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Business and Economics > Insurance

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Cover IMF Working Papers
Extreme Weather Events, Agricultural Output, and Insurance: Evidence from South America
Juliette Caucheteux
,
Jonas Nauerz
, and
Svetlana Vtyurina
Extreme weather has profoundly affected countries across South America (SA), given the importance of the agricultural sector for the economies. However, these effects have not yet been properly measured. In our study, we construct a unique dataset of high-frequency satellite data on temperature, precipitation, and a Normalized Difference Vegetation Index (NDVI) that proxies the agricultural yield in selected countries. In particular, we then examine the effect of droughts on agricultural yields (soy output) and find that they have a significant negative impact and that there is heterogeneity in the response across countries. While insurance could help protect farmers against severe losses, coverage in the region is low, and barriers remain high. Building on existing literature and using a calibrated structural model, we highlight the benefits of insurance for Total Factor Productivity (TFP) and offer some recommendations for its expansion.
Keywords:
Agriculture; Productivity; NDVI; SPEI; Weather; Drought; Insurance; South America; weather event; soy output; loss from drought; benefits of insurance; NDVI in Brazil; Natural disasters; Agricultural sector; Agricultural production; Insurance companies; Caribbean
Cover IMF Working Papers
Unintended Effects From the Expansion of the Non-Contributory Health System in Peru
Mr. Jose L. Torres
Over the last two decades, the Peruvian government has made great efforts to improve access to health care by significantly augmenting the coverage of the non-contributory public health care system Seguro Integral de Salud (SIS). This expansion has a positive impact on welfare and public health indicators, as it limits the risk of catastrophic health-related costs for previously uninsured individuals and allows for the appropriate treatment of illnesses. However, it also entails some unintended consequences for informality, tax revenues, and GDP, since a few formal agents are paying for a service that the majority of (informal) agents receive for free. In this paper, we use a general equilibrium model calibrated for Peru to simulate the expansion of SIS to quantify the unintended effects. We find that overall welfare increases, but informality rises by 2.7 percent, while tax revenues and output decrease by roughly 0.1 percent. Given the extent of the expansion in eligibility, the economic relevance of these results seems negligible. However, this occurs because the expansion of coverage was mostly funded by reducing the spending per-insured person. In fact, we find larger costs if public spending is increased to improve the quality of service given universal coverage.
Keywords:
care system Seguro Integral de Salud; IMF working paper Western Hemisphere department; unintended effect; health shock; health risk; avg. health spending; non-contributory health system SIS; Self-employment; Health care; Health care spending; Insurance; South America; Caribbean
Cover Financial Integration in Latin America
Financial Integration in Latin America
A New Strategy for a New Normal
Mr. Charles Enoch
,
Wouter Bossu
,
Carlos Caceres
, and
Ms. Diva Singh

Abstract

With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to stimulate growth are needed. This book examines the financial landscapes of seven Latin American economies—Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay—and makes a case for them to pursue regional financial integration. Chapters set out the benefits to the region of financial integration, the barriers to cross-border activity in banks, insurance companies, pension funds, and capital markets, as well as recommendations to address these barriers. Finally, the volume makes the case that regional integration now could be a step toward global integration in the short term.

Keywords:
BOOK; market; asset; firm; bank; LA-7; Latin American economy; securities exchange; asset growth; pension fund assets; market liquidity; Insurance companies; Financial integration; Pension spending; Insurance; Regional integration; Global; Central America; Europe; North America; Asia and Pacific
Cover IMF Staff Country Reports
United States: Publication of Financial Sector Assessment Program Documentation: Reports on Observance and Codes
International Monetary Fund
The report gives a summary of the detailed assessment report on the implementation of the Basel Core Principles for Effective Banking in the United States and its recommendations, securities and futures market regulatory, insurance regulation, Fixed Income Clearing Corporation -Government Securities Division (FICC-GSD) system, and other recommendations such as Depository Trust Company (DTC) against the Recommendations for Securities Settlement Systems (RSSS), the National Securities Clearing Corporation (NSCC) against the Recommendation for Central Counterparties (RCCP), the Fedwire Securities Service (FSS) against the Committee on Payment and Settlement Systems -International Organization of Securities Commission (CPSS-IOSCO) RSSSs as well. The U.S. authorities welcomed the Financial Sector Assessment Program (FSAP) and independent reviews, and appreciated significant undertaking associated with reviews in the wake of the crisis.
Keywords:
ISCR; CR; authority; Fixed Income Clearing Corporation-Government Securities Division; fund; governance arrangement; default procedure; NSCC business continuity arrangement; FSS participation requirements; FICC-GSD business continuity arrangement; business continuity arrangement; Securities; Insurance companies; Insurance; Central counterparty clearing house; Global
Cover IMF Working Papers
How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter
Ian Tower
and
Gregorio Impavido
This paper discusses the key sources of vulnerabilities for pension plans and insurance companies in light of the global financial crisis of 2008. It also discusses how these institutional investors transit shocks to the rest of the financial sector and economy. The crisis has re-ignited the policy debate on key issues such as: 1) the need for countercyclical funding and solvency rules; 2) the tradeoffs implied in marked based valuation rules; 3) the need to protect contributors towards retirement from excessive market volatility; 4) the need to strengthen group supervision for large complex financial institutions including insurance and pensions; and 5) the need to revisit the resolution and crisis management framework for insurance and pensions.
Keywords:
WP; pension assets; rate of return; asset volatility; balance sheet; financial crisis; holding company; interest rate; investment risk
Cover IMF Survey
IMF Survey, Volume 34, Issue 03
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; special drawing rights; Rodrigo de Rato; growth Facility; IMF quota; IMF's executive board; IMF publication service; IMF study; inflation-targeting regime; Insurance; Financial sector development; Financial soundness indicators; Income; Middle East; North Africa; East Africa; Global; East Asia; Africa
Cover IMF Working Papers
The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan
Mr. George A Mackenzie
Pension reforms that establish individual accounts will diminish the relative importance of the traditional state pension while creating a significant role for individual accounts in providing income for retirement. This paper surveys the policy issues this new role entails. It offers general advice to countries considering such issues as the restrictions to be placed on the timing, extent, and form of withdrawals from individual accounts and the need for mandatory annuitization (conversion into annuities) of accumulated account balances. The paper also considers the role that private annuity markets should play and related regulatory, social safety net, tax, and administrative questions.
Keywords:
WP; annuities market; private sector; annuity payment; indexed annuity; life insurance company; Public pension reform; individual accounts; annuity markets; replacement ratio; deferred annuity; Insurance; Insurance companies; Pensions; Pension spending; Personal income; South America