All over the globe insurers are facing the impact of the turmoil on the financial markets, making it more crucial than ever to fully understand how to implement risk management best practice.
In this timely second edition, industry expert René Doff argues that Solvency II, which aims to improve standards of risk assessment, should be regarded as an opportunity. Solvency II will provide incentives for insurance companies to improve their risk management systems and will allow you to benefit from the risk management efforts in the context of supervision.
Risk Management for Insurers: Second Edition is a fully updated accessible reference for the whole insurance industry that newly includes:
- An up-to-date overview of Solvency II ;
- How the financial crisis affected the insurance industry;
- A comparison between banking and insurance supervision; and
- The impact of Basel II and III on the banking industry and economic system.
Seven major risk types will also be covered:
- Market risk, including interest rate and equity risk
- Credit risk
- Liquidity risk
- Non-life risk
- Life risk
- Operational risk
- Business risk
The main benefit of Risk Management for Insurers is that it emphasises the practical risk management concepts, rather than technical calculations and detailed theory, making it easier for a layman to understand. What's more, all concepts and terms are applied to clear illustrative examples and the regulation and supervision developments are simple to follow.
As it is becoming increasingly important to interpret and incorporate the economic capital outcomes of all the risk models discussed, the book also focuses on the terminology and methods for calculating economic capital and fair value.
The book is recommended for risk managers, actuaries, controllers, accountants, auditors, corporate finance managers, underwriting and reinsurance managers, investment managers, equity analysts and financial consultants.
- Book 9781906348618 / EBook 9781908823960
- Publish date
- 17 Oct 2011
- 155mm x 235mm
Table of contents
About the Author vii
2. The Insurer as a Financial Institution
3. Underwriting Risks: Life Risk and Non-Life Risk
4. Investment Risks: Market, Credit and Liquidity Risk
5. Non-financial Risks: Operational and Business Risk
6. The Global Financial Crisis
7. Insurance Regulation and Supervision
8. Solvency II
9. Banking Supervision: Basel I, II and III
10. Management Control
11. Organising Risk Management
Praise for the First Edition:
″I can heartily recommend that you read this book.″
Jos Streppel, Chief Financial Officer Aegon Group,
Chairman of CEA's ECOFIN Committee,
Former chairman of CFO Forum
″I have finally found a document that I can use to explain to non-actuaries and non-technical people what it is all about.″
Sabijn Timmers, Chief Risk Officer, DBV Insurance
″A must-have for those that are involved in risk management and supervision.″
Michaela Koller, Director General of CEA, the European Insurance and Reinsurance Federation
″A nice overview for anyone who is new to Risk-Based Capital or Solvency II.″
Glyn Holton, Contingency Analysis
This must be one of the few financial books that I've read cover to cover - twice! Should be required reading for all insurance company board members - and those who aspire to be there.
p.s. I've actually only got the first edition but assume the second isn't too different!