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A change of paradigm for the insurance industry


Dacorogna, Michel (2018). A change of paradigm for the insurance industry. Annals of Actuarial Science, 12(2):211-232.

Abstract

In this paper we review changes in the insurance industry due to new risk-based regulations such as Solvency 2 and SST. The move from corporate management based on cash-flow to risk-based management is described and discussed through its consequences on capital management, economic valuation and the internal model. We discuss the limits and difficulties of Enterprise Risk Management and its effect on the organisation of companies and the role of actuaries in insurance. The risk/return relation is becoming a central element of the company's management slowly supplanting the traditional accounting view.

Abstract

In this paper we review changes in the insurance industry due to new risk-based regulations such as Solvency 2 and SST. The move from corporate management based on cash-flow to risk-based management is described and discussed through its consequences on capital management, economic valuation and the internal model. We discuss the limits and difficulties of Enterprise Risk Management and its effect on the organisation of companies and the role of actuaries in insurance. The risk/return relation is becoming a central element of the company's management slowly supplanting the traditional accounting view.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Physical Sciences > Statistics and Probability
Social Sciences & Humanities > Economics and Econometrics
Social Sciences & Humanities > Statistics, Probability and Uncertainty
Language:English
Date:2018
Deposited On:27 Mar 2019 12:53
Last Modified:22 Jul 2021 09:08
Publisher:Cambridge University Press
ISSN:1748-4995
OA Status:Hybrid
Publisher DOI:https://doi.org/10.1017/S1748499518000040
Other Identification Number:merlin-id:17151

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