In this paper, we develop a number of new composite models for modelling individual claims in general insurance. All our models contain a Weibull distribution for the smallest claims, a lognormal distribution for the medium-sized claims, and a long-tailed distribution for the largest claims....

In the United States, law condemns poor people to their fates in states. Where Americans live continues to dictate whether they can access cash, food, and medical assistance. What’s more, immigrants, territorial residents, and tribal members encounter deteriorated corners of the American...

This paper explores a decision analysis on product integration of family security services and residential fire insurance in the London and Taiwan markets by using the proposed mathematical models for counting sustainable value. This paper shows the five main different results between London and...

Being secured is the major concern of every investor which therefore necessitate an insurance coverage. However, there is always a concern as to what happens when the incident secured against finally happens. Most especially, when fire insurance policies are concern. That therefore forms the...

"Over 8,200 large city fires broke out between 1000 and 1939 CE in Central Europe. Prometheus Tamed inquires into the long-term history of that fire ecology, its local and regional frequencies, its relationship to climate history. It asks for the visual and narrative representation of that...

Large city fires were a huge threat in premodern Central European every-day life; only quite late, institutional forms of fire insurances emerged as a post-disaster instrument of damage recovery. During the nineteenth century, insurance agencies spread through the World forming a plurality of...

The Great Fire of London in 1666 reshaped the architecture of London and was a factor in establishing the City as a place of financial innovation. Fire insurance did not emerge immediately after that event because of the difficulties in establishing a viable scheme. Nevertheless, the fire and...

We construct panel data on house prices and the determined cause of 4.8 million individual fires in the United States between 1986 and 2010 to test whether decreases in local housing market prices coincided with increases in arson. Since some insured homeowners may attempt to disguise the actual...

Markets in developing economies do not have well planned and proper layouts so they are always congested. Anytime fire breaks out in the market it becomes very difficult for fire tenders to get access to quench the outbreak so many goods are destroyed in the markets. This study assesses whether...

Nigeria undertook a Financial Sector Assessment Program (FSAP), which included a review of the structure of Nigeria’s insurance market and the supervisory framework. The assessment was benchmarked against the Insurance Core Principles (ICPs) issued by the International Association of...

An efficiently working fire protection system in an enterprise, a work place or an institution guarantees the proper execution of fire protection duties. Its proper organisation is of key importance. The conditions of the proper organisation of the fire protection system in a given...

This Working Paper is a detailed assessment of Japan’s compliance with the Insurance Core Principles of the International Association of Insurance Supervisors. The paper identifies a reduction in interest rates and equity prices as two factors that influence the structure and functioning...

In July of 1826, a financial panic on Wall Street caused several companies to fail abruptly and precipitated runs on two of New York City's fifteen banks. Life and Fire Insurance became the largest of the bankruptcies. In violation of New York's banking statutes, the firm had engaged in lending...

This paper presents a factual update of the Insurance Core Principles including insurance sector market and regulatory developments for Switzerland. Regulatory reforms since 2003 have updated Switzerland’s regulatory and supervisory regime for the insurance industry to bring it in line...

Knightian uncertainty (ambiguity) implies presence of uninsurable risks. Institutional quality may be a good indicator of Knightian uncertainty. This paper correlates non-life insurance penetration in 70 countries with income level, financial sector depth, country risk, a measure of cost of...

This article examines the history of fire protection in London from the Great Fire of 1666 to the present and argues that many of the popular perceptions of market failure in the provision of fire protection that are repeated in standard economics textbooks are in fact myths. In reality, fire...

We consider a housing insurance market in which buildings have different damage probabilities. Insurers use imperfect tests to find out about the buildings' damage types. The insurance market is a natural monopoly. If more than one insurer is active, high risk house owners continue to apply to...

We analyze a mutual fire insurance mechanism used in Andorra, which is called La Crema in the local language. This mechanism relies on households' announced property values to determine how much a household is reimbursed in the case of a fire and how payments are apportioned among other...

Drawing a framework from agency theory, we use a panel data design to examine the factors motivating the level of demand for reinsurance in the rapidly developing Swedish property fire insurance market during the interwar period 1919-39. We find that as hypothesised, reinsurance enabled Swedish...