The Economics, Regulation, and Systemic Risk of Insurance Markets

Hardcover | November 26, 2016

EditorFelix Hufeld, Ralph S. J. Koijen, Christian Thimann

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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 macro-economic role of insurance and how insurance is different from banking and general finance. Understanding the differences between the balance sheets of insurers and other financial intermediaries is essential to understand the potential differences in risk natureand differences in optimal regulation. The second part of the book focuses on the risks of the insurance sector and the potential for systemic risk. The various chapters discuss the risks both on the asset and liability sides of insurers' balance sheets. The third part of the book covers the impactof regulation on insurance companies. Existing regulation is often complex and has a large impact on insurance companies' decision-making and functioning. The chapters also illustrate the unintended consequences of various forms of regulation. The book concludes with a summary of a survey that hasbeen conducted in collaboration with McKinsey, where insurance executives have been asked about the risks and regulation in the insurance sector. The survey provides guidance for future research on insurance markets.

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From the Publisher

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 ...

Felix Hufeld is President of the German Federal Financial Supervisory Authority (BaFin) and member of the Supervisory Board of the Single Supervisory Mechanism (SSM) for the banks of the Eurozone. Previously he was Chief Executive Director Insurance Supervision at BaFin. He was also Chairman of the Executive Committee of the Internatio...

other books by Felix Hufeld

Format:HardcoverDimensions:272 pages, 9.21 × 6.02 × 0.01 inPublished:November 26, 2016Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198788819

ISBN - 13:9780198788812

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Table of Contents

Felix Hufeld, Ralph S. J. Koiijen, Christian Thinmann: IntroductionPart I: The Economics of Insurance and the Macroeconomic Role of Insurance1. Christian Thimann: What is Insurance and How Does it Differ from General Finance?2. Denis Kessler, Amelie de Montchalin, and Christian Thimann: The Macroeconomic Role of Insurance3. Denis Duverne and John Hele: How the Insurance Industry Manages RiskPart II: Financial Stability and the Possibilities of Systemic Risk4. Ralph Koijen and Motohiro Yogo: Risks of Life Insurers: Recent Trends and Transmission Mechanisms5. Viral Acharya, Thomas Philippon, and Matthew Richardson: Measuring Systemic Risk for Insurance Companies6. Anna Paulson and Richard Rosen: Measuring Interest Rate Risk in the Life Insurance Sector: The US and the UKPart III: Regulation7. Bo Becker: How the Insurance Industry's Asset Portfolio Responds to Regulation8. Andrew Ellul, Pab Jotikasthira, and Christian Lundblad: Spillover Effects from Risk Regulation on the Asset Side to Asset Markets9. Felix Hufeld: A Regulatory Framework for Systemic Risk in the Insurance IndustryPart IV: Open Questions Going Forward from Regulators and the Insurance Sector10. The Big Questions for the Insurance Sector: Findings from a Survey of Insurance Companies