Description
Oxford The Economics Regulation and Systemic Risk of Insurance Markets 2018 Edition by Felix Hufeld, Ralph S. J. Koijen, Christian Thimann
Despite the importance of insurance in enabling individual and collective social, economic, and financial activities, discussions about the macroeconomic role and risks of insurance markets are surprisingly limited. This book brings 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._x000D__x000D_The first part discusses the macroeconomic 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 for understanding the potential differences in risk nature and optimal regulation. The second part of the book focuses on the risks managed by the insurance sector and the potential for systemic risk. The chapters discuss the risks both on the asset and_x000D_liability sides of insurers' balance sheets. The third part of the book covers the impact of 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_x000D_of various forms of regulation. The book concludes with a summary of a survey that has been 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._x000D_ Table of Contents :- _x000D_
Felix Hufeld, Ralph S. J. Koiijen, and Christian Thinmann: Introduction_x000D_
Part 1. The Economics of Insurance and the Macroeconomic Role of Insurance_x000D_
1: Christian Thimann: What is Insurance and How Does it Differ from General Finance?_x000D_
2: Denis Kessler, Amelie de Montchalin, and Christian Thimann: The Macroeconomic Role of Insurance_x000D_
3: Denis Duverne and John Hele: How the Insurance Industry Manages Risk_x000D_
Part 2. Financial Stability and the Possibilities of Systemic Risk_x000D_
4: Ralph S. J. Koijen and Motohiro Yogo: Risks of Life Insurers: Recent Trends and Transmission Mechanisms_x000D_
5: Viral V. Acharya, Thomas Philippon, and Matthew Richardson: Measuring Systemic Risk for Insurance Companies_x000D_
6: Daniel Hartley, Anna Paulson, and Richard J. Rosen: Measuring Interest Rate Risk in the Life Insurance Sector: The U.S. and the U.K._x000D_
Part 3. Regulation_x000D_
7: Bo Becker: How the Insurance Industry's Asset Portfolio Responds to Regulation_x000D_
8: Andrew Ellul, Chotibhak Jotikasthira, and Christian T. Lundblad: Spillover Effects of Risk Regulation on the Asset Side to Asset Markets_x000D_
9: Felix Hufeld: A Regulatory Framework for Systemic Risk in the Insurance Industry_x000D_
Part 4. Open Questions Going Forward from the Insurance Sector_x000D_
10: Luca Pancaldi and Uwe Stegemann: The Big Questions for the Insurance Sector: Findings from a Survey of Insurance Companies_x000D_
Index_x000D_