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Insurance: Just Part of the Financial Sector?
This presentation (based on an IMF working paper) explores similarities and differences between banks and insurers and between Basel III and Solvency II and then highlights possible unintended consequences of Basel III and Solvency II being introduced at roughly the same time
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Slides
1
Insurance: Just Part of the Financial Sector?
2
Agenda
3
Overview of IMF working paper
4
Agenda
5
The 2007 - 2009 credit crisis: timeline
6
The 2007 - 2009 credit crisis: a simplified overview
7
A longer-term historical perspective
8
The different roles of money in the economy
9
Two main roles of money / financial sector
10
However, boundaries are blurred
11
Agenda
12
Typical bank and insurer business models differ
13
Although noteworthy overlaps (and conglomerates!)
14
Different funding bases (excluding equity)
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Different capital levels
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Different accounting bases
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Other components of the financial sector
18
Agenda
19
Basel III and Solvency II: Different histories and drivers
20
Basel III and Solvency II Capital Tiering (Pillar 1)
21
Calculation of Required Capital (Pillar 1)
22
Risk Aggregation (Pillar 1)
23
Agenda
24
Possible unintended consequences
25
Cost of capital
26
Funding patterns and interconnectedness (1)
27
Banks’ debt funding sources by type of investor
28
Funding patterns and interconnectedness (2)
29
Risk / Product transference (1)
30
Risk / Product transference (2)
31
Policy considerations
32
Summary
33
Important Information
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