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By Charlotte C. Aylor, J. David Cummins (auth.), J. David Cummins (eds.)

The Geneva organization and probability Economics The Geneva organization The Geneva organization (International organization for the research of coverage Economics) started out its actions in June 1973, at the initiative of 22 contributors in 8 ecu nations. It now has fifty-four individuals in 16 nations in Europe and within the usa. The participants of the organization are insurance firms which offer monetary aid for its actions. The goals and technique of the Geneva organization have been sincerely outlined in 1971 by means of the founding committee. They have been set forth within the first report back to the meeting of contributors in 1974: "To make an unique contribution to the growth of assurance via target experiences at the interdependence among economics and insurance." In pursuit of this goal, the organization strives to put assurance difficulties within the context of the trendy financial system and to beat the antagonism among assorted teams and associations by way of displaying that all of them have a typical curiosity in tackling the matter of probability in a altering global. as a result, the reviews made through the organization needed to stream clear of the themes prevalent to coverage execs and discover comparable fields, facing critiques and behaviour falling outdoors the profession's vii FOREWORD viii conventional framework of study. it truly is during this path that the Association's preoccupations were directed from the start, in the direction of parts during which coverage actions come into touch with these of alternative monetary sectors resembling executive, banking, production, and households.

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Strategic Planning and Modeling in Property-Liability Insurance

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Etc. Company 4: An economic-value model [that] determines the rate at which the company is "creating" or "destroying" wealth [and which] enables one to assess the impact of the strategy on the company's economic value. ). The model is used to help the corporation establish rating policies and investment activities. S. property-liability insurance companies, it is expected that their financial models will become increasingly sophisticated. Strategic Planning Assumptions. Successful implementation of strategic planning requires that a set of explicitly defined and carefully expressed critical assumptions be advanced prior to or at the outset of the strategic planning process.

In this study, an attempt was made to solve the confidentiality and "public relations" problems by making clear to respondents that their replies would appear anonymously. While the authors consider this approach successful, the foregoing caveats should be kept in mind when interpreting the survey results. Another reason that strategic planning is difficult to study is that the term means different things to different people. We dealt with this problem by prefacing the survey with the following definition of strategic planning: Strategic planning is the process of setting organizational goals, defining strategies and policies to achieve them, and developing detailed plans to ensure that the strategies defined are implemented and monitored in order to achieve the ends sought.

Generally, the mutual companies, especially direct-writing companies, have had a relatively more integrative focus, their planning goals being lowest costs and distributive efficiency to certain well-defined market segments. On the other hand, 26 CHAPTER I the stock companies, especially holding-company affiliates, have had a relatively more adaptive focus, their planning goals in many cases being diversification into a wide range of financial services. Fifty-three percent ofthe respondents indicated that their strategic focus is primarily internal, while 41 percent indicated a dual focus on both internal and external issues.

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