Students are required to examine the insurance crises that took place, across global markets, over the

last two decades. Students The are encouraged to incorporate case studies in their surveys.

latter should be critically approached and nicely blended with the discussions and/or reviews offered in academic papers and the financial press.

The coursework has been marked down given the help provided.As part of this pilot study, over the last 3-4 years, I didn't provide individual feedback but I think the following will act as a detailed guideline of what was expected from a thorough research paper. This kind of feedback was found to be very effective last year. Your feedback on this is always very much welcome! This year, the overall performance was good and I'm pleased with the work submitted. Your research has paid off and in certain cases some dividends. The topic had a strong vocational element and was purely research based. In general, I would expect a thorough and open-minded discussion of various insurance crises, such as: Medical Liability Insurance (2002) Lloyds Retrocession Spiral (late 80 early 90) Equitable Life (UK 2000) Drake Insurance (UK 2000) Independent insurance co. (UK 2001) Prudential (1997) Dai-Ichi (Japan 2007) Taisei (Japan 2001) Yamato Life (Japan 2008) Transit Casualty (US 1985) MBIA & AMBAC (US, 2008 - Bond insurers) American International Group (AIG US 2008) First executive life insurance corp. (US 1991) Pension benefit guaranty Corp. (PBGC, US 2003) Confederation Life Insurance Co. (Canada, 1994)

HIH (Australia 2001) Also relevant questions should embrace: What is the role of the insurance industry in our markets (as an introduction)? Do insurers have a systemic risk factor? (following the introduction) What is the impact of an insurance crisis in the economy? (does it vary according to the nature of the crisis?) Could insurer be affected by non-financial factors (think of catastrophes manmade and natural)? Natural catastrophes could be included depending on the scale

The following may provide a good source of information: Abraham, K.S. (1988) The Causes of the Insurance Crisis. Proceedings of the Academy of Political Science 37: 54-66. Berger, L.A., D. Cummins and S. Tennyson (1992) Reinsurance and the liability insurance crisis. Journal of Risk and Uncertainty 5, 253-274. Clarke, R., Warren-Boulton, F., Smith, D.D., Simon, M. (1988) Sources of the Crisis in Liability Insurance: An Empirical Analysis. Yale Journal on Regulation 5: 367-95. Coupulos, M. (1986) The American consumer pays dearly for the liability insurance crisis. Heritage Foundation Grace, F., R.W. Klein and R.D. Phillips (2003) Insurance company failures: Why do they cost so much? Financial Institutions Centre, Wharton, Uni. Penn. Griffiths, K. (2001) Independent insurance liabilities could reach 1bn. Independent (August). Plantin, G. and J.C. Rochet (2007) When insurers go bust. Princeton Uni. Press The

Lacey, N.J. (1988) Recent Evidence on the Liability Crisis. Journal of Risk and Insurance 55: 499508. Lai, G. and R.C. Witt (1992) Changed Insurer Expectations: An InsuranceEconomics View of the Commercial Liability Insurance Crisis. Journal of Insurance Regulation 10: 342-383. Lee, W. (2001) Korean experiences in life insurance sector reforms after the financial crisis. The Geneva Papers on Risk and Insurance (issues & practice) 26: 480-489. http://www.sonposoken.or.jp/content/view/full/586 IV) CASES OF NON-LIFE INSURANCE COMPANIES' FAILURES http://www.adf.com.au/archive.php?doc_id=5 The Insurance Crisis in Australia: Assessment and Proposals for Reform With Special Reference to Medical Indemnity http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2005_20.pdf The public liability crisis in 2000 (Australia) https://www.genevaassociation.org/media/623342/ga_15th_eale_seminar_la hnstein.pdf Liability and insurance crisis paper http://aria.org/rts/proceedings/1997/crisis.pdf ARIA paper on the US commercial liability insurance crisis http://www.cfeps.org/health/chapters/html/ch1.htm Health care crisis in the US HIH Royal Commission A corporate collapse and its lessons (April 2003)