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Prof. Simon Grima
University of Malta, Department of Insurance, Faculty of Economics, Management and Accountancy

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Short Biography

Simon Grima, is an associate professor, heading the Department of Insurance within the Faculty of Economics, Management, and Accountancy at the University of Malta. He is a visiting professor at UNICATT Milan and the University of Latvia. Moreover, he served as the President of the Malta Association of Risk Management, the Malta Association of Compliance Officers, is a board member of the Federation of European Risk Managers and the Public Risk Management Association. His research focus and consultancy is on Governance, Finance, Risk Management, and Internal Controls and has over 25 years of experience in various private and public entities.

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Conference paper
Published: 11 August 2021 in Contributions to Management Science
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The objective of this chapter is to uncover the factors that drive effective corporate governance in licensed financial services firms (FSFs) in seven small states of the European Union so as to explain what drives board behaviour. For the purpose of this study, small states are defined as those with a population of three about three million or less. Cyprus, Malta, Luxembourg, Lithuania, Slovenia, Latvia and Estonia fall into this category. The approach adopted in this study was to conduct a survey to derive a Board Effectiveness Measure (BEM) with the secretaries of 164 Boards of Directors (BODs) in the seven small states under consideration to assess the drivers of BOD effectiveness. We then used a number of objective criteria to test the statistical relationship of these criteria with Board effectiveness. Among other findings, the study revealed that the BODs’ Effectiveness Measure (BEM) increased with the academic level of the directors and the number of Boards on which Board members are approved.

ACS Style

Simon Grima; Frank Bezzina. A Study of the Effectiveness of Corporate Governance in EU Small States Financial Services Firms. Contributions to Management Science 2021, 225 -242.

AMA Style

Simon Grima, Frank Bezzina. A Study of the Effectiveness of Corporate Governance in EU Small States Financial Services Firms. Contributions to Management Science. 2021; ():225-242.

Chicago/Turabian Style

Simon Grima; Frank Bezzina. 2021. "A Study of the Effectiveness of Corporate Governance in EU Small States Financial Services Firms." Contributions to Management Science , no. : 225-242.

Conference paper
Published: 11 August 2021 in Contributions to Management Science
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An ERM maturity assessment would support the development of an ERM process which will help Airports improve their capabilities to anticipate, manage and possibly turn risks into opportunities. The purpose of this study is to investigate and identify the best practices that represent ERM maturity in the business context of a European airport and to develop an ERM Maturity Index as a resource to assess and evaluate their ERM implementation. Structured interviews with ten airport risk management practitioners and consultants were conducted. Data generated from these interviews attested to twenty-two applicable ERM best practices, which were divided into eight categories. Following the development of the proposed maturity index, a case study was created and conducted in order to illustrate the use and interpretation of the resulting information. Results show senior management commitment, an optimum communication process, and well defined ERM roles and responsibilities. These are the three most crucial factors for airports to achieve a high degree of ERM maturity. Moreover, the study’s hypothesis that the best practices representing ERM maturity at organizations operating in the financial and insurance industries are equally applicable for European airports, was contradicted following the exclusion of two non significantly applicable best practices.

ACS Style

Marnick Gatt; Simon Grima; Yannis E. Thalassinos. An Enterprise Risk Management (ERM) Maturity Index for European Airports. Contributions to Management Science 2021, 337 -378.

AMA Style

Marnick Gatt, Simon Grima, Yannis E. Thalassinos. An Enterprise Risk Management (ERM) Maturity Index for European Airports. Contributions to Management Science. 2021; ():337-378.

Chicago/Turabian Style

Marnick Gatt; Simon Grima; Yannis E. Thalassinos. 2021. "An Enterprise Risk Management (ERM) Maturity Index for European Airports." Contributions to Management Science , no. : 337-378.

Journal article
Published: 06 August 2021 in Journal of Risk and Financial Management
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Due to the rise in the demand for information communication technologies (ICT), the need for operational risk resilience within the European insurance market sector has grown exponentially. This study aims to use the case of blockchain to evaluate whether the five characteristics determined from the literature to be required for effective digital risk resilience (specifically, integration, flexibility, reliability, relevance, and timeliness) have an impact on effectiveness in addressing the requirements of the European Union’s proposed Digital Operational Resilience Act (DORA). To achieve this, we developed a survey with 29 statements, which participants were required to answer using a five-point Likert scale. In total, 513 valid responses were received from participants. These were analyzed using exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM). Results show that in the case of blockchain, reliability, flexibility, and relevance were found to significantly relate to its effectiveness in addressing DORA’s requirements, but relationships of effectiveness with integration and timeliness were found to be insignificant. However, when the experience variable was added to the model as the moderator variable, we found that timeliness and relevance have a significant relationship with blockchain effectiveness, while integration, reliability, and flexibility do not.

ACS Style

Simon Grima; Murat Kizilkaya; Kiran Sood; Mehmet ErdemDelice. The Perceived Effectiveness of Blockchain for Digital Operational Risk Resilience in the European Union Insurance Market Sector. Journal of Risk and Financial Management 2021, 14, 363 .

AMA Style

Simon Grima, Murat Kizilkaya, Kiran Sood, Mehmet ErdemDelice. The Perceived Effectiveness of Blockchain for Digital Operational Risk Resilience in the European Union Insurance Market Sector. Journal of Risk and Financial Management. 2021; 14 (8):363.

Chicago/Turabian Style

Simon Grima; Murat Kizilkaya; Kiran Sood; Mehmet ErdemDelice. 2021. "The Perceived Effectiveness of Blockchain for Digital Operational Risk Resilience in the European Union Insurance Market Sector." Journal of Risk and Financial Management 14, no. 8: 363.

Journal article
Published: 17 June 2021 in Journal of Risk and Financial Management
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The purpose of this article is to show the effect of Risk Perception RP and Risk Definition RD on the Risk-Addressing Behaviour RB. To carry out this study secondary data was used from a semi-structured survey administered between February and June 2020, a period during the early stages of the COVID-19 pandemic. The study identified six dimensions of risk perception and thus tested six structural models. Risk perception (ξ RP) is defined as an external latent variable in the study. It is also assumed that the risk perception variable may affect the risk definition variable (η RD). The application software SmartPLS was used to analyse data through exploratory factor analysis and partial least squares structural equation modelling on our research model. To achieve Convergent validity of the structural equation model of partial least squares, three criteria were met. In the study, Discriminant Validity was examined using the Fornell-Larcker criterion and Heterotrain-Monotrait Ratio (HTMT) coefficients. Results reveal that there is no direct relationship between the RB and “religion and beliefs”, the “fear level, the experience”, the “peer influences level” and the “openness”. However, we found a positive relationship between the agreement on “knowledge” and on RB and statistically significant relationships between the agreement on the RD and the agreement on the “religion and beliefs”, the “fear level”, the “experience”, the “knowledge”, the “peer influences level” and the RB. Moreover, there is an indirect relationship when controlling for the agreement on the RD between the agreement on the RB and the agreement on the “fear level”, the “experience”, the “knowledge” and the “peer influences level”. However, there is no relationship between the agreement on the “openness” and the agreement on the RB and a statistically significant but moderate relationship between the agreement on the RD and the agreement on the RB. Although, there seems to be abundant research on RP, so far we have found only a few studies on the influencing factors of RP, as effected by RB and RD, especially in distressed times such as during this current pandemic period of COVID-19. This study adds to body of literature and sheds new light on the interaction between RP, RB and RD in a time of distress. It provides important and original information that may be useful for government agencies, businesses, individuals, and the media when setting policies, governance structures, regulations, procedures and determining how to communicate.

ACS Style

Simon Grima; Bahattin Hamarat; Ercan Özen; Alessandra Girlando; Rebecca Dalli-Gonzi. The Relationship between Risk Perception and Risk Definition and Risk-Addressing Behaviour during the Early COVID-19 Stages. Journal of Risk and Financial Management 2021, 14, 272 .

AMA Style

Simon Grima, Bahattin Hamarat, Ercan Özen, Alessandra Girlando, Rebecca Dalli-Gonzi. The Relationship between Risk Perception and Risk Definition and Risk-Addressing Behaviour during the Early COVID-19 Stages. Journal of Risk and Financial Management. 2021; 14 (6):272.

Chicago/Turabian Style

Simon Grima; Bahattin Hamarat; Ercan Özen; Alessandra Girlando; Rebecca Dalli-Gonzi. 2021. "The Relationship between Risk Perception and Risk Definition and Risk-Addressing Behaviour during the Early COVID-19 Stages." Journal of Risk and Financial Management 14, no. 6: 272.

Editorial article
Published: 25 May 2021 in Frontiers in Applied Mathematics and Statistics
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Editorial on the Research Topic Risk Management Models and Theories Volume II The aim of this Research Topic—“Risk Management Models and Theories Volume II”, is to create a platform for authors to explore, analyze and discuss current and innovative financial models and theories that firms use/prescribe to determine, measure, monitor, forecast, and manage risk in the face of disruptors, such as the increased use of artificial intelligence and technology, change in regulations, climate change, etc. Since the topic of Risk Management is quite vast, contributions in this second issue are again related to various areas. One of these areas explored a new nonparametric estimate of the risk-neutral density with applications to variance swaps. The authors here suggested that Estimates of risk-neutral densities of future asset returns have been commonly used for pricing new financial derivatives, detecting profitable opportunities, and measuring central bank policy impacts. They develop a new nonparametric approach for estimating the risk-neutral density of asset prices and reformulate its estimation into a double-constrained optimization problem and evaluate their approach using the S&P 500 market option prices from 1996 to 2015. With this comprehensive cross-validation study they demonstrate that this approach outperforms the existing nonparametric quartic B-spline and cubic spline methods, as well as the parametric method based on the normal inverse Gaussian distribution. Another author looks into the effect of banking efficiency, regulation and operations on performance of banks in South Asia. They use a dynamic correlated model approach to determine how the bank or industry-specific variables like banking regulation, banking efficiency, and banking operations affect non-performing loans in South Asia. To achieve this objective this study has employed robust 1st and 2nd generation Unit root tests, CIPS test, PMG and Dynamic Correlated Model approach on the panel data set of selected South Asian countries from 1995 to 2019, to avoid the implications of Cross-sectional dependency on the result analysis. The finding reveal that loose banking operations, lower exchange rate, and volatile interest rate have a significant positive relationship with non-performing loan whereas lower banking efficiency have a significant negative relationship with non-performing loans. Moreover, the author confirms the importance of cross-sectional dependencies in achieving more accurate and robust results. The third article relates to calibrating and simulating copula functions in financial applications. With this article they aim to describe some simple statistical procedures currently employed to calibrate the copula functions to the financial market data. The authors assert that copula functions can be utilized in financial applications to determine the dependence structure of the financial asset returns in the portfolio and note that empirical evidence has proved the inadequacy of the multi-normal distribution, traditionally adopted to model the financial asset returns distribution. They inform that copula functions can be employed in a flexible way for building efficient algorithms and to simulate a more adequate distribution of the financial assets. Furthermore, they present some useful methods for choosing which copula function better fits the real financial data, illustrating this with some algorithms to simulate random variates from certain types of copula functions and, for example purposes, they apply this to two important Italian equities. They show how to generate efficient Monte Carlo scenarios of equity log-returns in the bivariate case using different types of copula functions. The fourth and final research article in this chapter relates to the asymmetric effect of the panic Index on cryptocurrencies. The author highlights the Covid-19 pandemic as the first major crisis facing cryptocurrencies. She demonstrates that news about epidemics affects investors’ decisions and that there is a relationship between the panic index created from the news about the Covid-19 pandemic and the three major cryptocurrencies. Moreover, she shows that positive shocks in the panic index are the cause of negative shocks for all cryptocurrencies, demonstrating that an increase in the panic index cause the value of Bitcoin, Ethereum, and Ripple cryptocurrencies to decrease and that cryptocurrencies acted similarly to other financial assets during this pandemic period. As can be noted from the above paragraphs, the contributions and findings of the second issue of this topic are quite focused around the area of finance and related to studies of current practices, tools, techniques and financial instruments used by the Risk Manager to manage identified exposures to risks. Therefore, the issue is aimed at the interest of academics and practitioners in this field. All authors listed have made a substantial, direct, and intellectual contribution to the work, and approved it for publication. The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest. Keywords: Risk models, Risk management, Risk measurement, Risk forecasting, Risk theories Citation: Grima S and Thalassinos E (2021) Editorial: Risk Management Models and Theories Volume II. Front. Appl. Math. Stat. 7:676404. doi: 10.3389/fams.2021.676404 Received: 05 March 2021; Accepted: 12 May 2021;Published: 25 May 2021. Edited by: Reviewed by: Copyright © 2021 Grima and Thalassinos. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice....

ACS Style

Simon Grima; Eleftherios Thalassinos. Editorial: Risk Management Models and Theories Volume II. Frontiers in Applied Mathematics and Statistics 2021, 7, 1 .

AMA Style

Simon Grima, Eleftherios Thalassinos. Editorial: Risk Management Models and Theories Volume II. Frontiers in Applied Mathematics and Statistics. 2021; 7 ():1.

Chicago/Turabian Style

Simon Grima; Eleftherios Thalassinos. 2021. "Editorial: Risk Management Models and Theories Volume II." Frontiers in Applied Mathematics and Statistics 7, no. : 1.

Journal article
Published: 20 May 2021 in International Journal of Financial Studies
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With this study, we aimed to determine (1) the effect of the daily new cases and deaths due to the COVID-19 pandemic in the United States on the CBOE volatility index (VIX index) and (2) the effect of the VIX index on the major stock markets during the early stage of the pandemic period. To do this, we collected and analysed the daily new cases and death numbers during the COVID-19 pandemic period in the United States and the country indexes of the USA (DJI), Germany (DAX), France (CAC40), England (FTSE100), Italy (MIB), China (SSEC) and Japan (Nikkei225) to determine the impact of the VIX index on the major stock markets. We then subjected this data to the Johansen co-integration test and the fully modified least-squares (FMOLS) method. The results indicated that there was co-integration between the VIX and the COVID-19 pandemic and that there was co-integration between the VIX index and major indexes, except for the CAC 40 and MIB. Moreover, the results showed that the new COVID-19 cases in the USA had a higher impact on the VIX than cases of deaths during the same period.

ACS Style

Simon Grima; Letife Özdemir; Ercan Özen; Inna Romānova. The Interactions between COVID-19 Cases in the USA, the VIX Index and Major Stock Markets. International Journal of Financial Studies 2021, 9, 26 .

AMA Style

Simon Grima, Letife Özdemir, Ercan Özen, Inna Romānova. The Interactions between COVID-19 Cases in the USA, the VIX Index and Major Stock Markets. International Journal of Financial Studies. 2021; 9 (2):26.

Chicago/Turabian Style

Simon Grima; Letife Özdemir; Ercan Özen; Inna Romānova. 2021. "The Interactions between COVID-19 Cases in the USA, the VIX Index and Major Stock Markets." International Journal of Financial Studies 9, no. 2: 26.

Chapter
Published: 31 March 2021 in AIDA Europe Research Series on Insurance Law and Regulation
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The objective of this chapter is to lay out the rules on transparency in insurance regulation in Malta. The study was designed around a literature review of documents provided by various legal firms, the Malta Financial Services Authority (MFSA), the Financial Intelligence Analysis Unit (FIAU), the Information and Data Protection Commissioner, the Office of the Arbitrator, company service providers, personnel working in compliance authorities and other personnel working in regulatory authorities. There are various provisions taken to ensure transparency, among which are legislative requirements covering the overall framework of the working environment in the industry, the regulations that monitor and control the specific insurance operations and the contract provisions that regulate the dealing with the contracting parties. The research presents the safeguards existing in the Maltese financial service industry with specific reference to the insurance sector. Primarily, it discusses the structural composition that seeks to preserve fairness and transparency. In the context of this research, this refers to the Malta Financial Services Authority and the Financial Intelligence Analysis Unit. Moreover, disputes to this effect fall under the auspices of the Officer of the Arbiter of Financial Service and the Financial Service Tribunals. Furthermore, the research explores how organisations in the industry are supervised from prudential and conduct perspectives through an array of laws and regulations that have mostly been harmonised into the laws of Malta from the European Union.

ACS Style

Geoffrey Bezzina; Simon Grima; Andre Farrugia. Transparency in Insurance Regulation and Supervisory Law of Malta. AIDA Europe Research Series on Insurance Law and Regulation 2021, 185 -212.

AMA Style

Geoffrey Bezzina, Simon Grima, Andre Farrugia. Transparency in Insurance Regulation and Supervisory Law of Malta. AIDA Europe Research Series on Insurance Law and Regulation. 2021; ():185-212.

Chicago/Turabian Style

Geoffrey Bezzina; Simon Grima; Andre Farrugia. 2021. "Transparency in Insurance Regulation and Supervisory Law of Malta." AIDA Europe Research Series on Insurance Law and Regulation , no. : 185-212.

Conference paper
Published: 01 March 2021 in XX Savetovanje
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Th e European Insurance and Occupational Pensions Authority (EIOPA) issued a consultation paper on the 13th March 2020, proposing guidelines on information and communication technology (ICT) security and governance, which will apply from 1st July 2021. In this paper, we aim to determine the perceived eff ectiveness, (i.e. effi ciency, relevance, coherence and benefi t) of the proposed guidelines, by carrying out a survey and discussions with targeted users (Practitioners / Controllers / Regulators in the area of Insurance) and bringing to light their various concerns and recommendations. Th ese guidelines are very superfi cial and generic and they do not reach the purpose for what they were set. Moreover, although they require that specifi c identifi ed risks are addressed they are not specifi c in addressing the how and when and leave it up to the organisations to determine this. Measurability of results is another issue, which makes it very diffi cult for compliance and enforcement to determine when and how to act, even in terms of proportionality. Th erefore, although the guidelines are clear in what they want to achieve, their eff ectiveness of the approach leaves much to be desired and is considered by respondents as creating more confusion than good and can turn out to be just another scope for duplication of eff orts and data collection overspill with no added value.

ACS Style

Simon Grima. UTISAK OSIGURAVAČA O EFIKASNOSTI SMERNICA EVROPSKE AGENCIJE ZA NADZOR OSIGURANjA I PENZIJSKIH FONDOVA O SISTEMIMA UPRAVLjANjA INFORMACIONO-KOMUNIKACIONIM TEHNOLOGIJAMA. XX Savetovanje 2021, 1 .

AMA Style

Simon Grima. UTISAK OSIGURAVAČA O EFIKASNOSTI SMERNICA EVROPSKE AGENCIJE ZA NADZOR OSIGURANjA I PENZIJSKIH FONDOVA O SISTEMIMA UPRAVLjANjA INFORMACIONO-KOMUNIKACIONIM TEHNOLOGIJAMA. XX Savetovanje. 2021; ():1.

Chicago/Turabian Style

Simon Grima. 2021. "UTISAK OSIGURAVAČA O EFIKASNOSTI SMERNICA EVROPSKE AGENCIJE ZA NADZOR OSIGURANjA I PENZIJSKIH FONDOVA O SISTEMIMA UPRAVLjANjA INFORMACIONO-KOMUNIKACIONIM TEHNOLOGIJAMA." XX Savetovanje , no. : 1.

Journal article
Published: 06 February 2021 in Journal of Risk and Financial Management
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The aim of this paper is to identify the risks that need to be addressed when holding fine art, determine which are perceived as being the most important, and whether the risk perception is influenced by demographic variables such as age, educational background, and field of occupation. To identify the risks and evaluate the risk perception, we used a purposely designed questionnaire and sent it via various sources of communication systems and applications to individuals knowledgeable on fine arts. Findings revealed that, generally, art deterioration, art fraud, and art theft are the three main highlighted risks, with art deterioration considered in the high-risk range. In terms of risk perception, forgery is the biggest concern. On the other hand, considerations of the investment value of art lessened perceived risk exposure. Furthermore, the study has shown that certain risk perceptions were influenced by the participants’ demographic variables. Both the identified risks and risk perception considerations analyzed within this study provide us with insights as to what needs to be considered when offering fine art insurance, particularly when it comes to which risks that are perceived as being the most pressing by potential policyholders, and how these perceptions vary according to individual demographics variables as noted above.

ACS Style

Luke Pavia; Simon Grima; Inna Romanova; Jonathan Spiteri. Fine Art Insurance Policies and Risk Perceptions: The Case of Malta. Journal of Risk and Financial Management 2021, 14, 66 .

AMA Style

Luke Pavia, Simon Grima, Inna Romanova, Jonathan Spiteri. Fine Art Insurance Policies and Risk Perceptions: The Case of Malta. Journal of Risk and Financial Management. 2021; 14 (2):66.

Chicago/Turabian Style

Luke Pavia; Simon Grima; Inna Romanova; Jonathan Spiteri. 2021. "Fine Art Insurance Policies and Risk Perceptions: The Case of Malta." Journal of Risk and Financial Management 14, no. 2: 66.

Chapter
Published: 22 October 2020 in Financial and Monetary Policy Studies
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The Baltic life insurance market is a young steadily growing market. It began its development in the early 1990s when all three Baltic States, specifically Estonia, Latvia and Lithuania, have regained their independence. The Baltic life insurance market is limited due to a relatively small size with approximately six million inhabitants in all three countries. Additionally, the operations have deteriorated due to the low interest rates and the negative fluctuations in the financial market. The lessons learnt by the life insurers in the Baltic States are useful to other small countries in the European Union (EU) as well as to the larger States, to help bring to light the challenges of those members whose voice is not always heard, dampened by the larger States, so as to enhance the effectiveness of competitiveness, regulations and common policy within the EU. With this study we aim to lay out the trends on life insurers in these Baltic States, considered as small EU States, over the period between 2014 and 2018, and to uncover the challenges that life insurers in these countries are currently facing. Our analysis is based on the examination of aggregate statistical data of the insurance sector provided by the financial market regulators of all three countries, Eurostat data as well as annual reports of the insurance companies. The findings show that on average only 19% of the gross premium is related to the life insurance market. Moreover, the life insurance density figures are 20 times smaller when compared to the European average. In fact the analysis of the penetration rate indicates the ten times lower level of the life insurance premium to the GDP. Moreover, the life insurance companies in the Baltic States face a number of challenges related to the increased cost of compliance, necessity to operate in all three countries to ensure operational efficiency given the different levels of economic development in three Baltic States, low interest rates and therefore limited investment opportunities. The findings of this paper highlight the main trends and challenges in the development of life insurance market in the small European economies that is beneficial not only for other small European countries but also for the EU economic policy makers.

ACS Style

Ramona Rupeika-Apoga; Inna Romānova; Simon Grima. The Challenges Faced by Life Insurance Companies in the Baltic States. Financial and Monetary Policy Studies 2020, 29 -44.

AMA Style

Ramona Rupeika-Apoga, Inna Romānova, Simon Grima. The Challenges Faced by Life Insurance Companies in the Baltic States. Financial and Monetary Policy Studies. 2020; ():29-44.

Chicago/Turabian Style

Ramona Rupeika-Apoga; Inna Romānova; Simon Grima. 2020. "The Challenges Faced by Life Insurance Companies in the Baltic States." Financial and Monetary Policy Studies , no. : 29-44.

Chapter
Published: 22 October 2020 in Financial and Monetary Policy Studies
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Turkey, with a population of 82 million, and despite being the world’s 18th largest economy is a country wherein insurance claims have not yet reached a sufficient level. In addition to local socio-economic problems stemming from international relations, this adversely affects the stability of the markets. The resulting problems also have a significant negative impact on life insurance. The aim of this study was to determine the development trends of the life insurance sector between the periods 2008 and 2019 in Turkey. The analysis is based on insurance and other economic data collected from different institutions such as the Organisation for Economic Co-operation and Development (OECD) countries, World Bank and TurkStat, including insurance associations. Insurance penetration in Turkey in 2018 averages 1.33%, that is, seven times lower than the average of OECD countries. On the other hand, the share of life insurance premiums in 2018 is 17.3% of the total insurance premiums collected, ranking second from the last of OECD countries in terms of premium. The findings highlight the trends in the Turkish life insurance sector and reveal that house loans and social trust play a very important role in the collection of the current life insurance premiums.

ACS Style

Ercan Ozen; Simon Grima. The Turkish Life Insurance Market: An Evaluation of the Current Situation and Future Challenges. Financial and Monetary Policy Studies 2020, 45 -58.

AMA Style

Ercan Ozen, Simon Grima. The Turkish Life Insurance Market: An Evaluation of the Current Situation and Future Challenges. Financial and Monetary Policy Studies. 2020; ():45-58.

Chicago/Turabian Style

Ercan Ozen; Simon Grima. 2020. "The Turkish Life Insurance Market: An Evaluation of the Current Situation and Future Challenges." Financial and Monetary Policy Studies , no. : 45-58.

Original research
Published: 01 October 2020 in Risk Management and Healthcare Policy
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Purpose: The purpose of this study is to develop a Pandemic Risk Exposure Measurement (PREM) model to determine the factors that affect a country’s prospective vulnerability to a pandemic risk exposure also considering the current COVID-19 pandemic. Methods: To develop the model, drew up an inventory of possible factor variables that might expose a country’s vulnerability to a pandemic such as COVID-19. This model was based on the analysis of existing literature and consultations with some experts and associations. To support the inventory of selected possible factor variables, we have conducted a survey with participants sampled from people working in a risk management environment carrying out a risk management function. The data were subjected to statistical analysis, specifically exploratory factor analysis and Cronbach Alpha to determine and group these factor variables and determine their reliability, respectively. This enabled the development of the PREM model. To eliminate possible bias, hierarchical regression analysis was carried out to examine the effect of the “Level of Experienced Hazard of the Participant (LEH)” considering also the “Level of Expertise and Knowledge about Risk and Risk Management (LEK)”. Results: Exploratory factor analysis loaded best on four factors from 19 variables: Demographic Features, Country’s Activity Features, Economic Exposure and Societal Vulnerability (i.e. the PREM Model). This model explains 65.5% of the variance in the level of experienced hazard (LEH). Additionally, we determined that LEK explains only about 2% of the variance in LEH. Conclusion: The developed PREM model shows that monitoring of Demographic Features, Country’s Activity Features, Economic Exposure and Societal Vulnerability can help a country to identify the possible impact of pandemic risk exposure and develop policies, strategies, regulations, etc., to help a country strengthen its capacity to meet the economic, social and in turn healthcare demands due to pandemic hazards such as COVID-19.

ACS Style

Simon Grima; Murat Kizilkaya; Ramona Rupeika-Apoga; Inna Romānova; Rebecca Dalli Gonzi; Mihajlo Jakovljevic. A Country Pandemic Risk Exposure Measurement Model. Risk Management and Healthcare Policy 2020, ume 13, 2067 -2077.

AMA Style

Simon Grima, Murat Kizilkaya, Ramona Rupeika-Apoga, Inna Romānova, Rebecca Dalli Gonzi, Mihajlo Jakovljevic. A Country Pandemic Risk Exposure Measurement Model. Risk Management and Healthcare Policy. 2020; ume 13 ():2067-2077.

Chicago/Turabian Style

Simon Grima; Murat Kizilkaya; Ramona Rupeika-Apoga; Inna Romānova; Rebecca Dalli Gonzi; Mihajlo Jakovljevic. 2020. "A Country Pandemic Risk Exposure Measurement Model." Risk Management and Healthcare Policy ume 13, no. : 2067-2077.

Journal article
Published: 19 September 2020 in Laws
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A decade ago, the financial world was taken by surprise, when prominent credit institutions filed for bankruptcy. The financial crisis phenomena spurred the need for regulating Securitisation and enhancing the capital requirements framework. In response, the Basel Committee initiated the regulatory treatment for the Simple Transparent and Comparable Securitisation (STC Securitisation), the USA passed the Dodd–Frank Act and the EU introduced Securitisation Regulation No. 2017/2402 to address the causes and failures, which were identified, following the aftermath of this financial crisis. With this article, we aim to analyse the main provisions of the Regulation No. 2017/2402 on Malta as a jurisdiction for securitisation and provide an insight on the prospective market development. To reach our aim we analysed scholarly documentation (academic chapters, journals, articles and monographs), rules, guidelines, recommendations, directives and regulations and use the case study methodology, as suggested by Yin (2003) and Yazan (2015), on Malta. In our opinion, recently, Malta has made significant improvements in the securitisation sector, mostly evidenced by the introduction of the legislation. All interviewees emphasised that Malta has substantial opportunities for further growth in the securitisation market and it is encouraged to be exploited well.

ACS Style

Joseph Micallef; Simon Grima; Sharon Seychell; Ramona Rupeika-Apoga; Mark Lawrence Zammit. A Study of the Implications of the European Securitisation Regulation 2017/2402 on Malta. Laws 2020, 9, 20 .

AMA Style

Joseph Micallef, Simon Grima, Sharon Seychell, Ramona Rupeika-Apoga, Mark Lawrence Zammit. A Study of the Implications of the European Securitisation Regulation 2017/2402 on Malta. Laws. 2020; 9 (3):20.

Chicago/Turabian Style

Joseph Micallef; Simon Grima; Sharon Seychell; Ramona Rupeika-Apoga; Mark Lawrence Zammit. 2020. "A Study of the Implications of the European Securitisation Regulation 2017/2402 on Malta." Laws 9, no. 3: 20.

Journal article
Published: 18 September 2020 in Journal of Risk and Financial Management
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In this study, we explore the emerging derisking phenomenon by identifying and analysing the main factors that are affected by, and the implications of, the derisking process by focusing on the key drivers and implications of derisking specific to Malta. To do this, we carried out 32 interviews with individuals who have a good or excellent level of expertise in derisking and administered a survey, completed by 296 participants who were filtered to ensure their level of expertise, resulting in 285 valid participant surveys. In total, between the interviews and the survey, we had 317 valid participants. Findings showed that to maximise the effectiveness of derisking, one needs to find the right balance of adequately managing risks without extinguishing business needs. This implies a need for the regulations to be balanced and proportionate. This study is a relevant contributor to future derisking to be conducted in Malta and serves as a benchmark for further studies. Moreover, this research project accentuates the need for increased awareness, knowledge and expertise of derisking in Malta. Consequently, the provision of education to professionals is important so that such professionals are able to keep abreast with all the latest developments regarding derisking and AML/CFT (antimoney laundering and combatting the financing of terrorism).

ACS Style

Simon Grima; Peter J. Baldacchino; Jeremy Mercieca Abela; Jonathan V. Spiteri. The Implications of Derisking: The Case of Malta, a Small EU State. Journal of Risk and Financial Management 2020, 13, 216 .

AMA Style

Simon Grima, Peter J. Baldacchino, Jeremy Mercieca Abela, Jonathan V. Spiteri. The Implications of Derisking: The Case of Malta, a Small EU State. Journal of Risk and Financial Management. 2020; 13 (9):216.

Chicago/Turabian Style

Simon Grima; Peter J. Baldacchino; Jeremy Mercieca Abela; Jonathan V. Spiteri. 2020. "The Implications of Derisking: The Case of Malta, a Small EU State." Journal of Risk and Financial Management 13, no. 9: 216.

Journal article
Published: 01 June 2020 in Journal of corporate governance, insurance and risk management
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The preparedness for outbreaks of pandemics such as the COVID-19 is a major concern for health authorities and leaders as extensive studies in the past have been reported and well documented. However, engaging with the response to an outbreak demands many decisions with enormous implications on a population and its regions. A review of past response mechanisms sheds light on different scenarios to provide an understanding of the challenges that will emerge, depicting trends, changes to GDP and the impact on the economy and employment. With this article, we aim to identify and bring to light the challenges faced by Malta during the pandemic we are currently facing – COVID. This will help risk managers and leaders understand the devastating social and economic impact of such disruptions and act proactively to avoid repetition and embarrassments of being unprepared. Moreover, we aim to provide an understanding of the expected cascading economic domino effects, which may result from the workforce unavailability, during a pandemic and the mistakes in the estimation, if any, that could have been avoided. A desk research study technique was adopted whereby data was collected from existing sources, including government websites, online statistics, published reports, trends and internal data to the local Maltese markets. The COVID-19 phenomena led to new measures being taken worldwide as professionals, leaders, academics and businesses took unprecedented steps to change their business as usual strategies. This in turn brought about various questions and discussions on how islands like Malta controlled their situation.

ACS Style

Simon Grima; Rebecca Dalli Gonzi; Eleftherios Thalassinos. The Impact of COVID-19 on Malta and its Economy and Sustainable Strategies. Journal of corporate governance, insurance and risk management 2020, 7, 53 -73.

AMA Style

Simon Grima, Rebecca Dalli Gonzi, Eleftherios Thalassinos. The Impact of COVID-19 on Malta and its Economy and Sustainable Strategies. Journal of corporate governance, insurance and risk management. 2020; 7 (1):53-73.

Chicago/Turabian Style

Simon Grima; Rebecca Dalli Gonzi; Eleftherios Thalassinos. 2020. "The Impact of COVID-19 on Malta and its Economy and Sustainable Strategies." Journal of corporate governance, insurance and risk management 7, no. 1: 53-73.

Journal article
Published: 01 April 2020 in EUROPEAN RESEARCH STUDIES JOURNAL
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ACS Style

Peter; Nirvana Duca; Norbert Tabone; Simon Grima. Corporate Governance Transparency in Small Listed Entities: The Case of Malta. EUROPEAN RESEARCH STUDIES JOURNAL 2020, XXIII, 23 -44.

AMA Style

Peter, Nirvana Duca, Norbert Tabone, Simon Grima. Corporate Governance Transparency in Small Listed Entities: The Case of Malta. EUROPEAN RESEARCH STUDIES JOURNAL. 2020; XXIII (2):23-44.

Chicago/Turabian Style

Peter; Nirvana Duca; Norbert Tabone; Simon Grima. 2020. "Corporate Governance Transparency in Small Listed Entities: The Case of Malta." EUROPEAN RESEARCH STUDIES JOURNAL XXIII, no. 2: 23-44.

Journal article
Published: 01 April 2020 in EUROPEAN RESEARCH STUDIES JOURNAL
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ACS Style

Glen Gauci; Simon Grima. The Impact of Regulatory Pressures on Governance on the Performance of Public Banks’ with a European Mediterranean Region Connection. EUROPEAN RESEARCH STUDIES JOURNAL 2020, XXIII, 360 -387.

AMA Style

Glen Gauci, Simon Grima. The Impact of Regulatory Pressures on Governance on the Performance of Public Banks’ with a European Mediterranean Region Connection. EUROPEAN RESEARCH STUDIES JOURNAL. 2020; XXIII (2):360-387.

Chicago/Turabian Style

Glen Gauci; Simon Grima. 2020. "The Impact of Regulatory Pressures on Governance on the Performance of Public Banks’ with a European Mediterranean Region Connection." EUROPEAN RESEARCH STUDIES JOURNAL XXIII, no. 2: 360-387.

Journal article
Published: 23 March 2020 in The Geneva Papers on Risk and Insurance - Issues and Practice
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The insurance industry plays a key role in any modern economy. Blockchain technology promises to completely revolutionise the industry, with several bold claims made in terms of facilitating and speeding up claims settlements and improving fraud management. In this paper, we examine the factors that may influence the extent of blockchain proliferation and penetration within the insurance industry. We adopt the STEEP framework to analyse the key social, technological, environmental, economic and political/legal issues that may impact the insurance industry’s openness or otherwise to blockchain, drawing on a diverse, multi-disciplinary literature. We supplement this with data drawn from 565 European respondents to a survey on blockchain use within the insurance industry. The results emphasise the need for the industry to properly understand and communicate how blockchain can be implemented across different insurance tasks in order to obtain a more tangible view of its benefits for staff, management and customers alike.

ACS Style

Simon Grima; Jonathan Spiteri; Inna Romānova. A STEEP framework analysis of the key factors impacting the use of blockchain technology in the insurance industry. The Geneva Papers on Risk and Insurance - Issues and Practice 2020, 45, 398 -425.

AMA Style

Simon Grima, Jonathan Spiteri, Inna Romānova. A STEEP framework analysis of the key factors impacting the use of blockchain technology in the insurance industry. The Geneva Papers on Risk and Insurance - Issues and Practice. 2020; 45 (3):398-425.

Chicago/Turabian Style

Simon Grima; Jonathan Spiteri; Inna Romānova. 2020. "A STEEP framework analysis of the key factors impacting the use of blockchain technology in the insurance industry." The Geneva Papers on Risk and Insurance - Issues and Practice 45, no. 3: 398-425.

Book part
Published: 17 February 2020 in Financial Derivatives: A Blessing or a Curse?
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ACS Style

Simon Grima; Eleftherios I. Thalassinos. The Perception on Financial Derivatives: The Underlying Problems and Doubts. Financial Derivatives: A Blessing or a Curse? 2020, 1 -22.

AMA Style

Simon Grima, Eleftherios I. Thalassinos. The Perception on Financial Derivatives: The Underlying Problems and Doubts. Financial Derivatives: A Blessing or a Curse?. 2020; ():1-22.

Chicago/Turabian Style

Simon Grima; Eleftherios I. Thalassinos. 2020. "The Perception on Financial Derivatives: The Underlying Problems and Doubts." Financial Derivatives: A Blessing or a Curse? , no. : 1-22.

Book part
Published: 17 February 2020 in Financial Derivatives: A Blessing or a Curse?
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ACS Style

Simon Grima; Eleftherios I. Thalassinos. A Thematic Analysis and a Revisit to Literature on Cases of Improper Use of Derivatives. Financial Derivatives: A Blessing or a Curse? 2020, 65 -162.

AMA Style

Simon Grima, Eleftherios I. Thalassinos. A Thematic Analysis and a Revisit to Literature on Cases of Improper Use of Derivatives. Financial Derivatives: A Blessing or a Curse?. 2020; ():65-162.

Chicago/Turabian Style

Simon Grima; Eleftherios I. Thalassinos. 2020. "A Thematic Analysis and a Revisit to Literature on Cases of Improper Use of Derivatives." Financial Derivatives: A Blessing or a Curse? , no. : 65-162.