By Morton Lane
This quantity exposes the particularly new zone of hazard financing from conventional tools of assurance and offers research of the intersection of coverage and finance. It presents an in depth perception on numerous matters to incorporate an outline of the reinsurance undefined, contingent financing, terrorism danger, captives, finite possibility, loss portfolio transfers, disaster chance, modelling matters and chance swaps. The paintings positive factors multi-author contributions from major specialists of the consequences of September eleventh at the coverage and reinsurance markets and chronicles the industry alterations from conventional tools of assurance via advancements, study and present perform.
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Additional info for Alternative Risk Strategies
What signals should they send to the members to encourage prudent ‘group use’ of the fund, by syndicates who are making independent risk taking decisions, and which simultaneously discourages imprudent use? The answer is a risk based capital system that is both innovative and controversial. That system is not the subject here, rather, Allen who helped design the original system, raises the further question how should new products (financial guaranty), be grafted onto the system? We are privileged to glean an insight into the thought process at work in this venerable institution.
Only a few financial institutions worldwide are in a position to act as equal partners to the world’s largest firms from trade and industry; they have to be on the same level in terms of global accessibility, capital resources and capacity, professional expertise, and the breadth of the services they offer. At the same time they must provide holistic solutions that are individually tailored to the client’s risk or financial situation. In this client segment the traditional division between insurers, reinsurers and capital market institutions is making less and less sense.
Their survey shows that many factors figure into the traditional price of reinsurance, above and beyond the explicit risk parameters of the deal. That in itself is revealing, but more important they lay out the framework for contrasting pricing practice with pricing theory. Theirs is one of rare insight into industry methods. 4 Shaun Wang looks into pricing even more deeply. One of the drawbacks in Kreps original formulation of pricing is that it does not lead to ‘layer independent’ pricing. In other words, the combined price of a junior and an adjacent senior layer, under the formula, will not necessarily equal the price of the combined layer.
Alternative Risk Strategies by Morton Lane