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    The Future of Risk Management Volume 1

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    The Future of Risk Management Volume 1

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    © All Rights Reserved
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    364 vues14 pages

    0 Ranjbari Et Al 2019

    Transféré par

    John
    The Future of Risk Management Volume 1

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme PDF ou lisez en ligne sur Scribd
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    Paola De Vincentiis « Francesca Culasso - Stefano A. Cerrato Editors The Future of Risk Management, Volume I Perspectives on Financial and Corporate Strategies palgrave macmillan review Rance Cao Bane oie Bepemcntt gene en us fs fay a Fee JSEN97S-2.00016525.8asno78.so30 68260 pm /dotry/101007/9783 00 eS ae "boo Cages Cn Neer 21990073 Sie en of pee ant The Auta) der exe bee Spage ES rasa A et ee hontai, pening ref sasaen, mechs, rong eye eee ee eae ee es sec dor Bibs emt ns puted y epi ony Sage Nae scl ope ade Cente 1, 6390 Ch, ett PREFACE ik and uncertainty fet all human activi, bea on all decons and hope our eezyday esprene. In the minsgeial fd, the stendon {died to se ofall ype and to sk management hasbeen ncesing Sealy cer since the teventes due tothe heightened vost ofthe ‘Steroeonomsic and ancl envionment the enhaned sped of tan {son and the deep sywtemiciterconnecednes of atom economie. Both practioner and seadenicrearchen devote sigan tne aad ‘fron improving ther knowledge, sls and understanding of risk ‘Salat and management Folloyiog the wave ofthis strenuous efor, in hese evo volumes se collected seeton of research papers presented ring the Second Inienatonal Conference on ise Mansgement organizes a= the Unveniy of Tosino on the 25-26 October 2018, Th ation of te cent watt ing tgetber many dierent perspectives on #sk manage ‘Ben, widou confining the sope to a parca sector, city ore. ‘The foul ofthis opening wus bean. Plenty of conuibutons were selected by the Conence organizes and rich dsusions developed ‘3 numerous parle sesions The bes papen-chosen on the base of {hind peerseiew proces mere ited t ake pare ins pubestion ‘hich lve ato two woes, "This ise volume has a pubic management focus, wheres the second ‘sore reed eo sues fed by companies, intermedia and investors inthe private sector. Moce in parulr, the second volume is divided lato two Pars The fi one penn rescarch contbutios on fran fk management in 2 broad sense, coming aro dient felt and exploring eitferent pespecsves. The second Pre deals with corponte scrtepes for managing unceiiny. The paper relict the dete on how risk managements changing orpaietonl and management con trol prac, how sk experts itrct with manager, how incre the valu of the Bm, nd how itt elated to ccounaity and espons ‘My procees. ‘Av Gury Cohn, former President of Godman Sachs, sid in 2011 UF um do’ nr nik anagemens, i dos mater we busi 20H ae in, busines We hope to contibute to sk manage ‘ment ivement with these to Woes and we wish you al plese resdng. Ti, aly aca De Vincensis Traneca Cala Steno A Certo ConTENTs Part inancal Risk Management 1 Risk Management Inetraments Offered by P2P Lending Plasforme, A Ceose-Conntry Eepiial Analysis Based fon a Scoring Sytem ‘Matas Damiano, Pols De Vincenti, Eleonor si, Patina Pa and Cena Rovera 2 Rguity Crowdunding and Risk Management ‘The Attide of lean Platforms ‘Neola Mien, Enrico Bats and Hira Anna Graziano 13 Fair Value Measorement Under Level 2 Inputs: Do ‘Math and Transaction Malupes itch Firm Speciic ‘Risk Factors? ‘Nera Palen, Christin Rainer and Alenando Mighvacce 4 Noo-Rinacil Information and Risk Disloure: Compliance Levels with Mandatory Reguiements inthe Kalan Market Tao Rizo, Dontella Baso, Simona Fanino td Vales Cantino 48 105, Part 10 a 2 ‘Mutual Coreeltion and Interaction on Capital Markets ‘Counties of Development, Certain EU Member Countries and Development Countries: Evidence ‘of Federation of Boma nd Herzegoving ‘lose Atotie Who Uses Trade Finance? Cae-Basod Evidence from Ialisn Exporters Francesco Baldi, Ruggeo Di Mauro and Marina Dano Patient Investors Taxonomy? A Behavioral Approach CChstisn Raineo snd Gaseppe Mesarel {A Nonlinear Approach to Asses the Risk-Revant Ratio Using the Machine Learning Technique Psgasle Mee and Roberto Shira TL Risk Management and Corporate Strategies Board Diversity Risk Management and Ecency Evaluation: Bienes from Boropean Listed ‘Manufaeuring Companies ‘Simona Aer Maio Cane, Roggiero Doeonzo snd Aiieo Eaposto ‘An Examination of Factors Affecting Excess Lig, [Evidence from llamie Baks in Malaysia [Ma Flak A Sal Azhar Roy Mahe Redan 1nd SibanaSecinaco Going Beyond Formalization: Effective Risk “Management in Medivm Company Bernd Britimsc, Cara Crovil and Giovaal Onc Between Climate and Socal Changes: How to Strugte Against Adverse Condiions in the Coffer Industry lena Candelo, Ceca Case gao, Gisorne Bich, snd Man Cert Ma 87 81 203 Bn 259 a ao. 13 16 v Direct Compensation and Risk Management A Key ‘Stady from te Inarance Sector Valter Gamba, Franco Venu, Canio Fon Mt Mata Fence Sharing Economy Riskst Opportunites or Threats for Insurance Companies A Cate Seay on te Iranian Ineurance Industry Melarm Raojar, Zee Shams Efandatuds nd Smone Domenico Seagell Integrated Communication fr Start Ups Toward tn Innovative Framework Fisso Moss, Sven Bianco and Clad Pesci “Thinking Food Safe The Consumers’ Perception [etsndo Bonadonna, lovin! Pe, Lal) Bolan {nd Mojgan Rane ‘Product Ras and Life Cycle ‘Ano Claus Plc, Evia Varese an Lagi Bol Index an x 408 25 “5 at, Jack (2008). Quinte est mahalo: Sty deg, ‘elton er ewan To ae Rp, ‘allan ©... (202), Gin hah «ii dle nica, amie dit mat, Tos Gapped sr. ‘caren, © (2007) Dh are ond area aren 206 New Yc "Soy Capen and Company TC Deets € 1996) tae: mo cn ba masonic Mla Gearing, CF 2018), te alain, Fre, fone Toten: Guero 8D Greg (1997), Ria impr in comps aioe Hein, CA (1989) ene om onl son Mangng or st ‘en ch dn fa et 4) ne Holo, B (1979), Mor hed nad bri, i Bel Jr! of Seema 7 : Hal} C015) Risk mangomen nd finan tion (he). Upper ‘Sie Boer Ni Peano, Pu MV. (0968. The rooms of rl tad: Cont Thr Ameri “rnomi Reo S83), 581-557 etic TE) ama a A amin, Oe Tee 01), rand i mano) Sy, NSW CE ‘in Bs K (2003) Ca dy ra opm and mats (2), Tom ‘aks, Ca Sa CHAPTER 16 Sharing Economy Risks: Opportunities or ‘Threats for Insurance Companies? A Case Study on the Iranian Insurance Industry _Meisam Ranjoari, Zahra Shams Bfandabadi ‘and Simone Domenico Seagnelli 1 Istmonucriox 1 secent yeas, sbting economy has ated the atention of many ‘shot and inthe re world, har diten Soong compeston among omic in ifisent Ble of sci. Ab in accommodation sex ton Bibl cx, Uber and Lyf waspoctaion secon ané Funding Gide, LendingClad, Prosper and TanserWise in face or bank tng stor ares few examples, which have duped the businesses of de Rani) Depurten of Orion Engng, Baines Admin nd ‘Stet, Este ena Spetr de Inger Inds, Unertad Pac de Ma, Ma, pin hm esa ron pn es Begum fda ageing and Maageen yen Ania ‘Udy of Techoogy (Teves esi) ean Lan (©The Auta) 2019 ma De Vincents al ed), The Fa of ist Management, ‘ohm pe, og/10 1007/9788 430 esas 036 trios apa companies in otlng, moi and banking ind trees. . . Sharing economy companies have an innova busines model i ‘online plan o connec an ndetuaed resource os conse 2 demander Through the mobile applications (pps) designed rss toc in sch pn ake pace ely and with Tower co Compare ‘with ondtond wanton In ct the bene mol of these pe of Companies song elon the ace us of inxatontechaology tod ‘rst between user an low fr new and more effctve com sre, which bring about lower price or coms. Therefore, thas become ‘ery aura fr the conser woke Lack of owner, emporay acces and redtibution of tangte and intangible see song the carci of sharing exo ‘Katan etal 2016), wich also aes the operons of other compe Sie in the same eld of act ad increase she competson Seween Shstiag economy companis and the tol epi oes. Bes, the cheers of tarng economy acti led ones the ‘new and freee rit fo the inuance company, which deal Wit the aceptnee of ris for hc estomers They ea Infact impose hateoge fr te rikssnsent proces nthe stance companied hence, tet the whole process of ik management nd fone a agement in tho company, beciie ae eadonaly Sed ener Peronal ns poles are beng Whe for bss purposes to gence Income on s purine, ad of fallin bus. Three, ence ts wr imposed tothe imurence indy due co dese callborcve Consumption ser, and the lnnance compuies must be very cu ous abou such changes In Iran, only two sirag eonoay companies have receny become scive and both of them ate inthe Bld f tanaportion, Gen the fcr that the actnties ofthe sharing economy compares have not yee been expanded, mort ofthe ingurance companies hive not ralaed the ‘Schol f Bsna a Law,ath Cowan Ulver, sis inl sion agneiouniast Deparment of Mangeent, Use of Tan, Tain, Tay 14 sano roosoue Rs OMORTEACTISORTHREATS. 385 tis which can be imposed on them by such acts, However, inthe ‘ey near fre, wth she expansion of he sarin eanoay stor and the ness in the number of companies invaeg insurance compans| vould fice many legal financial and adminsesve challenge in thee Thsomodi line of Pines, which would afer the sifieton level of Tn this pape, considering he busines envionment of surance com panies ran the rls of baring economy acts othe Bld of wan oration ie ths country i snesGgued and analaed. Therefore, he Feminig purts ofthe paper are a6 flows. Aer reviewing the era {ure on sharing economy inte next section ad inducing the sang ‘canon sompanis in Isnt oat che dy, we provide & bre ito lction on the inranee indy sn len, otha focus onthe automo bile intrane porto. PESTLE anal or the busissenvconmest ofthe iarane acavisesconidrng the sharing ewnomy is then pro Sided, flowed bythe dxcuon an resale containing ctl oop di [yams forthe cacao ofthe analysis, Fly, concisons are derved $e Suggestions for Future research are provided 2. Reseancti Backcrouno 21 Shoring Economy ‘The tem “sharing economy” was added to the Oxford Diconaes in 2015, Since the publextion ofa book by Botwman snd Rogen (2010) ‘on the ite of collaborate consumption, shang economy hs Bom ‘popular buzrword in pub meds (Hern 2015; Tie eno 2013), insing economy, infaenation technology i utlized 1 make connec: tons between dapesed groups of people and eompanss and provide ‘hem de oppor to share aces instead of ewneship 0 tht hey anime beer us of goods, ls, series, capital and spaces. I ft, ths emironment is charsrerzed by non ownership, temporary aces tc redtbution of meter good o les tangible nets (Katha ea 2016), and technology is conadered to be the primary cause of sharing ‘erin (Seagel ees. 2018; Montezemolo 2014-2015). cording 0 the satements of shaog economy supports, the companies andthe Plsfonns they offer “use technology ot oaly to ofr svngs and con fesiene eo consumers But alto to make more efient ure of resources, tnd to eipand income opportnies for nee provider” (Maral 346 senor 2015), Therefore, she technology, tbe communi, dhe envionment fsvrenet ah the resent crise aed a he vers ofthe hag ‘economy in the Heratre (Montezemolo 2014-2015), However, there no common agreement on whit actiie com pre the “ibang economy" (Codagaone and. Martent 2016) ani Ieis extremely chalengag to offer a defaison foe sine this terns ‘ed in many free ways in pacice due to diferent meaning cig assigned to the word "shring” (Martin 2016), Besides, the em bar ing economy” may be interpreted onder diferent label, Colaborsive ensumption, calaborave economy, on-demand. economy eee: rer (P2P) tconomy, zeo-margiol com economy and crow ed {Splalsm are only some example ofthe dle ineprettons which $e current interconnected wo the notion of sharing eonony (Selon 3017). In this paper, me comer the definon provided by Rants ta (2018), in wich sharing economy is defined an economs sytem, ‘whose intermediary companies wie online plore to faite and Tomer the cost of the orp tansasons of ving temporty Sei without the tana of onneship-o ide resources of consumer in te P2P necworks tat bar crested, because ofthe tat bul among is members, who may be individual or business. Acordng tots def ‘on, oly two sharing economy compries, namely Saap and Tsp, ‘se ave in an, both of which sre inthe eld of ansparation. These ‘companies provide platoons to make P2P conneson for cr earn fd de saving avis, ‘Consdeing te popaliy of shang economy among scholars, ove the last ew yeas, many tbls bave focused the various dimensone te opportunites and challenges of shang economy. Nadler (2014) ‘salyzed the carci of sharing econoay, and Richardson (2018) Foeabed on woaety sco and sirng 1 performace requirements ob (2016) csuaguisbe the sharing economy into three min Pe sence produt stems, reliseibaive mares sh cooperate ie me, {nd analyzed each of than. In addition, Boer and’ Meelen (2016), Scholdan and Suaaten (2015) and Hama eal (2016) ivesgated the rotations of individuals to papain the shag econo and ‘Trunkfeld (2015) and Atkinton (2016) incoduced four main pila {or the sising economy a "sgt plisorms tht conncct pe cops lnyand demand”, "wanton tit fer acre ovr ommeshp", “mote collabora and trast used frm of consimpton” and branded 1 sine seoonvassis omonruneas ona. 7 xpress that hive eneiondlconaccton” Wag and Nia (2017) ideoated 25 fics aecang the proposed pie of accommodation in $ saring economy compan and Teo (2016) and Fang el. 2016) tauminel the touche, ch ws infoened oy the cis fe thang economy companies "The fet of the emergence and growth of shusing eonomy compe sis in he matt on the stv the onan passe ot faa comidered y the racer fm the basins magpie Sd thsins modes? print of ew. However, egal spec offs change have been tested n many ares Among the document tht We {ould Sod regarding the sharing ecoory and ance aces were + paper conning itriews with group of exerts, mich pabshed he Cn Actuarial Soc (Oryeak std Verma 2018) aaa shot "Bpot provided by Cogent BuxnessConsulng (rac 2016) in preparing Oryeak and Verma (2018), 12 eaccthes fom major player ithe sharing economy andthe inurance indy wee nt Genel and aber icon mpralng te fosmecon beeen sang Teonomy andthe imuance company wat rected. What can be eon ‘Sed om the uno hx lurve atthe changes Bog nde ty he sharing economy inthe bins envionment canbe both oppor Unies and te, depending on the interacton ofthe insane com ais othe rane eal (2016) highighted the new pe of busines md and tes impoed bythe sharing economy acer which irance Indy tat ae fcng before (auc apng posonl property fb commer Purposes a iin nes, high toque transctions an lw prey moun de to the shore pesod of insurances, ess conc over how ‘es are edn ach eanscton and poblens tearing tk poo), {nd then ponted ot te anwlingnes ofthe tana imran om pis to provide coverage for thre pe of estomer wiih lead them {Depproach exer and sup ns cers and ak see, ‘Gfeoune sr sted bere, there re sever aie at aad and waned he ding econ aod the nce sce ost, Dat tot sscevarly fom the management and busines pempetves The ‘in owiehe ea pets uated wth the shang eonemy Sider Ares thr connate onthe gal specs of sc hang tnd the impact ofthis Bebe on fourance compres indrecty phase the imporance of mating change an innoaton in the Utne model of trurene compares, Rauman (2014) consdered the lay of insurance companies in terms ofthe sharing sonomy at Ses in the Geld of wansporason and the complexes tha it reste or insurance companies over ne. The probem odced in thi are ang sowed in a el cate insurance “gp, which points out the ston thar ever has cued on hi aplication onthe cel phone aad iain fara sequen fom scatomer At ths me, we cannot Ca ithe cree |S working with se sutomobe to make money doing «Bains stig thats oe covered by she pean rsance coverage) oe gs tomate a pvaeca.Theefre, the insane company fie hs Challenge hatin accident aks plc nth period ans ot onary is happened ie should not be covered by he insurance policy athe der bad been oferinga commercial see at that mosten. McPeak (2016), Sats (2016) and Loucks (2016) alo dacusedconroen business scsi conrovern ove gation and rel awe whey t fomes to exlating personal iaurins eoverge. Dupy (2017) ated that he goverment are wating or the emergence of new compan the taniperaton network, and they ate moving toward mpemetig widespread ls for companies in his area. Then, e sewed the ls of ‘uch companies and poined othe ineuaace “gap. Also, Davis (2015) isased the insaiency of nance coverage fo set who wosk in Sharing econo compacis ace the transport Sel Tn genera, the chalenges sha the sharing economy cess fr the insurance indus Seem to have ben mare strate to reese the Bel of lw thin thinkers inthe feld of management and eommete However, the legal dimensions of iurance contac ae very porn, snd the erms and condions governing insurance pss can have sg cant impact onthe rik management of isoratce compe. Sade Show that aring economy companies inthe fd of taneportaion hve cuted sore attention i th epard, compared wi sharing econoy ‘companies in acommodation or oter Beds of 2. 2.1 Sharing Exon ran, Sapp and Tap30 (oe read Tp in the loca guage are two ta ‘ng economy bared companies in Ian inthe fed of anspor, ‘These conpanies work onthe P2P basis, connecting the regu de 2s owing a pessoal car with the pasenges who rege tanipora. Son fervice. Theretre these compares do not own ay automobile BY femieves: Both ede shag and vide Baling vervice ae povided BY ‘ese companies. You downlad an sppication on your phone, request dave, and go, User can request aside vis the {0S oe Andeid ap, by inating their loeton and dessnation and the pce ofthe tp 12: befcehand to avoid haggling. Soapp and Tep30 hie vers upon Competing 2 background chek and showing a yd dover ieee nd automo inaurtace policy The payment by the pasenges can be nade athe applcton or throwph sex exh payment tothe dies, ‘ectse Ia sl cash ated ciety. ‘Crrent; Snapp and Tapa0 operate la Tevan (city of approx ntely 87 milion rede) lan (a ity of approxima 2.3 million residents) and Kara cy of approximately 2 min resents) sti. ower’ they ar looking to expan to new es and may eve eck to ‘apa serena, 22 Iranian Insurance Indusry Acthe momen, there ae 3 Tenia pate insurance and resume Corpus in ls. Ay Albor, Data, Prin, Karin, Ra Tse’, ‘Sinn, Mla, Has, Oa Day, Saman, Nove, Psanga, Moallem, fan ‘Morin, Mia, Koss, Ma, Arma, Ti'avon, Samay Asma, Heknat Subs, Teuat nou, Midale Ea Life Insurance, Kish D8 Club and {QITA Pea Cha (Qeshm) are ee inturance companies and Amin Re a Traian Re are the major rensrance companies There ion One go™ ‘mental inrrance company, known a an Insurance Company in his Ted onthe nest gues publi by the Cental Insrance of Lan (cit) in annual poche volume ofthe total cet peemiums for the insurance maket inthe year 1395 ofthe Iian elenda—bich over the 21st of March 2076 to the 20% of March 2017—anounted {0'280,176 billion Ris (Islan caren), sgiing a growth vate of 122.6 compared withthe previous Yat ‘Automobile insure in ran consists of 3 main parts (1) Automobile ‘Tied Party Liably insurance (TPL) thet provides coverage for as al Gennes and det, body izes nd ality nae toed pa ‘Ses (2) Davers acide lnurance tht covers death, bl nus 20d ‘mela expente happened tothe driver of he ssured vehi, nd (3) ‘Automlle Ell itrance whch pode coverage for damages the Inward vehi, ‘According to the provisions of Arle On af the Law of Company ‘TPL in Iran, attomoble TPL and drivers scent insurance are provided tall owners of nd transport motor vies single com Binatorycompaiory inance poy. On the other hand, purchasing hl inswabce pobcy isnot eompulory for vile comers, There, to min moter insurance poles sre comadred in Inn atomic ‘TDL, whic cover hid partes andthe diver snd hl Insurance Ut rode cover forthe ined eh. ‘Since the TPL poles connate a sigifcat share of the inwurance companies poroio in Try ther prudent management i of great Importance, "According to the mote recent sabia Yearbook of Sie (Cy ont of $4,810,867 non-lieiauance pce ed in the Trnian year 1395 (21s of March 2016-20uh of Mares 2017), 20087515 sad $314,507 were TPL and automobile hl surance polices, pect “Therefore, 2 premvary of 80,6822 bilion Rial was cuned fom he TPL polices in the mentioned year, while the sare of autornoble hall nur nce pocies was 15973 bilion al In adam, out of $4,708,254 ‘oli cams pai inthis yer, 94,069 and 408,518 cans eee to TPL ad hull insurance pois especie, ding to lo ais etl 10 98. ant 69.5% for these ples (Sait Teno th nora nce Indy 016-2017), Earned premium, reported cms and loss ao ofthe TPL and auto mobi hull insurance poles daring the Inia as 1386-1395 (2. (of March 2007-20 of March 2017) a ile ia Figs at 3, respecte “Considering the sgicane markt share of astomobile insurance i the porto ofthe Tei insurance companies and ering in ming the {cies of two sharing economy compans i ome ofthe nctopoian teas of Irn, this paper examines the es of hing econony ac ‘esintangporaion eld on the lsuranee indus ats county. 3. PESTLE ANasis axp Sania Econouy CHALLENGES Fon THE INSURANCE CoMeastEs PESTLE isa toa fr business ans, which dels with racking the ronment in which « company or indasey is operaing, This stl 5 considers the poll, econemie, sco clin echaoiogid, leg tnd environmental specs of the busines evronment an help oo Vides compretenive aay of he enirnmental factor tt ae te Zeue of pei company onde, PEELEEEE 1 tal penn pred on be TAL Fr dg he yas 180-09 (lve Mach S07 of Nt 307) bn Vref ce cy 3) 2 tan renin por hi md lou rtf he nob ‘Shae ps ag ye 130-1098 [fc 307-2 Nach 00 (SS Wrote arn indy 3016-2017) 382 nomena In this esearch, PESTLE nas hasbeen conducted for the ina ance inusey sn rn. In thi rep, the poi anal tors Such a poltal saley and lnverment tect, wncUone tnd the fetes oF iteration turance companies ia iran are conse eonomic factors cata aalyaed const of indctors such # GDP, per exit income, the county's economic promt zt, inason, domes tiand foreign investment, moneary and facil ctor, the county Sconomiciofsretie, credit and the sat ofthe banking 9am {aga fate nlade rules and reglaons forthe iwurancecompases sand wx eguatins wl enroamental cons manly cove the eoengy ‘onsimption and taviroameatal mis, However 0 shorten the tt Snd to aoid regular ana, we enily Seas onthe change ha the ‘enrance of sharing economy companies woul bing about fhe in nce compe. Therefore, sociocultural apd techologal changes ae ‘Sscused tee nthe lowing parser Populason grow, unemployment ree, peopl’ atnde coward lvestne, bans, tou natural aera knowlege of in nce are anong the societal fon in the basins enviconmest ‘of the inurance companies Howeve, when facatng on the ans poration actites and the emergence of shang economy compari, nd smalpzing the sxo-cltrl dimension of the busine elven ‘Bent what is added to the real ana forthe changes made by {he sharing economy active the change in the Bhavor of the con sumers ofthe goods or sence tha is being sare, Thi it mote pro Inent about the compaaie aflrng accommodation services, echte someone who lends an accommodation temporary to another pe. fon may fice a bad guet nd ave hit property damaged. This ll increate the fequency and severity of loses and sie the amount m0 be psd by the tnsranoe companies. In terms of sang economy ia tragporation Bad in ny thi 4 very rte hapesing, a the ao Imoble i not deen by the paengern, bot the car omer des fd provides his seevie fr" the putea. However is prob ble tha the pasenger makes damages tthe car during the Hp if hein bl ettomer “The delopmentoftharng esonomy acts inthe mansportaton feld hasbeen speeded up in Irn due tos gna lower con con pred with ta service, ts higher comfort and ir capably of more eate ime management compared with pubic tapsporshi,

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