The regulation and structure of nonlife insurance in the United States

The insurance industry is underdeveloped in most developing countries because of low levels of income and wealth and because restrictive regulations inhibit the supply of insurance services. But several countries have begun to reform their insurance industries. To help those countries, the authors offer an overview of insurance regulation in the United States - and discuss the economics and market structure of nonlife insurance in entry and exit barriers, economies of scale, and conduct and performance studies. They conclude that the U.S. nonlife insurance industry exhibits low concentration at both national and state market levels. Concentration is low even on a line-by-line basis. The primary concern of regulators has been to protect policyholders from insolvency, but regulation has also often been used to protect the market position of local insurance companies against the entry of out-of-state competitors. Regulation has worked best when based on solvency monitoring, with limited restrictions on entry. It has been more harmful when it involved controls on premiums and products and on the industry's level of profitability. Over the years the industry has shown a remarkable degree of innovation, although it has also faced many serious and persistent problems. The problems include the widespread crisis in liability (including product liability and medical malpractice), the crisis in automobile insurance, the volatility of investment income, the effects of market-driven pricing and underwriting cycles, and the difficulty of measuring insurance solvency. The long-tailed lines of insurance - those that entail long delays in final settlements - are exposed to the vagaries of inflation and rising costs. Two mandatory lines - third party automobile insurance and workers'compensation (for work accidents) - account for nearly 55 percent of premiums. These two lines - plus medical malpractice, other liability, and aircraft insurance - had combined ratios well over 125 percent in 1989. The industry has some ability to collude and to set prices, but seems to be competitive and to earn profits below similarly situated financial firms. Insurance profitability is not consistently above or below normal returns, although earnings for mandatory and strictly regulated lines of automobile insurance and workers'compensation appear to be below-adequate for long-term viability.Insurance&Risk Mitigation,Non Bank Financial Institutions,Insurance Law,Environmental Economics&Policies,Financial Intermediation

The health status of Irish honeybee colonies in 2006

peer-reviewedThis study assessed the health status of Irish honeybee colonies and provides a snapshot of the incidence of a number of important colony parasites/pathogens including: the mite Varroa destructor; three associated viruses (deformed wing virus (DWV), acute bee paralysis virus (ABPV) and Kashmir virus (KBV)); the tracheal mite Acarapis woodi; the microsporidian Nosema spp., and the insect Braula coeca. During June/July 2006, 135 samples of adult bees were collected from productive colonies throughout Ireland and standard techniques were used to determine the presence and absence of the parasites and pathogens. Varroa destructor was positively identified in 72.6% of the samples and was widely distributed. Although the samples were analysed for three viruses, DWV, ABPV and KBV, only DWV was detected (frequency = 12.5%). Acarapis woodi and Nosema spp. occurred in approximately 11% and 22% of the samples, respectively, while B. coeca, a wingless dipteran that was once common in Irish honeybee colonies, was very rare (3.7%). Samples where all the pathogens/parasites were jointly absent were statistically under-represented in Leinster and DWV was statistically over-represented in Munster. In Ulster, there was over-representation of the categories where all parasites/pathogens were jointly absent and for A. woodi, and underrepresentation of V. destructor.The project was funded by EU FEOGA and the National Apiculture Programme 2007–2010 of the Department of Agriculture, Food and the Marine

The MacLane class and the Eremenko-Lyubich class

In 1970 G. R. MacLane asked if it is possible for a locally univalent function in the class A to have an arc tract. This question remains open, but several results about it have been given. We significantly strengthen these results, in particular replacing the condition of local univalence by the more general condition that the set of critical values is bounded. Also, we adapt a recent powerful technique of C. J. Bishop in order to show that there is a function in the Eremenko-Lyubich class for the disc that is not in the class A

Spooning in the Moonlight

https://digitalcommons.library.umaine.edu/mmb-vp/6184/thumbnail.jp

Cost analysis of advanced turbine blade manufacturing processes

A rigorous analysis was conducted to estimate relative manufacturing costs for high technology gas turbine blades prepared by three candidate materials process systems. The manufacturing costs for the same turbine blade configuration of directionally solidified eutectic alloy, an oxide dispersion strengthened superalloy, and a fiber reinforced superalloy were compared on a relative basis to the costs of the same blade currently in production utilizing the directional solidification process. An analytical process cost model was developed to quantitatively perform the cost comparisons. The impact of individual process yield factors on costs was also assessed as well as effects of process parameters, raw materials, labor rates and consumable items