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The Economics, Regulation, and Systemic Risk of Insurance Markets (Paperback)
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The Economics, Regulation, and Systemic Risk of Insurance Markets (Paperback)
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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. This book brings together academics,
regulators, and industry experts to provide a multifaceted array of
research and perspectives on insurance, its role and functioning,
and the potential systemic risk it could create. The first part
discusses the macroeconomic role of insurance and how insurance is
different from banking and general finance. Understanding the
differences between the balance sheets of insurers and other
financial intermediaries is essential for understanding the
potential differences in risk nature and optimal regulation. The
second part of the book focuses on the risks managed by the
insurance sector and the potential for systemic risk. The chapters
discuss the risks both on the asset and liability sides of
insurers' balance sheets. The third part of the book covers the
impact of regulation on insurance companies. Existing regulation is
often complex and has a large impact on insurance companies'
decision-making and functioning. The chapters also illustrate the
unintended consequences of various forms of regulation. The book
concludes with a summary of a survey that has been conducted in
collaboration with McKinsey, where insurance executives have been
asked about the risks and regulation in the insurance sector. The
survey provides guidance for future research on insurance markets.
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