5. Insurance, the Archetypal Risk Management Institution, its Opportunities and Vulnerabilities
Financial Markets (2011) (ECON 252)
In the beginning of the lecture, Professor Shiller talks about risk pooling as the fundamental concept of insurance, followed by references to moral hazard and selection bias as prominent problems of the insurance industry. In order to provide an explicit example from the insurance industry, he elaborates on the story behind American International Group (AIG), from its creation by Cornelius Vander Starr in Shanghai in 1919, to Maurice "Hank" Greenberg's time as CEO, until its bailout by the U.S. government in 2008. Subsequently, he turns toward the regulation of the insurance industry, covering state insurance guarantee funds, the role of the McCarran-Ferguson Act from 1945, as well as the impact of the Dodd-Frank bill on the insurance industry. He devotes special attention to two branches of the insurance industry--life insurance and health insurance--and emphasizes, among other aspects, the consequences of the health care overhaul in the U.S. from 2010. He discusses the example of earthquakes, with insurance in Haiti and catastrophe bonds in Mexico. At the end of the lecture, he critically reflects on the role of the insurance industry in the face of catastrophes.
00:00 - Chapter 1. Introduction
03:53 - Chapter 2. Concepts and Principles of Insurance
19:14 - Chapter 3. The Story behind AIG
35:51 - Chapter 4. Regulation of the Insurance Industry
50:04 - Chapter 5. Specific Branches of the Insurance Industry - Life and Health Insurances
01:03:18 - Chapter 6. Insurance in the Face of Catastrophes
Complete course materials are available at the Yale Online website: online.yale.edu
This course was recorded in Spring 2011.
Видео 5. Insurance, the Archetypal Risk Management Institution, its Opportunities and Vulnerabilities канала YaleCourses
In the beginning of the lecture, Professor Shiller talks about risk pooling as the fundamental concept of insurance, followed by references to moral hazard and selection bias as prominent problems of the insurance industry. In order to provide an explicit example from the insurance industry, he elaborates on the story behind American International Group (AIG), from its creation by Cornelius Vander Starr in Shanghai in 1919, to Maurice "Hank" Greenberg's time as CEO, until its bailout by the U.S. government in 2008. Subsequently, he turns toward the regulation of the insurance industry, covering state insurance guarantee funds, the role of the McCarran-Ferguson Act from 1945, as well as the impact of the Dodd-Frank bill on the insurance industry. He devotes special attention to two branches of the insurance industry--life insurance and health insurance--and emphasizes, among other aspects, the consequences of the health care overhaul in the U.S. from 2010. He discusses the example of earthquakes, with insurance in Haiti and catastrophe bonds in Mexico. At the end of the lecture, he critically reflects on the role of the insurance industry in the face of catastrophes.
00:00 - Chapter 1. Introduction
03:53 - Chapter 2. Concepts and Principles of Insurance
19:14 - Chapter 3. The Story behind AIG
35:51 - Chapter 4. Regulation of the Insurance Industry
50:04 - Chapter 5. Specific Branches of the Insurance Industry - Life and Health Insurances
01:03:18 - Chapter 6. Insurance in the Face of Catastrophes
Complete course materials are available at the Yale Online website: online.yale.edu
This course was recorded in Spring 2011.
Видео 5. Insurance, the Archetypal Risk Management Institution, its Opportunities and Vulnerabilities канала YaleCourses
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
![6. Guest Speaker David Swensen](https://i.ytimg.com/vi/wRdx7kVNQ_E/default.jpg)
![](https://i.ytimg.com/vi/VlxUJ2tL8mQ/default.jpg)
![The Future of Insurance | Lemonade @ DIA Munich 2017](https://i.ytimg.com/vi/LDOhFHJqKqI/default.jpg)
![7. Efficient Markets](https://i.ytimg.com/vi/3EzdvkRgToY/default.jpg)
![Life Insurance 101 - Term vs Whole Life Insurance](https://i.ytimg.com/vi/HA1ynHnwWBI/default.jpg)
![How To Overcome EVERY Objection! [Insurance Agent Training]](https://i.ytimg.com/vi/J3xnjaOStAk/default.jpg)
![Jordan Peterson: How To Deal With Depression | Powerful Motivational Speech](https://i.ytimg.com/vi/Xm_2zmX6Akc/default.jpg)
![14. Guest Speaker Maurice "Hank" Greenberg](https://i.ytimg.com/vi/72qUcUAtRZc/default.jpg)
![18. Monetary Policy](https://i.ytimg.com/vi/_SpIaGTq0u8/default.jpg)
![2. Risk and Financial Crises](https://i.ytimg.com/vi/QbosMr2JVrc/default.jpg)
![21. Exchanges, Brokers, Dealers, Clearinghouses](https://i.ytimg.com/vi/kAl8DezwLAE/default.jpg)
![Understanding Risk - Gambling or Insurance? - Brian Duperreault](https://i.ytimg.com/vi/HtlTxUvaCVs/default.jpg)
![Construction Insurance 101](https://i.ytimg.com/vi/aat_AOR0K5o/default.jpg)
![4. Portfolio Diversification and Supporting Financial Institutions](https://i.ytimg.com/vi/_B_24GUWdSM/default.jpg)
![Irrational Exuberance: as relevant as ever](https://i.ytimg.com/vi/hsz9d9vjLzY/default.jpg)
![Insurance 101 - Homeowners Insurance Coverage | The Ultimate Guide to Home Insurance](https://i.ytimg.com/vi/3DISPSquWnE/default.jpg)
![Insurance Risk Pricing with GLM, GAM and XGBoost](https://i.ytimg.com/vi/sOyMLB1SsFk/default.jpg)
![Lecture 20: Fallout: The Housing Crisis and its Aftermath](https://i.ytimg.com/vi/5v1EtiEuSEY/default.jpg)
![What is Value at Risk? VaR and Risk Management](https://i.ytimg.com/vi/-a28hr0rLW8/default.jpg)
![Prospect Theory (Yale)](https://i.ytimg.com/vi/fyOA2nbjVVQ/default.jpg)