A reinsurance organisation in Gauteng conducted an employee engagement survey in November 2013 to gauge the employee engagement level amongst its employees. The survey revealed that the employee engagement level was at 24% across all the organisational levels. The purpose of this qualitative study was to explore whether the employees are still disengaged and describe the current reasons and possible solutions for employee disengagement. Purposive sampling was used to select the participants. Semi-structured interviews were conducted with six managers and focus groups with 27 general employees. Data analysis followed Tesch’s eight steps in the coding process. The findings revealed that a lack of management’s experience, styles and skills; poor communication and a lack of a robust performance management system promoted employee disengagement. Recommendations include leadership training for managers; improving communication and reviewing the performance management system. / Business Management / M. Com. (Business Management)

本論文主要是針對在產物財務（限額）再保險之內容、監理和定價做探討。由於財務再保險不同於傳統再保險只承保核保風險，更延伸至信用風險、匯率風險與政治風險等非純粹風險，我們首先以財務再保險所保障之時段對產物財務再保險做分類，並說明其內容與功能；其次，因為財務再保險之監理關係著合約之交易成本，我們討論財務再保險的法律課題。最後，以往再保險之定價主要參考”主要再保險公司”之定價，但財務再保險合約性質非常”顧客化”，幾乎無其他再保險公司做為定價參考，所以本文藉模擬分析以提供公平且合理之財務再保險定價模式。 在本文中所假設合約，雖然只是眾多合約型態之兩種而已，但涵括之概念有考量財務（限額）再保險保之限額特性和利潤分享計劃，以及核保風險、理賠時間風險和投資風險，以提供未來財務再保險合約之定價參考。 This article concentrates on the contents of the exhibition, regulation and pricing of the financial or finite risk reinsurance in property-casualty insurances. Much different to traditional reinsurance, financial reinsurance provides more risk protections on payment timing risk, investment risk, credit risk, exchange rate risk, and even political risk. Moreover, financial reinsurance obviously offers primary insurers to expand their underwriting capacity, indirectly diversifies the risks of the primary insurers to the capital market and even immediately protects the policyholders from insolvency risk resulted from the primary insurer's bankruptcy. In this thesis, we first classify the financial or finite risk reinsurance in the property-casualty insurance by the covered periods and meanwhile display their contrastive functions and advantages. Second, we discuss the regulation issue of financial reinsurance, because the financial reinsurance is highly regulated. Third, we employ simulation to improve the methodology of pricing financial reinsurance. The two supposed contracts on this study, however, do not conclude all the characteristics of the financial or finite risk reinsurances. To the point, we take the limited cover, profit sharing, underwriting risk, payment timing risk and investment risk into account. Meanwhile, we demonstrate the application of simulation in pricing financial reinsurance.

汽車保險基於本身商品及其業務特質，須藉由再保險來分散承保危險的需求不高。目前須安排再保險的理由與汽車保險經營所遭遇的困難，及其再保險所欲達到的目的存有顯著的差異。本文主要探討汽車保險運用財務再保險此項理財工具以化解其所遭遇到的難題。 財務再保險，緣因於八十年代美國保險市場自然災害頻傳，損失幅度巨大，保險公司、再保險人蒙受巨額虧損，致使傳統之再保險市場緊縮，再保險人承保利益大為縮減，或發生虧損，保險公司難獲再保險之保護，於是財務再保險應運而生。運用財務再保險，保險公司對於承保之業務雖然不能獲得分散危險之保護，但財務報表之缺失卻可獲得改善。 以業務特性、公司經營政策及再保市場三方面分析，發現汽車保險比其他產物保險適合以財務再保險作為理財工具，加上汽車保險的業務量大，對於公司資金運用的經濟效益反具有較高的作用。在對於財務再保合約條款分析及條件例示後，發現財務再保險在運用於汽車保險時，會將直接及間接影響保險公司的營運。 分別就保險公司及監理機關雙方的觀點分析，汽車險採用財務再保險的優、缺點。繼而探討如何防範使用財務再保險所帶來的缺失。最後發現汽車保險在運用財務再保險時，須事先評估公司汽車險的經營狀況，並應正確瞭解財務再保險此項工具的功能及其運用之影響，能未雨綢繆，預為做好防範措施，才能達成其追求公司利潤最大化及永續經營的目標。

近年來許多的產險公司因為買不到比例性的天災再保險合約，不得不使用超額賠款再保險方式以規避和轉嫁天災風險，但也因此承擔相當大的天災累積風險。 本文將企業風險管理的概念引進，把保險公司的再保部門模擬成企業的風險管理部門，期能更精確地定位保險公司再保險部門的功能、應該扮演的角色及未來經營策略。 超額賠款再保險之使用與產物保險的經營關聯密切，其最重要關鍵在於風險自行承擔，因此其間的保費收入、再保費成本支出等有關費率釐定計算方式，可說是超額賠款再保險之精華所在，亦為保險相關從業人員必備之專業知識。由於超額賠款再保險運用到許多統計相關的計算說明，本文之論述期能幫助保險相關從業人員找到各方的均衡點，有助於保險事業將資源做最有效率、效能的經營。 本文針對財產保險運用超額賠款再保險經營實務之考量加以介紹，同時強調經營者必須提升專業，包括損防服務、專業化核保、作業流程電腦化、財務風險管理等，尤其在計算天災的累積和購買適當再保險的承保容量方面，這亦有助於保險公司對天災風險的評估與認識。 最後，本文籲請保險公司主管必須重視目前以超額賠款再保險風險自留方式所承保之業務其費率是否適當，尤其是天災風險，所謂多算勝，少算不勝，而況於無算乎？否則會和賭場的賭客一樣， 大部分人是輸光退場的。 / Excess of Loss Reinsurance has become the viable solution in Taiwan’s insurance community, since the constraints were imposed by reinsrers a few years ago that natural catastrophe exposures could not be fully transferred to proportional treaties. But, the insurers also take very large natural risks at the same time. The aforementioned is the key issue to be discussed at the first part of this text, which introduces the concept of “corporate risk management” that Risk Management Department in enterprise is playing a role very similar to Reinsurance Department in an insurance company. We can, from this perspective, easier and clearer identify the functions and business objectives of Reinsurance Department in an insurance company. One distinctive advantage over proportional reinsurance is that, by adopting XOL reinsurance, ceding companies can expect to retain more premiums. Virtually, the performance of XOL operations is directly linked to the level of reinsurance cost, so it is very vital for insurance people to be fully aware of the connections between their insured exposures and reinsurance prices. A number of charts, tables, and cases are illustrated in the text for the calculation of XOL prices, and readers, particularly those who are doing insurance business, of this text are able to fairly locate the equilibrium of reinsurance cost that can be mutually accepted by the insured、brokers、reinsurers and insurers. Actual practices of applying property XOL reinsurance are analyzed in the text, which has also highlighted the importance of upgrading insurers’ professionalism, including loss prevention, underwriting, work-flow computerization, financial risk management, in particular, aggregate control on natural perils and adequate reinsurance protection. My conclusions and recommendations are pinpointing the issues required to be dealt with by the authorities for the adequacy of direct premium rates, particularly for the business with natural perils that are retained under XOL programs. Insurers are destined to be out of the market, sooner or later, if they are unable to charge sufficient premiums to finance their losses in the long run.

by Chu Heung Ming. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1993. / Includes bibliographical references (leaf 122). / ABSTRACT --- p.ii / NOTICE OF CONFIDENTIALITY --- p.iv / TABLE OF CONTENTS --- p.v / LIST OF TABLES --- p.ix / PREFACE --- p.x / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Risk --- p.1 / Insurance --- p.1 / Engineering Insurance --- p.3 / Reinsurance --- p.11 / Role of Reinsurance --- p.11 / Types of Reinsurance --- p.12 / Facultative Reinsurance --- p.13 / Arrangement --- p.13 / Advantages and Disadvantages --- p.15 / Proportional Facultative Reinsurance --- p.16 / Non-proportional Facultative Reinsurance --- p.16 / Engineering Facultative Reinsurance --- p.20 / Present Problems over Facultative Reinsurance Business --- p.20 / A Possible Solution to Solve the Present Problems --- p.23 / Objective of This Project --- p.27 / Chapter II. --- MARKET OPPORTUNITIES AND POTENTIAL PROFILE OF INSURERS ON NON-PROPORTIONAL FACULTATIVE REINSURANCE FOR ENGINEERING INSURANCE BUSINESS --- p.29 / Primary Demand --- p.29 / Buyer-identification --- p.30 / Willingness and Ability to Buy --- p.32 / Market Segmentation --- p.32 / Sales-force Allocation to Accounts --- p.33 / Volume --- p.33 / Quality --- p.34 / Product Design and Communication Appeals --- p.35 / Communications Targets --- p.36 / Reinsurance Departments --- p.36 / Casualty or Engineering Departments --- p.36 / Insurance Companies in Hong Kong --- p.37 / Insurance Companies Dealing with Engineering Insurance Business --- p.41 / GG --- p.41 / Company Philosophy --- p.42 / Sources of Engineering Insurance Business --- p.43 / Sources of Facultative Reinsurance Support --- p.43 / Internal Set-up --- p.44 / Decision-making Process --- p.45 / Present Potential Problems and Needs --- p.46 / BB --- p.47 / Company Philosophy --- p.47 / Sources of Engineering Insurance Business --- p.48 / Sources of Facultative Reinsurance Support --- p.48 / Internal Set-up --- p.49 / Decision-making Process --- p.50 / Present Potential Problems and Needs --- p.50 / AA --- p.51 / Company Philosophy --- p.51 / Sources of Engineering Insurance Business --- p.52 / Sources of Facultative Reinsurance Support --- p.52 / Internal Set-up --- p.53 / Decision-making Process --- p.53 / Present Potential Problems and Needs --- p.54 / Summary --- p.55 / Chapter III. --- THE HYPOTHETICAL REINSURANCE COMPANY --- p.57 / Types of Reinsurance Sellers --- p.57 / Professional Reinsurance Companies --- p.57 / Typical Set-up of a Professional Reinsurance Company Offering Facultative Reinsurance for Engineering Insurance Business --- p.58 / Marketing Activities --- p.59 / Underwriting Activities --- p.60 / Other Activities --- p.62 / General Operation of Facultative Reinsurance for Engineering Insurance Business of the Hypothetical Reinsurance Company --- p.62 / Summary --- p.64 / Chapter IV. --- COMPETITIVE ENVIRONMENT ON NON-PROPORTIONAL FACULTATIVE REINSURANCE FOR ENGINEERING INSURANCE BUSINESS --- p.66 / The Hypothetical Reinsurance Company's Position --- p.66 / Strengths --- p.66 / Weaknesses --- p.67 / Direct Competitors --- p.67 / Other Reinsurance Companies --- p.68 / A Reinsurance Company --- p.68 / B Reinsurance Company --- p.70 / C Reinsurance Company --- p.71 / Reinsurance Brokers --- p.71 / Indirect Competitors --- p.73 / Underwriting Agencies --- p.73 / Insurers --- p.74 / Competitive Dynamics --- p.75 / Pioneering Advantage --- p.75 / Technological Discontinuities --- p.75 / New Market Entrants --- p.76 / Intensity of Competition --- p.76 / Overcapacity --- p.77 / Different Underwriting Philosophies and Experience --- p.77 / Products and Services Offered --- p.78 / Low Cost in Shifting from One Security to Another --- p.78 / Long Period to Gather Experience --- p.79 / Summary --- p.79 / Chapter V. --- DEVELOPMENT OF SEVERAL ESSENTIAL COMPONENTS ABOUT THE LAUNCH OF THE NEW PRODUCT - THE NON-PROPORTIONAL FACULTATIVE REINSURANCE FOR ENGINEERING INSURANCE BUSINESS --- p.81 / General --- p.81 / Product Characteristics --- p.82 / Product Pricing --- p.83 / Product Promotion Activities --- p.85 / Product Sales Force --- p.88 / Product Distribution --- p.89 / Summary --- p.90 / Chapter VI. --- QUESTIONNAIRE SURVEY AND FINDINGS --- p.91 / Questionnaire Survey --- p.91 / Findings --- p.92 / Product Characteristics --- p.92 / Characteristics of the Reinsurer Offering the New Product --- p.92 / Services Going Together with the New Product --- p.93 / Product Pricing --- p.94 / Factors Affecting the New Product Pricing --- p.94 / Product Promotion Activities --- p.95 / Advertising --- p.95 / Sales Promotion --- p.95 / Public Relation --- p.96 / Product Sales Force --- p.97 / Support from the Reinsurer --- p.97 / Product Distribution --- p.98 / Activities from the reinsurer --- p.98 / Chapter VII. --- FINAL MARKETING PLAN FOR THE LAUNCH OF THE NEW PRODUCT 一 THE NON-PROPORTIONAL FACULTATIVE REINSURANCE FOR ENGINEERING INSURANCE BUSINESS --- p.100 / Marketing Objective and Strategy --- p.100 / Marketing Objective --- p.100 / Marketing Strategy --- p.103 / Product Objective and Strategy --- p.104 / Product Objective --- p.104 / Product Strategy --- p.105 / Product Pricing Objective and Strategy --- p.105 / Product Pricing Objective --- p.105 / Product Pricing Strategy --- p.105 / Product Promotion Objectives and Strategies --- p.107 / Product Promotion Objectives --- p.107 / Advertising Objective --- p.107 / Sales Promotion Objective --- p.107 / Public Relation Objective --- p.108 / Product Promotion Strategies --- p.108 / Advertising Strategy --- p.108 / Sales Promotion Strategy --- p.108 / Public Relation Strategy --- p.110 / Product Sales Force Objective and Strategy --- p.111 / Product Sales Force Objective --- p.111 / Product Sales Force Strategy --- p.111 / Product Distribution Objective and Strategy --- p.112 / Product Distribution Objective --- p.112 / Product Distribution Strategy --- p.113 / Chapter VIII. --- CONCLUSIONS --- p.115 / APPENDICES --- p.117 / BIBLIOGRAPHY --- p.122

在保險業的經營體系中，傳統再保險所扮演的角色，一直是著重於分散保險公司的核保風險為最主要目的。然而隨者經濟市場與金融環境的變遷日益迅速，財務風險之分散與公司財務結構之改善，亦成為保險經營者所必須面臨之重要課題。而財務再保險於其中所可以產生之效益，則是除了可以滿足保險公司對於分散核保風險的原始需求外，另外亦可以做為其規劃財務結構的工具之一。 本篇論文探討之重點，除了介紹財務再保險的基本理論架構，和當今發展之趨勢外，如何運用財務再保險作為保險公司之風險管理與財務規劃，亦是本篇所要闡釋之主題，其中並以監理之角度，探討財務再保險所可能產生之弊端以及建議採取之因應措施，最後則以當今台灣保險市場的經營環境，分析壽險業對財務再保險合約的需求性。 略

<p>U doktorskoj disertaciji su istraženi problemi katastrofalnih &scaron;teta, upravljanja njima u uslovima klimatskih promena i uticaja klimatskih promena na delatnost osiguranja. U cilju ispitivanja povezanosti klimatskih promena i &scaron;teta u osiguranju napravljen je regresioni model koji karakteri&scaron;e tu vezu.Rezultati istraživanja ukazuju da klimatske promene imaju snažan uticaj na povećanje svih hazarda povezanih sa vremenskim prilikama, &scaron;to ima negativan uticaj na raspoložive kapacitete i uspe&scaron;nost poslovanja sektora osiguranja. Transfer rizika i saradnja sa javnim sektorom neophodni su u cilju održivog finasiranja posledica klimatskih promena.</p> / <p>In the doctoral dissertation problems of catastrophic losses, their management under climate changes and the impact of climate changes on insurance industry are explained in detail. With the aim of investigation the link between climate changes and insurance lossses we use regression model. The research results indicate that climate changes have strong impact on the increase of all hazards connected with weather conditions and that increase have negative impact on available capacities and business success of insurance industry. Risk transfer and cooperation with public sector is necessary for financing of losses of climate changes but insurance industry can play an important role in prevention of future losses.</p>

This dissertation includes two essays on adverse selection and moral hazard problems in reinsurance markets. The first essay builds a competitive principal-agent model that considers adverse selection and moral hazard jointly, and characterizes graphically various forms of separating Nash equilibria. In the second essay, we use panel data on U.S. property liability reinsurance for the period 1995-2000 to test for the existence of adverse selection and moral hazard. We find that (1) adverse selection is present in private passenger auto liability reinsurance market and homeowners reinsurance market, but not in product liability reinsurance market; (2) residual moral hazard does not exist in all the three largest lines of reinsurance, but is present in overall reinsurance markets; and (3) moral hazard is present in the product liability reinsurance market, but not in the other two lines of reinsurance.

Title: Reinsurance optimization using stochastic programming and risk measures Author: Jan Došel Department: Department of Probability and Mathematical Statistics Supervisor: RNDr. Martin Branda, Ph.D., Department of Probability and Mathe- matical Statistics Abstract: The diploma thesis deals with an application of a stochastic progra- mming in a reinsurance optimization problem in terms of a present regulatory framework of the insurance companies within the European Union, i.e. Solvency II. In this context, the reinsurance does not only transfer a portion of the risk to the reinsurer but also reduces an amout of required capital. The thesis utilizes certain risk measures and their properties, premium principles and non-linear in- teger programming. In the theoretical part, there are basic terms from Solvency II, reinsurance, risk measures and the comonotonicity of random variables descri- bed and the optimization problem itself is derived. The approach is then applied in the practical part on data of Czech Insurers' Bureau using the GAMS software. Finally, a stability of the solution is tested depending on several parameters. Keywords: reinsurance optimization, stochastic programming, Solvency II, risk measures 1

This diploma thesis is focused on alternative possibilities, how can we apply financial solution of risks. First part of this thesis describes problems of current commercial insurance market. There are also mentioned traditional ways risk's transfer and their possible troubles. In following part there are chapters containing alternative forms which solves specific kinds of risk related to different economical subjects. In the last part there is discussed possibility of state participation of catastrophic events. The aim this thesis is to identify the problems of current insurance market, evaluate common used techniques the risk's transfer and suggest suitable ways which can be used to solve the problem of risk with cooperation of financial markets, public finance and other alternative instruments.