ARE HOME AND AUTO INSURANCE POLICIES EXCESSIVELY PRICED IN CITIES? RECENT EVIDENCE FROM MICHIGAN

ABSTRACT: Our study contributes to the growing literature on how insurance industry practices vary across space in ways that may unfairly penalize central cities. We utilize a unique, comprehensive database that allows us to examine the spatial patterns of premiums collected and claims paid out to policyholders for all home and auto insurance companies in Michigan during 2001–2002. As a result, we can test whether higher premiums typically charged in urban areas are justified by the higher claims losses incurred there. Territories that persistently evince low ratios of losses to premiums for a given policy type, all else equal, provide prima facie evidence of excessive premium‐setting. We analyze three groups of homeowners' policies, delineated by the comprehensiveness of perils covered and the nature and level of compensation provided in case of loss, and three auto policy types—mandatory, collision, and comprehensive coverage. We find that both premiums and claims losses are higher in urban than suburban areas of Michigan, on average. However, the mean loss ratios for all segments of the home insurance market are not systematically lower in urban areas, even after a host of proxies for transactions costs are employed as controls. The same results appertain in the case of auto insurance across all but one policy type, comprehensive, where loss ratios are 16% lower in urban compared to suburban territories statewide, all else equal.     

Vulnerability of buildings to windstorms and insurance loss estimation

Windstorms cause enormous loss to life and property worldwide. Insurance companies use risk assessment models to assess the financial risk to their insurance exposure due to windstorms. The estimation of the intensity of hazard and the vulnerability of buildings to windstorms are important parts of a windstorm risk assessment model. The vulnerability functions (or curves) are, in general, based on analyses of loss data from insurance companies. The loss data available from insurance companies following a natural disaster is generally comprised of losses representative of a wide variety of buildings, often lacking information on building-specific characteristics such as height and material. Analysis of such data may not go beyond the development of an aggregate (or generic) vulnerability curve for a combined portfolio giving no idea of the vulnerability of individual building types represented by this curve. The paper discusses the vulnerability of buildings to windstorms and the development of vulnerability functions for windstorm loss estimation. A methodology is presented for the disaggregation of a generic vulnerability curve into several curves representing individual building types. The methodology provides a convenient way of translating known vulnerabilities for a region to those for another region by combining them with actuarial data and building inventory information of the region. The methodology is applied for the disaggregation of generic vulnerability curves for the Caribbean Island of Puerto Rico. The hurricane hazards and the consequent property losses in the region are also discussed.     

基于效用理论的建筑火灾保险临界保费确定方法

利用经济学关于效用的相关原理,从理论上探讨了建筑火灾保险的定价问题。首先针对作为风险厌恶者的投保人和保险人双方,分别分析了其对保费水平的要求;其次从保险公司的角度分析了临界保费的确定,并计算了3类常见效用函数下的临界保费;通过实例验证了效用理论在建筑火灾保险临界保费确定中的应用。     

An evaluation of the use of insurance in managing construction risks

One of the major methods of managing construction risks in the Nigerian construction industry is the insurance method. On the basis of data from some selected construction sites in Nigeria, this paper evaluates the effectiveness of the method. Also it identifies, through a questionnaire survey, the various insurable construction risks perceived to be encountered in the Nigerian construction industry and the types of insurance policy employed in managing them. High importance is placed by the construction industry on site security, construction risk, and health and welfare requirements, and the use of an all-risk insurance policy is the most prominent method for managing the identified risks. Finally it is concluded that there is a correlation between insured sum and actual replacement cost when there are losses or damages. However, the insurance claims settled could cater for only 61.1% of the replacement cost of on-going construction works studied.     

建筑火灾损失预测初探

本文通过建筑火灾烧损损失和人员伤亡来评估建筑物的损失后果,然后决定其后果严重程度。该种方法既可以为保险公司提供保险金额和保险金的参考标准．又可以为业主确定可接受的保险费率和准确客观的理赔提供参考依据。     

Risk and regulation: can improved government action reduce the impacts of natural disasters?

From an examination of national policies for risk mitigation, the paper asks what types of laws are successful and should be more widely adopted, and what does not work. Three types of regulations are considered: (1) regulations for constructing new buildings and code enforcement; (2) regulations for intervening in/upgrading the existing building stock; and (3) regulation of the insurance industry. When applied, improved codes can substantially reduce the impacts of natural disasters. However, unnecessary complexity is shown to compromise implementation and enforcement. The widespread destruction of buildings in the earthquakes of Kocaeli, Turkey, in 1999 and Gujarat, India, in 2001 was not due to inadequate codes. Destruction occurred because codes were not generally adopted. Improving the application and enforcement of codes in developing countries are necessary key measures. For the strengthening of existing substandard buildings, some regulations exist and some successful programmes of evaluation and strengthening are in progress. However, lessons from the US experience indicate legislation is needed to back such programmes, and further incentives for action are needed. Several national insurance schemes for natural catastrophe losses (US programmes for flood, New Zealand programmes for earthquake, and French programmes for all catastrophic natural hazards) have considerable potential to stimulate mitigation activity. Ultimately, coercion by government is only part of the answer. The success of any government action depends equally on the development in society of a 'safety culture' in which citizens both understand the risks they face and are prepared to participate in the management of them.     

基于利益相关者理论的 IDI 制度下三方博弈分析

工程质量潜在缺陷保险（IDI）成为解决住宅工程质量潜在缺陷的有效手段。目前我国 IDI 制度还在试点探索阶段，相关利益主体的协作关系还未明晰，配套的保障体系也未健全。基于利益相关者理论对 IDI 制度下参与住宅工程建设、保修与行政管理的建设单位、保险公司和政府三方利益主体进行博弈分析，建立了“建设单位-保险公司-政府”博弈模型，并求其均衡解，进而探究三方主体策略选择及其影响因素，明晰三者间相互促进及相互制约关系，并提出 IDI 制度良性运行的制度补偿方案。结果表明:政府对保险的补贴金额及对建设单位的补贴比例、保险公司管理成本、质量保险赔付额、工程质量潜在缺陷保险保费、建设单位的投保概率等因素会影响三方的策略选择。通过采取保险强制措施、优化 IDI 产品设计、建立完善保险体系等手段能有效地改进各个主体的行为，从而全面提升建筑行业的工程质量。     

Insuring against a crisis

To cope with the major commercial and reputational risk that defective products pose, businesses need to put product safety and wider quality at the centre of their risk management strategies. Simply relying on insurance is not an option. Recalls or rectification programmes are generally not covered and of course a poor claims record for safety or damage problems can lead to substantial premium rises. Defective products can also give rise to serious criminal prosecutions and all the adverse publicity that can entail.     

应用市场机制提高抵御巨灾的能力

通过对比国内外救灾款的组成比例,提出在中国建立巨灾保险体系的重要性;论述了目前国际上灾害保险和资本市场的几种运作模式,分析了我国实行巨灾保险的条件和各参与方的积极性。     

浅谈如何加强建筑企业劳保统筹管理工作

就建筑企业实行社会养老保险统筹后是否需要建筑行业统筹管理进行了探讨，提出了加强劳保统筹管理工作的措施，结合农民工的社会保障问题，研究了从统筹到保障的转型和改革，就劳保费拨付政策的调整和劳保统筹管理工作的合法性进行了分析，从而搞好劳保统筹管理工作。     

建设工程监理责任保险费率问题研究

对影响监理责任保险费率的相关因素进行研究,确定各主要因素对费率的影响排序,为新的费率厘定方法打下基础。分析我国现行监理责任保险费率确定方法中的不足与缺陷,借鉴国外经验,探索了一种更加科学、便于操作和符合现阶段这一险种实际情况的费率厘定方法。即以现行的天安保险公司的监理责任保险条款为基础确定基本费率,把影响费率的其它因素根据其影响力的大小定量为修正系数,加入到定价模型中以确定最终费率。通过对修正系数的调整可以保证保险公司在该险种总保费收入不变的情况下,实现该险种的差异化和合理化服务,改善该险种现行保费的过分单一情况,从而更有利于吸引投保和提高保险公司在这一险种上的竞争力,促进我国建设工程监理责任保险的发展。     

房屋建筑工程质量潜在缺陷保险费率厘定研究

对房屋建筑工程质量潜在缺陷影响因素进行分析总结,确定影响因子的大小,分析我国现行工程质量保险费率厘定方法中的缺陷和不足,为保险费率厘定探索一种新方法新思路奠定基础。构建房屋建筑工程质量潜在缺陷影响因子评估指标体系,用区间数作为模糊评价值,克服人们对事物的主观判断,引入组合不确定型有序加权平均算子(CUOWA)模型对影响因素进行评估。将影响因子评估结果定量为房屋建筑工程质量潜在缺陷保险费率修正系数,对基本费率进行修正,实现保险费率差异化服务,并且体现出保险费率激励杠杆的作用。     

我国工程保险中的风险分级评价方法研究

风险分级评价是准确厘定工程保险费率的有效方法之一。以风险因素模型、抗灾性能模型和风险区价值暴露模型为基础,建立了工程项目的毁损率与频率关系。在对工程保险标的进行期望损失值计算与风险成本收益分析后,以此为依据对工程项目进行风险分级评价,形成较为系统的风险分级评价方法。     

对施工阶段工程索赔的管理

介绍了工程索赔在施工阶段项目管理中的重要作用,从提高索赔意识,搜集索赔依据,把握索赔时机,及时结算索赔价款等方面分析了做好索赔工作的具体方法,提出索赔是一种保护自身,维护正当权益、有效避免损失、合理增加利润的必备手段。     

Principles for risk evaluation and expected cost to benefit of different fire protective measures in industrial buildings

Increased fire losses within industry in recent years accentuate the need of methods for economic optimisation of fire protection in industrial buildings. Knowledge of the significant factors of fire loss in industrial buildings will form the basis for such optimisation, and in this paper some factors of significance are recognized. The expected benefit to cost relationship on a national level, as well as for individual cases, of some fire protective measures are discussed. Finally, some principles for the evaluation of the overall fire risk in industrial buildings are discussed, and the practical application of a functionally based method for such an evaluation is illustrated by examples.     

Proving the occurrence and cause of a landslide in a legal context

 Ground movements of many types can be responsible for socio-economic losses that lead to construction or insurance claims or even legal proceedings. Should the ground movements be the result of landslide movements, proving the cause or even the occurrence of the landslide may often be the main area of dispute. In this paper the definition of a 'landslide' suitable for legal purposes is examined and the various causes of landslides are briefly reviewed. The legal difficulties of proving the cause and occurrence of a landslide are then explored through three legal case studies involving damage, or potential damage, resulting from landslide movements. Received: 22 December 1998 · Accepted: 10 May 1999     

浅淡建筑施工合同的索赔处理

合同索赔,即合同当事人对合同执行过程中非己方的原因而受到的对合法权利的侵害以及由于侵害而造成损失均可要求合同的另一方对自己的损失予以补偿或者赔偿。在施工实践中,建筑施工合同索赔是施工合同得以适当、完全履行的有力保障,是建筑施工企业保护自已合同权益的合法武器。因此,正确理解和掌握合同索赔的方法与技巧,对建筑施工企业异常重要。本文中,笔者系统分析了索赔的成因、类型以及处理的方法。     

浅析我国建筑工程保险的推行障碍

介绍了建筑工程保险的性质、特征及作用,分析了我国工程保险的发展现状,探讨了我国建筑工程保险的推行障碍,指出应积极探索和完善工程保险制度的具体措施,以期减少损失。     

建筑起重机械租赁保险研讨

第六届全国建筑施工机械租赁大会于8月10日在河南郑州召开,会议的主题是:巩固建筑业改革成果,推进建筑租赁服务业发展(本刊今年第8期对会议进行了专题报道).     

施工企业防范被拖欠工程款的策略——"事中补遗"

本文论述了施工企业防范被拖欠工程款的策略中的第二步——“事中补遗”。通过列举施工中可能出现和可能发生的问题,提出注意防范和解决问题的措施、办法。重点是指引施工企业在现行法制尚不健全、市场秩序尚未规范的情况下,为了求生存、拿任务,在策略性地放弃部分利益、维权条款的情况下,如何在履约期间实施“合同遗漏补救、工期顺延确认、收集索赔证据、缓建、停工催收欠款”等“事中补遗”工作,确保企业的合法权益完全避免或者尽量减少被侵害。