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This paper presents the systematic process framework to develop the suitable crop insurance for each agriculture farming region which has individual differences of associated crop, climate condition, including applicable technology to be implemented in crop insurance practice. This paper also studies the adoption of new insurance scheme to assess the willingness to join crop insurance program.

Crop insurance development has been performed through IDDI conceptual framework to illustrate the specific crop insurance diagram. Area-yield insurance as a type of index-based insurance advantages on reducing basis risk, adverse selection and moral hazard. This paper therefore aims to develop area-yield crop insurance, at a provincial level, focusing on rice insurance scheme for the protection of flood. The diagram demonstrates the structure of area-yield rice insurance associates with selected machine learning algorithm to evaluate indemnity payment and premium assessment applicable for Jasmine 105 rice farming in Ubon Ratchathani province. Technology acceptance model (TAM) is used for new insurance adoption testing.

The framework produces the visibly informative structure of crop insurance. Random Forest is the algorithm that gives high accuracy for specific collected data for rice farming in Ubon Ratchathani province to evaluate the rice production to calculate an indemnity payment. TAM shows that the level of adoption is high.

This paper originates the framework to generate the viable crop insurance that suitable to individual farming and contributes the idea of technology implementation in the new service of crop insurance scheme.

Gives background to Commercial Mortgage Indemnity (CMI). Explains the concept and purpose of CMI. Explains: scope of cover, indemnities vs guarantees, “top slice” CMI, total cover, underwriting criteria and how to make a claim. Concludes that whereas CMI is sensitive to market conditions, capacity will expand with returning confidence.

This paper is contributed by RICS Insurance Services Ltd, the insurance brokers operating the official professional indemnity insurance scheme for the Royal Institution of Chartered Surveyors. The Chairman of the Company, representing the RICS on the board, is a Past‐President of the Institution. The company handles insurance only for chartered surveyors and firms in which at least one of the principals is a chartered surveyor. The company was invited to prepare this paper following the publication in autumn 1986 of ‘Caveat Surveyor’ (Surveyors Publications), a booklet in which the stories of a selection of claims under the RICS scheme are told and attention is drawn to lessons to be learned from them. It was reviewed in Structural Survey Volume 5 No. 4 (p. 306).

This aim of this paper is to investigate the impact that religious factors have on a consumer's perception of brand loyalty in the context of the services industry. Specifically, the study focuses on the attitudinal/affective form of brand loyalty. An empirical investigation was conducted to test whether the religiosity and religious centrism of Muslim consumers can instill attitudinal brand loyalty towards an insurer selling a religiously-conforming high-involvement indemnity service.

An online survey was conducted with 208 Muslim consumers, and structural equation modeling (SEM) analysis was used to test the relationships between the exogenous and endogenous variables.

The results shows that there is a positive relationship between the exogenous religiosity and religious centrism constructs, and the endogenous attitudinal brand loyalty, price tolerance and word-of-mouth constructs.

The findings of this research study suggest that religion can have a significant impact on consumers' choice when purchasing an indemnity service such as a car insurance service. Given the fact that religious values are persistent over time, there are some potential long-term benefits for companies that can identify the lucrative religious consumer segments that are present in the local and global markets.

This study provides valuable insight into the UK Muslim consumer behavior by exploring the religious factors that can influence consumers' brand loyalty toward buying high-involvement religiously-compliant products and services. The findings of this study also indicate that the existing TRA and TRB models in the social sciences literature may need to incorporate a new ritualistic/religious dimension to the existing attitude-intention relationship saga.

Discusses the features which distinguish the market for residential property from the markets for other assets. Proposes that financial institutions should offer house‐buyers indemnity policies which pay out an amount related to any fall in the level of a general index of house prices, on the sale of the house at a loss at any time during the mortgage term. To facilitate hedging the risk of a portfolio of such policies (and therefore, the pricing of the policies), a market in “perpetual futures” on indices of housing assets is proposed. Discusses possible users of these contracts and outlines further research.

This study develops a method to estimate the probability density function of the Federal Risk Management Agency’s (RMA’s) net income from reinsuring crop insurance for corn, wheat, and soybeans. When calibrated using 1997 data, results from the advocated method show that in 1997 there was a 5% probability RMA would have had to reimburse at least $1 billion to insurance companies, and the fair value of RMA’s insurance services to insurance firms in 1997 was $78.7 million.

The USDA’s Risk Management Agency (RMA) made several changes to the crop insurance products available to organic growers for the 2014 crop year. Most notably, a 5 percent premium surcharge was removed and organic-specific transitional yields (t-yields) were issued for the first time. The purpose of this paper is to use farm-level organic crop yield data to analyze the impact of these reforms on producer insurance outcomes and compare the insurance options for new organic growers.

This study uses a unique panel data set of organic corn and soybean yields to analyze the impact of organic crop insurance reforms. Actual Production History values and premium rates are calculated for each farm and crop yield sequence. Producer loss ratios and subsidized premium wedges are compared for yield, revenue and area-risk products before and after the instituted reforms.

Results indicate that RMA succeeded in improving the actuarial soundness of the organic insurance program, though further refinement of organic t-yields may be necessary to accurately reflect the yield potential of organic producers and avoid reductions in program participation.

This paper provides insight into the effectiveness of reforms intended to improve the actuarial soundness of organic crop insurance and demonstrates the effect that the reforms are likely to have on new and existing organic farms. Because this analysis uses data collected independently of RMA and includes farms that may or may not have purchased crop insurance, it avoids the self-selection problems that might affect analyses using crop insurance program data.

The Hong Kong Society of Accountants proposes to allow incorporating audit practices in Hong Kong. Finds that auditors are anxious about their increasing risk and the legal liabilities of their work, believing that incorporation is the best method to protect their interests. Many auditors believe that the profession should place the public interests at the top but the interests of the profession should also be protected. Therefore incorporation of the audit practice is necessary in Hong Kong, but strict rules should be imposed to prevent abuse. In addition, finds that clients are not concerned about this issue. The bankers will give a lower value to the audited financial statements issued by incorporated audit firms. In implementation, the professional indemnity insurance and the minimal capital requirement will become the key concern of auditors to incorporate their audit firms.

The Plaintiff, J. Rothschild Assurance plc, is a life assurance company. This case arose out of the review of pensions mis‐selling and the Plaintiff sought to be indemnified by its professional indemnity insurers for the losses it had or may yet incur as a result of having to compensate investors pursuant to the review of pensions mis‐selling. The first Defendant, Mr Collyear, is a representative Lloyd's Underwriter, as are some of the other Defendants (the remainder of the Defendants being insurance companies). All the Defendants had subscribed to three ‘claims made’ indemnity insurance policies which together extended cover of some £20m, covering the period 1st February, 1993 until 31st January, 1994 and were identical in all terms material to this action. Because the Plaintiff was seeking indemnity in respect of so many different individual cases of compensation Mr Justice Clarke had, at an earlier hearing on 10th February, 1998, ordered a maximum of ten sample claims to be tried and all other proceedings stayed. It subsequently transpired that both parties agreed that neither were in a position to have a full trial of the facts of these cases but they nonetheless proceeded to a hearing of these sample claims which were used here in this case as a vehicle to isolate, argue and resolve certain basic themes and issues which were common to the claims in the stayed proceedings.

The purpose of this paper is to provide a detailed analysis of industry loss warranties (ILWs), an alternative risk transfer instrument which has become increasingly popular throughout the last few years.

The authors first point out key characteristics of ILWs important to investor and cedent, including transaction costs, moral hazard, basis risk, counterparty risk, industry loss index, and regulation. Next, the authors present and discuss the adequacy of actuarial and financial approaches for pricing ILWs, as well as the aspects of basis risk. Finally, drivers of demand and associated models frameworks from the purchaser's viewpoint are studied.

Financial pricing approaches for ILWs are highly sensitive to input parameters, which is important given the high volatility of the underlying loss index. In addition, the underlying assumption of replicability of the claims is not without problems. Due to their simple and standardized structure and the dependence on a transparent industry loss index, ILWs are low‐barrier products, which can also be offered by hedge funds. In principle, traditional reinsurance contracts are still preferred as a measure of risk transfer, especially since these are widely accepted for solvency capital reduction. However, the main important impact factor for the demand of ILWs from the perspective of market participants, i.e. large diversified reinsurers and hedge funds, is the lower price due to rather low transaction costs and less documentation effort. Hence, ILWs are attractive despite the introduction of basis risk and the still somewhat opaque regulatory environment.

An important issue for future research is how reinsureds deal with the basis risk inherent in ILWs. Another central point is the development of a European industry loss index and the creation of an exchange platform to enable an even higher degree of standardization and a faster processing of transactions.

ILWs feature an industry loss index to be triggered, and, in some cases, a double‐trigger design that includes a company indemnity trigger. ILW contracts belong to the class of alternative risk transfer instruments that have become increasingly popular, especially in the retrocession reinsurance market. There has been no comprehensive analysis of these instruments in academic literature to date. Consequently, the authors believe that this paper provides a high degree of originality.