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Angel E. Muñoz Zavala, Arturo Hernández Aguirre, Enrique R. Villa Diharce and Salvador Botello Rionda
The purpose of this paper is to present a new constrained optimization algorithm based on a particle swarm optimization (PSO) algorithm approach.
Abstract
Purpose
The purpose of this paper is to present a new constrained optimization algorithm based on a particle swarm optimization (PSO) algorithm approach.
Design/methodology/approach
This paper introduces a hybrid approach based on a modified ring neighborhood with two new perturbation operators designed to keep diversity. A constraint handling technique based on feasibility and sum of constraints violation is adopted. Also, a special technique to handle equality constraints is proposed.
Findings
The paper shows that it is possible to improve PSO and keeping the advantages of its social interaction through a simple idea: perturbing the PSO memory.
Research limitations/implications
The proposed algorithm shows a competitive performance against the state‐of‐the‐art constrained optimization algorithms.
Practical implications
The proposed algorithm can be used to solve single objective problems with linear or non‐linear functions, and subject to both equality and inequality constraints which can be linear and non‐linear. In this paper, it is applied to various engineering design problems, and for the solution of state‐of‐the‐art benchmark problems.
Originality/value
A new neighborhood structure for PSO algorithm is presented. Two perturbation operators to improve PSO algorithm are proposed. A special technique to handle equality constraints is proposed.
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Purpose: This chapter is based on risk management of the insurance sector with reinsurance as its linchpin. Such is the importance of the insurance sector that its risk management…
Abstract
Purpose: This chapter is based on risk management of the insurance sector with reinsurance as its linchpin. Such is the importance of the insurance sector that its risk management must be considered.
Need for the study: Risk management of various sectors is gaining much attention. The insurance sector, known to manage the risk of multiple sectors, also requires its own chance to be controlled with the same or even more intensity. Considering the importance of reinsurance coupled with the dependency of primary insurers on reinsurers and the absence of research on reinsurers, the need to conduct a comprehensive study on the topic is felt.
Methodology: It will be a conceptual chapter based on the rigorous literature on the topic integrated with the researcher’s insights to bring forth the framework of reinsurers for the readers.
Findings: It is found that insurers can themselves become the victims of the financial crisis in case they insure risks that surpass their economic boundaries. Not only this, the failure of insurance companies can have a ripple effect on the country’s economy. Therefore, insurers must possess financial resilience; to remain so, they need to have prudent management of the risk they are undertaking.
Practical implications: The study covers a relatively less researched area of reinsurance and hence has a vast scope of research in the future. The study would be helpful to stakeholders like regulators and primary insurers. It will unveil the paradigm of reinsurance and enlighten the stakeholders on how to use it effectively.
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William Blair QC and Cheong Ann Png
The governance of financial markets is approached at various levels. National regulators are charged with the responsibility for maintaining a system of regulation for the purpose…
Abstract
The governance of financial markets is approached at various levels. National regulators are charged with the responsibility for maintaining a system of regulation for the purpose of ensuring stability and confidence in the financial markets. This has to be done according to ascertainable standards. Within the European Union, directives and regulations provide a framework for approximating practices within its member states. At the international level, organisations such as the Bank of International Settlements (BIS), the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD) have developed standards and guidelines with the view to harmonising practices among relevant states.
Menger disagreed with this view for various reasons. Also, the subjective expectation is infinite. There are many cases where man's behaviour fails to conform to mathematical…
Abstract
Menger disagreed with this view for various reasons. Also, the subjective expectation is infinite. There are many cases where man's behaviour fails to conform to mathematical expectations: games in which a player can win only one very large amount with a very small probability or games offering a single moderate amount with a very high probability. Furthermore, we can always find a sequence of payoffs x1, x2, x3,…, which yield infinite expected value, and then propose, say, that u(xn)=2n, so that expected utility is also infinite. Menger therefore proposed that utility must also be bounded above for paradoxes of this type to be resolved.
J.H.M. TEN THIJE BOONKKAMP and W.H.A. SCHILDERS
An extension of the Scharfetter‐Gummel discretization scheme is presented which is designed for electrothermal semiconductor device equations including avalanche generation terms…
Abstract
An extension of the Scharfetter‐Gummel discretization scheme is presented which is designed for electrothermal semiconductor device equations including avalanche generation terms. The scheme makes explicit use of the exponential character of solutions, and reduces to the standard Scharfetter‐Gummel scheme in the isothermal non‐avalanche case.
Bojan Srbinoski, Klime Poposki and Vasko Bogdanovski
The purpose of this paper is to examine the evolution of interconnectedness of European insurers among themselves, as well as with other non-financial firms, for the period…
Abstract
Purpose
The purpose of this paper is to examine the evolution of interconnectedness of European insurers among themselves, as well as with other non-financial firms, for the period 2000–2021 and to analyze the stock return movements around the costliest catastrophic events (hurricanes) in the past two decades.
Design/methodology/approach
This paper follows the “simple” approach of Patro et al.(2013) and examines the daily stock return correlations of the largest 30 insurers and the largest 30 non-financial firms headquartered in Europe. In addition, the study uses event study methodology to examine stock return movements around the costliest hurricanes.
Findings
We find that the European insurance sector has become highly interconnected during the past two decades; however, its increasing connectedness with non-financial firms is limited to a few firms. In addition, we find weak evidence of the destabilizing effects of catastrophic events on European insurers and non-financial firms; however, the potential for cat risk contagion effects exists as the insurance industry becomes heavily interconnected.
Originality/value
The extant literature is largely concerned with the contribution of the insurance sector to the systemic risk of the financial sector. We focus on a specific region (Europe) and analyze the evolution of interconnectedness of the largest insurers within the insurance sector as well as with the largest non-financial firms encapsulating important crisis periods. In addition, we relate to the literature that examines the market reactions around catastrophic events to test the relevance of traditional insurance activities in instigating potential contagion shocks.
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Mustafeed Zaman, Prof Rajibul Hasan, Tan Vo-Thanh, Riad Shams, Mizan Rahman and K. Mohamed Jasim
This study aims to examine the perceived values of the metaverse when adopting it in the luxury hospitality business. Based on the cost–benefit perspective, this research provides…
Abstract
Purpose
This study aims to examine the perceived values of the metaverse when adopting it in the luxury hospitality business. Based on the cost–benefit perspective, this research provides solid theoretical contributions and actionable managerial recommendations.
Design/methodology/approach
An exploratory sequential mixed-method design was used. For the qualitative phase, 21 hotel managers and 24 hotel guests (who often stay in four-star and five-star hotels and resorts) were interviewed after showing them a series of videos about using the metaverse in the hotel business. Based on the results of the qualitative phase, the analytic hierarchy process method was used, and 476 valid questionnaires were analyzed.
Findings
The results highlight the perceived benefits (personalized services, immersive experience and positive brand image) and costs (lack of human touch, time and effort and security and privacy) of metaverse adoption for hotel managers and their guests. In addition, the study determines the weight of each value attribute of metaverse adoption for each travel stage (pre-travel, during travel and post-travel).
Practical implications
Regarding metaverse adoption, the research offers practical suggestions for luxury hotels. For instance, the cost of equipment and the time and effort required are perceived costs of metaverse adoption. To address these challenges, hotels may offer free equipment (e.g. VR headsets) and training to their guests to stimulate the use of the metaverse.
Originality/value
This study addresses a gap in the literature by presenting a conceptual framework for examining metaverse adoption in the luxury hotel scenario. Unlike using conventional models like the technology acceptance model or the unified theory of acceptance and use of technology to investigate a technology’s adoption, this study stands out by unraveling the topic through the lens of value proposition. The latter often comes from an efficient value co-creation process, which is indeed shaped by an adequate appreciation of the congruence of perceived values (i.e. perceived benefits and costs) of metaverse from hotel manager and guest perspectives.
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Introduction: There is a variety of wearables and health applications available in the market which allow the tracking of various health and lifestyle measures like blood sugar…
Abstract
Introduction: There is a variety of wearables and health applications available in the market which allow the tracking of various health and lifestyle measures like blood sugar, calorie counter, number of steps, sleep patterns, etc. After the Covid-19 pandemic, people have become more aware of their health and use these wearables to maintain a healthy lifestyle. Insurance companies in India are also eyeing the potential usage of these wearables in life and health insurance.
Purpose: This research aims to look at the emergence of wearables and health apps and their usage in India’s life and health insurance industry. This study also focuses on how these devices might benefit insurers’ business models and some of the pitfalls to consider.
Methodology: The study used both primary and secondary data. A survey was conducted to understand the customer perception towards usage of wearables. The secondary research included the analysis of the integration of wearables by insurance companies.
Findings: The research would be helpful to the insurance companies as it would help them to understand the customer’s viewpoint for the usage of wearables in the insurance industry. This study would also allow insurers to understand new dimensions, such as where the wearables improve customer satisfaction and engagement. The study results would be helpful for the customers for the appropriate usage of wearables and the internet of things (IoT). Insurance companies can provide better pricing and make personalised insurance plans that ultimately help customers.
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Introduction: The internet of things (IoT) is the emerging technology of interconnected objects that can be termed as ‘things’ used to exchange data, connecting with different…
Abstract
Introduction: The internet of things (IoT) is the emerging technology of interconnected objects that can be termed as ‘things’ used to exchange data, connecting with different devices on the internet. It is the future where connected devices are controlled remotely. The insurance sector is one of the leading industries providing financial protection services to their customers to recover losses. Like others, the insurance industry uses the services very efficiently to solve their customer-centric problems and provide the best services to them. IoT in insurance is enhancing customer services.
Purpose: To determine how the insurance industry utilises the different IoT technologies to provide the best services and solutions to their users. The insurance sector is working on other areas of expertise to offer outstanding facilities to their clientele.
Methodology: We reviewed published material covering five years on IoT and insurance and customer services in the media, newspapers, journal publications, and the web. We determined how the insurance sector adapted the new terminology to contribute its best services to the users.
Findings: We observed that IoT services and technologies benefit the insurance industry and the clientele. This shows excellent results in the growth of the sector and heightened facilities for the consumers.
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