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The Economics, Regulation, and Systemic Risk of Insurance Markets - Oxford Scholarship Online
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The Economics, Regulation, and Systemic Risk of Insurance Markets

Felix Hufeld, Ralph S. J. Koijen, and Christian Thimann

Abstract

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 macroeconomic role of insurance and how insurance is different from banking and general financ ... More

Keywords: insurance, systematic risk, optimal regulation, asset, liability, balance sheets, insurance companies, regulation

Bibliographic Information

Print publication date: 2016 Print ISBN-13: 9780198788812
Published to Oxford Scholarship Online: December 2016 DOI:10.1093/acprof:oso/9780198788812.001.0001

Authors

Affiliations are at time of print publication.

Felix Hufeld, editor
President, German Federal Financial Supervisory Authority (BaFin)

Ralph S. J. Koijen, editor
Professor of Finance, London Business School

Christian Thimann, editor
Member of the Executive Committee of AXA Group and Member of the Board of Directors of Alliance Bernstein Investment Managers

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Contents

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Introduction

Felix Hufeld, Ralph S. J. Koijen, and Christian Thimann

Part 1 The Economics of Insurance and the Macroeconomic Role of Insurance

2 The Macroeconomic Role of Insurance

Denis Kessler, Amélie de Montchalin, and Christian Thimann

3 How the Insurance Industry Manages Risk

Denis Duverne and John Hele

Part 2 Financial Stability and the Possibilities of Systemic Risk

4 Risk of Life Insurers

Ralph S. J. Koijen and Motohiro Yogo

5 Measuring Systemic Risk for Insurance Companies

Viral V. Acharya, Thomas Philippon, and Matthew Richardson

6 Measuring Interest Rate Risk in the Life Insurance Sector

Daniel Hartley, Anna Paulson, and Richard J. Rosen

Part 3 Regulation

8 Spillover Effects of Risk Regulation on the Asset Side to Asset Markets

Andrew Ellul, Chotibhak Jotikasthira, and Christian T. Lundblad

Part 4 Open Questions Going Forward from the Insurance Sector

10 The Big Questions for the Insurance Sector

Luca Pancaldi and Uwe Stegemann

End Matter