Insurance: Just Part of the Financial Sector? [30]

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Bullet points include: Increased cost of capital and greater focus on risk management may also result in increased transfer of risk to customers. E.g. increased use of periodical re-pricing of annuities based on mortality experience. C.f. shift from DB to DC, possible extension of Solvency II to pension funds and possible further impact on behaviour of ‘long-term’ investors. Or migration away from both sectors. Through use of e.g. securitization, reinsurance, shadow banking. Replay of Basel II ‘originate and transfer’ business model? Implications for transparency, oversight and ‘equivalence’ between jurisdictions

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