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The Economics, Regulation, and Systemic Risk of Insurance Markets
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The Economics, Regulation, and Systemic Risk of Insurance Markets

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ISBN-13:
9780198788812
Einband:
Buch
Erscheinungsdatum:
27.12.2016
Seiten:
256
Autor:
Felix Hufeld
Gewicht:
499 g
Format:
236x152x20 mm
Sprache:
Englisch
Beschreibung:

The book brings together academics, regulators, and industry experts to provide a multifaceted array of research and perspectives on insurance, its role and functioning, and the potential systemic risk it could create.
The book brings together academics, regulators, and industry experts to provide a multifaceted array of research and perspectives on insurance, its role and functioning, and the potential systemic risk it could create.
Felix Hufeld, Ralph S. J. Koiijen, Christian Thinmann: Introduction; Part I: I. The Economics of Insurance and the Macroeconomic Role of Insurance; 1 Christian Thimann: What is Insurance and How Does it Differ from General Finance?; 2 Denis Kessler, Amelie de Montchalin, and Christian Thimann: The Macroeconomic Role of Insurance; 3 Denis Duverne and John Hele: How the Insurance Industry Manages Risk; Part II: Financial Stability and the Possibilities of Systemic Risk; 4 Ralph Koijen and Motohiro Yogo: Risks of Life Insurers: Recent Trends and Transmission Mechanisms; 5 Viral Acharya, Thomas Philippon, and Matthew Richardson: Measuring Systemic Risk for Insurance Companies; 6 Anna Paulson and Richard Rosen: Measuring Interest Rate Risk in the Life Insurance Sector: The US and the UK; Part III: I. Regulation; 7 Bo Becker: How the Insurance Industry's Asset Portfolio Responds to Regulation; 8 Andrew Ellul, Pab Jotikasthira, and Christian Lundblad: Spillover Effects from Risk Regulation on the Asset Side to Asset Markets; 9 Felix Hufeld: A Regulatory Framework for Systemic Risk in the Insurance Industry; Part IV: Open Questions Going Forward from Regulators and the Insurance Sector; 10 The Big Questions for the Insurance Sector: Findings from a Survey of Insurance Companies
Despite the importance of insurance in enabling individual and collective social, economic, and financial activities, discussions about the macro-economic role and risks of insurance markets are surprisingly limited. The core motivation for publishing this book is to bring together academics, regulators, and industry experts to provide a multifaceted array of research and perspectives on insurance, its role and functioning, and the potential systemic risk it couldcreate.

The first part discusses the macro-economic role of insurance and how insurance is different from banking and general finance. Understanding the differences between the balance sheets of insurers and other financial intermediaries is essential to understand the potential differences in risk nature and differences in optimal regulation. The second part of the book focuses on the risks of the insurance sector and the potential for systemic risk. The various chapters discuss the risks both on the
asset and liability sides of insurers' balance sheets. The third part of the book covers the impact of regulation on insurance companies. Existing regulation is often complex and has a large impact on insurance companies' decision-making and functioning. The chapters also illustrate the unintended
consequences of various forms of regulation. The book concludes with a summary of a survey that has been conducted in collaboration with McKinsey, where insurance executives have been asked about the risks and regulation in the insurance sector. The survey provides guidance for future research on insurance markets.

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