25th Anniversary of the Linked Life Insurance Commemorative Medal

Obverse: Inscription. Reverse: The life insurance emblem, a house with family inside, shekel coin on the roof of the house.

Biomass for aviation fuel production in the Fitzroy Basin, Queensland: a preliminary assessment of native and plantation forest potential

SummaryThis scoping study assesses the contribution that woody biomass could make to feedstock supply for an aviation biofuel industry in Queensland. The inland 600?900 mm rainfall zone, including the Fitzroy Basin region, is identified as an area that is particularly worthy of closer study as it has potential for supply of woody biomass from existing native regrowth (brigalow and other species) as well as from new plantings. New analyses carried out for this study of Corymbia citriodora subsp. variegata trials suggest biomass plantings could produce harvestable yield of aboveground dry mass of about 85 t ha?1 over a 10-year rotation at relatively low-rainfall (600?750 mm mean annual precipitation) sites and about 115 t ha?1 at medium-rainfall (750?900 mm) sites. Estimates of productivity for native regrowth suggest potential productivity should be around 40 t ha?1 during the initial decade after clearing when systems are managed for bioenergy rather than grazing. In this paper, potential production systems are described, and sustainability issues are briefly considered. It is concluded that more detailed studies focused particularly on biomass production would be worthwhile, and further research requirements are briefly discussed.

Accounting for risk: The advent of capped conveyancing title insurance

Title insurance companies originating from America, have, in the past 15 years become part of the Australian conveyancing landscape. However for most residential freehold owners, their activities would be a mystery. A purchaser does not routinely obtain title insurance, with the companies presently focussing on servicing the mortgagee sector. While the lack of penetration in the residential purchaser market may be attributed to the consumer’s lack of knowledge, evidence from Ontario and New Zealand illustrates that title insurance is likely to become an additional cost in the conveyancing process in Australia. In this article we highlight the reasons why, and demonstrate how title insurers have, by working with the legal profession been able to subtly move the risk of responsibility for compensation for loss, (at least in the first instance) from the state to the insurer, but with the added benefit for the state and the conveyancing agents that the cost of the insurance is ultimately borne by the consumer. In New Zealand this development is being accelerated by the introduction of capped conveyancing title insurance. Whether title insurance will become part of the conveyancing process is no longer the relevant question for Australia, (it undoubtedly will), but the unknown issue is just how title insurance companies will work with conveyancing agents to infiltrate the market, and what response this infiltration will have in terms of the state’s view as to their continued role in the provision of assurance. We suggest that developments from New Zealand in relation to capped conveyancing insurance are likely to be replicated in Australia in the near future, and that the state’s role in providing an assurance fund will continue, though the state may seek to expand the areas in which the right to compensation is restricted.

Auditing design and innovation programmes within a multinational insurance provider

The financial services industry is key to the success of the Australian economy, however even established businesses need to continually push to innovate. At present, design is becoming widely accepted as means to innovate and many companies currently have design and innovation programmes. The goal of these programmes is to foster a design capability amongst staff members. However, little is known as to the impact of the innovation capabilities such design programmes claim to instil. Therefore, this paper seeks to investigate how a financial services firm is currently attempting to build a design capability amongst staff members. Using a case study approach the research team audited four design capability programmes currently being deployed by the case firm. The study highlights the strengths and weaknesses of current efforts by the firm and current barriers to achieving design capability. The implications of this paper include key insights for both academics and industry.

Directors and officers insurance – Recent critical issues in Australia and New Zealand

Directors and Officers Liability Insurance (“D&O insurance���) has grown and evolved rapidly over the past 80 years to assume an important position in most corporations’ corporate governance and risk management strategies. This article focuses upon certain topical matters of particular concern to directors and officers including the availability of defence costs where a D&O policy is subject to a statutory charge; the commercial desirability of stand-alone “A-side” coverage, being the cover provided directly to directors and officers for loss resulting from claims made against them for wrongful acts; the impact of fraud and/or dishonesty upon D&O cover; and disclosure of the nature and extent of D&O cover to the directors and officers themselves and to third parties – in the latter case such access frequently being necessary to determine the economic viability of pursuing a proposed action against a company and its directors and officers.

The Finnish Leadership Style in Transition - A Study of Leadership Criteria in the Insurance Business, 1997-2004 (summary section only)

The aim of the study was to explore the importance of evaluating leadership criteria in Finland at leader/subordinate levels of the insurance industry. The overall purpose of the thesis is tackled and analyzed from two different perspectives: - by examining the importance of the leadership criteria and style of Finnish insurance business leaders and their subordinates - by examining the opinions of insurance business leaders regarding leadership criteria in two culturally different countries: the US and Finland. This thesis consists of three published articles that scrutinise the focal phenomena both theoretically and empirically. The main results of the study do not lend support to the existence of a universal model of leadership criteria in the insurance business. As a matter of fact, the possible model seems to be based more on the special organizational and cultural circumstances of the country in question. The leadership criteria seem to be quite stable irrespective of the comparatively short research time period (3–5 years) and hierarchical level (subordinate/leader). Leaders have major difficulties in changing their leadership style. In fact, in order to bring about an efficient organizational change in the company you have to alternate the leader. The cultural dimensions (cooperation and monitoring) identified by Finnish subordinates were mostly in line with those of their managers, whilst emphasizing more the aspect of monitoring employees, which could be seen from their point of view as another element of managers’ optimizing/efficiency requirements. In Finnish surveys the strong emphasis on cooperation and mutual trust become apparent by both subordinates and managers. The basic problem is still how to emphasize and balance them in real life in such a way that both parties are happy to work together on a common basis. The American surveys suggests hypothetically that in a soft market period (buyer’s market) managers employ a more relationship-oriented leadership style and correspondingly adapt their leadership style to a more task-oriented approach in a hard market phase (seller’s market). In making business better Finnish insurance managers could probably concentrate more on task-oriented items such as reviewing, budgeting, monitoring and goal-orientation. The study also suggests that the social safety net of the European welfare state ideology has so far shielded the culture-specific sense of social responsibility of Finnish managers from the hazards of free competition and globalization.

Credit Default Swaps and Insurance: Against the Potts Opinion

Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.

Analysis on the atomization characteristics of aviation biofuel discharging from simplex swirl atomizer

The atomization characteristics of aviation biofuel discharging from a simplex swirl atomizer into quiescent atmospheric air are studied. The aviation biofuel is a mixture of 90% commercially available camelina-derived biofuel and 10% VonSol-53 (aromatics). The experiments are conducted in a spray test facility at varying fuel flow rate conditions. The measured characteristics include atomizer flow number, spray cone angle, breakup length of liquid sheet, wavelength of undulations on liquid sheet, and spray droplet size. The characteristics of biofuel sheet breakup are deduced from the captured images of biofuel spray. The measurements of spray droplet size distribution are obtained using Spraytec. The experimentally measured characteristics of the biofuel sheet breakup are compared with the predictions obtained from the liquid film breakup model proposed by Senecal et al. (1999). The measurements of wavelength and breakup length of the biofuel sheet discharging from the simplex swirl atomizer agree well with the model predictions. The model-predicted droplet size for the biofuel spray is significantly higher than the experimentally measured Sauter mean diameter (SMD). The spray droplets formed from the liquid sheet breakup undergo secondary atomization until 35-45 mm from the atomizer exit and thereafter the SMD increases downstream due to the combined effect of fuel evaporation and droplet coalescence. A good comparison is observed between the experimentally measured SMD of the biofuel spray and the predictions obtained using the empirical correlation reported in literature for sprays discharging from simplex swirl atomizers. (C) 2015 Elsevier Ltd. All rights reserved.

Atomization Characteristics of Camelina-Based Alternative Aviation Fuels Discharging From Dual-Orifice Injector

The atomization characteristics of blends of bioderived camelina hydrogenated renewable jet (HRJ) alternative fuel with conventional aviation kerosene (Jet A-1) discharging into ambient atmospheric air from a dual-orifice atomizer used in aircraft engines are described. The spray tests are conducted in a spray test facility at six different test flow conditions to compare the atomization of alternative fuels with that of Jet A-1. The fuel sprays are characterized in terms of fuel discharge, spray cone angle, drop size distribution, and spray patternation. The measurements of spray drop size distribution are obtained using laser diffraction based Spraytec equipment. The characteristics of fuel discharge and cone angle of alternative fuel sprays do not show any changes from that of Jet A-1 sprays. The characteristics of spray drop size, evaluated in terms of the variation of mean drop size along the spray axis, for the alternative fuel sprays remain unaffected by the variation in fuel properties between the alternative fuels and Jet A-1. The measurements on spray patternation, obtained using a mechanical patternator at a distance 5.1 cm from the atomizer exit, show an enhanced fuel concentration in the vicinity of spray axis region for the alternative fuel sprays discharging from the dual-orifice atomizer.

Analysis of Thermophysical Properties of Daqing RP-3 Aviation Kerosene

针对广泛应用于超燃冲压发动机的吸热碳氢燃料,简要介绍了用于模拟燃料热物理特性的替代燃料方法和广义对应状态法则.以大庆RP-3航空煤油为例,选择了一个由49%（摩尔比）正十烷,44%1,3,5-三甲基环己烷以及7%正丙基苯组成的替代煤油用来模拟RP-3航空煤油进行热物理特性研究,并采用广义对应状态法则对替代煤油热力学和输运特性进行了数值研究.在此基础上,提出了预测超临界态流体通过音速喷管流量的新方法并得到了实验验证.