Reinsurance is a financial market that trades in the risk of unpredictable and devastating disasters - such as Hurricane Katrina, the Tohoku earthquake and tsunami, and the terrorist attacks on the World Trade Centre. Such disasters are increasing in both frequency and severity, with the cost of their losses mounting rapidly. Reinsurance insures insurance companies, enabling them to pay claims arising from these losses. It is thus a market mechanism that is a critical part of the social and economic safety net, helping to pick up the pieces after disasters. Yet, how is the risk of such disasters calculated and traded in a global market? This book brings to life the reinsurance market through vivid real-life tales that draw from an ethnographic, "fly-on-the-wall" study of the global reinsurance industry over three annual cycles. The authors shadowed underwriters around the world as they traded risks through multiple disasters. For instance, this book takes readers into the desperate hours of pricing Japanese risks during March 2011, while the devastating aftermath of the Tohoku earthquake is unfolding. To show how the market works, the book offers authentic tales gathered from observations of reinsurers in Bermuda, Lloyd's of London, Continental Europe and SE Asia as they evaluate, price and compete for different risks as part of their everyday practice. Understanding how this market for disasters works has never been more critical given the impact of climate change and increased global connectivity, where a flood in one country can trigger losses to supply chains around the world. The authors develop a novel concept of how global markets work, which advances scholarship and challenges current thinking about how financial markets trade in intangible assets such as risk. This book will be useful to readers interested in markets for disasters, insurance, reinsurance and financial markets, and academics interested in the practice of financial markets specifically or the practice of strategy and organizations generally.
In 1963, West Germany was gripped by a dramatic trial of former guards who had worked at the Nazi death camp Auschwitz. It was the largest and most public trial to take place in the country and attracted international attention. Using the pretrial files and extensive trial audiotapes, Rebecca Wittmann offers a fascinating reinterpretation of Germany’s first major attempt to confront its past. Evoking the courtroom atmosphere, Wittmann vividly recounts the testimony of survivors, former SS officers, and defendants—a cross-section of the camp population. Attorney General Fritz Bauer made an extraordinary effort to put the entire Auschwitz complex on trial, but constrained by West German murder laws, the prosecution had to resort to standards for illegal behavior that echoed the laws of the Third Reich. This provided a legitimacy to the Nazi state. Only those who exceeded direct orders were convicted of murder. This shocking ruling was reflected in the press coverage, which focused on only the most sadistic and brutal crimes, allowing the real atrocity at Auschwitz—mass murder in the gas chambers—to be relegated to the background. The Auschwitz trial had a paradoxical result. Although the prosecution succeeded in exposing SS crimes at the camp for the first time, the public absorbed a distorted representation of the criminality of the camp system. The Auschwitz trial ensured that rather than coming to terms with their Nazi past, Germans managed to delay a true reckoning with the horror of the Holocaust.
Communities around the United States face the threat of being underwater. This is not only a matter of rising waters reaching the doorstep. It is also the threat of being financially underwater, owning assets worth less than the money borrowed to obtain them. Many areas around the country may become economically uninhabitable before they become physically unlivable. In Underwater, Rebecca Elliott explores how families, communities, and governments confront problems of loss as the climate changes. She offers the first in-depth account of the politics and social effects of the U.S. National Flood Insurance Program (NFIP), which provides flood insurance protection for virtually all homes and small businesses that require it. In doing so, the NFIP turns the risk of flooding into an immediate economic reality, shaping who lives on the waterfront, on what terms, and at what cost. Drawing on archival, interview, ethnographic, and other documentary data, Elliott follows controversies over the NFIP from its establishment in the 1960s to the present, from local backlash over flood maps to Congressional debates over insurance reform. Though flood insurance is often portrayed as a rational solution for managing risk, it has ignited recurring fights over what is fair and valuable, what needs protecting and what should be let go, who deserves assistance and on what terms, and whose expectations of future losses are used to govern the present. An incisive and comprehensive consideration of the fundamental dilemmas of moral economy underlying insurance, Underwater sheds new light on how Americans cope with loss as the water rises.
As a linguistic carrier of a thousand years of European Jewish civilization, the Yiddish language is closely tied to immigrant pasts and sites of Holocaust memory. In The Yiddish Supernatural on Screen, Rebecca Margolis investigates how translated and subtitled Yiddish dialogue reimagines Jewish lore and tells new stories where the supernatural looms over the narrative. The book traces the transformation of the figure of the dybbuk—a soul of the dead possessing the living—from folklore to 1930s Polish Yiddish cinema and on to global contemporary media. Margolis examines the association of spoken Yiddish with spectral elements adapted from Jewish legends within the horror genre. She explores how all-Yiddish prologues to comedy film and television depict magic located in an immigrant or pre-immigrant past that informs the present. Framing spoken Yiddish on screen as an ancestral language associated with trauma and dispossession, Margolis shows how it reconstructs haunted and mystical elements of the Jewish experience.
Life on the Lower East Side, the first monograph of Lepkoff's work, highlights the area between the Brooklyn and Manhattan bridges from the Bowery to the East River. Over 170 beautifully reproduced duotone photographs and essays by Peter E. Dans and Suzanne Wasserman uncover a forgotten time and place and reveal how the Lower East Side remains both unaltered and forever changed."--BOOK JACKET.
Reinsurance is a market that provides cover for the devastating consequences of unpredictable events such as Hurricane Katrina, or the Tohoku earthquake, underpinning society's capacity to rebuild after the unthinkable happens. This book fleshes out how this important and quirky financial market works.
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