Free PDF Insurance: From Underwriting to Derivatives: Asset Liability Management in Insurance Companies
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Insurance: From Underwriting to Derivatives: Asset Liability Management in Insurance Companies
Free PDF Insurance: From Underwriting to Derivatives: Asset Liability Management in Insurance Companies
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From the Inside Flap
Over recent years, there has been great upheaval in the insurance industry. High profile cases such as Lloyds of London and various natural disasters have left the insurance industry struggling. Despite this, however, the market pressures on insurance companies are providing an incentive to change. As the insurance companies act on this, new opportunities are created. This book offers an in-depth look at the increasingly significant convergence between the insurance industry and the capital markets which has resulted in insurance being seen as an up and coming asset class. Demonstrating how the industry can learn from past mistakes, the authors examine the implications of the intertwining of finance and insurance, both for investment banks and brokerage firms as well as the insurance sector itself. Written by experts in the field, the book is divided into seven chapters: * 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
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From the Back Cover
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.
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Product details
Hardcover: 176 pages
Publisher: Wiley; 1 edition (June 29, 2001)
Language: English
ISBN-10: 0471492272
ISBN-13: 978-0471492276
Product Dimensions:
6.9 x 0.8 x 10 inches
Shipping Weight: 15.5 ounces (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
3 customer reviews
Amazon Best Sellers Rank:
#2,113,431 in Books (See Top 100 in Books)
In Insurance from Underwriting to Derivaties, Eric Briys and Francois de Varenne, both Deutsche Bank insurance experts, have written a highly technical, albeit readable, book for their professional peers. They discuss property-casualty insurance, risk, securitizing, pricing and liabilities duration in the United States and Europe. However, it will dawn on the casual reader fairly early that there should be an "experts only" label on the book jacket. Even the basic introduction to property-casualty insurance begins with the presentation of complex mathematical models. More daunting models, charts and graphs elucidate information throughout. Insiders will appreciate this data and the extensive footnotes and references. While this may not be a book for the mid-management reader, we from getAbstract assure you, without risk, that its target audience - financial executives and professionals in the insurance industry - will be very glad to have it.
This is probably the best book on insurance for explaining the poor state of some ALM techniques used in insurance today and why. The authors correctly identify many falacies that actuaries have relied on and how they differ from the more advanced finance that has developed in banking ALM and the capital markets generally.They do, however, get a bit distracted on a couple of topics, and bogged down in some formulas that I didn't think added much to the disccusion. In those moments, you know you're reading the work of university professors rather than practitioners.They could have gone further with their ALM thinking. They could have discussed how mergers between insurance and banking would in the future highlight the differences between the current approaches to ALM, and how financial conglomerates will eventually just relegate insurance to one of many liability businesses, apply option-adjusted transfer prices to insurance products, and take the interest rate risk into consolidated positions. It will not be any more complicated than that. They allude to banking ALM, but don't really drive home any of what I thought were the logical conclusions. They were focused on insurance as stand-alone companies and did not address insurance in the context of a financial conglomerate.Nonetheless, as stated, this is probably the best book on the market as an introduction to insurance ALM and helps dispell many myths and provides some useful history.
As a non insurance specialist, I was curious what the authors have to write about the convergence between the insurance industry and the capital markets. In particular the aspect of derivatives, since I'm in Equity Derivatives. The authors cover nicely the rapid change the insurance industry has faced the last couple of years. Show risk, opportunity, and support many arguments with mathematical models. Even though the authors have an outstanding academic record, the book is aktually fun reading (no boring academic book). References to other articles are extensive and the ALM Survival Toolkit in the Appendix is very well done. Here are the chapters:1 The Basics of Property-Casualty Insurance2 Securitizing Insurance Risks3 Life Insurance in the United States: History of a crisis4 ALM in Insurance: An Empirical Wander Around Europe5 Life Insurance Pricing and the Measurement of the Duration and Liabilities6 A Functional Approach to the Insurance Industry7 Conclusion and Future ChallengesAppendix: The ALM Survival ToolkitMr Briys & Mr de Varenne have confirmend that the French are world-class in derivatives. Bravo!
In Insurance from Underwriting to Derivaties, Eric Briys and Francois de Varenne, both Deutsche Bank insurance experts, have written a highly technical, albeit readable, book for their professional peers. They discuss property-casualty insurance, risk, securitizing, pricing and liabilities duration in the United States and Europe. However, it will dawn on the casual reader fairly early that there should be an "experts only" label on the book jacket. Even the basic introduction to property-casualty insurance begins with the presentation of complex mathematical models. More daunting models, charts and graphs elucidate information throughout. Insiders will appreciate this data and the extensive footnotes and references. While this may not be a book for the mid-management reader, we assure you, without risk, that its target audience - financial executives and professionals in the insurance industry - will be very glad to have it.
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