The Economics, Regulation, and Systemic Risk of Insurance Markets
Lieferzeit: Besorgungstitel - Lieferbar innerhalb von 10 Werktagen I
Gewicht:
340 g
Format:
231x155x15 mm
Beschreibung:
Despite the importance of insurance in enabling individual and collective social, economic, and financial activities, discussions about the macroeconomic role and risks of insurance markets are surprisingly limited. This 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 first part discusses the macroeconomic 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 for understanding the potential differences in risk nature and optimal regulation. The second part of the book focuses on the risks managed by the insurance sector and the potential for systemic risk. The 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.
The first part discusses the macroeconomic 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 for understanding the potential differences in risk nature and optimal regulation. The second part of the book focuses on the risks managed by the insurance sector and the potential for systemic risk. The 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.
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.
- Introduction
- Part 1. 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 2. Financial Stability and the Possibilities of Systemic Risk
- 4: Ralph S. J. Koijen and Motohiro Yogo: Risks of Life Insurers: Recent Trends and Transmission Mechanisms
- 5: Viral V. Acharya, Thomas Philippon, and Matthew Richardson: Measuring Systemic Risk for Insurance Companies
- 6: Daniel Hartley, Anna Paulson, and Richard J. Rosen: Measuring Interest Rate Risk in the Life Insurance Sector: The U.S. and the U.K.
- Part 3. Regulation
- 7: Bo Becker: How the Insurance Industry's Asset Portfolio Responds to Regulation
- 8: Andrew Ellul, Chotibhak Jotikasthira, and Christian T. Lundblad: Spillover Effects of Risk Regulation on the Asset Side to Asset Markets
- 9: Felix Hufeld: A Regulatory Framework for Systemic Risk in the Insurance Industry
- Part 4. Open Questions Going Forward from the Insurance Sector
- 10: Luca Pancaldi and Uwe Stegemann: The Big Questions for the Insurance Sector: Findings from a Survey of Insurance Companies
- Index
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.