The Financial Dynamics of the Insurance Industry

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This book explores the financial dynamics of the $2 trillion insurance industry - past, present, and future. Inside, industry scholars, regulators, and practitioners offer objective, rigorous analyses of the challenges facing the industry, including insolvency, risk-based capital regulations, default risk, asset allocation, performance measurement, and other pressing issues. These critical insights provide a glimpse at the forces that promise to shape and change the insurance industry as we know it. The insurance...
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Overview

This book explores the financial dynamics of the $2 trillion insurance industry - past, present, and future. Inside, industry scholars, regulators, and practitioners offer objective, rigorous analyses of the challenges facing the industry, including insolvency, risk-based capital regulations, default risk, asset allocation, performance measurement, and other pressing issues. These critical insights provide a glimpse at the forces that promise to shape and change the insurance industry as we know it. The insurance industry is at an important crossroad. The Financial Dynamics of the Insurance Industry, through its "panel of experts," examines the industry's past, evaluates current financial choices and challenges, and provides guidance for maximizing future opportunities.

The recent crises facing thrifts, banks, and other financial service institutions have caused insurance regulators, executives, and investors to become increasingly concerned about the insurance industry's vulnerability. This thoughtful reference explores the financial dynamics of the insurance industry, explaining the past and offering guidance for the future.

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Editorial Reviews

Booknews
Explores the financial dynamics of the $2 trillion insurance industry. Industry scholars, regulators, and practitioners offer analyses of the challenges facing the industry, such as insolvency, risk-based capital regulations, default risk, asset allocation, and performance measurement. Contributors discuss new opportunities for expansion within the industry, proposed solutions to the problems of liquidity for insurance companies, and asset-related risks and liability issues. Lacks an index. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9781556236341
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 9/28/1994
  • Pages: 528
  • Product dimensions: 6.35 (w) x 9.29 (h) x 1.54 (d)

Table of Contents

Contributors
Preface: Financial Dynamics of the Insurance Industry
Pt. 1 Solvency of Life Insurance Companies 1
Introduction: NAIC Solvency Agenda: An Overview 3
1 Objectives and Expected Impact of Risk-Based Capital Requirements for Life Insurance Companies 13
2 Identifying Life Insurer Financial Distress: Classification Models and Empirical Evidence 25
3 Solvency Monitoring of Insurance Companies: Regulators' Role and Future Direction 49
Pt. 2 Solvency of Property and Casualty Insurance Companies 97
4 Risk-Based Capital Requirements for Property and Casualty Insurers: Rules and Prospects 99
5 Risk-Based Capital Requirements for Property-Liability Insurers: A Financial Analysis Issues 111
6 A Cost-Effective Approach for Regulating Insurance Company Solvency 153
Pt. 3 Solvency: Defaulted Securities and Illiquidity 169
7 Losses to Bankrupt Firms' Bondholders 171
8 Liquidity Options for Insurers 185
9 Implications of Asset Illiquidity 197
Pt. 4 Asset Operations of Insurance Companies 213
10 Investment Implications of Insurance Company Liabilities 215
11 Asset-Liability Matching in the Life Insurance Industry 239
12 Asset-Liability Management for a Going Concern 257
13 Asset Allocation for Property and Casualty Insurance Companies 293
Pt. 5 Performance Measurement 313
14 Multi-Index Models and Performance Measurement 315
15 Performance Measurement and Management 335
16 Total Return Approach to Performance Measurement 341
Pt. 6 Performance of Specific Kinds of Assets 377
17 The Role of Real Estate Investment in Insurance Company Portfolios 379
18 The Time-Variation of Risk Premiums on Insurance Company Stocks 399
19 The Changing Role of Life Insurance Companies in the Private Placement Market 425
20 The Dynamics of the Insurance Industry 455
21 Defaults and Returns on High Yield Bonds: Analysis through 1992 467
Pt. 7 Asset-Liability Matching 493
22 Insurance Company Performance Measurement 495
23 Investment Policy Options 505
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