Managing The Insolvency Risk Of Insurance Companies
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| Author | : Nigel Davies |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2003-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1451856008 |
This paper explores insurance as a source of financial system vulnerability. It provides a brief overview of the insurance industry and reviews the risks it faces, as well as several recent failures of insurance companies that had systemic implications. Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. Building on this experience and the experience gained under the FSAP, the paper proposes key indicators that should be compiled and used for surveillance of financial soundness of insurance companies and the insurance sector as a whole.
| Author | : J. David Cummins |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 334 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 9401138788 |
Two different applications have been considered, automobile claims from Massachusetts and health expenses from the Netherlands. We have fit 11 different distributions to these data. The distributions are conveniently nested within a single four parameter distribution, the generalized beta of the second type. This relationship facilitates analysis and comparisons. In both cases the GB2 provided the best fit and the Burr 3 is the best three parameter model. In the case of automobile claims, the flexibility of the GB2 provides a statistically siE;nificant improvement in fit over all other models. In the case of Dutch health expenses the improvement of the GB2 relative to several alternatives was not statistically significant. * The author appreciates the research assistance of Mark Bean, Young Yong Kim and Steve White. The data used were provided by Richard Derrig of The Massachusetts Automobile Rating and Accident Prevention Bureau and by Bob Van der Laan and The Silver Cross Foundation for the medical insurance claim data. 2~ REFERENCES Arnold, B. C. 1983. Pareto Distributions. Bartonsville: International Cooperative Publishing House. Cummins, J. D. and L. R. Freifelder. 1978. A comparative analysis of alternative maximum probable yearly aggregate loss estimators. Journal of Risk and Insurance 45:27-52. *Cummins, J. D., G. Dionne, and L. Maistre. 1987. Application of the GB2 family of distributions in collective risk theory. University of Pennsylvania: Mimeographed manuscript. Hogg, R. V. and S. A. Klugman. 1983. On the estimation of long tailed skewed distributions with actuarial applications.
| Author | : Giovanni Dosi |
| Publisher | : OUP Oxford |
| Total Pages | : 404 |
| Release | : 2001-11-29 |
| Genre | : Business & Economics |
| ISBN | : 0191530220 |
In this book, the editors and a team of distinguished international contributors analyse the nature of organizational capabilities–how organizations do things, use their knowledge base, and diffuse that knowledge in a competitive environment. Dosi is the author and editor of numerous books including Technology, Organization, and Competitiveness (OUP, 1998). He is also one of the editors of the journal Industrial and Corporate Change published by Oxford University Press. Nelson and Winter are recognized as leading proponents of evolutionary perspectives in economics and management. The book includes chapters from David Teece, Keith Pavitt, Benjamin Coriat, and Richard Florida amongst others.
| Author | : Mr.Andreas A. Jobst |
| Publisher | : International Monetary Fund |
| Total Pages | : 84 |
| Release | : 2014-07-22 |
| Genre | : Business & Economics |
| ISBN | : 149832455X |
Over the last decade, stress testing has become a central aspect of the Fund’s bilateral and multilateral surveillance work. Recently, more emphasis has also been placed on the role of insurance for financial stability analysis. This paper reviews the current state of system-wide solvency stress tests for insurance based on a comparative review of national practices and the experiences from Fund’s FSAP program with the aim of providing practical guidelines for the coherent and consistent implementation of such exercises. The paper also offers recommendations on improving the current insurance stress testing approaches and presentation of results.
| Author | : Guillaume Plantin |
| Publisher | : Princeton University Press |
| Total Pages | : 111 |
| Release | : 2016-06-28 |
| Genre | : Business & Economics |
| ISBN | : 0691170983 |
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.
| Author | : Irwin T. Vanderhoof |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 389 |
| Release | : 2013-04-17 |
| Genre | : Business & Economics |
| ISBN | : 1475767323 |
This book explores theoretical and practical implications of reflecting the fair value of liabilities for insurance companies. In addition, the contributions discuss the disclosure of these values to the financial and regulatory communities and auditing firms which are actually calculating this illusive but important variable. It combines contributions by distinguished practitioners from the insurance, accounting and finance fields, with those of prominent academics. One of the central themes of the collection is that adequate disclosure of the true economic value of insurance company liabilities is both possible and desirable. Wherever possible, the insurance valuation process is wedded with modern financial theory. For example, the use of option pricing theory is applied to insurance companies, where the true value of the firm's liabilities is a critical variable. Methods such as cash flow, earned profit and indirect discount are explored.
| Author | : Group of Thirty |
| Publisher | : |
| Total Pages | : 126 |
| Release | : 2006 |
| Genre | : Capital market |
| ISBN | : |
| Author | : Sandra G. Gustavson |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 188 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 9401113785 |
Five years ago the world lost one of its most prolific insurance scholars, Dr. Robert I. Mehr. His death in 1988 signalled the passing of not only a gifted writer and researcher, but also a pioneering teacher, mentor, and friend. The essays compiled within this volume are intended as an appropriate tribute to this occasionally outrageous individual who touched the lives of so many within the insurance community. Bob Mehr was a teacher who expected and demanded nothing less than perfect scholarship and flawless, efficient writing. Among alumni of the University of lllinois insurance doctoral program, stories still abound of late night and early morning sessions in which students and professor painstakingly debated precise words and phrases for dissertations, journal articles, and textbooks. Bob's respect for language was both immense and contagious, if at times more than a little compulsive. He joked that he could not read letters or novels without pencil in hand for editing. Bob's respect for his doctoral students was equally evident. The confidence he displayed in his students' abilities was sometimes startling, but "competence assumed" often begot "competence in fact." The accomplishments and records amassed by the many who studied with Bob Mehr are impressive and ongoing. On the dedication page in his final textbook, Fundamentals of Insurance, Bob spoke of his affection for those he called his "academic progeny" and wished them happiness as they build their own academic families.
| Author | : Simon Grima |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 201 |
| Release | : 2022-03-28 |
| Genre | : Business & Economics |
| ISBN | : 1802629734 |
Managing Risk and Decision Making in Times of Economic Distress adds much needed scholarly analysis of the fledgling decision/control approach, arguing the merits of its empirical content to shed light on the structure of capital contracts and rationale for diversity of objectives.
| Author | : W. J. Wouter Botzen |
| Publisher | : Cambridge University Press |
| Total Pages | : 453 |
| Release | : 2013-03-28 |
| Genre | : Business & Economics |
| ISBN | : 1107033276 |
An examination of how insurance arrangements can contribute to societies' management of the risks of natural disasters in a changing climate.
