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Business and Economics > Insurance

You are looking at 1 - 10 of 94 items for :

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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 Staff Country Reports
Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Insurance and Pension Fund Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights a technical note on insurance and pension fund regulation and supervision in The Netherlands. The Dutch insurance sector is undergoing further consolidation, the life sector has been steadily shrinking over the last two decades, and the non-life market is relatively saturated. Investment exposures to real estate are increasing, and Dutch insurers are large providers of mortgage loans. Solvency ratios of Dutch insurers are well above the regulatory threshold, but below the EU average and furthermore distorted by the mechanics of the ‘Long-Term Guarantee Measures’ in Solvency II. The Dutch pension system—considered to be among the best according to international comparisons—rests on three pillars. Most pension schemes are defined-benefit pensions, which have come under pressure since 2008, when low interest rates resulted in declining funding ratio and led to an overall loss in confidence in the system. The Dutch system for independent state agencies, including De Nederlandsche Bank and Autoriteit Financiële Markten, carefully balances powers and accountability. Supervision of insurers and pension funds is effective in the Netherlands.
Keywords:
insurance regulation regime; pension fund regulation; solvency Assessment; International Monetary Fund Washington, D.C.; pension fund Sector; organization of Supervision; FSAP's finding; Pension spending; Insurance companies; Pensions; Insurance; Global
Cover Technical Assistance Reports
Principality of Andorra: Technical Assistance Report-Report on External Sector Statistics Mission (September 4–15, 2023)
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Andorran Statistics Department (ASD) in the Principality of Andorra in September 2023. The mission focused on preparing plans to improve the frequency of producing balance of payments statistics and international investment position (IIP) from annual to quarterly and to enhance the coverage and quality of the balance of payments and IIP data. The mission assisted the ASD in establishing the framework of the quarterly enterprise survey, which will be used as one of the main source data for compiling balance of payments statistics and IIP quarterly.
Keywords:
Principality of Andorra; balance of payments; international investment position.; IMF's Statistics Department; enterprise survey; IIP quarterly; IMF executive directors; ad IIP; International investment position; Balance of payments statistics; Income; Insurance
Cover Global Financial Stability Notes
Private Equity and Life Insurers
Fabio Cortes
,
Mohamed Diaby
, and
Peter Windsor
This Global Financial Stability Note studies the growing trend of private equity (PE) investments into the life insurance industry. PE companies’ investments in life insurers are integral to their strategic growth as PE firms evolve beyond the traditional leveraged buyout transaction to acquire diverse businesses across private credit, structured credit, private real estate funds, and private infrastructure funds. This note reviews the growth in PE investments through the lens of the diverse acquisition incentives and strategies, the consequent changes to asset allocation and investment strategies of the acquired life businesses, and potential prudential and policy implications.
Keywords:
private equity; life insurance; leveraged buyout transaction; private credit; structured credit; private real estate funds; private infrastructure funds; life insurer; private equity company; life insurance insurance company; PE company; IMF Library; Global Financial stability note; Insurance companies; Insurance; Credit; Financial statements; Asset allocation; Global
Cover IMF Staff Country Reports
Trinidad and Tobago: Technical Assistance Report-Strengthening Cybersecurity in Financial Institutions
International Monetary Fund. Monetary and Capital Markets Department
This technical note evaluates strengthening cybersecurity in financial institutions of Trinidad and Tobago. The deliverables included a capacity-building seminar on regulation of cyber risk. The Central Bank of Trinidad and Tobago identified the need for filling regulatory gaps and desires to issue a focused guideline on cybersecurity covering governance, risk management, incident reporting, and cyber hygiene, and intends to develop a draft guideline for consultation with its regulated institutions in the first quarter of 2023. Supervisory arrangements for Information and Communication Technology/cyber risks need further improvements and resource constraints within Financial Institutions Supervision Department need to be addressed urgently. The Identity and Access Management project has been formally set up and is now in Phase 1, which is considered preparatory. The governance of the project, the high-level roadmap, and the deliverables for Phase 1 are generally in line with good practices. It is recommended to establish regular cybersecurity meetings and reporting regime at the Board level with the participation of the Head of IT Security.
Keywords:
cybersecurity governance; Cybersecurity governance assessment; cybersecurity policy; control environment; pension firm; Cyber risk; Pensions; Insurance; Payment systems; Financial sector; Global
Cover IMF Staff Country Reports
St. Kitts and Nevis: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper reviews anecdotal evidence on labor market conditions and discusses policy options to strengthen the labor market and support growth in St. Kitts and Nevis. The diagnosis of labor market conditions reveals challenges and opportunities in wages, productivity, and labor allocation across sectors. These include strengthening jobs and growth opportunities across sectors, enhancing the wage setting system to support competitiveness, and increasing the efficiency of the public sector. Strong institutions are needed to effectively manage public sector wages over the medium term. Several institutional arrangements can facilitate this goal including regular comparison between public and private sector wages, regular wage negotiations as opposed to ad hoc adjustments, and using medium-term wage bill forecasting to support better fiscal outcomes. Labor market and growth policies could play a key role in strengthening jobs and growth in the post-coronavirus disease era, including by leveraging sectoral linkages to provide more diversified and higher quality job opportunities, enhancing labor market policies, and increasing the efficiency of the public sector.
Keywords:
C. climate change ADAPTATION; labor market diagnosis; staff team of the International Monetary Fund; D. wage policy; Policy implication; Public sector wages; Labor markets; Wages; Employment; Caribbean; Global
Cover IMF Staff Country Reports
Finland: Financial Sector Assessment Program-Technical Note on Non-Bank Financial Intermediation and Pension Insurance Companies
International Monetary Fund. Monetary and Capital Markets Department
This technical note evaluates non-bank financial institutions (NBFI) as a sector in Finland, with a special focus on the pension insurance companies (PIC). Pensions, including the PICs and fund managers, are the most significant parts of the NBFI sector, followed by insurance. Market participants value their relationship with the Finnish Financial Supervisory Authority, particularly during crisis periods, but noted that extra resources and expertise would be useful for the NBFI sector. The Financial Sector Assessment Program analysis reveals a history of procyclical and herding behavior in the PIC portfolios due to the substance and perception of the solvency regulations, which drive the behavior of market participants. Discussion on further reforms to the 2017 solvency laws should focus on enhancing the long-term purpose of the PICs to generate returns—to the benefit of all social partners and Finnish citizens. Even though liquidity risks are low, a liquidity regulation should be developed so that PICs have sufficient buffers for extreme events.
Keywords:
PIC equity investment; PIC asset allocation; Pension insurance company; pension insurance company Market; FSAP's finding; finance disclosure Regulation; investment allocation; Pension spending; Solvency; Pensions; Insurance companies; Insurance; Global; Europe
Cover IMF Working Papers
Intergenerational Transmission of Education in a Developing Country: Evidence from A Mass Education Program in Vietnam
Trung Hoang
and
Ha Nguyen
We study the long-run and multi-generational effects of a mass education program in Vietnam during the First Indochina War (1946-1954). Difference-in-difference estimations indicate that the children of mothers exposed to the education program had an average of 0.9 more years of education. We argue that the impact is via mother’s education. An additional year of maternal education increases children’s education by up to 0.65 years, a stronger effect than those found in the existing literature. Better household lifestyles and a stronger focus on education are possible transmission pathways.
Keywords:
mass education; human capital transmission; mother education; Vietnam; education program; ha Nguyen; household lifestyle; intergenerational transmission; Labor markets; Income; Women; Insurance; Global
Cover Staff Climate Notes
Climate Change and Select Financial Instruments: An Overview of Opportunities and Challenges for Sub-Saharan Africa
Anna Belianska
,
Nadja Bohme
,
Kailhao Cai
,
Yoro Diallo
,
Saanya Jain
,
Mr. Giovanni Melina
,
Ms. Pritha Mitra
,
Mr. Marcos Poplawski Ribeiro
, and
Solo Zerbo
Sub-Saharan Africa (SSA) is the region in the world most vulnerable to climate change despite its cumulatively emitting the least amount of greenhouse gases. Substantial financing is urgently needed across the economy—for governments, businesses, and households—to support climate change adaptation and mitigation, which are critical for advancing resilient and green economic development as well as meeting commitments under the Paris Agreement. Given the immensity of SSA’s other development needs, this financing must be in addition to existing commitments on development finance. There are many potential ways to raise financing to meet adaptation and mitigation needs, spanning from domestic revenue mobilization to various forms of international private financing. Against this backdrop, S SA policymakers and stakeholders are exploring sources of financing for climate action that countries may not have used substantially in the past. This Staff Climate Note presents some basic information on opportunities and challenges associated with these financing instruments.
Keywords:
Climate finance; sub-Saharan Africa; climate change; mitigation; adaptation; concessional finance; green bonds; blue bonds; sustainability bonds; debt for climate swaps; carbon credits; climate insurance; climate funds; forest conservation; green development; IMF staff Climate note; IMF staff Climate Note 2022/009; solo Zerbo; SSA policymaker; SSA government; crowding out SSA project; Climate policy; Greenhouse gas emissions; Insurance; Global; Africa
Cover IMF Staff Country Reports
Grenada: Disaster Resilience Strategy
International Monetary Fund. Western Hemisphere Dept.
Natural disasters and climate change are existential threats to Grenada, with annual losses from these events estimated at 1.7 percent of GDP. Grenada has proactively pursued resilience-building, with its Climate Change Policy and National Adaptation Plan providing detailed roadmaps for policymakers. However, the challenges are increasing, including from slow-moving effects owing to the rising sea level, even as implementation capacity and resource constraints remain significant impediments. The COVID-19 pandemic has amplified those challenges by increasing risks and tightening Grenada’s fiscal space.
Keywords:
DRS Fiscal; post DISASTER; DRS between the IMF; DRS coverage; DRS direct costs; debt sustainability implication; Natural disasters; Climate change; Infrastructure; Insurance; Caribbean