nep-ias New Economics Papers
on Insurance Economics
Issue of 2020‒12‒21
25 papers chosen by
Soumitra K. Mallick
Indian Institute of Social Welfare and Business Management

  1. Did COVID-19 Change Life Insurance Offerings? By Harris, Timothy F.; Yelowitz, Aaron; Courtemanche, Charles
  2. New data collection on accrued-to-date social insurance pension entitlements in a national accounts context: Main findings By Catherine Girodet; Haukur Gudjonsson; Matthias Wicho; Bettina Wistrom; Jorrit Zwijnenburg
  3. Republic of Korea; Financial Sector Assessment Program-Technical Note-Financial Conglomerates Supervisions By International Monetary Fund
  4. Assessing Systemic Risk in the Insurance Sector via Network Theory By Gian Paolo Clemente; Alessandra Cornaro
  5. Liquidity Constraints and Demand for Healthcare: Evidence from Danish Welfare Recipients By Frederik Plesner Lyngse
  6. Informed by wet feet: How do floods affect property prices? By Reich, Stephanie K.; Hintermann, Beat; Zischg, Andreas
  7. The Association of Medicaid Expansion and Racial/Ethnic Inequities in Access, Treatment, and Outcomes for Patients with Acute Myocardial Infarction By Erica M. Valdovinos; Matthew Niedzwiecki; Joanna Guo; Renee Y. Hsia
  8. The Impact of the COVID-19 Pandemic and Policy Response on Health Care Utilization: Evidence from County-level Medical Claims and Cellphone data By Jonathan H. Cantor; Neeraj Sood; Dena Bravata; Megan Pera; Christopher M. Whaley
  9. Improving Agriculture and Food Security Risk Financing in Southern Africa By World Bank
  10. Agriculture Risk Financing in Southern Africa By World Bank
  11. The Case for Cash Allowances for Children during Economic Crisess By Zachary Parolin; David Harris
  12. Insurance and Propagation in Village Networks By Cynthia Kinnan; Krislert Samphantharak; Robert Townsend; Diego A. Vera Cossio
  13. Top-up Design and Health Care Expenditure: Evidence from Cardiac Stents By Ginger Zhe Jin; Hsienming Lien; Xuezhen Tao
  14. Optimal Insurance to Minimize the Probability of Ruin: Inverse Survival Function Formulation By Bahman Angoshtari; Virginia R. Young
  15. How CBO Analyzes the Costs of Proposals for Single-Payer Health Care Systems That Are Based on Medicare’s Fee-for-Service Program: Working Paper 2020-08 By Congressional Budget Office
  16. Unemployment insurance in Chile: lessons from a high inequality developing country By Sehnbruch, Kirsten; Carranza, Rafael; Contreras, Dante
  17. Home-based postnatal coordinated care after hospital discharge: a PRADO French experiment By Saad Zbiri; Patrick Rozenberg; Carine Milcent
  18. Pathways to Reduced Emergency Department and Urgent Care Center Use: Lessons from the Comprehensive Primary Care Initiative By Lori Timmins; Deborah Peikes; Nancy McCall
  19. Trinidad and Tobago; Press Release; Financial System Stability Assessment; and Statement by the Executive Director for Trinidad and Tobago By International Monetary Fund
  20. Safe Payments By Jonathan Chiu; Mohammad Davoodalhosseini; Janet Hua Jiang; Yu Zhu
  21. Variations in COVID strategies: Determinants and lessons By S. Nazrul Islam; Hoi Wai Jackie Cheng; Kristinn Sv. Helgason; Hiroshi Kawamura; Marcelo LaFleur
  22. Sharp Bounds in the Latent Index Selection Model By Philip Marx
  23. Conséquences du changement climatique sur la pollution de l'air et impact en assurance de personnes By Yannick Drif; Palmira Messina²; Pierre Valade
  24. Georgia; Technical Assistance Report—Strengthening Regulation, Supervision, and Oversight of Micro Lending Institutions By International Monetary Fund
  25. The Collateral Link between Volatility and Risk Sharing By Sebastian Infante; Guillermo Ordoñez

  1. By: Harris, Timothy F. (Illinois State University); Yelowitz, Aaron (University of Kentucky); Courtemanche, Charles (Georgia State University)
    Abstract: The profitability of life insurance offerings is contingent on accurate projections and pricing of mortality risk. The COVID-19 pandemic created significant uncertainty, with dire mortality predictions from early forecasts resulting in widespread government intervention and greater individual precaution that reduced the projected death toll. We analyze how life insurance companies changed pricing and offerings in response to COVID-19 using monthly data on term life insurance policies from Compulife. We estimate event-study models that exploit well-established variation in the COVID-19 mortality rate based on age and underlying health status. Despite the increase in mortality risk and significant uncertainty, we find limited evidence that life insurance companies increased premiums or decreased policy offerings due to COVID-19.
    Keywords: 2019 novel coronavirus, SARS-CoV-2, COVID-19, term life insurance, severe acute respiratory syndrome 2
    JEL: D81 I13
    Date: 2020–11
  2. By: Catherine Girodet; Haukur Gudjonsson; Matthias Wicho; Bettina Wistrom; Jorrit Zwijnenburg
    Abstract: This paper analyses results on social insurance pension liabilities and entitlements across OECD countries, on the basis of a new data collection. In addition to information on employment-related schemes (covered in the central framework of the national accounts), this new data collection also includes information related to social security pension schemes. As the latter make up a large part of pension liabilities and entitlements, this new data collection provides important new insights into the role of social insurance pensions across OECD countries and on how countries may be affected by ageing populations. The results show that pension liabilities and entitlements are, on average, more significant in European countries than in non-European OECD countries. Furthermore, the results show an increasing preference for defined contribution schemes over defined benefit schemes for private pension schemes, possibly in order to address some of the challenges brought about by an ageing society.
    Keywords: Ageing, Central framework, National accounts, Pensions, Social insurance
    JEL: E01 H55 H75 J32
    Date: 2020–12–11
  3. By: International Monetary Fund
    Abstract: Oversight of the Korean financial system is broadly effective. Korea’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have in place regulatory and supervisory regimes in line with international standards with only a few remaining gaps. The authorities have addressed most of the recommendations of the previous FSAP and made good progress in benchmarking their frameworks with the Basel Core Principles (BCP), the Insurance Core Principles (ICP) and the International Organization of Securities Commissions (IOSCO) Objectives and Principles for Securities Supervision (IOP).
    Keywords: Banking;Financial conglomerates;Insurance companies;Capital adequacy requirements;Corporate governance;ISCR,CR,risk management,fair value,FSS enforcement process,representative company,core activity,FSS staff,modeling approach,operating capital,risk assessment
    Date: 2020–09–18
  4. By: Gian Paolo Clemente; Alessandra Cornaro
    Abstract: We provide a framework for detecting relevant insurance companies in a systemic risk perspective. Among the alternative methodologies for measuring systemic risk, we propose a complex network approach where insurers are linked to form a global interconnected system. We model the reciprocal influence between insurers calibrating edge weights on the basis of specific risk measures. Therefore, we provide a suitable network indicator, the Weighted Effective Resistance Centrality, able to catch which is the effect of a specific vertex on the network robustness. By means of this indicator, we assess the prominence of a company in spreading and receiving risk from the others.
    Date: 2020–11
  5. By: Frederik Plesner Lyngse (Department of Economics, University of Copenhagen)
    Abstract: Are low-income individuals relying on government transfers liquidity constrained by the end of the month to a degree that they postpone medical treatment? I investigate this question using Danish administrative data comprising the universe of welfare recipients and the filling of all prescription drugs. I find that on transfer income payday, recipients have a 52% increase in the propensity to fill a prescription. By separating prophylaxis drugs used to treat chronic conditions, where the patient can anticipate the need to fill the prescription, e.g. cholesterol-lowering statins, I find an increase of up to 99% increase on payday. Even for drugs used to treat acute conditions, where timely treatment is essential, I find a 22% increase on payday for antibiotics and a 5-8% decrease in the four days preceding payday. Lastly, exploiting the difference in day the doctor write the prescription and the day the patient fill it, I show that liquidity constraints is the key operating mechanism for postponing antibiotic treatment.
    Keywords: health behavior, health insurance, health and inequality, prescription drugs, payday
    JEL: I12 I13 I14
    Date: 2020–10–12
  6. By: Reich, Stephanie K.; Hintermann, Beat (University of Basel); Zischg, Andreas
    Abstract: We investigate the effect of multiple flood events on property prices in Zurich canton of Switzerland. By merging property transaction data with records from universal and mandatory building insurance, we are able to identify the effect of the informational content of floods separately from the damage caused. Our rich data allows us to control for a wide range of housing characteristics, thus reducing the bias from unobserved heterogeneity that routinely plagues hedonic regressions. We find that houses located in flood hazard zones sell at a discount relative to houses located outside, despite the presence of mandatory insurance that covers most (but not all) costs. Providing flood hazard information increases the value of houses that are assigned a low risk. Last, we look at the effect of floods on property prices and find that in the aftermath of flood events, properties that narrowly escaped damage were sold at a significant discount relative to houses located out of harm's way. This pure information effect decays shortly.
    Keywords: Flood risk; hedonic pricing; amenity value; availability bias; spatial hedonic model
    JEL: Q51 Q53 R21
    Date: 2020–12–08
  7. By: Erica M. Valdovinos; Matthew Niedzwiecki; Joanna Guo; Renee Y. Hsia
    Abstract: The objective of this study was to determine whether the Affordable Care Act’s expansion of Medicaid eligibility was associated with changes in racial disparities in access, treatments, and outcomes after AMI.
    Keywords: acute myocardial infarction, racial and ethnic minorities, coronary intervention, Medicaid expansion
  8. By: Jonathan H. Cantor; Neeraj Sood; Dena Bravata; Megan Pera; Christopher M. Whaley
    Abstract: The COVID-19 pandemic has forced federal, state and local policymakers to respond by legislating, enacting, and enforcing social distancing policies. However, the impact of these policies on healthcare utilization in the United States has been largely unexplored. We examine the impact of county-level shelter in place ordinances on healthcare utilization using two unique datasets—employer-sponsored insurance for over 6 million people in the US and cell phone location data. We find that introduction of these policies was associated with reductions in the use of preventive care, elective care, and the number of weekly visits to physician offices and hospitals. However, controlling for county-level exposure to the COVID-19 pandemic reduces the impact of these policies. Our results imply that while social distancing policies do lead to reductions in healthcare utilization, much of these reductions would have occurred even in the absence of these policies.
    JEL: I0 I1 I12 I18
    Date: 2020–11
  9. By: World Bank
    Keywords: Agriculture - Agricultural Sector Economics Agriculture - Climate Change and Agriculture Agriculture - Commodity Risk Management Agriculture - Food Security Finance and Financial Sector Development - Insurance & Risk Mitigation
    Date: 2020–05
  10. By: World Bank
    Keywords: Agriculture - Commodity Risk Management Agriculture - Food Security Finance and Financial Sector Development - Insurance & Risk Mitigation
    Date: 2020–06
  11. By: Zachary Parolin (Columbia University); David Harris
    Abstract: The economic consequences of the ongoing COVID-19 (“novel coronavirus”) pandemic are likely to be particularly severe for low-income households. In times of economic distress or uncertainty, the Supplemental Nutrition Assistance Program (SNAP) and Unemployment Insurance (UI) programs are critical because they can provide timely additional income support for families. However, they do not reach the majority of households with children who are in poverty or near-poverty. Moreover, while SNAP benefits help with food budgets, they do not reach 20 million low-income children and they cannot be used to cover critical expenses such as rent, childcare, diapers, hand sanitizer or other necessities.
    Keywords: poverty, COVID-19, social policy, SPM
    Date: 2020–03
  12. By: Cynthia Kinnan; Krislert Samphantharak; Robert Townsend; Diego A. Vera Cossio
    Abstract: In village economies, insurance networks are key to smoothing shocks, while production networks can propagate them. The interplay of these networks is crucial. We show that a significant health expenditure shock to one household propagates to other linked households via supply-chain and labor networks. Imperfectly insured households adjust production decisions---cutting input spending and reducing labor hiring---affecting households with whom they trade inputs and labor. Household businesses proximate to shocked households in the supply chain network experience reduced local sales, and those proximate in the labor network experience a lower probability of working locally. As a result, indirectly shocked households’ earnings and consumption fall. These declines persist over several years because networks are rigid: households appear unable to form new linkages when existing links experience negative shocks. Propagation is a function of access to insurance networks: well-insured households do not cut spending when hit by shocks, leading to minimal propagation. A simple back-of-the-envelope exercise suggests that the total magnitude of indirect effects may be larger than the direct effects and that social (village-level) gains from expanding safety nets such as health insurance may be substantially higher than private (household-level) gains.
    JEL: D13 D22 I15 O1 Q12
    Date: 2020–11
  13. By: Ginger Zhe Jin; Hsienming Lien; Xuezhen Tao
    Abstract: Since 2006, Taiwan's National Health Insurance (NHI) covers the full cost of baseline treatment in cardiac stents (bare-metal stents, BMS), but requires patients to pay the incremental cost of more expensive treatments (drug-eluting stents, DES). Within this "top-up" design, we study how hospitals respond to a 26% cut of the NHI reimbursement rate in 2009. We find hospitals do not raise the DES prices from patients, but increase BMS usage per admission by 18%, recouping up to 30% of the revenue loss in 2009-2010. Overall, the rate cut is effective in reducing NHI expenditure despite hospitals' moral hazard adjustment.
    JEL: G22 I11 I18
    Date: 2020–11
  14. By: Bahman Angoshtari; Virginia R. Young
    Abstract: We find the optimal indemnity to minimize the probability of ruin when premium is calculated according to the distortion premium principle with a proportional risk load, and admissible indemnities are such that both the indemnity and retention are non-decreasing functions of the underlying loss. We reformulate the problem with the inverse survival function as the control variable and show that deductible insurance with maximum limit is optimal. Our main contribution is in solving this problem via the inverse survival function.
    Date: 2020–12
  15. By: Congressional Budget Office
    Abstract: In this paper, CBO describes the methods it has developed to analyze the federal budgetary costs of proposals for single-payer health care systems that are based on the Medicare fee-for-service program. Five illustrative options show how differences in payment rates, cost sharing, and coverage of long-term services and supports under a single-payer system would affect the federal budget in 2030 and other outcomes. CBO’s projections of national health expenditures under current law are a key basis for the estimates. CBO projects that federal subsidies
    JEL: I13
    Date: 2020–12–10
  16. By: Sehnbruch, Kirsten; Carranza, Rafael; Contreras, Dante
    Abstract: One of the most complex social policy issues that developing countries commonly face is the question of how they can protect the unemployed. However, the analysis of unemployment insurance (UI) in developing economies with large informal sectors is in its infancy, with few papers providing solid empirical evidence. This paper makes several contributions to the development literature: first, it applies Chetty’s 2008 landmark work on UI to a developing country (Chile) and shows that the moral hazard effects expected by policy makers, who designed the system are minimal, while liquidity effects were entirely neglected. By means of an RDD, it analyses the Chilean UI system using a large sample of administrative data, which allows for an extremely precise analysis of how the system is working, thus providing invaluable empirical lessons for other developing countries. Second, this paper shows that it is not enough merely to quantify an effect such as moral hazard, but to understand its causes and implications. An extended unemployment period stemming from moral hazard has extremely different welfare implications than one stemming from a liquidity effect and should therefore result in different policy recommendations. Third, our results also highlight that the Chilean UI system is regressive overall, as it protects workers with higher income levels and more stable jobs much more than it protects vulnerable workers, who are also much more likely to become unemployed. Fourth, this paper shows that it is essential that developing countries should take into account the specific labour market and macroeconomic context when designing social policies as the incentives embedded in such a policy may not be enough to compensate for the limitations that arise from the structure of a labour market. This research thus has implications for many developing countries, which may also be considering the implementation of some form of UI and/or the partial or complete replacement of existing severance pay legislation with continuous contributions to individual savings accounts, as recommended by the international development institutions. Furthermore, even high-income developing countries, such as Chile, cannot rely on unemployment insurance alone when it comes to protecting workers from the fallout of an economic crisis or rapid changes in the labour market that generate unemployment. Any UI system must also be linked to other social protection mechanisms to provide complimentary benefits to workers with precarious jobs.
    Keywords: unemployment insurance; Latin America; social policy in developing countries; welfare systems; moral hazard vs liquidity; inequality; GP1\100170
    JEL: R14 J01
    Date: 2020–11–01
  17. By: Saad Zbiri (UVSQ - Université de Versailles Saint-Quentin-en-Yvelines); Patrick Rozenberg (Hôpital Poissy-saint Germain); Carine Milcent (PSE - Paris School of Economics, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)
    Abstract: Objective: To determine the factors that affect enrollment and full participation (adherence) in the PRADO home-based postnatal coordinated care program in France after hospital discharge. Methods: A population-based retrospective study was performed using the public health insurance database for the Yvelines district in France. The study population included all affiliated women admitted for delivery and classified as low risk in 2013. These women were eligible for home-based midwifery support after their discharge from the hospital. The enrollment and full participation of the women in home-based postnatal coordinated care were modeled using a simple probit model. Full participation in the home-based postnatal coordinated care was also modeled using a probit Heckman selection model in order to assess the self-selection process of enrollment in the program. The control variables were the characteristics of the patients, the municipalities, and the hospitals. Results: 2,859 (68.3%) of the 4,189 eligible women chose to participate in the home-based postnatal coordinated care program, of whom 2,496 (59.6% of the eligible women) subsequently took part in the entire PRADO program. On the one hand, enrollment in the home-based postnatal coordinated care was influenced mostly by family context variables including the woman's age at the time of her pregnancy and the number of children in the household, the woman's level of information including prenatal education and prenatal information regarding postpartum care, as well as hospital variables including characteristics and organization of the maternity units. On the other hand, full participation in the home-based postnatal coordinated care was influenced by the accessibility to health professionals, particularly midwives. 3 Furthermore, both the woman's level of information and accessibility to health professionals correlated with the socioeconomic environment. Conclusion: Women who become pregnant at a very early or late stage of their life as well as women with low levels of prenatal education and prenatal information regarding postpartum care have a relatively low rate of participation in home-based postnatal coordinated care. A public health policy promoting awareness of prenatal as well as postnatal issues could increase the participation in this coordinated community care. In addition, reducing regional inequality is likely to have a positive impact, as the availability of midwives is a key factor for participation in home-based postnatal coordinated care.
    Keywords: Postnatal care,Home-based coordinated care,Information,Health professional accessibility,Inequity
    Date: 2020–11
  18. By: Lori Timmins; Deborah Peikes; Nancy McCall
    Abstract: This study finds that greater access to the primary care practice and more effective primary care both likely contributed to the lower growth in emergency department and urgent care center visits during the Comprehensive Primary Care Initiative.
    Keywords: access to care , Emergency departments , health care reform , Medicare savings programs , potentially avoidable visits , potentially preventable visits , primary care , urgent care centers , utilization
  19. By: International Monetary Fund
    Abstract: The FSAP work was mostly conducted prior to the COVID-19 crisis. Given the FSAP’s focus on medium-term challenges and tail risks, its findings and recommendations for strengthening policy and institutional frameworks remain pertinent. As the growth projections were significantly revised downward since the FSAP, the quantitative risk analysis on bank solvency was complemented to include illustrative scenarios to quantify the possible implications of the COVID-19 shock on bank solvency.
    Keywords: Financial regulation and supervision;Commercial banks;Insurance companies;Banking;Financial Sector Assessment Program;ISCR,CR,bank,FSAP work,FSAP mission,FSSA report,CBTT plan
    Date: 2020–10–30
  20. By: Jonathan Chiu; Mohammad Davoodalhosseini; Janet Hua Jiang; Yu Zhu
    Abstract: We use a simple model to study whether private payment systems based on bank deposits can provide the optimal level of safety. In the model, bank deposits backed by projects are subject to default risk that can be mitigated by a depositor's ex ante and ex post monitoring. Safe payment instruments issued by a narrow bank can also be used as a back-up payment system when the risky bank fails. Private adoption of safe payment instruments is generally not socially optimal when buyers do not fully internalize the externalities of their adoption decision on sellers, or when the provision of deposit insurance distorts their adoption incentives. Using this framework, we discuss the optimal subsidy policy conditional on the level of deposit insurance.
    Keywords: Central bank research; Digital currencies and fintech; Financial institutions; Payment clearing and settlement systems
    JEL: E42 E50 G21
    Date: 2020–12
  21. By: S. Nazrul Islam; Hoi Wai Jackie Cheng; Kristinn Sv. Helgason; Hiroshi Kawamura; Marcelo LaFleur
    Abstract: This paper examines the experience of a set of countries that performed relatively well in coping with the COVID-19 crisis. The goal is to garner insights and lessons that can help countries that may experience initial or second-round outbreaks of the pandemic in the future. The paper finds healthcare, social protection, and overall governance systems as the three main determinants of COVID-19 strategies and their success. Though unique country-specific factors played an important role in confronting the pandemic in some countries, their role was generally mediated through one or the other of the above three main determinants. The findings of the paper suggest that establishing universal healthcare and social protection systems and improvement of governance need to be taken up as an immediate task – and not as a distant goal – even by developing countries. In view of the possibility of recurrence of epidemics in the future, this task has become important.
    Keywords: COVID-19; Social protection; Healthcare system; Containment measures; Trace-Test-Quarantine; Sustainable development
    JEL: H12 H51 H53 H55 I18 J65 P50
    Date: 2020–11
  22. By: Philip Marx
    Abstract: A fundamental question underlying the literature on partial identification is: what can we learn about parameters that are relevant for policy but not necessarily point-identified by the exogenous variation we observe? This paper provides an answer in terms of sharp, closed-form characterizations and bounds for the latent index selection model, which defines a large class of policy-relevant treatment effects via its marginal treatment effect (MTE) function [Heckman and Vytlacil (1999,2005), Vytlacil (2002)]. The sharp bounds use the full content of identified marginal distributions, and closed-form expressions rely on the theory of stochastic orders. The proposed methods also make it possible to sharply incorporate new auxiliary assumptions on distributions into the latent index selection framework. Empirically, I apply the methods to study the effects of Medicaid on emergency room utilization in the Oregon Health Insurance Experiment, showing that the predictions from extrapolations based on a distribution assumption (rank similarity) differ substantively and consistently from existing extrapolations based on a parametric mean assumption (linearity). This underscores the value of utilizing the model's full empirical content.
    Date: 2020–12
  23. By: Yannick Drif; Palmira Messina² (CEREA - Centre d'Enseignement et de Recherche en Environnement Atmosphérique - ENPC - École des Ponts ParisTech - EDF R&D - EDF R&D - EDF - EDF); Pierre Valade
    Abstract: Air pollution is the co-occurrence of high pollutant emissions and particular meteorological conditions. Among its pollutants, fine particles (PM2.5 and PM10), Nitrogen Oxide (NOx) and Ozone (O3) are the most dangerous for public health. Every year, repeated or prolonged exposure to these particles leads to respiratory and cardiovascular diseases, cancer and premature death in those exposed. Climate change has an impact on meteorological variables (temperature, pressure, winds, precipitation, etc.) that affect air quality (emissions, precipitation leaching, gas/particle balance, etc.). The objective of this synthesis report is to provide a study to shed light on the consequences of air quality variation as a function of climate change and emissions in the near future (horizons2030 and 2050), in particular on the climate scenario RCP (Representative Concentration Pathway) 8.5 which describes an absence of climate change policies (Riahi et al., 2011). Within the framework of this synthesis report, we are committed to: - Communicating a qualitative assessment of the variation in the main pollutants, particularly in France; - Where possible, quantifying the impact in urban agglomerations; - Studying in particular the future modification of ozone (O3), coarse particles (PM10), fine particles (PM2.5) and nitrogen oxides (NOx). -translating impacts into additional claims experience for insurance cover poposed under personal insurance contracts.
    Abstract: La pollution atmosphérique est la cooccurrence de fortes émissions de polluants et de conditions météorologiques particulières. Parmis ses polluants, les particules fines (PM2.5 et PM10), l'Oxyde d'Azote (NOx) et l'Ozone (O3) sont les plus dangereuses pour la santé publique. L'exposition répétée ou prolongée à ces particules entraîne chaque année des maladies respiratoires et cardio-vasculaires, des cancers ainsi que des morts prématurées chez les personnes exposées. L'évolution du climat a un impact sur des variables météorologiques (température, pression, vents, précipitations, ...) qui affectent la qualité de l'air (émissions, lessivage par les précipitations, équilibre gaz/particule, ...). L'objectif du présent rapport de synthèse est de fournir une étude pour éclairer les conséquences de la variation de la qualité de l'air en fonction des changements climatiques et des émissions dans un avenir proche (horizons2030 et 2050), en particulier sur le scénario climatique RCP (Representative Concentration Pathway) 8.5 qui décrit une absence de politiques de changement climatique (Riahi et al., 2011). Dans le cadre du présent rapport de synthèse, nous nous attachons à : -Communiquer une évaluation qualitative de la variation des principaux polluants en particulier sur la France; -lorsque cela est possible, quantifier l'impact dans les agglomérations urbaines, -étudier en particulier la modification future de l'ozone (O3), des particules grossières (PM10), des particules fines (PM2,5) et des oxydes d'azote (NOx). -traduire des impacts en sinistralité additionnelle pour les garanties d'assurance poposées dans le cadre de contrats d'assurances de personnes.
    Keywords: santé,pollution,particules fines,changement climatique,assurance
    Date: 2020–11–10
  24. By: International Monetary Fund
    Abstract: In the past two years, the NBG has adopted a series of measures to strengthen nonbank sector financial regulation, supervision, and oversight.1 The MCM TA mission in 2017 provided recommendations along these lines, most of which have been implemented by the NBG. Currently, the nonbank sector consists of Micro Financial Institutions (MFIs) and Loan Issuing Entities (LIEs). In reforming the sector, the NBG has, among others: (i) amended laws and issued new and revised regulations on registration, capital, and liquidity requirements for MFIs; (ii) significantly expanded supervisory powers and authorities and increased supervisory resources for the nonbank sector; (iii) registered 200 LIEs; and (iv) put in place consumer protection and responsibility lending rules. These new measures have helped to enhance the resilience of the nonbank sector, weed out those that are non-viable, and improved the reputation of the MFI brand.
    Keywords: Loans;Commercial banks;Capital adequacy requirements;Deposit insurance;Banking;ISCR,CR,NBG staff,loan portfolio,NBG nonbank supervision department,NBG supervisor,bank status,MFI representative,supervision framework
    Date: 2020–09–03
  25. By: Sebastian Infante; Guillermo Ordoñez
    Abstract: We show that aggregate volatility affects the extent to which agents can share idiosyncratic risks through the valuation of collateral. Both private and public assets are used in insurance markets as collateral, but their exposure to volatility differs. While aggregate volatility decreases the value of private assets—they are exposed to more variation—it increases the value of public assets—they become more valuable to smooth consumption intertemporally. Hence, a more volatile economy tends to damage risk sharing when the composition of collateral is biased toward private assets. As we show that a stable economy is more propitious to the creation of private collateral, stability makes risk sharing increasingly fragile to volatility shocks. We find empirical evidence that the higher use of private assets in the U.S. has affected the sensitivity of risk sharing to aggregate volatility as predicted by our model.
    JEL: E44 G12 G18
    Date: 2020–11

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