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The main reason that many companies shy away from using ART is due to the inertia that companies experience when considering ART as a form of risk transfer. If companies have been successful in the past with a more conventional and well-documented form of risk transfer, those companies will tend to remain with their existing form of coverage and become very reluctant to shift.

This unwilling and cynical response, coupled with a lack of historical data and precedent, has generated a stereotyped stigma that categorizes ART as an untested and unpredictable form of managing risk. However, the skepticisms of businesses and risk managers are not misplaced. It is not uncommon for companies to either under-protect or over-protect their risk precisely due to the fact that ART is still largely unrefined and inexperienced. Yet, the largest determining criterion for the reluctance of companies to adopt ART in their business is that utilization of such a system usually requires a full foundation-to-roof restructuring of culture.


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Employees must adapt, along with the company, to view risk through a different perspective; as well as, adjust corporate methodologies of analyzing and calculating risk. There are 3 key components that companies must account for and fully understand when considering the application of a form of ART in the corporate setting. As ART is still in its infancy, the stringent standards that govern conventional forms of risk transfer do not exist in ART products.

This allows products to be tailored to the unique situation of the company; unfortunately, customization of ART products cause difficulty when gauging the appropriateness and reasonability of a quoted price as well as the fairness of the terms of agreement. The lack of historical backing and burdening amount of doubt greatly attributes to the uncertainty when considering such products.

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The future of alternative risk transfer is that it will grow with the assistance of the same elements that first expanded the market. The factors that can be recognized in which helped the growth in previous years and that will likely help in coming years are being able to cope with market cycles, diversify exposures, capitalize enterprise value, and cope with forces of regulation and deregulation. Also, in the future, risk management will be something that is even more common especially in companies that lie in other nations. Even though educational matters were not one of the obstacles, it plays a role in the growth of risk management because knowledge of firm wide risks is needed.

This can be found in other industries, but needs to be considered when assuming the budget as well as the time. Of all the obstacles observed, each one has a set back on its own and will cause an increase in the timeline in addition to adding to the costs, but if risk management is set to the highest standards, these will just be tests along the way that add strength to the system rather than establishing something not worth while.

Banks, e.

Handbook of Insurance Huebner International Series on Risk, Insurance and Economic Security

Insurers, e. Reinsurers, e. Munich Re , Hannover Re. Brokers, e. Willis , Marsh , Aon. Consultants, e. Towers Watson , Mercer. Sovereigns: Mexico is the only national sovereign to have issued cat bonds in , for hedging earthquake risk; in , a multistructure instrument covering earthquake and hurricane risk. From Wikipedia, the free encyclopedia.

Huebner International Series on Risk, Insurance and Economic Security

Retrieved Systemic risk. Ian Giddy. Archived from the original on CS1 maint: Archived copy as title link. Categories : Insurance Bonds finance. Hidden categories: CS1 maint: Archived copy as title. If companies have been successful in the past with a more conventional and well-documented form of risk transfer, those companies will tend to remain with their existing form of coverage and become very reluctant to shift. This unwilling and cynical response, coupled with a lack of historical data and precedent, has generated a stereotyped stigma that categorizes ART as an untested and unpredictable form of managing risk.

However, the skepticisms of businesses and risk managers are not misplaced. It is not uncommon for companies to either under-protect or over-protect their risk precisely due to the fact that ART is still largely unrefined and inexperienced. Yet, the largest determining criterion for the reluctance of companies to adopt ART in their business is that utilization of such a system usually requires a full foundation-to-roof restructuring of culture.

Employees must adapt, along with the company, to view risk through a different perspective; as well as, adjust corporate methodologies of analyzing and calculating risk. There are 3 key components that companies must account for and fully understand when considering the application of a form of ART in the corporate setting. As ART is still in its infancy, the stringent standards that govern conventional forms of risk transfer do not exist in ART products.

Risk Classification in Life Insurance by J. David Cummins, B. D. Smith | Waterstones

This allows products to be tailored to the unique situation of the company; unfortunately, customization of ART products cause difficulty when gauging the appropriateness and reasonability of a quoted price as well as the fairness of the terms of agreement. The lack of historical backing and burdening amount of doubt greatly attributes to the uncertainty when considering such products.

The future of alternative risk transfer is that it will grow with the assistance of the same elements that first expanded the market. The factors that can be recognized in which helped the growth in previous years and that will likely help in coming years are being able to cope with market cycles, diversify exposures, capitalize enterprise value, and cope with forces of regulation and deregulation. Also, in the future, risk management will be something that is even more common especially in companies that lie in other nations.

Even though educational matters were not one of the obstacles, it plays a role in the growth of risk management because knowledge of firm wide risks is needed. This can be found in other industries, but needs to be considered when assuming the budget as well as the time. Of all the obstacles observed, each one has a set back on its own and will cause an increase in the timeline in addition to adding to the costs, but if risk management is set to the highest standards, these will just be tests along the way that add strength to the system rather than establishing something not worth while.

Banks, e. Insurers, e.

Read Handbook of Insurance (Huebner International Series on Risk Insurance and Economic Security)

Reinsurers, e. Munich Re , Hannover Re. Brokers, e.


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Willis , Marsh , Aon. Consultants, e.

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Towers Watson , Mercer. Sovereigns: Mexico is the only national sovereign to have issued cat bonds in , for hedging earthquake risk; in , a multistructure instrument covering earthquake and hurricane risk. From Wikipedia, the free encyclopedia. Retrieved Systemic risk. Ian Giddy. Archived from the original on CS1 maint: Archived copy as title link. Categories : Insurance Bonds finance. Hidden categories: CS1 maint: Archived copy as title. Namespaces Article Talk.