Did Insurers Become Risk-Loving During “Low-for-Long”? The Role of Returns, Ratings, and Regulation PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Did Insurers Become Risk-Loving During “Low-for-Long”? The Role of Returns, Ratings, and Regulation PDF full book. Access full book title Did Insurers Become Risk-Loving During “Low-for-Long”? The Role of Returns, Ratings, and Regulation by Jeroen Brinkhoff. Download full books in PDF and EPUB format.
Author: Jeroen Brinkhoff
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 20
Get Book Here
Book Description
European life insurance companies are important bond investors and had traditionally played a stabilizing role in financial markets by pursuing “buy-and-hold” investment strategies. However, since the onset of the ultra-low interest rates era in 2008, observers noted a decline in the credit quality of insurers’ bond portfolios. The commonly-held explanation for this deterioration is that low returns pushed insurers to become more risk-taking. We argue that other factors—such as surging rating downgrades, bond revaluations, and regulatory changes—also played a key role. We estimate that rating changes, revaluations, and search for yield each account for about one-third each of the total deterioration in credit quality. This result has important policy implications as it reestablishes the view that insurers’ investment behavior tends to be passive through the cycle—rather than risk-seeking.
Author: Jeroen Brinkhoff
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 20
Get Book Here
Book Description
European life insurance companies are important bond investors and had traditionally played a stabilizing role in financial markets by pursuing “buy-and-hold” investment strategies. However, since the onset of the ultra-low interest rates era in 2008, observers noted a decline in the credit quality of insurers’ bond portfolios. The commonly-held explanation for this deterioration is that low returns pushed insurers to become more risk-taking. We argue that other factors—such as surging rating downgrades, bond revaluations, and regulatory changes—also played a key role. We estimate that rating changes, revaluations, and search for yield each account for about one-third each of the total deterioration in credit quality. This result has important policy implications as it reestablishes the view that insurers’ investment behavior tends to be passive through the cycle—rather than risk-seeking.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1498363288
Category : Business & Economics
Languages : en
Pages : 135
Get Book Here
Book Description
The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new report finds that the outlook has deteriorated in advanced economies because of heightened uncertainty and setbacks to growth and confidence, while declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets. These developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair. A broad-based policy response is needed to secure financial stability. Advanced economies must deal with crisis legacy issues, emerging markets need to bolster their resilience to global headwinds, and the resilience of market liquidity should be enhanced. The report also examines financial spillovers from emerging market economies and finds that they have risen substantially. This implies that when assessing macro-financial conditions, policymakers may need to increasingly take into account economic developments in emerging market economies. Finally, the report assesses changes in the systemic importance of insurers, finding that across advanced economies the contribution of life insurers to systemic risk has increased in recent years. The results suggest that supervisors and regulators should take a more macroprudential approach to the sector.
Author: University of Chicago Law Review
Publisher: Quid Pro Books
ISBN: 1610278585
Category : Law
Languages : en
Pages : 580
Get Book Here
Book Description
The University of Chicago Law Review's 4th issue of 2014 features articles and essays from recognized legal scholars, as well as extensive student research. Contents include: Articles: • The Legal Salience of Taxation, by Andrew T. Hayashi • Tax-Loss Mechanisms, by Jacob Nussim & Avraham Tabbach • Regulating Systemic Risk in Insurance, by Daniel Schwarcz & Steven L. Schwarcz • American Constitutional Exceptionalism Revisited, by Mila Versteeg & Emily Zackin Comments: • Bursting the Speech Bubble: Toward a More Fitting Perceived-Affiliation Standard, by Nicholas A. Caselli • Payments to Not Parent? Noncustodial Parents as the Recipients of Child Support, by Emma J. Cone-Roddy • Too Small to Fail: A New Perspective on Environmental Penalties for Small Businesses, by Nicholas S. Dufau • Understanding Equal Sovereignty, by Abigail B. Molitor • "Widespread" Uncertainty: The Exclusionary Rule in Civil-Removal Proceedings, by Michael J. O’Brien • Clogged Conduits: A Defendant's Right to Confront His Translated Statements, by Casen B. Ross • "Integral" Decisionmaking: Judicial Interpretation of Predispute Arbitration Agreements Naming the National Arbitration Forum, by Daniel A. Sito Volume 81, Number 4 also features Review Essays by Lisa Bernstein, Avery W. Katz, and Eyal Zamir, analyzing three recent books on contract law and theory.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Insurance
Languages : en
Pages : 152
Get Book Here
Book Description
Author: United States. Federal Insurance Administration
Publisher:
ISBN:
Category : Automobile insurance
Languages : en
Pages : 128
Get Book Here
Book Description
Author: Thomas G. McGuire
Publisher: Academic Press
ISBN: 012811326X
Category : Business & Economics
Languages : en
Pages : 659
Get Book Here
Book Description
Risk Adjustment, Risk Sharing and Premium Regulation in Health Insurance Markets: Theory and Practice describes the goals, design and evaluation of health plan payment systems. Part I contains 5 chapters discussing the role of health plan payment in regulated health insurance markets, key aspects of payment design (i.e. risk adjustment, risk sharing and premium regulation), and evaluation methods using administrative data on medical spending. Part II contains 14 chapters describing the health plan payment system in 14 countries and sectors around the world, including Australia, Belgium, Chile, China, Columbia, Germany, Ireland, Israel, the Netherlands, Russia, Switzerland and the United States. Authors discuss the evolution of these payment schemes, along with ongoing reforms and key lessons on the design of health plan payment. - Provides a conceptual toolkit that describes the goals, design and evaluation of health plan payment systems in the context of policy paradigms, such as efficiency, affordability, fairness and avoidance of risk selection - Brings together international experience from many different countries that apply regulated competition in different ways - Delivers a practical toolkit for the evaluation of health plan payment modalities from the standpoint of efficiency and fairness
Author: Andrew Jeffreys
Publisher: Oxford Business Group
ISBN: 1907065741
Category : Economic indicators
Languages : en
Pages : 352
Get Book Here
Book Description
Author: George Schieber
Publisher: World Bank Publications
ISBN: 9780821339640
Category : Medical
Languages : en
Pages : 264
Get Book Here
Book Description
Spanish edition. World Bank Technical Paper No. 345S. This report examines specific policies for achieving sustainable development of the mining industry in the countries of Latin America and the Caribbean. The report highlights the importance of the mining sector to national economies of the region and discusses World Bank assistance in formulating policy. Also available in English: (ISBN 0-8213-3816-1) Stock no. 13816.
Author: United States. Congress. Senate. Committee on Commerce, Science, and Transportation
Publisher:
ISBN:
Category : Casualty insurance
Languages : en
Pages : 108
Get Book Here
Book Description
Author: Jian Gao
Publisher: John Wiley & Sons
ISBN: 1118161076
Category : Business & Economics
Languages : en
Pages : 542
Get Book Here
Book Description
An in-depth look at China’s burgeoning capital markets Author Jian Gao is the number one authority on fixed income markets in China, and with this book, he brings his considerable experience and knowledge about these markets to investors worldwide. For those interested in becoming active in China’s growing fixed income markets, Debt Capital Markets in China is the book you need to get started. It includes coverage of the primary and secondary markets, government debt instruments, corporate bonds, the collateralized bond market, and asset-backed securitizations. Debt Capital Markets in China also examines the developing market trends, which affect investors and institutions looking to make the most of this incredible financial opportunity. Dr. Jian Gao, PhD (Beijing, China) is the Vice Governor of China Development Bank (CDB).
