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Story - antoq - 10/18/2010 - 13:46 - 155 comments - 0 attachments
Travel and tourism are becoming steadily more important in the European Community. The European Community is estimated to be the largest travel and tourism region in the world. Even though the mega-market of North America and the European Community will fall just under the world growth average of 48.8 per cent between 1996 and 2006, the third largest region in terms of travel and tourism employment is the European Community and North America with 19.8 million and 18.1 million jobs, respectively. The European Community is the largest producer of travel and tourism gross output in the world with $1,154 billion expected from 1996. This represents 32.3 per cent of world travel and tourism output. Over the past few decades, as per capita income has risen and families and individuals have gained more holiday and vacation time, travel and tourism have become major elements in the typical household budget worldwide.
The largest concentration of consumer spending on travel and tourism is centred in the industrialized regions of the European Community, North America and Northeast Asia with $639 billion, $622 billion and $452 billion, respectively, estimated for 1996. Consumer demand for travel and tourism services in 1996 is expected to be particularly high in the European Community in which travel and tourism are expected to account for 13.4 per cent of consumer budgets. The European Community is the region with the largest government funding for travel and tourism with estimated 1996 expenditures of $120 billion.
In a basic mortgage financing transaction, the lender makes a loan to the borrower, and the borrower grants to the lender a mortgage or deed of trust lien on the real property collateral and a security interest in the associated tangible and intangible personal property.
Sometimes and for a number of reasons, the lender is not willing to make its loan solely on the security of such real and personal property collateral and therefore requires that the borrower provide some kind of third party credit support for the loan. Two common forms of third party credit support in mortgage financing transactions are letters of credit and guaranties.
Every portfolio of insurance policies incurs losses of greater and smaller amounts at irregular intervals. The sum of all the losses (paid&reserved) in any one-year period is described as the annual loss burden or as simply total incurred claims amount. The future annual loss burden is estimated on the basis of predicted claims frequency and predicted average individual claim amount, but what actually happens considerably deviates from forecasts on a purely random basis. The economic risk capital represents what needs to be stored as a hedge against adverse developments in the future. There can be relevant and extreme events that will require significant new capital infusions if they occur and this new capital will be additional to what is needed for daily operations or investment.
The occurrence of these events also impacts on the credit profile of an insurance company, thus affecting the associated credit spread dynamics. Sudden losses may cause extreme cash-flow stress and investors may require more favorable terms when offering new lines of financing as addressed by Dembo, Deuschel and Duffie. A large class of event-based credit risks cannot be hedged and handled with standard credit instruments but reinsurers have been dealing with event-based risks all along. From this point of view, re cent activity in credit-related insurance contracts could be the beginning of a new class of credit derivatives called contingent-capital instruments providing new capital if one or more events occur as outlined by Neftci.
