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Download or read book Risk Warehousing Within Insurance Firms and the Role of Securitization written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: M.B.A.
Author : Johann Jurie Strydom
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (749 download)
Download or read book Risk Warehousing Within Insurance Firms and the Role of Securitization written by Johann Jurie Strydom and published by . This book was released on 2011 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance firms perform two key economic functions. First, they intermediate risk by marketing, selling and administering insurance policies. Second, they warehouse the risks underlying those policies. If viewed as separate businesses, intermediation and warehousing have very different risk profiles and characteristics. While intermediation is a function essential to the firm's role, the warehousing of those risks is mostly optional. It involves deciding to retain risks for the insurance firm's account rather than hedge the risk and thereby pass it on to a third party. The decision to retain or hedge risks is critical to a firm's financial outcomes. Insurance risks include underwriting factors like longevity, mortality and exposure to natural disasters. They also include economic factors like interest rates, currencies, counter-party default and equity markets. The consensus in the academic theory is that since insurance firms face significant frictional costs in raising capital, value-maximising firms will hedge all risks where the spread costs of the hedging instrument are low. This would seem to include most or all economic risks. As for underwriting risks, where hedging spreads are high, the decision will be a trade-off The firm will weigh up the reduced Risk-Bearing Costs offered by the hedging counter-party versus the Risk Transfer Costs incurred in these transactions. In practice it seems many firms hedge less than might be expected, retaining more economic and underwriting risk than may be explained by the theory. Factors which may be driving a bias towards risk are briefly explored, including regulatory drivers and an expectation of beating the market. Insurance-linked securitization offers benefits as a means of hedging risk and enhancing shareholder value through reduced Risk-Bearing Costs, although it faces informational problems that increase Risk Transfer Costs. Catastrophe Risk Bonds appear to have achieved a critical mass on the back of some historical capital shortages in the reinsurance industry. The life insurance securitization market could be poised for growth, but based on the history of Catastrophe Risk Bonds it may also require capital shortages in the life industry as a catalyst. Regulatory capital requirements will play a pivotal role in this regard.
Author : Michael Himick
Publisher : Routledge
ISBN 13 : 1135916659
Total Pages : 174 pages
Book Rating : 4.1/5 (359 download)
Download or read book Securitized Insurance Risk written by Michael Himick and published by Routledge. This book was released on 2020-09-29 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitized Insurance Risk is one of the first books to focus exclusively on the convergence of the insurance and financial markets in risk management and the emergence of insurance risk as a non-correlated asset class. Written for insurers and investors alike, this book explores the opportunities available to forward-looking risk and investment managers. Chapters by prominent experts specifically address: the win-win principle behind securitizing insurance risk; current structures, including catastrophe bonds, structured notes, catastrophe options, and swaps; partnering financial market tools with traditional reinsurance programs; holding insurance risk, uncorrelated with stocks and bonds; pricing insurance risk instruments and evaluating basic risk; and regulatory and accounting concerns.
Author : Christoph Weber
Publisher : Springer Science & Business Media
ISBN 13 : 3834967882
Total Pages : 367 pages
Book Rating : 4.8/5 (349 download)
Download or read book Insurance Linked Securities written by Christoph Weber and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitisations of insurance risk as new methods of risk transfer have been emerging in the global financial market during the recent twenty years. Christoph Weber analyses the techniques of traditional methods in comparison with securitisations for life- and non-life insurance risk.
Author : Pauline Barrieu
Publisher : John Wiley & Sons
ISBN 13 : 0470685085
Total Pages : 612 pages
Book Rating : 4.4/5 (76 download)
Download or read book The Handbook of Insurance-Linked Securities written by Pauline Barrieu and published by John Wiley & Sons. This book was released on 2010-06-15 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Luca Albertini and Pauline Barrieu are to be congratulated on this volume. Written in a period where structured projects in finance are having a difficult time, it is worthwhile to return to the cradle of securitisation: insurance. Spread out over three parts (life, non- life, and tax and regulatory issues) the 26 chapters, written mainly by practitioners, give an excellent overview of this challenging field of modern insurance. Methodology and examples nicely go hand in hand. The overall slant being towards actual analyses of concrete products. No doubt this book will become a milestone going forward for actuarial students, researchers, regulators and practitioners alike." —Paul Embrechts, Professor of Mathematics and Director of RiskLab, ETH Zurich The convergence of insurance with the capital markets has opened up an alternative channel for insurers to transfer risk, raise capital and optimize their regulatory reserves as well as offering institutions a source of relatively liquid investment with limited correlation with other exposures. One of the financial instruments allowing for the cession of insurance-related risks to the capital markets is Insurance-Linked Securities (ILS). This book provides hands-on information essential for market participants, drawing on the insights and expertise of an impressive team of international market players, representing the various aspects and perspectives of this growing sector. The book presents the state of the art in Insurance-Linked Securitization, by exploring the various roles for the different parties involved in the transactions, the motivation for the transaction sponsors, the potential inherent pitfalls, the latest developments and transaction structures and the key challenges faced by the market. The book is organized into parts, each covering a specific topic or sector of the market. After a general overview of the ILS market, the Insurance-Linked Securitization process is studied in detail. A distinction is made between non-life and life securitization, due to the specificities of each sector. The process and all the actors involved are identified and considered in a comprehensive and systematic way. The concepts are first looked at in a general way, before the analysis of relevant case studies where the ILS technology is applied. Particular focus is given to: the key stages in both non-life and life securitizations, including the general features of the transactions, the cedant's perspectives, the legal issues, the rating methodologies, the choice of an appropriate trigger and the risk modeling, the particular challenges related to longevity securitization, the investor's perspective and the question of the management of a portfolio of ILS, the general issues related to insurance-linked securitization, such as accounting and tax issues, regulatory issues and solvency capital requirements. The book is accompanied by a website www.wiley.com/go/albertini_barrieu_ILS which will feature updates and additions to the various contributions to follow market developments.
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Author : Kovacs, Paul J. E
Publisher :
ISBN 13 : 9780973221350
Total Pages : pages
Book Rating : 4.2/5 (213 download)
Download or read book Insurance Securitization [electronic Resource] : Catastrophic Event Exposure and the Role of Insurance Linked Securities in Addressing Risk written by Kovacs, Paul J. E and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas Nowak
Publisher : VVW GmbH
ISBN 13 : 3899528387
Total Pages : 316 pages
Book Rating : 4.8/5 (995 download)
Download or read book Non-Life Insurance-Linked Securities: Risk and Pricing Analysis written by Thomas Nowak and published by VVW GmbH. This book was released on 2014-09-25 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unter Insurance-Linked Securities (ILS) versteht man innovative Finanzprodukte, welche Versicherungsrisiken aus den eng abgegrenzten Märkten der Erst- und Rückversicherungswirtschaft herauslösen und mittels Verbriefung auf Kapitalmärkten handelbar machen. Durch ILS erhalten Investoren die Möglichkeit, für die Bereitstellung von Deckungskapital in Versicherungsrisiken zu investieren und im Gegenzug eine Versicherungsprämie zu erhalten. Hierbei verfolgt das Werk zwei Ziele. Zum Einen, die Durchführung einer genauen Analyse der zugrunde liegenden Zahlungsströme, der beworbenen Eigenschaften und jener Risiken, welche mit einer Investition in ILS verbunden sind. Zum Anderen, die Überprüfung der Anwendbarkeit und Passgenauigkeit vorgeschlagener versicherungsmathematischer und marktorientierter Bewertungsverfahren für ILS sowie die Unterbreitung möglicher Vorschläge für Bewertungsverfahren. Da ILS regelmäßig dazu verwendet werden Extremrisiken zu verbriefen, werden beide Untersuchungen unter expliziter Berücksichtigung der statistischen Eigenschaften von Extremrisiken durchgeführt. Im Ergebnis lässt sich festhalten, dass ILS Investitionen mit eigenen Spezifika darstellen. Investoren sollten diese kennen und berücksichtigen. Dies gilt gerade vor dem Hintergrund der stetig steigenden Zahl von ILS, welche insbesondere in den Zeiten der Niedrigzinsphase als attraktives Investment gesehen werden. Das Buch richtet sich an Investoren und Interessierte, die sich über ILS als Investitionen und deren Bewertung informieren möchten.
Author : Gary Klopfenstein
Publisher : Fitzroy Dearborn Pub
ISBN 13 : 9781884964640
Total Pages : 202 pages
Book Rating : 4.9/5 (646 download)
Download or read book Strategic Trading in the Foreign Exchange Markets written by Gary Klopfenstein and published by Fitzroy Dearborn Pub. This book was released on 2000-05 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides insights into foreign exchange management from traders around the world. Each chapter includes advice for corporations and institutional investors concerning trading and hedging strategies in the foreign exchange markets. The emphasis is on practical applications.
Author : Alex Krutov
Publisher :
ISBN 13 : 9781904339564
Total Pages : 480 pages
Book Rating : 4.3/5 (395 download)
Download or read book Investing in Insurance Risk written by Alex Krutov and published by . This book was released on 2010 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: Information on the types of these securities and the issues involved in their structuring, pricing, trading, and managing on a portfolio basis.
Author : Adam B. Ashcraft
Publisher : DIANE Publishing
ISBN 13 : 1437925146
Total Pages : 76 pages
Book Rating : 4.4/5 (379 download)
Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by DIANE Publishing. This book was released on 2010-03 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.
Author : Christoph Weber
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (778 download)
Download or read book Insurance Linked Securities written by Christoph Weber and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitisations of insurance risk as new methods of risk transfer have been emerging in the global financial market during the recent twenty years. Christoph Weber analyses the techniques of traditional methods in comparison with securitisations for life- and non-life insurance risk. During his stay for expert interviews in the USA in October 2008 the investment bank Lehman Brothers defaulted triggering one of the deepest global economic crises in history. Strengths and weaknesses of the different products became obvious. In addition, an online survey about the market status and the banks' role is analysed. Readers get an insight into the drivers and obstacles the different stakeholder groups face.
Author : El Bachir Boukherouaa
Publisher : International Monetary Fund
ISBN 13 : 1589063953
Total Pages : 35 pages
Book Rating : 4.5/5 (89 download)
Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author : Frank J. Fabozzi
Publisher : John Wiley & Sons
ISBN 13 : 0470419571
Total Pages : 431 pages
Book Rating : 4.4/5 (74 download)
Download or read book Introduction to Securitization written by Frank J. Fabozzi and published by John Wiley & Sons. This book was released on 2008-06-06 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Securitization outlines the basics of securitization, addressing applications for this technology to mortgages, collateralized debt obligations, future flows, credit cards, and auto loans. The authors present a comprehensive overview of the topic based on the experience they have gathered through years of interaction with practitioners and graduate students around the world. The authors offer coverage of such key topics as: structuring agency MBS deals and nonagency deals, credit enhancements and sizing, using interest rate derivatives in securitization transactions, asset classes securitized, operational risk factors, implications for financial markets, and applying securitization technology to CDOs. Finally, in the appendices, the authors provide an essential introduction to credit derivatives, an explanation of the methodology for the valuation of MBS/ABS, and the estimation of interest rate risk. Securitization is a financial technique that pools assets together and, in effect, turns them into a tradable security. The end result of a securitization transaction is that a corporation can obtain proceeds by selling assets and not borrowing funds. In real life, many securitization structures are quite complex and enigmatic for practitioners, investors, and finance students. Typically, books detailing this topic are either too lengthy, too technical, or too superficial in their presentation. Introduction to Securitization is the first to offer essential information on this topic at a fundamental, yet comprehensive level-providing readers with a working understanding of what has become one of today's most important areas of finance. Authors Frank Fabozzi and Vinod Kothari, internationally recognized experts in the field, clearly define securitization, contrast it with corporate finance, and explain its advantages. They carefully illustrate the structuring of asset-backed securities (ABS) transactions, including agency mortgage-backed securities (MBS) deals and nonagency deals, and show the use of credit enhancements and interest rate derivatives in such transactions. They review the collateral classes in ABS, such as retail loans, credit cards, and future flows, and discuss ongoing funding vehicles such as asset-backed commercial paper conduits and other structured vehicles. And they explain the different types of collateralized debt obligations (CDOs) and structured credit, detailing their structuring and analysis. To complement the discussion, an introduction to credit derivatives is also provided. The authors conclude with a close look at securitization's impact on the financial markets and the economy, with a review of the now well-documented problems of the securitization of one asset class: subprime mortgages. While questions about the contribution of securitization have been tainted by the subprime mortgage crisis, it remains an important process for corporations, municipalities, and government entities seeking funding. The significance of this financial innovation is that it has been an important form of raising capital for corporations and government entities throughout the world, as well as a vehicle for risk management. Introduction to Securitization offers practitioners and students a simple and comprehensive entry into the interesting world of securitization and structured credit.
Author :
Publisher : John Wiley & Sons
ISBN 13 : 0470035498
Total Pages : 2163 pages
Book Rating : 4.4/5 (7 download)
Download or read book Encyclopedia of Quantitative Risk Analysis and Assessment written by and published by John Wiley & Sons. This book was released on 2008-09-02 with total page 2163 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading the way in this field, the Encyclopedia of Quantitative Risk Analysis and Assessment is the first publication to offer a modern, comprehensive and in-depth resource to the huge variety of disciplines involved. A truly international work, its coverage ranges across risk issues pertinent to life scientists, engineers, policy makers, healthcare professionals, the finance industry, the military and practising statisticians. Drawing on the expertise of world-renowned authors and editors in this field this title provides up-to-date material on drug safety, investment theory, public policy applications, transportation safety, public perception of risk, epidemiological risk, national defence and security, critical infrastructure, and program management. This major publication is easily accessible for all those involved in the field of risk assessment and analysis. For ease-of-use it is available in print and online.
Author : Olivia S. Mitchell
Publisher : Oxford University Press
ISBN 13 : 0199266913
Total Pages : 361 pages
Book Rating : 4.1/5 (992 download)
Download or read book The Pension Challenge written by Olivia S. Mitchell and published by Oxford University Press. This book was released on 2003-11-13 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, the first in a new series produced by the Pension Research Council of the Wharton School in collaboration with Oxford University Press, explores ways to enhance retirement security in a volatile financial environment.Mitchell and Smetters begin by assessing the myriad retirement risks confronting employees, retirees, employers, and governments, and it shows how stakeholders can work to reinvent pensions that perform well in a competitive global setting. Contributors then indicate how pension systems can be better designed to help protect against these risks.Of special interest is a discussion of new financial products and structures to meet and manage challenges to old-age security. Examples considered include pension investment guarantees and hedges, adapting catastrophe bonds to the pension context, and key regulatory structures and portfolio requirements designed to protect unwary or unwitting pension participants. The contributors draw important lessons for a wide range of countries, drawing from both developed and developing marketexperiences.Contributors include world-famous finance experts and risk management faculty, development economists, pension regulators, and pension consultants.
Author : Luis Lobo-Guerrero
Publisher : Routledge
ISBN 13 : 1134743912
Total Pages : 176 pages
Book Rating : 4.1/5 (347 download)
Download or read book Insuring Life written by Luis Lobo-Guerrero and published by Routledge. This book was released on 2016-04-20 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a contribution to the scholarly engagement with the wider problem of governing through risk and the politics of uncertainty. It takes life insurance as an empirical site from which to ask: what is the kind of governance created through insurance an instance of, and how does it contribute to the transcendence of liberalism? By making a distinction between capable life as object of insurance, and potential life as that which escapes its control, the book conducts a historical epistemological analysis of the problems of valuation, truth production, securitisation, classification, and gendering that constitute life insurance products and practices. Insuring Life offers a critical engagement with the epistemology of life insurance to demonstrate the unnecessary and precarious character of the conditions that make this instrument of liberal governance possible. It concludes that the transcendence of liberalism relies on the technological agency of these instruments and that its challenge begins by redefining the terms under which the potential of life, if invaluable, is to be thought as event. The book follows Insuring War as the third of a trilogy that analyses how concepts and practices of power, risk and security materialise in the form of insurance as a central instrument of governance in the liberal world. It will be of great use to scholars, researchers, and postgraduate students of political economy, critical security studies and political theory, the biopolitics of security and post-structural politics. Insuring War: https://www.routledge.com/products/search?keywords=insuring+war Insuring Security: https://www.routledge.com/Insuring-Security-Biopolitics-security-and-risk/Lobo-Guerrero/p/book/9780415522854
