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The Economics, Regulation, and Systemic Risk of Insurance Markets

The Economics, Regulation, and Systemic Risk of Insurance Markets

  • 作者:
  • 出版商: Oxford University Press
  • ISBN: 9780198820420
  • 出版时间 February 2018
  • 规格: Paperback
  • 适应领域: U.K. ? 免责申明:
    Countri(es) stated herein are used as reference only

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  • 描述 
  • 大纲 
  • 详细

    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 could create.

    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.

  • 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, Amélie 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

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