Up until the appearance of early insurance, fi nancial relief for victims of natural hazards was characterised by two facts: First, private support to victims was provided on a purely voluntary basis. Second, help was only given after an extreme event had happened. "Charity" of this sort was...

Markets in developing economies do not have well planned and proper layouts so they are always congested. Anytime fire breaks out in the market it becomes very difficult for fire tenders to get access to quench the outbreak so many goods are destroyed in the markets. This study assesses whether...

This Working Paper is a detailed assessment of Japan’s compliance with the Insurance Core Principles of the International Association of Insurance Supervisors. The paper identifies a reduction in interest rates and equity prices as two factors that influence the structure and functioning...

Knightian uncertainty (ambiguity) implies presence of uninsurable risks. Institutional quality may be a good indicator of Knightian uncertainty. This paper correlates non-life insurance penetration in 70 countries with income level, financial sector depth, country risk, a measure of cost of...

This paper presents a factual update of the Insurance Core Principles including insurance sector market and regulatory developments for Switzerland. Regulatory reforms since 2003 have updated Switzerland’s regulatory and supervisory regime for the insurance industry to bring it in line...

Nigeria undertook a Financial Sector Assessment Program (FSAP), which included a review of the structure of Nigeria’s insurance market and the supervisory framework. The assessment was benchmarked against the Insurance Core Principles (ICPs) issued by the International Association of...