25715 Insurance Economic Issues

Subject level: Postgraduate

Handbook description

This subject develops an understanding of the social, political, legal and financial forces which may impact on the autonomy of insurance industry participants. It identifies the nature, scope and volatility of these influences.

Subject objectives/outcomes

On successful completion of this subject, students should be able to:

1. Demonstrate an understanding of a possible theoretical insurance arena model, capable of being applied to most insurance related activities.
2. Develop an understanding of the operation of insurance companies in the New South Wales accident compensation arenas of workers compensation and motor accidents third party (personal injury) compensation, illustrating the application of the theoretical model.
3. Demonstrate an understanding of the technical and theoretical issues involved in these arenas.
4. Analyse the extent to which insurance companies operating in these arenas have autonomy of action and the sources of external influence upon their operations.

Contribution to graduate profile

This subject introduces students to the argument that insurance industry participants do not function in isolation from each other and that high levels of interdependency exist between participants and that there is significant external influence over autonomy of action of participants.

Teaching and learning strategies

The subject will be taught in a lecture-seminar format and will involve detailed consideration of relevant case studies.

Content

• Accident Compensation, technical and theoretical issues
• NSW Work Cover Scheme – Theory and Practice, Arena Analysis
• NSW Motor Accidents Scheme – Theory and Practice, Arena Analysis
• Arena participants, their position and extent of influence on the insurability of risks.

Assessment

Assessment item 1: Class Test (Individual)

Assessment item 2: Case Study (Individual)

Assessment item 3: Final Exam (Individual)