Tuition Fees in British Universities Essay Example for Free

Tuition Fees in British Universities Essay Review   all   the   arguments   for   and   against   the   introduction   of   Tuition   Fees   for   entry   into   British   Universities   as   reported   in   the   media. Introduction British   higher   education   enjoyed   the   golden   days   of   70s   –   80s   when   the   generous   support   of   taxpayer   was   even   protected   from   the   intrusion   of   the   Government   by   the   autonomous   University   Grants   Committee.   During   this   period,   not   only   there   were   no   tuition   fees   but   there   was   also   a   generous   means-tested   mandatory   grants   enjoyed   by   most   of   the   students. However,   these   generous   facilities   could   not   be   maintained   since   the   beginnings   of   1980s   and   the   gradual   abolition   of   support   started   with   eliminating   the   overseas   students’   subsidies,   limitations   in   the   eligibility   for   general   social   welfare   grants   and   the   freezing   of   mandatory   grants.    Eventually   grants   were   totally   abolished   in   1997   and   were   replaced   by   loans.   (Johnstone,   2004)   The   Labour   party   represented   by   Mr   Charles   Clarke,   Secretary   of   State   for   Education,   proposed   legislation   for   top-up   fees   which   became   law   in   the   Higher   Education   Act   2004,   though   it   will   be   implemented   in   the   2006   –   2007   academic   year. Previously   the   undergraduate   fees   in   most   universities   were    £1,050.   However,   by   the   implementation   of   differential   fees   or   top-up   the   universities   will   be   able   to   charge   much   more.   According   to   the   Guardian   (2002)   â€Å"The   new   proposals   would   mean   that   universities   could   charge   nearer   the   real   cost   of   studying,   thought   to   be   an   average   of    £5,000   in   the   UK.   But   depending   on   the   institution,   department   and   course,   it   could   be   much   more.   More   loans   would   be   available   to   allow   students   to   pay   fees   up   front.† This   issue   has   been   debated   by   different   parties   and   is   still   facing   a   lot   of   opposition   despite   the   fact   that   it   is   meant   to   be   implemented   in   the   academic   year   2006   –   2007.   In   this   paper   I   am   going   to   study   the   arguments   for   and   against   under   the   following   headings: The Political   Debate Universities and   Students’   Point   of   View Conclusions The   Political   Debate The   Government’s   debate   for   top-up   tuition   fees   originates   from   describing   the   role   and   mission   of   universities   and   the   challenges   they   face   to   accomplish   their   goals.   Mr   Clarke   summarises   the   ambitions   that   the   Government   is   planning   to   achieve   by   the   proposal   in   his   white   paper   as: â€Å"First,   our   universities   have   to   make   better   progress   in   harnessing   our   knowledge   to   the   process   of   creating   wealth. And,   second,   they   have   to   extend   the   opportunities   of   higher   education   to   all   of   our   population,   irrespective   of   their   personal   and   economic   background†Ã‚   (Clark’s   White   Paper   Speech) Then   he   further   states   the   role   of   universities   nationally   in   adapting   to   the   changing   world   and   effecting   change   rather   than   being   affected   by   it. â€Å"In   short,   in   a   world   of   accelerating   change,   we   all   need   to   understand   that   our   societys   principal   weapon   in   ensuring   that   we   master   change,   rather   than   surrendering   to   it,   is   our   education   system,   and   principally   our   universities† Then   he   identifies   the   missions   of   the   universities:   â€Å"†¦Ã¢â‚¬ ¦Ã‚   are   research,   knowledge   transfer   and,   perhaps   most   important   of   all,   teaching†Ã‚   (Clarke,   White   Paper   Speech)   Then   he   describes   the   challenges   universities   face   to   achieve   these   missions   and   argues   for   an   ‘endowment’   device   as   the   best   solution   for   creating   ‘a   financial   regime’.   However,   this   will   take   a   long   time   before   it   becomes   a   reliable   resource.   Therefore   he   argues   for   the   short   term   funding   and   concludes: â€Å"As   countries   throughout   the   world   have   discovered,   requiring   students   to   contribute   to   the   cost   of   their   education   is   the   only   realistic   alternative.† The   Government’s   justification   is   that   this   is   only   fair   since   graduates   earn   double   the   earnings   of   non-graduates   and   therefore   should   contribute   to   the   system   producing   the   considerable   economic   benefits   they   will   enjoy   as   graduates.   It   is   also   pointed   out   that   the   taxpayer   will   rightly   make   a   comparison   and   ask   what   they   benefit   from   their   support   of   the   system. The   Secretary   of   State   for   Education   announced   the   details   of   the   Government’s   proposal,   which   can   be   summarised   in   the   following   points: Universities will   be   able   to   vary   fees   from    £0   to    £3,000      but   fees   can   vary   between   courses,   not   just   between Disadvantaged students   will   get   financial   support   to   study   what   they   want   when   they All students   will   also   protect   by   abolishing   up-front      This   means   no   student      or   their   family      has   to   find   tuition   fees   before   they   start   their   course. Students will   be   helped   further   by   increasing   the   student   loan   in   line   with   living      Students   shouldnt   have   to   rely   on   credit   cards   and   commercial   debt. The bursary   system   will   also   be   fair   on   both   students   and   the   universities,   who   will   use   some   of   their   extra   income   to   provide The   immediate   criticism   made   was   that   the   Labour   Party   effected   the   legislation   though   their   manifesto   promise   regarding   tuition   fees   reads:   â€Å"We   have   no   plans   to   introduce   University   top-up   fees,   and   have   legislated   to   prevent   their   introduction.   The   defensive   rebuttal   made   by   the   Labour   Party   is   that   the   legislation   will   not   take   effect   during   2001   –   2005   Parliament   which   angered   even   the   supporters   of   the   Labour   Party   who   did   not   like   this   mechanism   of   defence. On   the   other   hand,   the   Liberal   Democrats   Party   has   a   strong   counter   debate   based   on   a   number   of   points.   Firstly   they   think   that   top-up   fees   are   unfair   for   a   number   of   reasons: They claim   that   tuition   fees   widened   the   gap   between   social   classes   the   evidence   for   which   is   provided   by   the   independent   National   Audit   Office,   which   belongs   to   the      In   their   research   report   in   the   Student   Income   and   Expenditure   Survey   2002-2003   they   conclude   that   â€Å"The   social   class   gap   among   those   entering   higher   education   is   unacceptably   wide   and   has   widened. Tuition fees   have   been   a   strong   disincentive   for   access   to   higher   education;   and   now   with   the   top-up   fees   this   situation   will      In   fact,   this   is   the   conclusion   of   Professor   Claire   Callender   of   South   Bank   University   who   conducted   a   research   for   the   Government.   He   concludes:   Top-up   fees   of    £3000   will   put   even   more   poor   students   off   university. The poorest   students   are   affected   most   of   all   by   the   debt      This   is   evidential   in   the   Student   Income   and   Expenditure   Survey   which   reports   that   in   2002-2003,   the   poorest   students   affected   by   the   burden   of   debt   were   43%   more   than   the   rich   students.   More   evidences   were   provided   by   Barclay   in   a   survey   conducted   in   2004   (Annual   Survey   of   Expected   Student   Debt)   which   revealed   that   the   projected   average   debt   on   graduation   is    £12,069   (up   10%   on   the   previous   year).   Barclays   surveys   also   predicted   that   debt   on   graduation   will   triple   by   2010,   to    £33,708. Another point   indicating   social   classes   gap   is   the   fact   that   poor   students   take   longer   hours   of   paid      Statistics   of   Students   Income   and   Expenditure   Survey   of   2002-2003   report   that   58%   of   students   took   paid   work   during   term   time   while   this   was   47%   in   the   survey   of   1998-1999.   This   situation   is   particularly   bad   for   students   on   longer   courses,   e.g.   medical   students According to   their   ‘Sign   the   Petition’   article   titled   â€Å"Scrap   Tuition   Fees   and   Top-up   Fees†Ã‚   the   repayment   system   is   also      In   their   own   words: â€Å"The   post-graduation   repayment   system   will   impose   what   amounts   to   a   very   high   marginal   rate   of   income   tax   (higher   than   the   rate   paid   by   a   millionaire)   on   those   least   able   to   pay      young   graduates   just   out   of   college   and   those   working   in   lower   paid   jobs   in   the   public   services   and   voluntary   sector   (disproportionately   women   and   from   the   ethnic   minorities).   The   House   of   Commons   Library   concludes   that   graduates   earning   as   low   as    £35,115   are   already   paying   a   marginal   tax   rate   of   50%,   as   they   pay   off   their   student   loans.   They   will   be   doing   so   for   a   great   deal   longer   to   pay   off   much   greater   debts   if   top-up   fees   are   introduced   as   the   Government   proposes.   The   Library   figures   also   reveal   that   graduates   earning   as   little   as    £15,000   will   pay   a   marginal   tax   rate   of   42%,   more   than   the   current   marginal   rate   for   the   very   highest   earners.† Secondly,   the   Liberal   Democrats   claim   that   top-up   fees   will   not   solve   the   funding   problem.   While   there   is   no   question   that   universities   need   money,   the   important   question   is   where   this   money   should   come   from.   The   Government’s   argument   in   support   of   top-up   fees   is   that   it   will   create   â€Å"a   more   sustainable   funding   regime†,   the   same   justification   of   for   tuition   fees   which   did   not   sort   out   the   funding   problem   for   universities.   Similar   results   are   expected   with   top-up   fees. Top-up   fees   will   not   solve   the   funding   problem:   Everybody   agrees   that   universities   need   more   money.   The   question   is,   where   should   the   money   come   from?   The   Government   says   that   top-up   fees   are   needed   in   order   to   create   a   more   sustainable   funding   regime.   But   exactly   the   same   argument   was   used   to   justify   tuition   fees.   Instead,   funding   per   student   by   the   taxpayer   was   cut   during   Labours   first   term   in   office   and   tuition   fees   merely   plugged   the   gap,   leaving   universities   no   better   off.   The   same   is   likely   to   happen   with   top-up   fees. Thirdly   the   Liberal   Democrats   believe   that   the   Government’s   scheme   is   inefficient. â€Å"The   Government   is   switching   from   up-front   fees   to   post-graduation   repayment   via   the   student   loan   system.   The   cost   to   the   taxpayer   of   financing   this   debt   will   be   substantial.   The   Explanatory   Notes   published   alongside   the   Higher   Education   Bill   indicate   that,   in   order   to   raise    £1   billion   for   universities   in   top-up   fees   income,   the   cost   to   the   taxpayer   will   be   in   the   region   of    £445   million†Ã‚   (Scrap   the   Tuition   Fees   article). Finally   the   liberal   Democrats   are   of   the   opinion   that   education   should   be   free   and   nobody   should   be   denied   access   to   learning   because   of   their   financial   abilities.   This   cannot   be   achieved   unless   tuition   is   free. The   Liberal   Democrats   are   challenged   by   a   valid   question:   What   would   you   do?   They   promise   that   they   would   abolish   all   tuition   fees.   In   other   words   they   would   cancel   the   present    £1125   and   make   sure   that   no   other   charge   will   be   considered. In   addition   they   would   assist   the   low-income   students   by   reintroducing   maintenance   grants   to   meet   living   costs   and   restore   the   students’   right   to   housing   and   unemployment   benefits   during   summer.   The   assistance   will   not   be   limited   to   students   it   will   also   be   extended   to   universities   by   providing   more   resources   that   will   enable   them   to   recruit   and   retain   good   staff   and   improve   the   quality   of   services   in   terms   of   buildings   and   libraries   etc.   A   more   ambitious   resolution   is   the   following: â€Å"Develop   a   21st   century   higher   education   system   which   would   bring   together   universities,   further   education   and   e-learning,   open   up   routes   to   technical   and   vocational   as   well   as   academic   qualifications   and   make   it   easier   for   those   who   wish   to   study   part-time†Ã‚   (Scrap   Tuition   Fees   article† However,   how   is   this   going   to   be   achieved?   The   Liberal   Democrats   say   that   these   commitments   can   be   funded   by   their   proposed   50%   income   tax   for   those   who   earn   more   than    £100,000.   Whether   this   would   be   sufficient   or   not   is   another   question   to   be   answered. Universities   and   Students’   Point   of   View Universities   UK,   a   body   representing   vice-chancellors,   is   of   the   opinion   that   the   Education   Bill   (which   is   now   a   law)   is   necessary   and   fair.   (Brown,   2003)   Brown   emphasises   the   need   for   increased   funding   for   university   teaching,   which   had   been   reduced   over   the   last   two   decades   resulting   in   universities   facing   difficulties   to   achieve   their   main   goals.   He   asserts   that   â€Å"we   risk   losing   our   international   reputation   for   the   quality   and   effectiveness   of   our   higher   education   system.† Another   Universities   UK   authority   asked   to   comment   by   the   BBC   News   commented   as   follows: â€Å"Lets   look   at   what   is   actually   being   proposed   in   the   UK.   The   package   here   offers   students   no   up-front   fees,   loan   forgiveness   at   25   years,   no   real   rate   of   interest,   a   generous   grant   and   bursary   system   and   a   cap   on   the   fee   itself.   By   these   means,   the   UK   scheme   seeks   to   avoid   the   problems   which   others   have   found   elsewhere.   What   is   being   proposed   in   the   UK   will   ensure   that   the   poorest   students   will   be   better   off   while   studying   under   these   arrangements   than   they   are   now      and   they   are   also   effectively   indemnified   against   low   earnings   after   graduation.† Therefore,   we   can   conclude   that   universities   support   the   Government’s   proposal   and   see   it   as   the   most   appropriate   solution.   Brown   in   his   articles   dismissed   the   counter   argument   of   the   Conservatives   and   concluded   that   the   Government’s   proposal   is   fair   and   offers   a   sustainable   solution: â€Å"Universities   are   asking   for   a   major   increase   in   funding,   partly   from   public   funds   and   partly   from   individuals.   Given   the   scale   of   the   funding   gap,   Universities   UK   thinks   it’s   fair   to   ask   those   who   benefit   most   from   higher   education   –   graduates   –   to   contribute   proportionally   more   to   its   costs.   While   the   higher   earnings   of   graduates   mean   that   the   majority   of   UK   taxpayers   who   earn   over    £100,000   have   benefited   from   higher   education,   a   significant   proportion   of   this   group   have   not.   We   therefore   consider   this   solution   to   be   a   relatively   poorly   targeted   way   of   raising   the   necessary   money,   compared   with   the   form   of   progressive   taxation   offered   by   the   Government   proposals   which   targets   only   those   who   have   been   to   university.† On   the   other   hand,   students   represented   by   National   Union   of   Students,   seem   to   be   against   the   to-up   fees   scheme   and   are   pointing   out   the   fall   in   applications   for   universities   which   they   describe   as   â€Å"extremely   worrying†.   In   the   words   of   NUS   president   Kat   Fletcher,   â€Å"The   drop   in   applications   is   extremely   worrying,   and   suggests   that   top-up   fees   and   the   debt   they   represent   are   deterring   potential   students. According   to   Mandy   Telford,   National   Union   of   Students   president: â€Å"If   top-up   fees   come   in,   then   more   and   more   students   will   be   forced   to   choose   their   course   based   on   its   cost   and   therefore   put   themselves   at   a   disadvantage   before   they   even   graduate.   Increased   fees   will   mean   some   employers   will   look   at   the   cost   of   a   course   rather   than   a   graduates   ability.   Furthermore,   if   the   Government   does   not   provide   a   decent   student   funding   package,   then   those   students   forced   to   work   long   hours   in   paid   work   will   be   unable   to   get   involved   in   CV-enhancing   extra-curricular   activities.   This   will   further   widen   the   gulf   between   the   haves   and   have-nots   on   campus   and   after   grad uation.† It   is   obvious   that   the   students   are   against   the   scheme   and   are   worried   about   consequences   they   portrait   whether   they   are   actual   or   assumed   ones. Conclusions It   is   definite   that   the   scheme   proposed   by   the   Government   is   facing   a   lot   of   opposition   mainly   from   obviously   the   Liberal   Democrats,   the   UK’s   well   organized   National   Student   Unions,   the   Labour   Party’s   vocal   political   left.   This   is   so   despite   the   fact   that   some   parts   of   the   Government’s   proposal   seem   fair   and   plausible. It   would   have   been   in   the   interest   of   all   parties   concerned   to   remove   the   issue   from   the   political   agenda   and   refer   it   to   professionals   to   study   and   recommend   feasible   solutions. References Johnstone, D. Bruce (2004) – Fear and Loathing of Tuition Fees: An American Perspective on Higher Education Finance in the UK – downloaded on 12 December from: http://www.gse.buffalo.edu/org/inthigheredfinance/Publications/Fear%20and%20Loathing%20of%20Tuition%20Fees%20PDF.pdf Liberal Democrats (scraptuitionfees.com) – Why do the Liberal Democrats oppose tuition fees and to-up fees? – downloaded on 11 December 2006 from: http://www.scraptuitionfees.com/pages/Why.phtml Wikipedia, the free encyclopaedia – Top-up fees – downloaded on 11 December 2006 from: http://en.wikipedia.org/wiki/Top-up_fees Curtis, Polly – Clarke comes out fighting over fees -Guardian Unlimited (November 26 2003) – downloaded on 11 December 2006 from: http://politics.guardian.co.uk/queensspeech2003/story/0,13994,1093724,00.html Newspaper Article Students Want Top-Up Fees Looked at as Applications Fall The Birmingham Post February 16, 2006. Newspaper Article – Charles Clarke’s statement to the Commons – Guardian Unlimited (January 22 2003) – downloaded on 11 December 2006 from: http://education.guardian.co.uk/specialreports/tuitionfees/story/0,,880051,00.html Nigel Brown (2003) – What’s it worth? The case for variable graduate contributions: A report for Universities UK – Universities UK BBC News Viewpoints: Tuition fees – downloaded on 11 December 2006 from: http://news.bbc.co.uk/1/hi/education/3583401.stm Webb, Steve –Liberal Democrat MP (11 August 2003) – Current Features: Top-up Fees Cause Universal Concern – downloaded on 11 December 2006 from: http://www.libdems.org.uk/parliament/feature.html?id=5133navPage=features.html Guardian Unlimited (November 26 2003) – Paying the price in education – downloaded on 11 December 2006 from: http://education.guardian.co.uk/students/tuitionfees/story/0,12757,1093673,00.html Sing Gill, Parmjit MP (25 January 2005) – Adjournment Debate: University top-up and tuition fees – downloaded on 11 December 2006 fro: http://www.universitiesuk.ac.uk/parliament/showBriefing.asp?id=20

A Reflection Upon My Writing Essay -- Reflection Essay

â€Å"As a student, I write for multiple purposes. Purpose is the key for how my thoughts are dictated on this blank white sheet.† After writing this in my in-class journal discussing my transition from five-paragraph writing to actual formation of thoughts without a specific format, I realized that this process was a larger undertaking than I originally thought. Through endless amounts of essay writing the personal academic improvements that have taken place this quarter are indescribable in comparison to any other academic feat made in my brief but fulfilling college career. As a writer, I realized coming into college that my writing was not necessarily bad by any means, but instead extremely uninteresting. After leaving the public secondary education system, I though that I had a strong foundation in writing, which I did, but it did not hit me until my first week of my writing class that I was a â€Å"formulaic† writer. I would follow the typical five paragraph essay format that I had been given since eighth grade and wring it out until it was dry. After getting every last drop of the benefits of a typical five paragraph essay, I panicked after stepping into college and thought that my writing process would only have to change by suspending my thoughts over time and sentences, allowing single thoughts to melt onto the page line after line. For some reason, I thought that I could distract my professors from my weakness, but this ploy eventually ruined me, and if anything, this suspension of my thought did nothing but accentuate my faults. As a serious academic, admitting defeat was hard, but I needed to bite the bullet and ask for assistance. After coming into my writing class and attending my first peer editing workshop, I felt li... ... about a reflection of a moment of our lives? The redundant nature of the writing began to get to me. You would think that the same prompt of â€Å"reflection† would make me care less about the assignments, but instead I would worry more about keeping my writing fresh and exciting. If anything, I felt like my writing was part of the film Inception. Instead of a dream, within a dream, within a dream, I had an essay, about an essay, within an essay. Through the duration of this writing course and the work put in academically, I feel the growth illuminating the keystrokes as I type this essay. I feel as though I am able to tackle more complex prompts and allow myself to stay much more open minded through the academic writing process. As I learn more styles of writing and continue to gain experience as an author and an academic, the process will only be that much easier.

Case Study: Coke India

Please read it carefully and weigh the important of the information as you try to advise Coke Indian's President, Sansei Guppy. Organizing your paper – use these steps to complete your paper. The requirements include a number of â€Å"worksheets† designed to help you write a great case. The worksheets should be attached to the end of the case. Worksheets: The case ends on page 13 (before the extra and supporting material) with a series of decisions that Coke India President Sansei Guppy needs to make.First, putting yourself in President Septa's shoes, identify the key decisions that he needs to make and make a list. What basic choices are possible? Attach it to your completed paper. Next, create a stakeholders analysis Identifying the parties who have an Interest In this case. Evaluate whether you need to add or subtract from this list. Attach it to your completed paper. (See â€Å"How to Construct a Stakeholder Analysis†) Case Analysis: Examine your â€Å"decis ion list† and analyze your decision options from an ethical standpoint.Keep the stakeholders In mind. Apply each of the three perspectives for making an ethical decision featured In the Decked chapter and the class readings: utilitarianism, profit minimization, and universalism. You are free to apply additional decision-making models from the Decked chapter. Indicate what each of the three perspectives you would choose as the ethical course of action and why. Utilitarian Analysis: Following the Instructions provided in the handout â€Å"How to construct a utilitarian stakeholder analysis. Please make sure you use the lists of stakeholders and decisions to check your work to make sure you are thorough. Attach the utilitarian analysis to your completed paper. Support your reasoning by using any of the appropriate readings, from honesty and integrity to corporate social responsibility ideas from Friedman, Stout and Ma (as irruption to be useful. [When in doubt, Just look at the course calendar] Decisions and Conclusions: Clearly indicate final decision(s) that you would make, and the degree to which each decision is consistent with each ethical perspective.Be as detailed in possible in describing the decision(s) you would make and/or the action(s) you would take. If one or more of the perspectives disagrees with your decision, indicate why you do not choose to follow the guidance of that perspective(s). State what is wrong with the perspective for you, either in the context of the decision, ND/or simply for you as the decision maker. Again, back up your reasoning don't Just state your opinion or hope I will guess what you are referring to – try using the PAP citation method, such as: (Friedman, p. 9) Length: Approximately 4-6 double-spaced pages, 12-point font and I-inch margins. It will be difficult to present an analysis of sufficient depth in less than 4 pages. The upload link allows for you to upload your essay as an attachment. Please do not cu t and paste it into the Submission part of the form. Your grade will be based on the Analysis Paper Rubric provided with the Course Expectations and the Course Calendar. In short: Analytical rigor: depth and complexity in analysis using class readings. To get good grade on this paper (I. . , A or B), you need to apply the ethical perspectives (I. E. , utilitarianism, profit minimization, universalism) in depth. This will require a thorough understanding of the ethical perspectives. If after reviewing the assigned readings (especially the Decked chapter) you do not feel you possess this depth of understanding, you should contact me so that we can go over the ethical perspectives to enhance your understanding. Proofreading and Writing: spelling, grammar, sentence construction as well as clarity, and cohesion.

Louisa May Alcott in My Contraband Essay - 1725 Words

Louisa May Alcott in My Contraband Louisa May Alcott is an American Novelist best known as the author of the novel â€Å"Little Women†. Louisa was born in November 1982, grew up in Germantown- Washington D.C and was known to be an abolitionist, feminist and also a naturalist. Being a naturalist meant that she believed that nothing existed beyond the natural earth i.e. no such thing as spirituality or the supernatural. Her family suffered from financial difficulties and so Alcott had to work to support her family in an early age. She penned the story â€Å"My Contraband† (1869) which was formerly known as â€Å"The Brothers† (1863). Contraband was a black slave who escaped to or was brought within union lines (Alcott 759). In â€Å"My Contraband†, Louisa†¦show more content†¦Half amazed; but I was satisfied, and said no more† (Alcott 769). The sad thing is he took Lucy away forcefully, but not because he loved her, he just wanted to be wicked to Robert. From every indication he did not need her or love her, but all he was interested in was destroying Robert’s life. More to that, there is one last wicked act Marster Ned commits at the end of the story: Robert’s friend narrates to Miss Dane how Robert died, he said Marster Ned and Robert went at each other at the war front and he saw Marster Ned get the sword straight through Robert (Alcott 771). From the quotes above, one can deduce that Marster Ned was a forceful and brutal beast. He did not care or have feelings for how the other party felt. This kind of treatment despite being horrible and brutal, depicts the actual social treatment towards minorities. Apart from just the antagonist’s behaviors, there is much passion in the text. Another characteristic the author uses to portray the racial discrimination during this era was Passion. The author uses passion to show that despite the treatment towards Robert he was no less of a human. Passion was as evident throughout our text as our narrator narrates both on her side and Robert’s. From her words â€Å"Feeling decidedly more interest in the black man than in the white, I glanced furtively at him as I scattered chloride of lime. I had seen much contraband, butShow MoreRelated`` My Contraband `` By Louisa May Alcott1850 Words   |  8 PagesLouisa May Alcott’s â€Å"My Contraband† explores the controversial aspects of gender roles, interracial relationships, sexual desires, and political imagination during the climax of the American Civil War. Alcott’s viewpoint and argument is framed by utilizing main characters that would have been considered stereotypically inferior peoples at the time: Faith Dane (a female nurse) and Robert (a mixed â€Å"mulatto† and freed slave). The author daringly challenges views held by a majority of the U.S. populationRead MoreLittle Women, By Louisa May Alcott866 Words   |  4 PagesLouisa May Alcott was born and raised in Massachusetts from a financially struggling family, which will soon change due to Louisa’s writing talents. Louisa was homeschooled the majority of her childhood, which sparked her writing career. Many of her life experiences influenced her writing but the main one, that got her started, was her father, Amos Bronson Alcott, a philosopher and teacher. As she grew older, she befriended abolitionists, she soon becomes a part of, which greatly influence her laterRead MoreWomen Of The Civil War1329 Words   |  6 Pageshardships. Women were forced to continue their work load while taking on the responsibilities of husbands, fathers, and sons. Union troops often took the male slaves leaving women and children to fend for themselves. Many were f orced to live in â€Å"contraband camps† that were overly crowded. Shelter was not sufficient, needed supplies were not available, and abuse was often experienced from the soldiers. Women and children were often given the opportunity to learn to read and write. In addition, schools

Performance Enhancing Drugs For Athletes - 2365 Words

Many people may not know what performance enhancing drugs, or PED are and what they have to do with athletes. When people talk about performing enhancing drugs, they assume that they are steroids or some type of human growth hormone (HGH). However, a performance enhancing drug is anything that is taken by an athlete to improve their skills. Performing enhancing drugs mostly refers to anabolic steroid use in sports by either professionals or amateur athletes. People all over the world use performing enhancing drugs. Starting from high school, college,and even to professional careers, the evolution of enhancing drugs has made a difference in the athletic world to this day. Performing enhancing drugs, should not be allowed in sports because they have serious long term health effects, they provide players with unfair advantages, and they lead to athletes serving as poor role models for fans and future players. The most common PED used by athletes and in general are creatine, precursors, and anabolic steroids. According to the Mayo Clinic, creatine is used to improve performance during a high-intensity burst of activity and increase muscles mass and strength. Even though it has high burst of activity in working out the muscles, athletes commonly use these in track for the extra boost in the starting the run, but receive muscle strain as the side effect. Additionally, Steroid precursors such as androstenedione (andro) and dehydroepiandrosterone (DHEA) are substances that theShow MoreRelatedAthletes And Performance Enhancing Drugs1438 Words   |  6 PagesAthletes of all ages are always looking for that extra edge to excel in their sport. Living in a world filled with competition, this could be a challenge for certain athletes who want to progress and get to the next level. Many athletes have a strong desire for recognition and fame. Unfortunately, that makes some athletes who are determined to win at any cost, motivated to experiment with illegal substances even knowing the consequences. Being in sports that require significant strength and enduranceRead MorePerformance-enhancing Drugs and Athletes674 Words   |  3 Pagesadvance form of improving the ability of athletes is known as doping. Doping are performance-enhancing drugs which are used in sports. The uses of these drugs are considered to be unethical as it gives competitors an unfair advantage. Sports is seen as an activity based on full ethics and complete discipline. With the invention of performance-enhancing drugs in sports, it gives athletes a greater opportunity of cheating. There are many different types of drugs however the most common ones that areRead MoreThe Effects of Performance Enhancing Drugs on Athletes996 Words   |  4 PagesEffects of Performance Enhancing Drugs on Athletes The risks of taking performance -enhancing drugs to improve an athletes’ performance outweighs the benefits. Along with the fact that all performance-enhancing drugs are illegal to use in sports, there are also serious side effects and addiction risks to the drugs. Athletes may choose from a variety of drugs and each may achieve different benefits. However, most of the time, athletes are uneducated in their decision to take the drugs, which canRead MoreElite Athletes and Performance Enhancing Drugs1817 Words   |  7 PagesElite Athletes: An Asset or Liability to Sports? Many elite athletes are under great pressure to perform exceptionally well they often times resort to using performance-enhancing drugs to stay competitive. The path to success as an athlete is not an easy track; it is fierce! The fame and the fortune one can attain from being an athlete is only unimaginable to some; it is something worth going the extra mile to reach, for some, there is no limit to the extra mile. After all, in today’s society theRead MoreShould Athletes Be Performance Enhancing Drugs?2325 Words   |  10 Pagesaccurate. However, to test all adolescent athletes in Australia for performance enhancing drugs solely on the bases of an opinion is highly ineffective and time consuming, as there are other ways to combat the problem. To determine if junior athletes are taking performance enhancing drugs, there are a number of questions that need to be looked into. These include: which athletes are taking performance enhancing drugs, how often do they take them, how many athletes take them, which sports are the mostRead MorePerformance Enhancing Drugs Among Athletes Essay944 Words   |  4 PagesSince the dawn of the twenty-first century, performance enhancing drugs have become a religious practice in â€Å"the lives of some sport figures.† The use of these supplements have given the user an edge, an edge to perform at maximum capability. Most major athletes all agree on the fact that the competitive determination to win is intense. Despite all, most athletes have high hopes of either winning a medal, a full ride college scholarship or the once in a lifetime opportunity to play for a professionalRead MoreEssay on Performance Enhancing Drugs Among Athletes935 Words   |  4 PagesSince the dawn of the twen ty-first century, performance enhancing drugs have become a religious practice in â€Å"the lives of some sport figures.† The use of these supplements have given athletes an edge to perform at maximum capability. Most major athletes all agree on the fact that the competitive drive is intensely fierce. Despite all, most athletes have high hopes of attaining prestigious awards, a full ride college scholarship or the once in a lifetime opportunity to play for a professional teamRead MoreAthletes Should Use Performance Enhancing Drugs941 Words   |  4 Pagesstar athlete on any team of your choosing? Therefore, this is one of the reasons why I think steroids should be able to be used for anything of the professional athletes choosing.. Due to the amount of people using performance enhancing drugs in pro sports today, most people when they hear â€Å"Steroids† they think of huge men or women with big bulging muscles. Steroids have been used throughout sports in every way i n almost every sport. I think that the professional athletes that use performance enhancingRead MoreShould Athletes Use Performance Enhancing Drugs?935 Words   |  4 Pages PED users in sports Everyone wants to win and everyone loves a winner. Athletes are a competitive group and if you are good enough to get into professional sports, you can achieve fame and fortune would you cheat to accomplish? This is the question that many athletes have to answer? What do I mean by cheating? I mean the use of performance enhancing drugs. How many records were made and broken by athletes that used these enhancements. â€Å"According to Marvin Olasky â€Å"Baseball needs to putRead MorePerformance Enhancing Drugs Affects on Athletes Essay480 Words   |  2 Pagesresearch paper is performance enhancing drugs. My research is the affects of performance enhancing drugs on athletes and how it affects society. The stakeholders for the research paper are the professional athlete, the college athlete, governing bodies and the fan. The effects of drug use on the professional athlete can cost them their career and also their lives. The college athlete wants to become the fastest or the biggest and nevertheless don’t view performance enhancing drugs as dangerous.

The Elementary And Secondary Education Act - 852 Words

The Elementary and Secondary Education Act (ESEA), brain child of President Johnson, was passed in 1965. ESEA was intended to mitigate disparities in access to quality academic services and learning outcomes endured by underprivileged and minority students by federally funding schools serving their communities. ESEA, later revised as No Child Left Behind, was to be one element in a larger reform agenda focused on urban redevelopment, vocational training and â€Å"EDUCATION AND HEALTH† (Thomas Brady, 2005). In his 1965 State of the Union, Johnson proclaimed, â€Å"No longer will we tolerate widespread involuntary idleness, unnecessary human hardship and misery, the impoverishment of whole areas†¦ † Nevertheless, this intractable problem remains, as illustrated by recent National Assessment of Educational Progress findings: 50% of Latinos, 53% of Native Americans 62% of Black 12th-graders, scored below grade level in Civics (NCES, 2011). The average 8th grader eligible for free/reduced price lunches, scored 20% lower on music visual arts tests than their ineligible peers (Keiper, Sandene, Persky, Kuang, 2009). The average 8th 12th grade non-Asian Pacific Islander minority student’s math reading scores lagged 20 to 30 points or approx. two grade levels behind their white counterparts, unchanged from 1992 (Aud, Hussar, Kena, Bianco, Frohlich, Kemp, Tahan, 2011). From 1992 to 2009, the rate of 12th graders reading at or above Proficient Basic levels respectivelyShow MoreRelatedThe Elementary And Secondary Education Act1526 Words   |  7 PagesThe The Elementary and Secondary Education Act (ESEA), was revamped in 2001 as the No Child Left Behind Act (NCLB). Due to the time period of the inception and now, there is a pressing need for reform. Even when the law expired four years ago, Congress continued to update the out of date NCLB Act was never seriously considered by the House Committee on Education and the Workforce until now. Since the Republicans assumed control of the House of Representatives, they have created and passed a seriesRead MoreThe Elementary and Secondary Education Act 732 Words   |  3 PagesThe Elementary and Secondary Education Act (ESEA) of 1965 was a part of the Great Society program which sent funding to primary and secondary schools, this act was enacted to hold schools responsible and to improve equality in education on a national level. This act targeted low-income families, specifically migrant and English limited families. Part of the ESEA was an attempt to close the gap which had been furthered by race and poverty, in order to improve the education of these students and theirRead MoreThe Reauthorization Of The Elementary And Secondary Education Act948 Words   |  4 Pages Every Student Succeeds Act was a new law that was signed into legislation in 2015 by President Barak Obama. ESSA is a biparty educational reform law was designed from several aspects of No Child Left Behind. The United States Department of Education (2015) stated that ESSA focuses on factors such as, advancing equity for the nations disadvantaged students by investing more in preschool programs, local innovations, reporting student progress on all high stakes assessmentsRead MoreEducation Reform For The Elementary And Secondary Education Act877 Words   |  4 Pageshistory of education there has been many education reforms. According to Enrique Pena Nieto â€Å"Education reform has as its main purpose to make sure that the education delivered is of quality† ( (2015 BrainyQuote INC, 2015). Whether it be for primary and secondary students, higher education, low-income students, or teachers, there is always an improvement that can be made for the better. A comparison of educati on reforms that reveals some of the positive, negative, and needed changes in education. One ofRead MoreFederal Elementary And Secondary Education Act Essay719 Words   |  3 PagesAfter the report, A Nation at Risk (1983), the federal Elementary and Secondary Education Act (ESEA) of 1965 was reauthorized in 2001 as the No Child Left Behind (NCLB) Act (U.S. Department of Education, 2001). This reauthorization was a call to attain educational equality for all American students and to lessen the achievement gaps between and among ethnicity groups, children of poverty, and disabled populations (U.S. Department of Education, 2001). Additionally, because of this increased scrutinyRead MoreInclusion Of The Elementary And Secondary Education Act869 Words   |  4 PagesInclusion in education is when children with and without disabilities participate and learn together in the same class. One law that provides rights to students is the Individuals with Disabilities Education Improvement Act of 2004, which is a law guaranteeing special education services to all children with disabilities in the United States. Then there is the No Child Left Behind Act of 2001, which is a† United States Act of Congress that is a reauthorization of the Elementary and Secondary Education ActRead MoreElementary And Secondary Education Act Of 20011735 Words   |  7 PagesBy: Patrice Murphy English 122 Instructor: Stephen Rogers 8/18/2014 The current version of the â€Å"Elementary and Secondary Education Act of 2001† is â€Å"The NO Child Left Behind Act of 2001†. Which supports â€Å"standard-base† education reform, each state is responsible for developing assessments in basic skills and standards. The Federal Government’s plays a part over seeing in annual testing, annual academic progress, report cards, teacher qualifications, and funding changes. ThisRead MoreElementary And Secondary Education Act Waiver Application1380 Words   |  6 PagesVirginia’s approved Elementary and Secondary Education Act waiver application, schools must meet increasing targets — referred to as Annual Measurable Objectives (AMOs) — in reading and mathematics for all students, three â€Å"Proficiency Gap Groups,† and other subgroups in order to meet federal accountability requirements† (Virginia Department of Education, 2015b, p. 1). AMO’s are not available for scienc e; however, scores can be compared with the division and the state. Newsome Park Elementary School has aRead MoreThe Elementary And Secondary Education Act And The No Child Left Behind Act1335 Words   |  6 PagesEvery Student Succeeds Act (ESSA) was enacted into law on December 10, 2015 by former President Barack Obama. This law replaced the No Child Left Behind Act of 2001 that President George W. Bush passed into law during his presidency. The No Child Left Behind Act (NCLB) replaced the Elementary and Secondary Education Act of 1965 which was passed by Lyndon Johnson. The ESSA â€Å"reauthorizes the 50-year-old Elementary and Secondary Education Act (ESEA), the nation’s national education law and longstandingRead MoreBilingual Student Sector Of The Elementary And Secondary Education Act Of 1965871 Words   |  4 Pagesstudent sector of our education system. The most impactful legislation, I believe, that was a vital toward helping this sector, was Title VII of the Ele mentary and Secondary Education Act of 1965, signed into law on January 2, 1968 by President Lyndon Johnson. As a formal teacher, President Johnson was an avid believer in equal opportunities for those children of low-income families, of which many of the EL students were. Title VII I of the Elementary and Secondary Education Act of 1965 â€Å"promot[ed]

Challenges and Opportunities of the Global Insurance Industry Free Essays

string(99) " of valuation could open up cost – savings in areas like data, modelling and reconciliation\." Introduction The global insurance industry seems to have escaped the worst of the financial crisis in comparison to other financial institutions. Day to day business has been relatively unaffected but the area that gave the most cause for concern has arisen from exposures to risky financial instruments. â€Å"The Reactions Magazine’s Global Insurance Conference 2009† was held in Swissotel, Zurich, Switzerland. We will write a custom essay sample on Challenges and Opportunities of the Global Insurance Industry or any similar topic only for you Order Now At this conference the financial services industry tried to re set itself following the worst crisis for years. (www. euromoneyseminars. com). Insurance is an established industry. Like other companies insurance is facing increased competition from global players. It has been difficult for insurers to accomplish profitable growth, so they need to improve this. They will need to adopt new advanced approaches to expand their distribution networks. This essay is divided into two sections. The first talks about the types of risks that are present in the global insurance industry. I will take each of these points and discuss them in detail: growth, governance and risk management, market reporting, mergers and acquisitions, human capital and lastly compliance and regulation. The second section looks at the opportunities that are available to the global insurance industry within the next twelve to twenty – four months. They include: disaster modelling, disaster planning, managing the industry’s reputation, grow globally, innovative products and delivery and Focus on readdressing product and distribution strategies. The insurance industry is always looking for new opportunities in different services and geographies. To take advantage of these opportunities insurance companies need to re-examine their strategies and be prepared to drive basic changes in the way they work. The primary function of insurance is to act as a risk transfer mechanism. The basic principle of insurance is that the losses of the few are paid by the many. Its underlying purpose is to provide protection against the risk of financial loss, thus giving peace of mind to the policyholders. † (www. peerpapers. com) Challenges are getting bigger for insurers as an increas e in pressure for bigger profit margins. This means taking a hard look at reducing costs and top line revenue growth. Making a profit is due to the ability to accurately assess risk and look after customer relationships over time in order to get financial success. I am going to look at the following six challenges. 1. 1 Growth After a spell of cost cutting and readjustment, insurers are again moving up a gear and trying to strive for managed growth. While growth is valued by investors, it is hard to find in the fairly mature insurance industry. To be successful in the future companies will need to create and design new products and services, cross – sell more effectively, strengthen their ties with brokers and agents and avail of any opportunities presented by emerging markets such as China and India. (www. pwc. com). Further demand for pensions and health insurance is likely to rise in the Western world as the population ages and lives to enjoy a longer retirement. Costs will remain critical however to meet the ever exacting demands of today’s customers is liable to be the main point of contention. There are new openings from the increasing wealth of customers in new markets e. g. China. As their insurance industry is one of the fastest growing in the world with GDP at 3. 2% and the end of December 2008, they stand far behind the global average of insurance industry which stands at 7%. www. lloyds. com) Saturation of insurance markets in the developed world has made the Indian market more attractive for international insurers according to â€Å"Booming Insurance Market in India (2008-2011)†. This is due to its huge population base and large untapped market. (www. newsblaze. com) 1. 2 Governance and Risk Management Natural calamities are another challenge facing the industry. Global warming has caused a change in weather patterns which have caused a shift in the underlying probability of insured loss by storms, floods, wind and heatwaves. Natural disasters like hurricanes Katrina and Rita whose losses amounted to $61. 5 billion (www. duncansadviceonmmoney. vox. com) These disasters posed some very serious problems for the insurance industry as they are faced by difficult and uncertain financial burdens because of this this has shown the importance of quality data and calibration of model outputs, effective validation and also the experience and initiation of the underwriter. Structures will have to be put in place to tackle the threat of climate change. The development of Enterprise Risk Management (ERM) capabilities help to protect insurers from damages to their reputation and provide a platform for strengthening governance, decision making and compliance with regulations. Pricewaterhouse- Coopeus (ERM for the insurance industry) revealed that many insurers have difficulty implementing and enforcing ERM in the face of containing data, systems and governance challenges. Also found in this study were examples of how resourceful and efficient management and helping to overcome these hurdles and bring greater insight to the insurers ERM missions. www. pwc. com) 1. 3 Market Reporting Insurers are facing a major overhaul of market reporting. This contains the launch of the market Casistent Embedded Value Principle, a planned move to a finalised IFRS level for insurance contracts and the increased risk and capital management disclosure foreseen by EU Solvency II â€Å"Scheduled for implementation in 2012, it is a new regulatory regime de signed to provide a principles-based supervisory framework for European insurers and reinsures. Solvency II is a risk-based system and is being built to meet the challenges of rapidly developing financial markets. It will also bring an increased level of transparency and harmonisation to the sectorâ€Å". (www. towersperrin. com). These changes are likely to set a model for global disclosure for others to follow in relation to risk. The key elements , include the possible adoption of IFRS(International Financial Reporting Standards) in the US form 2014. Implementation of Solvency II and IFRS reporting will be demanding. The good news is that corresponding timings and basis of valuation could open up cost – savings in areas like data, modelling and reconciliation. You read "Challenges and Opportunities of the Global Insurance Industry" in category "Industry" These changes help to increase stakeholder confidence by enabling insurers to show a single view of their business that shows more clearly how it is run on the inside. A survey by (IFRS 2007) insurance states that companies will need to provide more risk information and explanation to meet the exacting expectations that have come about from market events. (www. pwc. com) 1. 4 Mergers and Acquisitions Although funding is a challenge from time to time. Mergers and Acquisitions is vital for business to expand complementary earnings streams, realise opportunities for cost saving synergies and reinforce their existence in fast increasing emerging markets. Emerging markets are underinsured and these present potential business for the insurance market. Within ten years China is expected to become a leader in the global insurance market, while India is set to double its digits in the growth rate. However, due to cultural conflicts and protectionism could stop growth in economies. In the near future, the insurance industry is liable to be a very active period for mergers and acquisitions. US insurance companies attractive evaluation will make it easier for insurers in the EU to infiltrate the US market. (www. pwc. com) 1. 5 Human Capital All organisations in the world realise the importance of people in the conduct of their business therefore the trend of classifying their employees as assets. The human resource management school of thought tends to focus on the enrichment of the knowledgeable worker in terms of its theory. Human resource planning should be part of the total resource planning equal to planning devoted to capital development and materials and equipment purposes. Many insurers are facing an skills shortage in their workforce. Training and development of staff is now on the agenda as a rule in all organisations. Improved productivity is expected to result in trained and motivated workers. The employee training programs are intended to provide them with more knowledge and skills so they can do their job to the best of their ability. Training is a visible pay-off and is seen immediately whereas development is future- orientated.. Lessons are being learnt on a continuous basis in the requirement of human capital in the new economy in comparison to the old economic labour force. M Morley et al 2004). This investment in recruitment and career development lags behind other financial sectors. They look at short term fixes rather than looking at the long term prospects. However, looking to the future demographic shifts accelerating globalisation look set to change the shape of the labour market and make it more difficult to attract and retain good peo ple. (www. pwc. com) 1. 6 Compliance and Regulation Growing regulatory demands are bringing increased problems to insurers. Solvency II is included to require a critical check of capital and risk management along with sustaining information and documentation. The EU Reinsurance Directive gives a standard system of regulation and mutual recognition across Europe. This includes an ease of the regulatory limitations on securitisation which could give way for a large increase in risk transfer to the capital markets. Also they give a new definition of reinsurance that will prevent several contracts. Insurers are also facing a ceiling on regulatory changes including anti-money laundering and harder conditions on consumer protection. A key challenge is to know how to include these requirements into â€Å"business as usual†. Enterprise wide risk management can assist in providing ways to do so. They can help by giving a greater understanding of the trade off between reward and risk which will result in a brighter capital allocation. (www. pwc. com) As I have discussed in the challenges previously opportunities in the next twelve to twenty-four months can be found by global expansion adopting the latest technologies to give better service delivery and provide services to meet the exacting requirements of the next generation of retirees. The insurance industry is in the process of undergoing transformation as a result of the following three factors : sector specific, macro and operational. Increased regulation requirements outsourcing, globalisation, new distribution channels, more modern IT systems and climate change are adding to the increased volatility in the insurance industry today and they are now positioning themselves to be successful in the future that requires many changes in the way they do their business. China is one of the fastest growing insurance industries in the globe. â€Å"China Insurance sector forecast 2013† is the outcome of much research and in – depth study of the insurance market in China. Between 2009 and 2013 it is expected to grow CAGR of 28% – 30%. Chinas insurance industry is already out of the financial crisis and is expected to make great headway in the coming years. In 2008, the industry grew in the fastest pace since 2002, due to the rising insurance awareness level and government support. Insurance products which include life, health, and personal accidents accounts for the majority of growth. Property insurance products are also growing rapidly and are basically divided into two segments â€Å"motor and commercial property insurance†. Non life insurance products i. e. that is product liability, credit and marine insurance etc. These will decide the long term viability of the non- life insurance market. 2. 1 Disaster Modelling The tragic impact of the Asian Tsunami, as well as the worst Japanese typoon in 2004 was the year of improbable disasters. As a result, this forces us to look at how we prepare for such risks. Hurricane forecasting began in the 1980’s, forecasters have tried for many decades despite being unsuccessful to deliver accurate predictions, and landfall activities. Scientists of tropical storm risk in London announced that they had developed a new model which represents a major step forward.. (www. lloyds. om) Insurers also use models developed by companies e. g. Air Worldwide Corporation to predict the damages caused by storms so that insurers can forecast the payouts to be made. (www. informationweek. com). This reminds us of the importance of investing in scientific research to help our understanding of risk and its impact 2. 2 Disaster Planning Insurance and disaster planning are closely related as they both deal with the risk of the disaster happening and the after math. Due to the upward trend of catastrophe events we see the need for robust and effective disaster planning for the future. Part of the solution must be insurance markets and their regulators working together sharing their respective knowledge and expertise. By doing this, we can be sure that response procedures are well tested and run as smooth as possible for when the next disaster strikes. In terms of claim handling, lessons can be learnt. The shortage of adjustors on the ground and the mishandling of claims by some shows how important the relationship between the insurer, the adjustor and the regulator is. As the frequency and cost of disasters goes upwards it will be very important to have a relationship based on trust and flexibility. (www. lloyds. om) 2. 3 Managing the Industry’s reputation Improving transparency and disclosure are two issues which are needed to manage and improve the industries reputation that has been rocked by high profile developments. For instance in the USA the New York State Attorney Generals investigation sparked very close scrutiny of the commercial insurance market . In the minds of customers, commentators and regulators the financial service industry has been left with a very poor image, after the recent investigations. These investigations highlighted the lack of transparency and accountability that are expected of a 21st century business environment. These issues can no longer be ignored. In a survey, by Lloyds of a hundred underwriters, one third admitted that the industries reputation is tarnished. Transparency and disclosure as well as good communication appears to be the answer to those outside the industry globally. Basically more time communicating and building bridges with consumers, economic leaders and world politicians initially means less problems down the line. (www. lloyds. com) 2. 4 Grow Globally Sales in new markets or by new acquisitions insurance companies need to grow globally more than ever before. Growth in the European and American market is slowing down while growth in India and China is increasing. The aging population presents insurers with a dilemma. The industry has great difficulty in attracting and retaining talent than other sectors of the financial services industry.. This situation is going to get worse as there are more retirees and fewer graduates moving into the top jobs. There is also a loss of graduates to banking and other financial institutions. Concern is expressed about the career path from insurance company hire to insurance agent. If this problem is not addressed the industry’s sale force would diminish. By moving into the European and American markets, insurers can grow a less risky strategy rather than expanding into new product lines. Those who do go overseas have to look at the various business lines in different markets. Chinas middle class and aging population with long term care and security needed make it a very viable option for foreign insurance companies. By 2010 China will be a major player on the insurance market. The same is also said of India. (www. rmislab. com) 2. 5 Innovate Products and delivery Innovation is seen as the main driver of profit over the next three and five years both in delivery and product innovation. By building relationships with customers moving them for example form car insurance to other insurances as they become asset rich. By providing better service and delivery insurers can strengthen their customer base. Technology can strengthen relationships with intermediaries which helps them run more efficiently and reduce their running costs. Insurers must look to cut cost they can do this by cost reduction initiatives like outsourcing and use of shared services, rationalizing product portfolios . Companies need original approaches and to continue to invest in this very complicated environment. (www. rmislab. com). â€Å"In 2007, AXA Equitable Life Insurance Co introduced a variety of enhancements to its variable annuities including an expanded choice of â€Å"living benefits† and the upbundling of optional income and death benefits† (www. deloitte. com) 2. 6 Focus on readdressing product and Distribution Strategies As the economy continues to even out, insurers need to evaluate their decisions and distribution channels. These decisions are vital in assisting insurers rebuild capital as well as positioning themselves for future growth. (www. ey. com). Insurance companies that sell directly through call centres, internet and direct mail have been performing better and this is due to lower costs because of their economies of scale and strong internet capabilities. Compared to independent insurance agents who lack these advantages have been put under pressure they require support and further development. Insurers need to find ways to work more effectively across product lines e. . give a customer packages that reward him/her for being a good driver. (www. deloitte. com) Conclusion In my findings I have found that the insurance industry has survived the financial crisis much better in comparison to the banking sector. This is due to its strong focus on risk management and long term prospects. Even though capital markets have decreased downwards their insurance assets, insurers are optimistic about the fu ture and some are expecting an improvement in prospects in mergers and acquisition over the next twelve to twenty – four months. The global insurance industry faces many challenges but despite these that they are being faced with the majority of insurers must move into fast growing markets i. e. India and China or find new innovative ways to get more businesses out of slower growing developed markets. China with its huge population is an obvious choice while the latter options include diversification, new products and speciality products. Insurers need to improve their risk management especially in the areas of disaster modelling and managing the industries reputation as it is vital to have a tarnished free reputation. Finally insurers need to work effectively and efficiently to develop and market a range of products aimed at older customers. In this intensely competitive market, employers will need to develop an excellent human resource management capable of responding to business needs and the workforce expectations. They will need to be able to identify and realise opportunities for career development prospects and other key areas of their employment. (www. pwc. com) With this knowledge insurers will be able to position their business models to optimize investment returns and control operations using the most effective and efficient methods available. How to cite Challenges and Opportunities of the Global Insurance Industry, Essays