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Risk Management for Enterprises and Individuals

Etti Baranoff, Patrick Lee Brockett, and Yehuda Kahane
May 2009
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This textbook is suitable for the following courses: Risk Management and Insurance.

Risk Management for Enterprises and Individuals introduces one of the most critical topics of study for 21st century students. The authors discuss how man-made disasters can have the potential to devastate the global marketplace. The authors draw on core knowledge bases from law, engineering, finance, economics, medicine, psychology, accounting, mathematics, statistics and other fields to create a holistic decision-making framework that is sustainable and valuable to students.

  • Introductions to chapters with section links to highlight the relationships with between various concepts.
  • Presents insurance as a risk management solution.
  • Cases embedded within each chapter.
  • Discussion of ethical dilemmas.
  • Customizable.

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For exercises that need a little more explanation, our Solutions Manual will take you step by step through solving the problem and offer explanations on the answer.

Etti Baranoff Virginia Commonwealth University

Dr. Etti Baranoff is an Associate Professor of Insurance and Finance at Virginia Commonwealth University in Richmond VA teaching risk and insurance, employee benefits and financial risk management since 1995. From 2010 to 2016 she also served as an external research director for the Insurance and Finance Program of the Geneva Association, an Insurance Think Tank based in Switzerland. She served as an independent expert on all fundamental and theoretical work in the area of Insurance and Finance (IF) and was the editor of the Insurance and Finance Newsletter of the Geneva Association on issues regarding financial stability and international macro regulation of all sectors of the insurance industry relating to systemic risk and financial stability issues. Her Insurance work spans 40 years, 25 years in academia with publications in prominent journals, including The Journal of Risk and Insurance, The Journal of Banking and Finance, The Geneva Papers on Risk and Insurance, and American Journal of Accountable Care (AJAC), among others. She is currently on a few Journal’s editorial boards. Her current focus is on Blockchain and disruptions in insurance, health insurance utilizations and performance by specialty segments. Her financial stability research includes over 50 published articles in solvency detection of insurers, capital structure and market discipline.

Dr. Baranoff began her insurance career in 1978 when she joined American Founders Life Insurance Company in Austin, Texas as a Pension Administrator. She moved to doing market research. In 1982 she became a Texas insurance regulator when she joined the Texas State Board of Insurance (Changed later to the Texas department of Insurance – TDI) as a rate analyst and later changed to be a legislative researcher. After 12 years at TDI, she moved to the Texas Association of School Board while also working with her professor (the late) Dr. Robert C. Witt. In 1995 she joined VCU.

Dr. Baranoff is dedicated to her teaching and to improve the students’ understanding of the dynamic field of RMI. She is a former High School teacher in Israel with a teaching certificate credentials. Her first textbook Risk Management and Insurance was published in 2002 by Wiley & Sons. Her second co-authored textbook Risk Assessment was created for the ARM designation. In 2009 she completed a new version of the Wiley’s textbook with Drs. Patrick Brockett and Yehuda Kahane Risk Management for the Enterprise and Individuals published in 2009 by FlatWorld.

A multiple-time winner of the Research Paper Award from the International Insurance Society and the prestigious Thales Grant. She is a member of ARIA, FMA and other association. She became a life member of the prestigious Risk Theory Seminar in 2017. Dr. Baranoff consulted on various cases and is quoted by many of the media outlets in the US. She earned a PhD in Finance with minors in Risk Management and Statistics from the University of Texas at Austin in 1993. She has a BA in Economics and Statistics and a Teaching Certificate in Social Sciences from the University of Tel-Aviv.

Patrick Lee Brockett University of Texas at Austin

Dr. Patrick Brockett is the Director of the Risk Management and Insurance Program and holder of the Gus S. Wortham Memorial Chair in Risk Management and Insurance in McCombs School of Business at The University of Texas at Austin where he teaches full time in risk management and insurance. He holds joint appointments as a Professor in the departments of Finance, and Mathematics, and Information, Risk and Operations Research. He is a past President of The American Risk and Insurance Association. In addition, he is the former Director of the Actuarial Science Program and former Director of the Center for Cybernetic Studies in the Graduate School of Business. He is a Fellow of the Institute of Mathematical Statistics, the American Statistical Association, the Royal Statistical Society, the American Association for the Advancement of Science, the Institute for Risk Management and an Elected Member of the International Statistical Institute. He is also a member of the Western Risk and Insurance Association, the International Actuarial Association (ASTIN section), and the Casualty Actuarial Society (Academic Corresponding Member). Besides refereeing for numerous academic journals, he has published two books and over 125 journal articles. He is a former Editor of the Journal of Risk and Insurance, and is a member of the Honorary Advisory Board Member for the North American Actuarial Journal. His articles in risk management and insurance have won several awards from the American Risk and Insurance Association (for Best Feature Article and for Best Communication Article) and from the American Statistical Association (for the Most Outstanding Statistical Application paper), the Society of Actuaries (The Halmstad Prize for the most outstanding English language publication in actuarial science in the world), from the International Insurance Society (best paper award) from the Casualty Actuarial Society (for best paper on Casualty actuarial topics published in an ARIA journal) and from the Faculty of Actuaries of Scotland and the Institute of Actuaries in England (Brian Heys International Competition, 2nd Prize) . He has won teaching awards from the American Risk and Insurance Association and the Graduate School at The University of Texas. His research interests include formal and theoretical works on risk management topics as well as non-theoretical institutional or qualitative investigations into insurance contracts, ethics, and economics. He has served as an expert consultant to regulatory bodies, law firms, and businesses. Patrick L. Brockett received his Bachelor of Arts degree in Mathematics from California State University, Long Beach, and his M.A. and Ph.D. in Mathematics from the University of California, Irvine.

Yehuda Kahane Tel Aviv University

Dr. Kahane is active in both the academic and business areas. He is a professor of insurance and finance at Tel Aviv University. He founded and served as first dean for the Israel Academic School of Insurance. He served as Director of the Erhard Insurance Center, directed the Actuarial studies program, and coordinated the Executives Development Programs of Tel-Aviv University. He founded and directed the Chartered Life Underwriters CLU (Israel) Program. Dr. Kahane is a life and non-life actuary. He has served on the Israeli Insurance Council and on several government committees on a variety of insurance related topics. Dr. Kahane is among the most prolific researchers in insurance. He served as an associate editor of the leading journals on risk and insurance. He taught at the Hebrew University of Jerusalem, the University of the Negev, the University of Florida, the University of Toronto, the Wharton School of the University of Pennsylvania, the University of Texas at Austin. In addition, he presented a large number of courses around the world. Dr. Kahane also has a rich entrepreneurial experience. He is a co-initiator of the concept of "new" balanced pension funds, and co-founded the first fund in Israel (Teshura). He is a co-founder and director in Ituran Location and Control, traded on both Nasdaq (ITRN) and the major list of Tel Aviv Stock Exchange. He owns the Weizman High Tech Technological Incubator, and is a partner of Capital Point that owns two other technological incubators. In addition, he is involved in many voluntary activities and non profit organizations (e.g., Chairman of the Association of Blind People in Sharon District, Or Yarok, an association for prevention of traffic accident victims, The Association. for Delaying Age Related Processes, etc.).
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