Insurance: From Underwriting to Derivatives: Asset Liability Management in Insurance Companies

ISBN-13: 9780471492276 / Angielski / Twarda / 2001 / 176 str.

Eric Briys; Francois de Varenne

Opis

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.

Spis treści

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.

O autorze

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.

FRANÇ 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.

Blurb

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.