Synopses & Reviews
Over recent years, there has been great upheaval in the insurance industry. High profile cases such as Lloyds of London and various natural disasters have left the insurance industry struggling. Despite this, however, the market pressures on insurance companies are providing an incentive to change. As the insurance companies act on this, new opportunities are created.
This book offers an in-depth look at the increasingly significant convergence between the insurance industry and the capital markets which has resulted in insurance being seen as an up and coming asset class. Demonstrating how the industry can learn from past mistakes, the authors examine the implications of the intertwining of finance and insurance, both for investment banks and brokerage firms as well as the insurance sector itself.
Written by experts in the field, the book is divided into seven chapters:
* The basics of property-casualty insurance
* Securitizing insurance risks
* Life insurance in the United States: history of a crisis
* ALM in insurance: an empirical wander around Europe
* Life insurance pricing and the measurement of the duration of liabilities
* A functional approach to the insurance industry
* Conclusion and future challenges
Synopsis
This important publication, by two premier financial experts, explores the unique convergence of finance and insurance. Insurance is now regarded as an emerging asset class, with insurance risks being priced and traded on the markets. Addressing the questions and concerns of investment banks and brokerage firms as well as the insurance/reinsurance sector itself, it examines ongoing trends and issues, and how current market pressures on insurance companies actually point the way to future promising developments.
Synopsis
Im Laufe der letzten 20 Jahre haben zahlreiche Naturkatastrophen (z.B. Erdbeben, Wirbelst rme, berschwemmungen) und von Menschen verursachte Katastrophen (z.B. Umweltverschmutzungen, Computer-Sabotage) Versicherungs- und R ckversicherungsgesellschaften in eine u erst prek re Lage gebracht. Dieses topaktuelle Buch untersucht die einzigartige Ann herung zwischen der Versicherungsbranche und den Kapitalm rkten. Die Versicherung wird mittlerweile als aufstrebender Verm genswert betrachtet, bei dem der Preis f r das Versicherungsrisiko in den M rkten bestimmt und gehandelt wird. Zwei f hrende Finanzexperten beleuchten hier den Versicherungs- und R ckversicherungssektor und diskutieren kritische Fragen von Investmentbanken und Brokerfirmen. Dar ber hinaus analysieren sie bestehende Trends und Probleme und untersuchen, wie der aktuelle Marktdruck auf Versicherungsunternehmen in der Tat zu vielversprechenden Entwicklungen in der Zukunft f hren kann. Mit einer F lle von Fallstudien.
Synopsis
Over recent years the insurance industry has faced a period of rapid change and consolidation, with recent natural and man-made disasters highlighting the problems that the industry faces. Yet this has also been a time of opportunity with the traditional role of insurance giving way to its classification as a asset class. This has resulted in insurance risks now being priced and exchanged on the markets.
In this book, the authors analyze the convergence between the insurance industry and the capital markets. They sumarize the main trends and issues and analyze past events within the industry. Thus, they demonstrate that the current market pressures on insurance companies do not not just create challenges but also new opportunities.
Synopsis
An in-depth look at the increasingly significant convergence between the insurance industry and the capital markets.
This important publication, by two premier financial experts, explores the unique convergence of finance and insurance. The book covers the basics of property-casualty insurance, securitizing insurance risks, looks at life insurance in the United States and ALM in insurance. It addresses the questions and concerns of investment banks, brokerage firms and the insurance/reinsurance sector itself, examines ongoing trends and issues, and how current market pressures on insurance companies do not just create challenges but actually point the way to future promising developments.
About the Author
ERIC BRIYS is a managing director at Deutsche Bank where he heads the Insurance Strategies Group. He has worked previously for Merrill Lynch and Lehman Brothers. Prior to joining the investment banking world he was a Professor of Finance at the HEC School of Management. He has published seven books on finance and economics and more than thirty scientific articles.
FRAN? OIS DE VARENNE is a vice-president at Deutsche Bank where he covers European insurance and reinsurance companies. He has worked previously for Merrill Lynch and Lehman Brothers. Prior to joining the investment banking world he was Head of Financial and Economics Affairs at the French Federation of Insurance Companies. An engineer, an actuary and a PhD in finance by training he has published three books and more than ten scientific articles.
Table of Contents
Preface.
The Basics of Property-Casualty Insurance.
Securitizing Insurance Risks.
Life Insurance in the United States: History of a Crisis.
ALM in Insurance: An Empirical Wander Around Europe.
Life Insurance Pricing and the Measurement of the Duration of Liabilities.
A Functional Approach to the Insurance Industry.
Conclusion and Future Challenges.
Appendix: The ALM Survival Toolkit.
Index.