1 The Geneva Papers on Risk and Insurance Vol. 25 No. 3 (July 2000) 396±406 The S-Curve Relation Between Per-Capita Income and Insurance Penetration by Rudolf Enz Models that assume a constant income elasticity of demand for insurance have the unrealistic implication that insurance penetration grows without constraint. This article introduces a logistic function that allows income elasticity to vary as the economy matures. Econometric estimations yield a so-called S-curve, for which the income elasticity of demand is equal to one at speci c low and high levels of income, but may reach two or more at intermediate income levels. Long-term forecasts for insurance premiums based on GDP projections are possible for countries that either conform to the S-curve model or deviate consistently from it. Analysing deviations from the S-curve allows the identi cation of outlier countries, in which factors other than GDP drive insurance demand. Keywords: insurance, forecasting, premium volume, life and non-life, international comparison, logistic function. 1. Introduction The growth in premiums paid to insurers in an economy is closely related to gross domestic product (GDP) growth, with income elasticity generally greater than one. Researchers usually assume a constant income elasticity which, together with an income elasticity greater than one, implies that there are no limits to insurance penetration (premiums divided by GDP). Table 1 shows an example of a country with an initial insurance penetration of 3 per cent, income elasticity of 2 and real GDP growth of 4 per cent per annum. After 25 years ± one generation ± insurance penetration increases to 8 per cent; after two generations it reaches an implausibly high 20 per cent. Income elasticity ˆ 2 Table 1: Constant income elasticity example Today Growth p.a. After 25 years After 50 years Premium 3 8% GDP 100 4% Penetration 3% 8% 20% Swiss Re, Economic Research & Consulting, Zurich, Switzerland. Published by Blackwell Publishers, 108 Cowley Road, Oxford OX4 1JF, UK.
2 THE S-CURVE RELATION BETWEEN PER-CAPITA INCOME AND INSURANCE PENETRATION 397 In practice, supply and demand factors limit insurance penetration. On the demand side, people and businesses need many things in addition to loss payments from insurers. High insurance rates induce policyholders to seek insurance substitutes such as loss prevention and self-insurance. Insurance supply is limited because of moral hazard: insurers want policyholders to bear a suf cient amount of risk to maintain the incentive to avoid large losses. All this suggests that the income elasticity of demand for insurance declines as GDP grows. The S-curve is a functional form which allows for this variation. The S-curve can explain changes in insurance premiums over time for a given country, but this estimation requires a very long time series. In this article we use panel data to nd the international S-curve for life and non-life insurance. We expect individual countries to deviate from this world average because there are many factors other than GDP that in uence insurance penetration. 2 There might, however, be convergence towards the world average, brought about by increased globalization and competition in the insurance sector. This article takes the following form: section 2 introduces the S-curve function and discusses its properties and section 3 presents the S-curve estimations. In section 4, the effect of the exchange rate on the resulting estimations is analysed by means of purchasing power parities instead of market exchange rates. Section 5 looks at the deviations from the S-curve in absolute terms as well as in terms of dynamic movements towards or away from the international average S-curve. Finally, section 6 summarizes the ndings of the article. 2. Method: S-curve properties and application The S-curve used in this paper is a logistic function with three parameters. Its equation is: Penetration ˆ premiums=gdp ˆ 1=(C 1 C 2 3 C 3^real GDP per capita) (1) In the case of C 3, 1, penetration increases with real GDP per capita, whereas with C 3. 1it decreases. In the special case C 3 ˆ 1, penetration is not at all dependent on real GDP per capita. In the normal case of C 3, 1, the minimum and maximum penetration is: Minimum penetration ˆ 1=(C 1 C 2 ) (2) Maximum penetration ˆ 1=C 1 (3) The maximum penetration level 1=C 1 is an asymptote that the S-curve approaches as per capita GDP rises. The steepness of the S-curve increases up to a certain level of income ± called the in ection point ± and decreases thereafter. Income at inflection point ˆ [Ln(C 1 ) Ln(C 2 )]=Ln(C 3 ) (4) If C 1 and the sum (C 1 C 2 ) have opposite signs, the S-curve function has discontinuity: penetration jumps from plus in nity to minus in nity in the case of C 3, 1. Chart 1 plots some examples of S-curves. Equations (2) to (4) can also be used to reparameterize the curve: choose the minimum, maximum and in ection points and solve for the parameters C 1,C 2 and C 3. The income elasticity of insurance premium volume is given by: 2 Some examples: losses depend on building standards and exposure to natural catastrophes; regulation may require mandatory motor insurance with different minimum covers; the government may offer insurance that is not registered in the statistics of insurance regulatory authorities, etc.
3 398 ENZ Figure 1: Some examples of S-curves Income elasticity ˆ 1 [C 2 (C 3 ^ Y)Y Ln(C 3 )]=[(C 1 C 2 C 3 ^ Y)] (5) where Y represents real GDP per capita. In the normal case, where penetration increases with income, income elasticity starts and ends with a value of one, whereas it is greater than one for income levels in between. This changing income elasticity is the property that distinguishes the S-curve from constant elasticity functions. The maximum income elasticity is reached at a real per capita income of Y : 1 Y Ln(C 3 ) [C 2 C 3 ^ Y ]=C 1 ˆ 0 (6) The maximum elasticity income is different from the in ection point income. This is because the maximum elasticity income is based on the derivation of the S-curve according to income, whereas the in ection point income is based on the derivation of the S-curve according to income per capita. A closed form solution does exist for Y, but it requires the product logarithm function which is not available in some software packages. 3. Estimation of life and non-life penetration Data on penetration have been taken from the Sigma on world insurance for the years 1970±98, 3 covering 90 countries in life and 88 countries in non-life insurance. GDP per capita 3 The Sigma on world insurance is published regularly by Swiss Re Economic Research & Consulting. The latest issue on this subject, Sigma No. 7/1999, is entitled ``World insurance in 1998: deregulation, overcapacity and nancial crises curb premium growth''.
4 THE S-CURVE RELATION BETWEEN PER-CAPITA INCOME AND INSURANCE PENETRATION 399 gures are given in real terms and have been converted into US$ at 1997 exchange rates as provided by the WEFAWorld Market Monitor. Purchasing power parity (PPP) levels for 1997 are taken from the World Bank. The estimation of the S-curve for life and non-life penetration gives the following results: Table 2: Regression results GDP at 1997 exchange rates Life Non-life C (8.3) (35.5) C (9.7) (23.3) C (61.5) (77.7) Wald-Test C 3 ˆ 1, F-Statistic Adj. R-squared 22.4% 44.1% Number of observations Properties Min. penetration 0.6% 0.9% Max. penetration 3.8% 2.8% In ection point at GDP per capita, US$ Max. income elasticity At GDP per capita, US$ Notes: Estimated with EViews 3.1; t-statistics in parentheses. Regression did not use any country dummies. The parameters C 1 to C 3 are signi cantly different from zero; C 3 is also less than 1, which implies that penetration increases with GDP per capita. The R-squared for life business is half that of the non-life value. The in ection point and per capita income with maximum income elasticity for life business are 14,000 and US$ 15,000 per capita respectively, whereas for non-life they are 5,000 and US$ 10,000 per capita. Maximum income elasticity is almost 2 for life, but only 1.5 for non-life insurance. Figure 2 shows the S-curve for life insurance. Penetration in some countries differs widely from the international average. Other factors in addition to income must account for the demand for life insurance. The chart for non-life (Figure 3) reveals a much greater coherence among countries. Figure 4 shows how the income elasticity of insurance premium volume changes with real income per capita. Elasticity looks to be ``almost'' one at income levels of US$ 300 and
5 400 ENZ Figure 2: S-curve life business, 1998 data points only Figure 3: S-curve non-life business,1998 data points only
6 THE S-CURVE RELATION BETWEEN PER-CAPITA INCOME AND INSURANCE PENETRATION 401 Figure 4: Income elasticity of insurance premium volume 30,000 per capita, but reaches its highest values at US$ 10,000 for non-life and US$ 15,000 for life insurance. 4. The in uence of purchasing power parities Using purchasing power parities (PPP) instead of market exchange rates to convert GDP per capita gures into US dollars raises the stated incomes of developing countries appreciably. This is because non-traded goods play an important role in developing countries but their prices are not re ected in the market exchange rates. To the group of non-traded goods belong those which are produced and consumed by families and never come to market. In countries with per capita income of less than US$ 1,000, PPP values are 2 to 5.5 times higher than those using market exchange rates; in industrialized countries, the two values are very close. Figure 5 shows how the ratio of PPP to the market exchange rate decreases with per capita GDP. The regression line was used to impute PPP values for a few countries for which the World Bank does not calculate gures. Using PPP values instead of market exchange rates displaces developing countries in the S-curve chart from left to right. Table 3 shows the effects on the S-curve estimation. The minimum penetration value is reduced to 0.3 per cent in life and 0.6 per cent in non-life; the maximum penetration in life is increased to 3.9 per cent; and maximum income elasticity is increased to 2.3 in life and 1.7 in non-life. The R-squared in the life regression is marginally better than in the regression with market exchange rates.
7 402 ENZ Figure 5: PPP versus market exchange rates for per capita GDP Table 3: Regression results GDP at 1997 purchasing power parities Life Non-life C (7.7) (23.8) C (5.6) (14.5) C (41.2) (58.2) Wald-Test C3 ˆ 1, F-Statistic Adj. R-squared 24.4% 42.8% Number of observations Properties Min. penetration 0.3% 0.6% Max. penetration 3.9% 2.8% In ection point at GDP per capita, US$ Max. income elasticity At GDP per capita, US$ Notes: Estimated with EViews 3.1; t-statistics in parentheses. Regression did not use any country dummies.
8 THE S-CURVE RELATION BETWEEN PER-CAPITA INCOME AND INSURANCE PENETRATION Deviations from the S-curve A look at the means and trends of the regression residuals reveals further insight into the characteristics of individual countries. This is also necessary in order to compensate for the fact that possible xed effects are not taken into account in the estimation process. 4 The majority of countries have signi cantly higher or lower penetration averages than the mean. In life insurance, below average penetration is especially the case in Iceland, Libya, Luxembourg, the United Arab Emirates, Qatar and Kuwait; penetration is above average in Ireland, Zimbabwe, the U.K., Japan, South Africa and Korea. The negative deviations are due, amongst other factors, to religious beliefs (Islam), which do not support life insurance. Strong positive deviations can be observed in the Asian countries with traditionally weak banking systems and in the Anglo-Saxon countries and their former African colonies, which favour individual old age provision (see Table 4). With the exception of Oman, no country Table 4: Residuals from the S-curve estimation for countries showing signi cant trends, life business Country Number of observations Mean Signi cant Trend, % points per year Signi cant Converging Australia % 0.09% no Austria % 0.04% yes Belgium % 0.14% yes Chile % 0.08% no Cyprus % 0.09% no Finland % 0.12% no France % 0.16% no India % 0.02% no Ireland % 0.08% no Kenya % 0.29% no Latvia % 0.10% yes Mexico % 0.05% yes Nigeria % 0.14% yes Oman % 0.06% no Poland % 0.09% yes Saudi Arabia % 0.04% yes Spain % 0.06% yes Sweden % 0.03% yes Switzerland % 0.18% no Turkey % 0.12% yes United % 0.16% no Kingdom Zimbabwe % 0.00% no signi cant at 5% level, signi cant at 1% level 4 Due to the non-linearity of the S-curve function the software EViews was not able to estimate equations with xed income effects.
9 404 ENZ has a signi cant negative trend in residuals. However, there are 22 countries for which penetration increased at a higher rate than predicted solely by the S-curve. Kenya, Switzerland, France, the U.K., Belgium, Nigeria, Turkey and Finland showed an extra increase in penetration rates of more than 0.1 per cent a year. This is mainly the result of a worsening age structure and the inability to sustain social security systems. Figure 6 depicts the strong growth in life insurance premiums in these countries, which far exceeds GDP growth. The decline in France in 1998 was the result of a reduction in the tax exemption on life insurance policies. Ten countries exhibited some convergence towards the average S- curve; ie their residuals have a signi cant negative mean and a signi cant positive trend. These countries are Austria, Belgium, Latvia, Mexico, Nigeria, Poland, Saudi Arabia, Spain, Sweden and Turkey. In non-life insurance the following countries are more than one percentage point below the average penetration: Libya, Kuwait, Hong Kong, Saudi Arabia and the United Arab Emirates (see Table 5). 5 All of these deviations stem from low motor-insurance volume: in Hong Kong the number of vehicles is limited because of space, and in the Arab countries motor liability is limited because of the regulation of so-called ``blood money''. In Costa Rica, Kenya, Israel, the Netherlands and Croatia, penetration is more than one percentage point above the average, mainly because of the high catastrophe exposure in these countries. In nine countries the residuals show a signi cantly negative trend, in 27 countries the trend is positive. Only eight countries show a signi cantly converging trend towards the average S-curve: Croatia and Zimbabwe are converging towards average penetration from above, whereas Brazil, Japan, Libya, Luxembourg, Russia and Thailand are approaching the average from below. Figure 6: Some examples of penetration paths in life insurance 5 Table 5 shows only the countries which have signi cant trends in residuals, so some countries with high absolute mean values are missing.
10 THE S-CURVE RELATION BETWEEN PER-CAPITA INCOME AND INSURANCE PENETRATION 405 Table 5: Residuals from the S-curve estimation for countries showing signi cant trends, non-life business Country Number of observations Mean Signi cant Trend, % points per year Signi cant Converging Algeria % 0.02% no Argentina % 0.03% no Brazil % 0.05% yes Canada % 0.04% no Chile % 0.11% no Colombia % 0.05% no Croatia % 0.33% yes Dominican % 0.02% no Republic Germany % 0.02% no Iceland % 0.04% no Ireland % 0.03% no Japan % 0.04% yes Korea % 0.14% no Latvia % 0.29% no Lebanon % 0.19% no Libya % 0.02% yes Luxembourg % 0.04% yes Netherlands % 0.02% no New Zealand % 0.15% no Panama % 0.05% no Philippines % 0.02% no Poland % 0.08% no Russia % 0.15% yes Singapore % 0.07% no South Africa % 0.07% no Spain % 0.05% no Switzerland % 0.04% no Thailand % 0.03% yes Tunisia % 0.02% no United % 0.03% no Kingdom United States % 0.06% no Uruguay % 0.11% no Venezuela % 0.04% no Vietnam % 0.06% no Zimbabwe % 0.03% yes signi cant at 5% level, signi cant at 1% level
11 406 ENZ 6. Conclusion The S-curve provides some insight into the relation between income per capita and insurance premiums. There seem to be upper and lower limits to the portion of income that is spent on insurance. Moreover, there is a level of per-capita income ± approximately US$ 15,000 for life and US$ 10,000 for non-life insurance ± at which the income elasticity of the demand for insurance reaches a maximum. The S-curve has its limitations. As it is only a onefactor model, it neglects all factors in uencing the demand for insurance other than real GDP per capita. Nevertheless the S-curve can easily be used for long-term forecasting. Some countries show consistent deviations from the S-curve, which may result from structural differences to the rest of the world. Producing forecasts for these countries is still possible if one assumes that deviations from the international average remain constant. The S-curve is inadequate for countries where deviations from the average change over time, which implies that forces other than income drive premiums. Prominent among these forces are changes in the insurance environment, such as amendments to insurance taxation or the extent of government-provided insurance programmes. An analysis of deviations from the S-curve readily identi es these countries. BIBLIOGRAPHY BROWNE, M. J. and KIM, K., 1993, ``An International Analysis of Life Insurance Demand'', The Journal of Risk and Insurance, December, pp. 616±634. CARTER, R. L. and DICKINSON, G. M., 1992, Obstacles to the Liberalisation of Trade in Insurance, Thames Essay No. 58. Hemel Hempstead: Harvester Wheatsheaf. See Appendix IV, pp. 175±188. OUTREVILLE, J.-F., 1992, ``The Relationship Between Insurance, Financial Development and Market Structure in Developing Countries'', Unctad Review, January, pp. 53±69. OUTREVILLE, J.-F., 1996, ``Life Insurance Markets in Developing Countries'', The Journal of Risk and Insurance, Vol. 63, No. 2, pp. 263±278.
Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall Renewable
World Consumer Income and Expenditure Patterns 2014 14th edi tion Euromonitor International Ltd. 60-61 Britton Street, EC1M 5UX TableTypeID: 30010; ITtableID: 22914 Income Algeria Income Algeria Income
www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes
Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector
Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
Triple-play criptions to rocket to 400 mil. Global triple-play criptions will reach 400 million by 2017; up by nearly 300 million on the end-2011 total and up by 380 million on the 2007 total, according
Aon Hewitt Country Profiles Your eguide to employment requirements and practices Profiles for nearly 90 countries worldwide Risk. Reinsurance. Human Resources. Know the Facts Whether you are a newcomer
List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade
Accumulative Turnover Figures for All FCI Members Compared to Worldwide Factoring Turnover (in Millions of EUR and USD) EUR EUR EUR EUR EUR EUR EUR INCREASE 2006 2007 2008 2009 2010 2011 2012 2011/2012
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
Jean Lemaire Sojung Park A large body of insurance research looks for factors that explain variation in demand across countries Dependent variable: Insurance Density ($US spent annually on life insurance
The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around
Introducing GlobalStar Travel Management GlobalStar is a worldwide travel management company owned and managed by local entrepreneurs. In total over 80 market leading enterprises, representing over US$13
BT Managed Event and BT Self-Managed Event (also referred to as Express, Plus and Premium) Conference Bridge and Call for Booked Audio Conferencing Services will comprise the following for each phone-conference:
Raveh Ravid & Co. CPA November 2015 About Us Established in 1986 by Abir Raveh, CPA & Itzhak Ravid, CPA 6 Partners, 80 employees Located in Tel Aviv, Israel wide range of professional services highly experienced
THE UK FILM MARKET AS A WHOLE BFI Research and Statistics PUBLISHED DECEMBER 2015 Image: The Lady in the Van courtesy of Sony Pictures THE UK FILM MARKET AS A WHOLE THE UK WAS THE SECOND LARGEST FILM MARKET
www.pwc.co.uk Global AML Resource Map Over 2000 AML professionals January 2016 Global AML Resources: Europe France Italy Jersey / Guernsey 8 Ireland 1 Portugal 7 Luxembourg 5 United Kingdom 1 50 11 Spain
FDI performance and potential rankings Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI perfomance index The Inward FDI Performance Index ranks countries by the FDI they receive relative
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
The Geneva Papers, 2009, 34, (85 99) r 2009 The International Association for the Study of Insurance Economics 1018-5895/09 www.palgrave-journals.com/gpp/ A Comparative Study of International Insurance
Mondelēz International HelpLine Numbers March 22, 2013 There are many ways to report a concern or suspected misconduct, including discussing it with your supervisor, your supervisor s supervisor, another
Senate Committee: Education and Employment QUESTION ON NOTICE Budget Estimates 2015-2016 Outcome: Higher Education Research and International Department of Education and Training Question No. SQ15-000549
International Mains Voltages Edition 01/97 0921 271X / 0197 The international low voltages used in industry, business and domestically. Listed in continents and countries. Status April 1996 The following
SunGard Best Practice Guide What Number Should I Use? www.intercalleurope.com Information Hotline 0871 7000 170 +44 (0)1452 546742 firstname.lastname@example.org Reservations 0870 043 4167 +44 (0)1452
Brochure More information from http://www.researchandmarkets.com/reports/1837057/ Waterpark Lines World Report Description: This report provides Market Consumption/Products/Services for 100 countries by
2015 Country RepTrak The World s Most Reputable Countries July 2015 The World s View on Countries: An Online Study of the Reputation of 55 Countries RepTrak is a registered trademark of Reputation Institute.
CMMI for SCAMPI SM Class A 2011 End-Year Update Software Engineering Institute Carnegie Mellon University Pittsburgh, PA 15213 1 Outline Introduction Current Status Community Trends Organizational Trends
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
Brochure More information from http://www.researchandmarkets.com/reports/2389480/ The World Market for Medical, Surgical, or Laboratory Sterilizers: A 2013 Global Trade Perspective Description: This report
U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the
Facts about German foreign trade in 2012* Foreign trade figures in 2012 Exports Imports Net foreign demand Total Goods Services Total Goods Services Total memorandum items billion EUR In relation to EU
Australia s position in global and bilateral foreign direct investment At the end of 213, Australia was the destination for US$592 billion of global inwards foreign direct investment (FDI), representing
MERCER S COMPENSATION ANALYSIS AND REVIEW SYSTEM AN ONLINE TOOL DESIGNED TO TAKE THE WORK OUT OF YOUR COMPENSATION REVIEW PROCESS MERCER S COMPENSATION ANALYSIS AND REVIEW SYSTEM www.imercer.com/cars Mercer
"World energy consumption" by Construct - BP Statistical Review of World Energy 2015 Sources of Global CO 2 Emissions (1970-2004, Direct Emissions by Sector Only) Intergovernmental Panel on Climate Change
Enterprise Mobility Suite (EMS) Overview Industry trends driving IT pressures Devices Apps Big data Cloud 52% of information workers across 17 countries report using 3+ devices for work Enable my employees
Fall 2015 International Student Enrollment Prepared by The Office of International Affairs Nova Southeastern University Nova Southeastern University International Student Statistics Fall 2015 International
Brochure More information from http://www.researchandmarkets.com/reports/3279121/ The 2016 World Forecasts of Aluminum Doors, Windows, Door Thresholds, and Window Frames Export Supplies Description: This
KINGDOM OF CAMBODIA NATION RELIGION KING 3 TOURISM STATISTICS REPORT February 2016 MINISTRY OF TOURISM Statistics and Tourism Information Department No. A3, Street 169, Sangkat Veal Vong, Khan 7 Makara,
financial aid at Average - $, financial aid is comprehensive, covering books, health insurance, study abroad costs, travel, and personal expenses % % % % cost met by average % of with demonstrated need
Culture in the Cockpit Collision or Cooperation? Dr. Nicklas Dahlstrom Human Factors Manager Understanding Safety - The Changing Nature of Safety 1 Lives lost per year How safe is flying? 100 000 10 000
Introducing Clinical Trials Insurance Services Ltd Important Staff Richard Kelly Managing Director Richard joined CTIS in 2006 having previously managed the Pharmaceutical wholesale division at Heath Lambert
YTD 2015-27 CS AWARDS IN AMERICAS Argentina Bolivia Brazil Frontline Customer Service Team of the Year, All Industries (Bronze) Customer Service Department of the Year, Airlines, Distribution & Transportation
ECDC DAILY UPDATE Pandemic (H1N1) 2009 Update 28 October 2009, 09:00 hours CEST Main developments in past 24 hours Total of 280 fatal cases in Europe and EFTA countries and 5 658 in the rest of the world
New Paradigm for International Insurance Comparison: With an Application to Comparison of Seven Insurance Markets Wei Zheng Associate Professor and Vice Chair Department of Risk Management and Insurance,
Product solutions Enjoy free calls and significant savings on your business landline bills with from International. Set-up is simple and you don t need to change your existing telephone numbers, plus there
Energy Briefing: Global Crude Oil Demand & Supply November 6, 215 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside the
Dividends Tax: Summary of withholding tax rates per South African Double Taxation Agreements currently in force Version: 2 Updated: 2012-05-22 Note: A summary of the rates and the relevant provisions relating
DIRECT MARKETING STRATEGY Web & Software Development Services Document created by : Rakesh Negi Business Development & Market Research Consultant New Delhi, India Skype: rakesh_negi1 MSN: email@example.com
In February 2017, Global Finance will publish its annual selections for the World s Best Trade Finance and Supply Chain Finance Providers. Global Finance will name the best trade finance providers in 83
REUTERS/Jo Yong-Hak ORBITAX ESSENTIAL INTERNATIONAL TAX SOLUTIONS ALIGN AND STREAMLINE YOUR TAX PLANNING WORKFLOW FOR CROSS-BORDER TRANSACTIONS ACROSS MULTINATIONAL ENTITIES ALIGN YOUR GLOBAL TAX UNIVERSE
EMEA BENEFITS BENCHMARKING OFFERING COVERED COUNTRIES SWEDEN FINLAND NORWAY ESTONIA R U S S I A DENMARK LITHUANIA LATVIA IRELAND PORTUGAL U. K. NETHERLANDS POLAND BELARUS GERMANY BELGIUM CZECH REP. UKRAINE
Gap Inc.'s Global Footprint As of the end of Q3 2016, Gap Inc. had 3,742 company operated or franchised stores in operation across 50 countries and our global brands have the ability to ship online orders
BIS CEMLA Roundtable on Fiscal Policy, public debt management and government bond markets: issues for central banks Is monetary policy constrained by fiscal policy? by Carlos Montoro 26-27 November 212
Brochure More information from http://www.researchandmarkets.com/reports/1339929/ The 2011 World Forecasts of Machine Tools That Remove Material by Laser or Light, Photon, Ultrasonic, Electro-Discharge,
Brochure More information from http://www.researchandmarkets.com/reports/2547547/ Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017 Description: Sulfuric Acid 2013 World Market Outlook and
4 Mineral Industry Surveys For information contact: Robert L. Virta, Asbestos Commodity Specialist U.S. Geological Survey 989 National Center Reston, VA 20192 Telephone: 703-648-7726, Fax: (703) 648-7757
INFORMATION SHEET No. 126 Malta in International Tax Structuring February 2015 Introduction Malta is a reputable EU business and financial centre with an attractive tax regime and sound legislative framework.
Journal of Business & Economics Research Third Quarter 214 Volume 12, Number 3 The Big Mac Index And Real-Income Disparity Vidya Atal, Montclair State University, USA ABSTRACT The Big Mac Index was introduced
Global Education Office University of New Mexico MSC06 3850, Mesa Vista Hall, Rm. 220 Tel. 505 277 4032, Fax 505 277 867, firstname.lastname@example.org Report on International Students, Scholars and Study Abroad Programs
heat transfer solutions Turflow heat exchanger high efficiency heat transfer solution E X P E R T I S E S O L U T I O N S S U S T A I N A B I L I T Y T u r f l o w h e a t e x c h a n g e r Turflow heat
FACT SHEET 1. Overview 1.1 Developed by an Italian statistician Corrado in the 1910s, is commonly used to indicate income inequality in a society. is a number which has a value between zero and one. As
2015 IMD World Talent Report By the IMD World Competitiveness Center November 2015 IMD World Talent Report 2015 Copyright 2015 by IMD Institute for Management Ch. de Bellerive 23 P.O. Box 915 CH-1001 Lausanne
COST Presentation COST Office Brussels, 2013 COST is supported by the EU Framework Programme ESF provides the COST Office through a European Commission contract What is COST? COST is the oldest and widest
The World in 211 ICT Facts and Figures One third of the world s population is online 45% of Internet users below the age of 25 Share of Internet users in the total population Users, developed Using Internet:
PISA FOR SCHOOLS How is my school comparing internationally? Andreas Schleicher Director for Education and Skills OECD Madrid, September 22 nd PISA in brief Over half a million students representing 28
INTERNATIONAL OVERVIEW John Wilkinson SVP Sales & Products DE- C I X N G N L A U N C H E V E N T 2 Introduction XConnect provides secure, managed ENUM Registries and SIP based peering services to enable
Including the All-New Corporate FX Awards In January 2017, Global Finance will publish its annual selections for the World s Best Foreign Exchange Providers. Global Finance will name the best foreign exchange
HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE COUNTRY PROFILE: A COUNTRY IN TRANSFORMATION POLICY RECOMENDATIONS COUNTRY PROFILE Brazilian Equivalent Population in The World
HEALTH WEALTH CAREER SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS IN CANADA KEY FINDINGS FROM THE MERCER SERP DATABASE (2014 UPDATE) APRIL 2015 b CONTENTS 1. Introduction...2 2. Highlights of the Mercer SERP
GOLD COMPETENCY REVENUE GUIDELINES Table of Contents MICROSOFT GOLD COMPETENCY REVENUE GUIDELINES UPDATE... 1 We Are All About Partners... 2 What we offer: rich benefits for gold competency partners...
Building on +60 GW of experience Track record as of 31 December 2013 Can data and analysis make a difference on turbine performance? Proven technology. For Vestas, it is more than a saying it is something
MALTA TRADING COMPANIES IN MALTA Trading companies in Malta 1. An effective jurisdiction for international trading operations 410.000 MALTA GMT +1 Located in the heart of the Mediterranean, Malta has always
Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global