The Economics, Regulation, and Systemic Risk of Insurance Markets
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Product details:
- Publisher OUP Oxford
- Date of Publication 27 October 2016
- ISBN 9780198788812
- Binding Hardback
- No. of pages248 pages
- Size 240x156x19 mm
- Weight 514 g
- Language English
- Illustrations 44 Figures, 20 Tables 0
Categories
Short description:
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.
MoreLong description:
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.
Table of Contents:
Introduction
Part I: I. The Economics of Insurance and the Macroeconomic Role of Insurance
What is Insurance and How Does it Differ from General Finance?
The Macroeconomic Role of Insurance
How the Insurance Industry Manages Risk
Part II: Financial Stability and the Possibilities of Systemic Risk
Risks of Life Insurers: Recent Trends and Transmission Mechanisms
Measuring Systemic Risk for Insurance Companies
Measuring Interest Rate Risk in the Life Insurance Sector: The US and the UK
Part III: I. Regulation
How the Insurance Industry's Asset Portfolio Responds to Regulation
Spillover Effects from Risk Regulation on the Asset Side to Asset Markets
A Regulatory Framework for Systemic Risk in the Insurance Industry
Part IV: Open Questions Going Forward from Regulators and the Insurance Sector
The Big Questions for the Insurance Sector: Findings from a Survey of Insurance Companies
