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Insurance and the Credit Crisis: Impact and Ten Consequences for Risk Management and Supervision
Company: The Geneva Papers on Risk and Insurance: Issues and Practice
Year Of Publication: 2010
Month Of Publication: January
Pages: 9-34
Download Count: 12
View Count: 1552
Comment Num: 0
Language: English
Who Can Read: Free
Date: 5-9-2010
Publisher: Administrator
Summary
Although the insurance industry is less affected than the banking industry, the credit crisis
has revealed room for improvement in its risk management and supervision. Based on this
observation, we formulate ten consequences for risk management and insurance regulation.
Many of these reflect current discussions in academia and practice, but we also add a
number of new ideas that have not yet been the focus of discussion. Among these are
specific aspects of agency and portfolio theory, a concept for a controlled run-off for
insolvent insurers, new principles in stress testing, improved communication aspects,
market discipline, and accountability. Another contribution of this paper is to embed the
current practitioners’ discussion in the recent academic literature, for example, with regard
to the regulation of financial conglomerates.
(volume 35, number 1)
http://dx.doi.org/10.1057/gpp.2009.3
Author(s)
Schmeiser, Hato Sign in to follow this author
Eling, Martin Sign in to follow this author
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