ARTICLES GÉNÉRAUX

LA PLUS GRANDE CATASTROPHE DANS L’HISTOIRE DE L’ASSURANCE
par Rémi Moreau

AVIATION INSURANCE AND RISK MANAGEMENT
by Philippe Fortin and Louis Haeck

INSURABILITY OF PUNITIVE DAMAGES – A LEGAL PERSPECTIVE
by Michael D. Hultquist

ARTICLES ÉVALUÉS

APPARIEMENT DE L’ACTIF ET DU PASSIF D’UN ASSUREUR VIE PAR L’UTILISATION DE PRODUITS DÉRIVÉS
par Nathalie Laporte

DÉRÉGLEMENTATION DES BONUS-MALUS EN ASSURANCE AUTOMOBILE ET INCITATIONS À LA SÉCURITÉ ROUTIÈRE: LE CAS DE LA FRANCE
par Nathalie Fombaron

UN MODÈLE DE TARIFICATION OPTIMAL POUR L’ASSURANCE AUTOMOBILE DANS LE CADRE D’UN MARCHÉ RÉGLEMENTÉ: APPLICATION À LA TUNISIE
par Olfa N. Ghali
 

Chroniques

COMPTE RENDU DE COLLOQUE
par Rémi Moreau

CHRONIQUE DES CHAIRES EN GESTION DES RISQUES ET ASSURANCES
par Gilles Bernier

FAITS D’ACTUALITÉ
par Rémi Moreau

CHRONIQUE ACTUARIELLE
par divers collaborateurs du Groupe-conseil Aon

THE INTERNET SURFER PAGE
 
The Geneva Association
 
 
 
 
 
 
 
 
 

LA PLUS GRANDE CATASTROPHE DANS L’HISTOIRE DE L’ASSURANCE
par Rémi Moreau

In both their impact and consequences, the scope of the early morning tragedies which occurred in New York, Washington and Pennsylvania on 11 September is as yet immeasurable. No one so far knows the exact number of deaths nor the extent and depth of human suffering caused by the kamikaze crashes into the twin tours of the WTC, nor the real costs of the material and financial fallout from the destruction and damage they wrought at ground zero and its vicinity. The events of 11 September now stand as the greatest catastrophe in the history of the insurance industry and of the United States of America. Two months later, the author examines the situation of the insurers and reinsurers at risk and the amount of insurance payments involved in all classes of insurance: life insurance, worker’s compensation insurance, property insurance, business interruption insurance, aviation insurance, automobile insurance.

Such an insurable event highlights the necessity for a fundamental review of the insurance and reinsurance principles underlying the way jumbo risks are subscribed to, rated, and written up; it underscores as well the need to rethink the use of traditional, financial or pooling mechanisms to cover political or terrorist risks.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

AVIATION INSURANCE AND RISK MANAGEMENT
by Philippe Fortin and Louis Haeck

This article is a collaborative effort from an academic perspective and a pragmatic approach on the risks related to the aviation industry in 2001. In the first part, we summarize the status of the aviation insurance law with its legal formation. It is a good introduction to the second part where we discuss the new realities in the aviation insurance market since the tragedy in the United States. We do encourage the reader to consult the IATA web site at www.iata.org to see more documentation on these terrorist attacks and how IATA contributes to raising the strength of aviation security worldwide.
 
 
 
 
 
 
 
 
 
 
 
 
 

INSURABILITY OF PUNITIVE DAMAGES – A LEGAL PERSPECTIVE
by Michael D. Hultquist

Under the theme of the insurability of punitive damages, this article is an interesting study, from a legal, marketing and underwriting perspective in the United States, varying from state to state. Like a casualty risk, insurers can identify target industries and build statistical models involving punitive damages.

The author reviews the law of insurability of punitive damages, including the varying analyses applied in determining which law controls a potential dispute regarding the insurability of punitive damages, and some suggestions for insurers and companies interested in punitive damage coverage.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

APPARIEMENT DE L’ACTIF ET DU PASSIF D’UN ASSUREUR VIE PAR L’UTILISATION DE PRODUITS DÉRIVÉS
par Nathalie Laporte

The interest rate risk is one of the most important risk that an insurer must bear. The financial theory asserts that the use of derivative instruments should hedge this risk at a better cost than the bonds usually used to this end. This study compares the duration matching of the principal line of business of one important Canadian insurer with futures to the usual matching with bonds.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

DÉRÉGLEMENTATION DES BONUS-MALUS EN ASSURANCE AUTOMOBILE ET INCITATIONS À LA SÉCURITÉ ROUTIÈRE: LE CAS DE LA FRANCE
par Nathalie Fombaron

The aim of this article is to assess the consequences entailed by a bonus-malus deregulation on road safety in France. Deregulation is shown to have a negative effect on road safety for the following reasons: it prevents long term commitment by the insurers, it reduces mobility of insurees and induces companies to keep private information on individual records in their data bases.
 
 
 
 
 
 
 
 
 
 
 
 
 

UN MODÈLE DE TARIFICATION OPTIMAL POUR L’ASSURANCE AUTOMOBILE DANS LE CADRE D’UN MARCHÉ RÉGLEMENTÉ: APPLICATION À LA TUNISIE
par Olfa N. Ghali

This article is intended to analyze the Tunisian automobile insurance rating system, using an optimal rating model. In this regard, we apply a rating model based on the characteristics of policyholders and their number of past accidents (Lemaire 1995, Dionne and Vanasse 1992). Our data base is structured for a five-year period (1990-1995) and contains 46,337 observations, allowing us to evaluate, from annual data with the models for count data (Poisson and negative binomial), the relative importance of factors explaining the number of accidents during a period and to build up optimal bonus-malus tables. We come to the conclusion that other variables than the power and the use of vehicles (which are the two rating criteria in the actual regime) are significant to explain the number of accidents (insured residence, insured coverages, model and age of vehicles) and also, in other respects, that the bonus-malus table put in place by the ministry of Finance is not optimal.