Effects of UK Insurance Industry to the Economy Essay Example for Free

Effects of UK Insurance Industry to the Economy Essay The UK insurance industry is the fourth largest in the world. It comes after USA, Japan and Germany and is definitely a major contributor to the economy. The number of people employed in the insurance industry of UK is increasing day by day. The Insurance industry contributes to the economy by providing businesses and individuals risk management. There are many services this industry provides. It ranges from automobile insurance to life and health insurance. Pension and savings are yet other forms of insurance available. Almost 332,000 people are employed in this industry (Association of British Insurers, 3, 2007). Insurance is another name for risk management. Insurance helps individuals and businesses to avoid financial or other loss. We can say it acts as a hedge against unavoidable or avoidable losses. This risk of loss is then transferred to some other entity, usually the insurance company. In exchange the business or individual seeking risk management gets a premium. The company that provides this risk management or insurance is the Insurer (Mehr et la, 13-45, n. d. ). Almost one third of people working in the entire financial market of UK are employed in the insurance industry. This number is twice the number of people in the car manufacturing companies and almost thrice the number employed in the utility industry. The UK insurance industry is one of the biggest in Europe. This industry gave a record of ? 174bn premium income in the 1990s. Though in the early years of 1990s, due to economic recession the insurance industry was not doing that good, but in the second half this industry started to grow and has been giving large numbers of premium profits since then (IFSL, n. p, 2001). In 17th century trading was in its primitive stages. Industrialization was a new phenomenon. Insurance was one element that fostered the growth of these and hence helped the economy prosper. Due to insurance, businesses were able to take risks and expand themselves. In 1688, GDP of England was approximately ? 6 billion (Lindert Willamson, n. p. 1982). After 1688 to 1759, there was not much growth in the national income. Till 1800 the growth was only 1% per year. At this rate our national income should be about ? 66 billion. However, this is not the case. Today our GDP is more or less ? 1000 billion. The main help in growth of economy came from insurance. Without insurance industry, our nation would have been living in a less prosperous way. Though all of this development is not due to insurance alone but it was the driving force that pushed the economy towards this prosperity. Today, insurance has a very vital role. According to an economist: â€Å"The non-existence of markets for the bearing of some risks in the first instance reduces welfare for those who wish to transfer those risks to others for a certain price, as well as for those who would find it profitable to take on the risk at such prices. But it also reduces the desire to render or consume services which have risk consequences† (Arrow, 945 946, 1963). Insurance is important because it has the ability to transfer risk. This control of risk helps businesses to keep moving forward. Insurance might not be important to people who are indifferent to risks. Such societies might have other forms of risk transfer protocols i. e. family. Hence we can say that in order to find out how much an economy will benefit from insurance, depends upon the culture of that place. In 1990, a study was done by Outreville. He took almost 45 developing countries and found out the relationship between insurance and national income. According to him there is a non-linear relationship between insurance premium and GDP. He also specified that the relation ship might not be that clear but it certainly is a positive one. In the light of his research we can conclude that if the insurance industry generates more premiums then the country might have more income (Outreville, n. p, 1990). Another study was done in 2000 by Ward and Zurbruegg. According to them insurance definitely helps in prosperity of the economy (Ward Zurbruegg, 489-507, 2000). It is also believed that if government tries to take position of the insurance industry it can lead to increase in levels of risks. In 2003, Priest did a research and found out that if the government has a safety net this can also lead to more risks. This safety net is actually savings and loans deposits which are there for the disabled. However, more savings might lead to more claims (Priest, 71-80, 2003). There have been quite some changes in the UK’s insurance industry in the past decade. Many major companies have undergone big changes. Commercial Union and General Accident are now called GCNU. They have merged to form a new bigger company. UK’s London market is also different in its own sense. It contains almost twenty large international insurance and reinsurance companies. It is the centre of world’s insurances. Businesses from all over the world get insured here. Two of its largest insurers, Lloyd’s and the International Underwriting Association of London (IUA), also provide various services (Joe, n. p, 1998).

The Relatable Stranger: How and Why We Are Meursault Essay -- Literary

The Relatable Stranger: How and Why We Are Meursault Using his existentialist text The Stranger as a vessel for his own philosophical ideals, absurdist Albert Camus poses a question most essential to human existence: when released from the shackles of tediously perpetuated societal routine, how does a man function? Embodying the answer to this question is Monsieur Meursault, whose once rational speech and logical action unravel in the heat of circumstance to illustrate what Camus deems â€Å"the nakedness of man faced with the absurd.† Possessing the characteristics of any respectable gentleman, Meursault is honest, sensible, and extremely adaptable to the universe in motion around him, substituting mindless rhetoric and the excuse of emotional abundance with an acuity of thought and proclivity to raw sensation. By structuring his philosophy around a man with such a nonspecific and thus relatable identity, Camus evokes sympathy by touching at the bestial necessity of freedom for the individual, mocked by a society interested on ly in docile collectivity. Taking little stock in the unspoken and assumed truths of the culture in which he exists, Meursault follows a more natural and almost physiological rhythm of emotion and sensuality. After learning of the death of his mother, he must travel â€Å"about eighty kilometers from Algiers† for the funeral (Camus 3). Rather than emphasize the exhaustive capability of trauma, Meursault elicits reason, explaining that â€Å"it was probably because of all the rushing around, and on top of that the bumpy ride, the smell of gasoline, and the glare of the sky and the road, that [he] dozed off† (Camus 4). After returning home from the funeral, he awakens the next morning and decides to take a swim in the pu... ... indifference of the world† (Camus 122). With sympathy toward Meursault secured, a natural disapproval of the society who condemns him is to be formed. By placing a mirror before the very society which this text intends to describe, the novel forces those who read it to reevaluate their seemingly natural assumptions concerning the â€Å"frivolous indulgence† of emotion, the stone cold immovability of morality, and most of all the purpose of judgment (Camus 40). In his essay on the guillotine, Camus defines compassion as that which â€Å"does not exclude punishment, but [which] withholds an ultimate condemnation† (Camus 40). With the creation of such a relatable character as Meursault, Albert Camus attempts to breathe compassion into an otherwise indifferent society, acting as the catalyst for a reaction which both sympathizes and reconsiders what essentially makes us human.

Mcdonald vs Burger King Compare and Contrast Essay

Outline I) Intro/Hook Thesis Statement: Although McDonald’s and Burger King are similar; they have evident differences in their advertising models, food and their commitment with the community. II) *Topic sentence 1: McDonald’s and Burger King invest a lot of money in their advertisements. A) Evidence #1: Golden arches, Ronald McDonald, Big Mac, extra cheese and the guy who promote Burger King. III) *Topic sentence 2: Their food seems to be the same, but it isn’t. A) Evidence #1: McDonald’s hamburger weighs less than Burger King’s.B) Evidence #2: Burger King’s beef are 100% pure and they flame-boils their burgers, while McDonald’s fries their beef. C) Evidence #3: McDonald’s cost slightly less than Burger King. IV) *Topic Sentence 3: Their commitment with the community is different. A) Evidence #1: McDonald’s has House Charities and they give away millions of dollars in scholarship, while Burger King’s commitment i s to provide good service and products to their clients. V) Conclusion McDonald's vs. Burger King â€Å"We see things not as they are, but as we are conditioned to see them† –Gandalf. Far from what we imagined, McDonald's and Burger King have huge differences.Most people perceive them just as the same fast food restaurant with different names. For this reason, â€Å"they create debates on which one of them is the superior restaurant† (Jeffrey’s blog, 2012, BK vs MC). Although, they have similarities, their differences become undeniable when we analyze deeply their advertising models, their food and their commitment to the community. An advertising model is the set of techniques that the companies use to call public attention to their products. Two of the best fast food restaurants in the world, McDonald’s and Burger King, invest a lot of money n their advertisements. Despite this, it’s quite remarkable that McDonald’s is smarter. When ever we hear golden arches, Ronald McDonald, Big Mac, or extra cheese we think about McDonalds. In contrast, what do we think about when we hear Burger King? Maybe some guy that appear in their commercials, but besides that, there is nothing startling about the advertising their use. Their food seems to be the same, but it isn’t. On one hand, McDonald’s hamburger weighs less and has only 9g of total fat, while Burger King’s hamburger has 12g and they have a saltier taste.On the other hand, Burger King’s beef are 100% pure and they flame-boils their burgers, while McDonald’s fries their beef. That’s why they taste different. Concern at cost, McDonald’s simple burger is lower at $0. 89 while Burger King’s has their simple burger at $0. 99. Their commitment to the community is also different. McDonald’s has House Charities since 1974, where they help thousands of parents stay by their sick children’s side. In additio n, they give away millions of dollars in scholarship to help people who can’t afford college. On the other hand, Burger King’s has some scholar program, which help poor families.However, their strong commitment is to provide good service and products to their clients and to make every Burger King restaurant a place where people love to go everyday. Even though McDonald’s and Burger King are really similar, they are also really different. They both try to have good advertising but McDonald’s is, most of the time, ahead. Their food seems to have the same condiments, but again, they are far away to be the same. They appear as the two most famous fast food restaurants around the world, but each one of them has their own techniques and secrets to be outstanding.McDonald’s, besides the service they offer, they help the community, and Burger King’s restaurants are commitment to be the best with their clients. Yes, they are fast food chains, they ar e famous, they are similar; but they also have huge differences in their food, advertisement, and the way they help the community. Reference: – (Jeffrey’s blog, 2012, BK vs MC). http://sites. cdnis. edu. hk/students/043135/2012/01/24/burger-king-vs-mcdonalds/ – http://www. burgerlad. com/2013/01/mcdonalds-limited-edition-big-tasty_4872. html – http://www. thesaleslion. com/reasons-mcdonalds-crushes-beats-burger-king-year/

Essay on Homosexuality and the American Baptist Church

Homosexuality in the Baptist Church: Homosexuality is one of the most debated issues among Christians today, regardless of the denomination of their church. Some churches view homosexuality as a sin and have no tolerance for it, while other denominations are more accepting and consider it a non-sin. Even though some denominations have taken a stand on homosexuality, there seems to much discord within the governing bodies of the churches regarding this issue. It has moved from a topic rarely discussed and considered very personal and private, to a mainstream topic of conversation. Although there has been a growing acceptance among certain Christian denominations regarding homosexuals, the American Baptist Church has remained firm in its†¦show more content†¦They also established a Commission on Human Sexuality Resources to provide clarification and guidance for a Christian understanding of God’s gift of sexuality. By June of 1992 the General Board of the American Baptist Church was being pressured by some of their member churches to accept the practice of homosexuality within their denomination. A resolution called â€Å"Homosexuality and the Church†, which identified Gods plan for the fulfillment of sexual union to be one man and one woman in heterosexual, monogamous, and lifelong marriage, was narrowly defeated. The resolution further stated that â€Å"the redeeming love of Christ† is available to practicing homosexuals as it is to all who turn to him in faith and repentance. Then a few months later, in October 1992, the General Board was again approached and was forced to vote regarding the issues of homosexuality in their church. They finally agreed to issue a one sentence standing that was called â€Å"American Baptist Resolution on Homosexuality†. The sentence briefly stated â€Å"We affirm that the practice of homosexuality is incompatible with Christian teaching.† This started the ball rolling and in June of 1993 the General Board next came up with another resolution that was called â€Å"American Baptist Resolution Calling for Dialogue on Human Sexuality†. That resolution states â€Å"that there exists a variety of understandings throughout our denomination on issues of human sexualityShow MoreRelatedThe Most Hated Family in America Essay examples1720 Words   |  7 PagesAmerica The topic of homosexuality has been a very hot topic over the past several decades. The term homosexuality can be defined as the â€Å"sexual desire or behavior towards a person or persons of one’s own sex† (â€Å"Homosexuality†). There are many people who either agree or disagree with the aspect of homosexuality, and there are others who are indifferent. 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