million dollar question of what separates admissible criteria of differentiation from inadmissible forms of discrimination.

Managing marginal capital requirements in solvency II: Analysis of a real insurance portfolio

This thesis provides a complete analysis of the Standard Capital Requirements given by Solvency II for a real insurance portfolio. We analyze the investment portfolio of BPI Vida e Pensões, an insurance company affiliated with a Portuguese bank BPI, both at security, sub-portfolio and asset class levels. By using the Standard Formula from EIOPA, Total SCR amounts to 239M€. This value is mostly explained by Market and Default Risk whereas the former is driven by Spread and Concentration Risks. Following the methodology of Leblanc (2011), we examine the Marginal Contribution of an asset to the SCR which allows for the evaluation of the risks of each security given its characteristics and interactions in the portfolio. The top contributors to the SCR are Corporate Bonds and Term Deposits. By exploring further the composition of the portfolio, our results show that slight changes in allocation of Term and Cash Deposits have severe impacts on the total Concentration and Default Risks, respectively. Also, diversification effects are very relevant by representing savings of 122M€. Finally, Solvency II represents an opportunity for the portfolio optimization. By constructing efficient frontiers, we find that as the target expected return increases, a shift from Term Deposits/ Commercial Papers to Eurozone/Peripheral and finally Equities occurs.

What Fidelidade group should do to convey its human centric brand identity values to millennial insurance consumers

Companies are concerned in attracting and retaining Millennial consumers, especially if their relation with this target audience is weak. This happens in the insurance industry in Portugal and in Fidelidade group specifically. The aim of this study is to recommend a strategy for the insurance group to improve its relationship with these consumers, by conveying its human centric values. In order to address this goal, we developed a qualitative research. The main insight is that Millennials may perceive those values in the industry but do not associate them with insurance brands.

How Effective are Unemployment Benefit Sanctions? Looking Beyond Unemployment Exit

This paper provides a comprehensive evaluation of the effects of benefit sanctions on post-unemployment outcomes such as post-unemployment employment stability and earnings. We use rich register data which allow us to distinguish between a warning that a benefit reduction may take place in the near future and the actual withdrawal of unemployment benefits. Adopting a multivariate mixed proportional hazard approach to address selectivity, we find that warnings do not affect subsequent employment stability but do reduce post-unemployment earnings. Actual benefit reductions lower the quality of post-unemployment jobs both in terms of job duration as well as in terms of earnings. Copyright © 2012 John Wiley & Sons, Ltd.

Royal Insurance Company Receipt - 1884

A receipt for Royal Insurance Company British and Foreign, dated 12 April 1884. The receipt reads" Royal Insurance Company British and Foreign Assets: Upwards of $27,000,000 No. 133848 Grimsby Agency, April 12th 1884 Received from Mrs. Adolphus Nelles the sum of Ten Dollars, being the premium for an Insurance against Loss or Damage by Fire, effected with this Company, to the extent of $1200.00 on Property described in Application of this date, for 36 months, subject to the "Statutory" Conditions (endorsed hereon) of the Policy which will be issued within Thirty Days unless the Application is declined within that period, in which case the amount received will be refunded, less the Premium for the time so insured. Premium $9.00 this receipt not valid unless countersigned by N.V. Hare Sub-Agt. Countersigned by David McLellan Agent.

Fire Insurance - Cowan & Parks 1851

A fire insurance policy in the amount of one thousand dollars through Aetna Insurance Company of Utica, New York. The cost of twenty two dollars and twenty five cents would give them a one year insurance policy from August 1851 through August 1852.

Insurance Policy issued to William Woodruff

Insurance Policy issued by the Columbus Insurance Company of Columbus, Ohio to William Woodruff of St. Davids, Ontario on a detached brick building situated on Lot no. 6 on St. Paul Street, St. Catharines. This is fire policy no. 113, book 1, folio 112, April 11, 1884.

Certificate for Eight Shares of Capital Stock in Insurance Investments Limited

Certificate for 8 shares of capital stock in Insurance Investments Limited to Hamilton K. Woodruff, Aug. 12, 1929.

Certificate for Five and Four Fifths Shares of Capital Stock in Insurance Investments Limited

Certificate for 5 4/5 shares of capital stock in Insurance Investments Limited to Hamilton K. Woodruff, Jan. 15, 1930.

Cogswell, Maria, includes: Application for loan on Real Estate, Insurance Policy, Mortgage Loan Envelope

Cogswell, Maria, includes: Application for loan on Real Estate, Feb. 20, 1882; Insurance Policy no. 2199780 from the Royal Insurance Company of Liverpool, March 17, 1887 and Mortgage Loan Envelope for mortgage no. 1535 from March 1, 1882 – March 1, 1887.

Printed blank from Frank Pearce and Co. Shipping and Insurance Agents

Printed blank from Frank Pearce and Co. Shipping and Insurance Agents regarding the bill of landing for the porcelain cask, Oct. 26, 1876.

Insurance policy (tourists’ policy) to insure Annie L. Woodruff for 1 year

Insurance policy (tourists’ policy) to insure Annie L. Woodruff for 1 year. This is accompanied by an envelope, Oct. 21, 1921.

Letter to Mr. Summer and Mr. Nelles from the Office of the N.D. Mutual Insurance Company of St. Catharines

Letter to Mr. Summer and Mr. Nelles from the Office of the N.D. Mutual Insurance Company of St. Catharines regarding an assessment of 4 % on the premium notes of this company. This is signed by Mr. Arnold, secretary of N.D. Mutual F. Insurance Company, Aug. 9, 1848.