Christopher L. Culp and Kevin J. O'Donnell
Property and casualty (“P&C”) insurance companies rely on “risk capital” to absorb large losses that unexpectedly deplete claims‐paying resources and reduce underwriting capacity…
Abstract
Purpose
Property and casualty (“P&C”) insurance companies rely on “risk capital” to absorb large losses that unexpectedly deplete claims‐paying resources and reduce underwriting capacity. The purpose of this paper is to review the similarities and differences between two different types of risk capital raised by insurers to cover losses arising from natural catastrophes: internal risk capital provided by investors in insurance company debt and equity; and external risk capital provided by third parties. The paper also explores the distinctions between four types of external catastrophe risk capital: reinsurance, industry loss warranties, catastrophe derivatives, and insurance‐linked securities. Finally, how the credit crisis has impacted alternative sources of catastrophe risk capital in different ways is considered.
Design/methodology/approach
The discussion is based on the conceptual framework for analyzing risk capital developed by Merton and Perold.
Findings
In 2008, the P&C insurance industry was adversely affected by significant natural catastrophe‐related losses, floundering investments, and limited access to capital markets, all of which put upward pressure on catastrophe reinsurance premiums. But the influx of new risk capital that generally accompanies hardening markets has been slower than usual to occur in the wake of the credit crisis. Meanwhile, disparities between the relative costs and benefits of alternative sources of catastrophe risk capital are even more pronounced than usual.
Originality/value
Although many insurance companies focus on how much reinsurance to buy, this paper emphasizes that a more important question is how much risk capital to acquire from external parties (and in what form) vis‐à‐vis investors in the insurance company's own securities.
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Claire Nagi, Kevin Browne and Johanna Blake
The main aim of the study reported was to explore the nature and extent of bullying at a category C prison. The sample consisted of 51 adult male prisoners, who were asked to…
Abstract
The main aim of the study reported was to explore the nature and extent of bullying at a category C prison. The sample consisted of 51 adult male prisoners, who were asked to complete a questionnaire designed to assess their experiences of victimisation and witnessing bullying in the prison during their time there. The results indicate that more than half (51%) of the prisoners report being victimised and more than three‐quarters (76%) report witnessing bullying. The most common forms of bullying were less direct forms of aggression (for example namecalling and teasing). No significant associations were found between being a victim of bullying and the type of prisoner, or whether the prisoner was new to the prison system.
James W. Satterfield and J. Christopher Croft
Intercollegiate athletics is a tremendous part of today’s society and encompasses numerous American lives. Its wide spectrum attracts various people from gender, race, ethnicity…
Abstract
Intercollegiate athletics is a tremendous part of today’s society and encompasses numerous American lives. Its wide spectrum attracts various people from gender, race, ethnicity, cultures, religion, and sexuality. Black male student-athletes, a target of higher education institutions, are affected by sociological, institutional, and athletic factors. This population is highly sought after by college coaches due to their athletic abilities and ability skills in their specific sport in order to elevate their respective sports team, athletics’ department, and university into the national limelight. Current institutional and intercollegiate athletics’ trends that are incorporated to recruit Black male student-athletes are explored. Specific recruiting techniques utilized by college coaches to persuade this population are examined. The sociological issues in current intercollegiate athletics are analyzed with their direct effect on the college selection choice of Black male student-athletes.
The authors examine whether or not applicants and recipients of federal disability insurance (DI) inflate their self-assessed health (SAH) problems relative to others. To do this…
Abstract
The authors examine whether or not applicants and recipients of federal disability insurance (DI) inflate their self-assessed health (SAH) problems relative to others. To do this, the authors employ a technique which uses anchoring vignettes. This approach allows them to examine how various cohorts of the population interpret survey questions associated with subjective self-assessments of health. The results of the analysis suggest that DI participants do inflate the severity of a given health problem, but by a small but significant degree. This tendency to exaggerate the severity of disability problems is much more apparent among those with more education (especially those with a college degree). In contrast, racial minorities tend to underestimate severity ratings for a given disability vignette when compared to their white peers.
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Liam O’Callaghan, David M. Doyle, Diarmuid Griffin and Muiread Murphy
Jeongbeom Hahm, Heedong Choi, Hirotaka Matsuoka, Jiyoung Kim and Kevin K. Byon
The purpose of this study was to identify existing users' acceptance of the multidimensional health and fitness features of wrist-worn wearable devices (WWDs) required for each…
Abstract
Purpose
The purpose of this study was to identify existing users' acceptance of the multidimensional health and fitness features of wrist-worn wearable devices (WWDs) required for each stage of physical activity (i.e. before, during and after) and examine the relationship between its acceptance (i.e. knowledge acquisition, perceived usefulness and perceived ease of use) and the actual use of its health and fitness attributes.
Design/methodology/approach
Both qualitative and quantitative approaches were taken to analyze the relationships. A focus group interview was conducted (N = 9) to design the research model, including the operationalized definition of the study constructs. A questionnaire survey was conducted with respondents in South Korea (N = 480). Partial least squares structural equation modeling via Smart PLS 3.0 was employed to test the hypotheses.
Findings
When users learned to use fitness functions and perceived them as useful for physical activity without causing any difficulty, they tended to use those functions more, which provided enhanced health benefits in the digitalized interactive environment of WWDs.
Originality/value
This research is one of the first to examine the relationship between the perceived user value of WWDs and their actual usage within a digitalized and interactive environment. The results are expected to offer theoretical insights into how well users accept the health and fitness components of WWDs. Practically, it will build awareness of what makes users adopt and use WWDs, helping practitioners design better health promotions and campaigns associated with WWDs.