The Economics, Regulation, and Systemic Risk of Insurance Markets

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Paul Halpern. Lawyers in Corporate Decision-Making. Robert Eli Rosen. Valuation and Value Creation of Insurance Intermediaries. Claudia Max. When Insurers Go Bust. Guillaume Plantin. Bank Funding, Liquidity, and Capital Adequacy. Eric Tymoigne. Michael Lustig. Hedge Fund industry: Developments and Practices. International Monetary Fund. Monetary and Capital Markets Department. Insurance companies play a critical role in corporate bond markets, and a cessation of funding that may arise from a shock to insurance company balance sheets could have extensive repercussions …[Also] insurers may, for example, stop lending securities to counterparties.

Up to 50 percent of European life insurance policies are estimated to be cancelled without penalty. In these regions, indices indicate that the average systemic risk contribution has returned to historically high levels. It is two to three times higher than in The capital shortfall is a function of the size of the firm, its leverage, and its expected equity loss, conditional on the market decline.

In particular, life insurers have tended to be more systemic and nonlife insurers much less systemic than their sample shares suggest. This effect is more pronounced when the level of interest rates is low—that is, any further fall in interest rates will result in a sharper increase in duration mismatches. Firm-level case studies suggest that, as interest rates decline, particular types of firms—smaller life insurers, those with weaker capital positions, and those with higher shares of guaranteed liabilities—tend to take on relatively more risk…Lower interest rates exacerbate the incentive for weaker insurers to gamble for resurrection.

How to Approach Systemic Risk in Insurance Markets

Risk-based capital and reserve requirements have been introduced in many countries. The valuation of liabilities is affected only by the safe interest rate, whereas the valuation of risky assets is also driven by credit spreads an issue particularly relevant for assets with long maturities. Therefore, insurers have fewer incentives to invest in return-maximizing risky assets so as to avoid large shifts in capital requirements. At the same time, market-consistent valuation encourages investments in longer-term, low-risk assets, such as sovereign debt and high-grade corporate bonds, and these incentives become stronger the higher the market volatility.

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See all condition definitions - opens in a new window or tab Read more about the condition. About this product. Additional Information from Movie Mars Product Description 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.

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