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The Risk Implications Of Insurance Securitization
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Book Synopsis Securitized Insurance Risk by : Michael Himick
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.
Book Synopsis The Risk Implications of Insurance Securitization by : Bjoern Hagendorff
Download or read book The Risk Implications of Insurance Securitization written by Bjoern Hagendorff and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Catastrophe (Cat) bonds are insurance securitization vehicles which are supposed to transfer catastrophe-related underwriting risk from issuers to capital markets. This paper addresses key, unanswered questions concerning Cat bonds and offers the following results. First, our findings show firms that issue Cat bonds exhibit less risky underwriting portfolios with less exposure to catastrophe risks and overall less need to hedge catastrophe risk. These results show that the access to the market for insurance securitization is easiest for firms with less risky portfolios. Second, firms that issue Cat bonds are found to experience a reduction in their default risk relative to non-issuing firms and our results, therefore, demonstrate that Cat bonds provide effective catastrophe hedging for issuing firms. Third, firms with less catastrophe exposure, increase their catastrophe exposure following an issue. Therefore, our paper cautions that the ability to hedge catastrophe risk causes some firms to seek additional catastrophe risk.
Book Synopsis The Handbook of Insurance-Linked Securities by : Pauline Barrieu
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.
Book Synopsis Insurance Securitization [electronic Resource] : Catastrophic Event Exposure and the Role of Insurance Linked Securities in Addressing Risk by : Kovacs, Paul J. E
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:
Book Synopsis Insurance Linked Securities by : Christoph Weber
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.
Book Synopsis Natural Catastrophes and Insurance Securitization by : Bjoern Hagendorff
Download or read book Natural Catastrophes and Insurance Securitization written by Bjoern Hagendorff and published by . This book was released on 2012 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance and reinsurance firms have seen a remarkable increase in underwriting losses associated with natural catastrophes during the past decade. Yet, the volume of global risk-financing capacity of catastrophe events has remained limited to date. This raises concerns over the effect of insolvencies and disruptions in insurance and reinsurance markets in the event of a severe natural catastrophe. Insurance securitization has long been hailed as an important tool to increase the underwriting capacity of firms exposed to catastrophe risk. Surprisingly, however, global volumes of insurance securitization have remained low to date. The thesis provides the first comprehensive analysis of the expected losses to U.S. insurers (as reflected in stock market returns) linked to a series of large natural catastrophes. The results show that, overall, the expected performance implications of mega-catastrophes are by no means devastating for insurers as the sample of natural catastrophes causes only relatively modest value losses for firms with catastrophe exposure. The thesis also provides the first empirical investigation into both the performance effects and the risk effects for insurance and reinsurance firms which engage in insurance securitization by issuing catastrophe bonds. The results show that insurance securitization provides issuers with potential cost advantages (compared to other forms of catastrophe risk management) and that insurance securitization is an effective tool for hedging catastrophe risk. In sum, while the relatively modest performance effects of natural catastrophes on insurance firms put a ceiling on the potential benefits of insurance securitization to firms exposed to catastrophe risk, the thesis shows that catastrophe bonds have some benefits for their issuers. Therefore, this thesis argues that insurance securitization is less valuable as a tool for capacity building in the market for catastrophe underwriting and more useful as a tool to realize cost efficacies and hedging benefits for insurance and reinsurance firms.
Book Synopsis Strategic Trading in the Foreign Exchange Markets by : Gary Klopfenstein
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.
Book Synopsis Natural Catastrophes and Insurance Securitization by : Bjoern Hagendorff
Download or read book Natural Catastrophes and Insurance Securitization written by Bjoern Hagendorff and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investing in Insurance Risk by : Alex Krutov
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.
Book Synopsis Securitizations by : Patrick D. Dolan
Download or read book Securitizations written by Patrick D. Dolan and published by Law Journal Press. This book was released on 2000 with total page 1220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by over two dozen experts with hands-on experience, this timely and insightful work explains the benefits--and risks--of securitization, the legal tax, accounting, and other issues involved.
Book Synopsis Understanding the Securitization of Subprime Mortgage Credit by : Adam B. Ashcraft
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.
Book Synopsis Risk Warehousing Within Insurance Firms and the Role of Securitization by : Johann Jurie Strydom
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 :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498363288 Total Pages :135 pages Book Rating :4.4/5 (983 download)
Book Synopsis Global Financial Stability Report, April 2016 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Global Financial Stability Report, April 2016 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-04-11 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new report finds that the outlook has deteriorated in advanced economies because of heightened uncertainty and setbacks to growth and confidence, while declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets. These developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair. A broad-based policy response is needed to secure financial stability. Advanced economies must deal with crisis legacy issues, emerging markets need to bolster their resilience to global headwinds, and the resilience of market liquidity should be enhanced. The report also examines financial spillovers from emerging market economies and finds that they have risen substantially. This implies that when assessing macro-financial conditions, policymakers may need to increasingly take into account economic developments in emerging market economies. Finally, the report assesses changes in the systemic importance of insurers, finding that across advanced economies the contribution of life insurers to systemic risk has increased in recent years. The results suggest that supervisors and regulators should take a more macroprudential approach to the sector.
Book Synopsis Insurance-Linked Securities by : Jan Quensel
Download or read book Insurance-Linked Securities written by Jan Quensel and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Insurance and Issues in Financial Soundness by : Nigel Davies
Download or read book Insurance and Issues in Financial Soundness written by Nigel Davies and published by International Monetary Fund. This book was released on 2003-07-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores insurance as a source of financial system vulnerability. It provides a brief overview of the insurance industry and reviews the risks it faces, as well as several recent failures of insurance companies that had systemic implications. Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. Building on this experience and the experience gained under the FSAP, the paper proposes key indicators that should be compiled and used for surveillance of financial soundness of insurance companies and the insurance sector as a whole.
Download or read book Risk Management written by Hongmu Lee and published by Springer Nature. This book was released on 2021-11-25 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book outlines risk management theory systematically and comprehensively while distinguishing it from academic fields such as insurance theory. In addition, the book builds a risk financing theory that is independent of insurance theory. Until now, risk management (RM) theory has been discussed while the framework of the theory has remained unclear. However, this book, unlike previous books of this type, provides risk management theory after presenting a framework for it. Enterprise risk management (ERM) is seen differently depending on one’s position. For accountants, it is a means for internal control to prevent accounting fraud, whereas for financial institutions, it quantifies the risk that administrators can take to meet supervisory standards. Therefore, most of the ERM outlines are written to suit the intended uses or topics, with no systematic RM overviews. This book discusses a systematic RM theory linked to the framework of it, unlike previous books that were written according to topic. After the Enron scandal in December 2001 and WorldCom accounting fraud in June 2002, several laws were enacted or revised throughout the world, such as the SOX Act(Sarbanes-Oxley Act) in the United States and the Financial Instruments and Exchange Law and Companies Act in Japan. In this process, the COSO(Committee of Sponsoring Organizations of Treadway Commission) published their ERM framework, while the ISO (International Organization for Standardization) published their RM framework. The author believes that the competition between these frameworks was an opportunity to systematize RM theory and greatly develop it as an independent discipline from insurance. On the other hand, the Great East Japan Earthquake that occurred on March 11, 2011, caused enormous losses. Also, because pandemics and cyber risks are increasing, businesses must have a comprehensive and systematic ERM for these risks associated with their business activities
Book Synopsis Macroprudential Solvency Stress Testing of the Insurance Sector by : Mr.Andreas A. Jobst
Download or read book Macroprudential Solvency Stress Testing of the Insurance Sector written by Mr.Andreas A. Jobst and published by International Monetary Fund. This book was released on 2014-07-22 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last decade, stress testing has become a central aspect of the Fund’s bilateral and multilateral surveillance work. Recently, more emphasis has also been placed on the role of insurance for financial stability analysis. This paper reviews the current state of system-wide solvency stress tests for insurance based on a comparative review of national practices and the experiences from Fund’s FSAP program with the aim of providing practical guidelines for the coherent and consistent implementation of such exercises. The paper also offers recommendations on improving the current insurance stress testing approaches and presentation of results.
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