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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 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.

This study examines principal rotation in China to gain empirical insights from the policy analysis and succession strategies that principals employ to gain internal and external support in their new schools.

We employed document analysis and a case study approach. Interviews were conducted with officials in 5 local educational agencies and 40 principals from 5 different regions who were undergoing rotation. Thematic analysis was used to identify common patterns and themes in the interview responses.

We explored how the principal-rotation policy was implemented, including the goals, standards, targeted principals, tools and other aspects of the policy in China. The study revealed the challenges faced by the rotated principals and their succession strategies.

Our study contributes to the field of educational leadership by shedding light on the implementation and impact of principal rotation in mainland China.

Several farm safety net strategies are available to farmers as a source of financial protection against losses due to price instability, government policies, weather fluctuations and global market changes. Producers can employ these strategies combining crop insurance policies with countercyclical policies for several crops and production areas; however, less is known about the efficiency of these strategies in enhancing profit and reducing its variability. In this study, we examine the efficiency of these strategies at minimizing inter crop year farm profit variability.

We utilized relative mean of profit and coefficient of variation, to compare counterfactually calculated farm safety net strategies for a sample of 28,615 observations across 2,486 farms and four dryland crops (corn, soybean, sorghum and wheat) in Kansas spanning nine crop years (2014–2022). A no farm safety net strategy is used as the benchmark for every alternative strategy to ascertain whether a policy customization is statistically different from a no farm safety case.

The general pattern of the results suggests that program combination strategies that have a high-profit enhancement potential necessarily have low profit risk for dryland wheat and sorghum production. On the contrary, such a connection is absent for dryland corn and soybeans production. Low-cost farm safety net strategies that enhance corn and soybeans profits do not necessarily lower profit risks.

This paper is one of the first to use a large sample of actual farm-level observations to evaluate how combinations of safety net programs offered under the Title I (PLC, ARCCO and ARCIC) and XI (FCIP) of the U.S. Farm Bill rank in terms of profit level enhancement and profit risk reduction.

According to the market competition theory, a firm’s decision-making is influenced by the behaviors or strategies of its competitors. The repercussions of competition include market-stealing and spillover effects. Relatively few studies in the reinsurance literature discuss the effect of competitors on an insurer’s decision-making. This study aims to fill a gap in the reinsurance literature by comparing insurers' reinsurance demand to their competitors' reinsurance purchases.

This study uses unbalanced panel data for the US property-liability insurance industry from 2006 to 2017 to determine the impact of competitors' reinsurance purchases on insurers' reinsurance demand. This study employs the Mixed Effect Model and the Quantile Regression to test the proposed hypotheses.

The evidence suggests that the affiliated reinsurance purchases of competitors have a positive and substantial effect on the affiliated reinsurance demand of insurers, crediting mimicking the reinsurance strategy. Interestingly, the market-stealing effect is supported while the non-affiliated reinsurance metric is used. Remarkably, given insurers with low non-affiliated reinsurance purchases, the finding sustains the mimicking reinsurance strategy. Nevertheless, the market-stealing effect remains a concern for insurers with a high non-affiliated reinsurance purchase.

The new findings concerning competitor effects analysis fill a void in the reinsurance literature. Risk diversification, capital substitution, and real services demand may play a crucial role in determining the market-stealing effect, leading to a decrease in market share. Insurers can mitigate the market-stealing effect of competitors by accessing expertise and capital substitution through non-affiliated reinsurance purchases.

This study examines the impact of external corporate factors (external auditors, insured satisfaction and corporate social responsibility) on the performance (ROA, ROE, ROI) of takaful providers of distinguishable Muamalah contracts (wakalah and Hybrid).

The full sample includes 30 Takaful insurance companies listed in Southeast Asia (SEA) and Gulf Cooperation Council (GCC) countries over the period 2011–2021. We use the FGLS method for data analysis.

Our results reveal that Takaful insurance, which holds one of the Big Four with qualified Shariah members as external auditors, leads to improved performance (ROA, ROE and ROI). In addition, our findings show that Takaful insurance should be concerned with insured satisfaction to determine its success and generate higher performance for both the wakalah and hybrid contracts (ROA, ROE and ROI). Furthermore, Corporate Social Responsibility is considered a source of efficiency that enhances Takaful’s performance for the two types of wakalah and hybrid models (ROA, ROE and ROI).

Some suggestions may be useful for Takaful insurance regulatory authorities to intensify CSR activities, hold one of the Big Four as an external auditor and realize insured satisfaction.

This study highlights that it is beneficial for policymakers, insurers and investors to explore external factors that influence financial performance (return on assets, ROA; return on equity, ROE; return on investment,) in the Takaful insurance market, which uses wakalah and hybrid contracts.

This study aims to develop a comprehensive framework for discussing sustainability within the insurance industry, extending the traditional Environmental, Social, and Governance (ESG) dimensions to include economic and technological considerations. This inclusion is vital, recognizing that financial stability and the adoption of innovative technologies are fundamental to meeting other sustainability targets.

We base our findings on an extensive literature review, case studies, and interactive workshops with key stakeholders in the insurance industry. Our analytical framework employs Porter's (1985) insurance-specific value chain, complemented by Berliner's (1982) insurability criteria, to distinguish between insurable and non-insurable risks.

Our results show that the insurance industry is sustainable because it actively incorporates and contributes to sustainability goals across environmental, social, economic, and technological dimensions. This is illustrated through the identification of 50 distinct contributions across the insurance value chain, showcasing the sector’s unique position to significantly influence the sustainability discourse.

Addressing the pressing challenges of sustainability and insurability necessitates a strategic, collective response from the global insurance and risk management community. This paper proposes several policy recommendations, including enhancing risk assessment methodologies, diversifying insurance product offerings, encouraging cross-sectoral collaboration, and prioritizing investments in resilience and preventive measures.

By broadening the sustainability discussion to encompass economic and technological facets, this paper enriches the dialogue surrounding the insurance industry’s role in sustainability. It aims to inform decision-makers across the industry, political spheres, and broader society about the necessity of sustainability, fostering pertinent political discussions and highlighting avenues for future research.

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.

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.

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).

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.

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.

Purpose: This chapter examines the effect of green banking practices (GBPs) on environmental performance (EP), specifically focussing on the Sri Lankan banking industry. Additionally, the study explores the mediating impact of green finance in the association between GBPs and the EP of banks listed in the Colombo Stock Exchange in Sri Lanka.

Methodology: The survey included 233 banking employees from Sri Lanka, and data for this study were collected via questionnaires. The formulated hypotheses were tested employing a regression analysis.

Findings: GBPs such as employee, customer, operation, and policy-related practices significantly predicted the banks’ EP. Furthermore, the study highlights that green finance partially mediates the relationship between GBPs and banks’ EP in Sri Lanka.

Implications of the study: The study’s results indicate that banks should prioritise integrating GBPs in their organisations to enhance environmental and overall performance. Moreover, strategically utilising green financing techniques might be a substantial channel for banks to further strengthen their ecological dedication and influence.

Originality: This is the first study to investigate the impact of GBPs on banks’ EP with the mediating effect of green finance in the Sri Lankan context.

Global climate change threatens world food security. This research raises the issues of priority agricultural development, increasing agricultural production, and expanding the insurance coverage of the industry. The authors propose to implement insurance activities further to prevent the effects of climate change and economic support in the emphasizеd advancеment of food production in agriculture. The research relies on direct comparative analysis, statistical and economic analysis, and monographic observational data. To conduct deep research, the authors apply analysis and synthesis. The authors also use the questionnaire methods across the country and organization, monographic research, and other methods. Furthermore, the authors used international normative documents, research of scientists in scientific periodicals, and data from official websites. The authors conclude that to protect agricultural insurance and ensure the continuous development of agriculture, it is advisable to transition from administrative methods to the following recommendations for insurance against various financial and natural losses that may arise in agriculture due to the vagaries of nature. It is also recommended to introduce a mechanism of state subsidies to compensate for the costs and improve the efficiency of insurance agents in the insurance activities of agricultural enterprises.

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium and can be thought of as a guaranteed small loss to prevent a large, possibly a devastating, loss. Insurance is often challenging to quantify and count its values. A study on international insurance comparison will be more justified and result driven only when it is based on the comparable economic-adjusted insurance growth level. This motivates the study to introduce a model, Benchmark Ratio of Insurance Penetration (BRIP), for insurance growth comparison across the selected countries. This model makes an attempt to compare the relative stance between a country's Insurance Penetration (IP) and the selected countries’ average IP at an economic level which is at par with the country's gross domestic product (GDP) per capita. The study is done by selecting the G7 countries and the Brazil, Russia, India, China, South Africa (BRICS) nations to have a proper representation of the world. These two groups of countries can give a picture of developed, emerging as well as underdeveloped countries. The paper uses the data of 12 countries for the past years (2007–2020) as the sample to study the objective of insurance comparison. The implications of such an analysis will be able to serve the purpose of insurance companies for their strategic expansion planning on an international basis. The insurance companies can depend on this more economically adjusted data when the policymakers want to lay foot in newer countries or expand in the existing ones.