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Risk Management for Insurers - Second Edition
Incisive Media, October 2011
The insurance industry is facing turbulent times and risk management is at the top of the agenda. This is particularly the case in Europe, where the introduction of Solvency II will drastically redesign the supervisory rules for regulatory capital for insurance companies.
This fully updated user-friendly second edition will quickly help you get to grips with risk management terms and techniques, and how they relate specifically to the insurance industry. It also demonstrates how Solvency II is already shaping the regulatory agenda and its likely impact on the insurance industry.
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.
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
About the Author
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
René Doff has worked in banking for a number of years, and been a risk manager since 2000. Within Rabobank, the largest bank in the Netherlands, he was involved in Basel II and economic capital implementations. Since 2005 he has been working in insurance, especially in Eureko Group, the largest insurance company in the Netherlands. He has been involved in risk management implementation and Solvency II. In that position he set and chaired up the Dutch Solvency II working group. In 2006 and 2007 he worked for the European Insurance Federation (CEA), one of the leading parties in the Solvency II debate. Since 2007 Rene has been involved in risk management and Solvency II implementation of Eureko’s Dutch and international insurance business.
René Doff has a background in finance, business administration and mathematics. In 2006, he earned his PhD on risk management for insurers. He is a regular speaker on international conferences. René publishes regularly in academic and practitioners’ journals and has written a number of books. In the Netherlands “Risk management for Insurers” (2006) and “Economic Capital and Risk Management in Banking” (2004) are considered as a standard work on risk management in the Netherlands. The first edition of this book “Risk Management for Insurers” (2007) has proven to be as successful.