Assessing the Solvency of Insurance Companies

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This volume is the fourth of a series devoted to major policy issues in insurance. It comprises an in-depth analysis on the assessment and the management of the major technical and financial risks insurance companies have to face. It responds to the growing concerns of economic, financial, political and social actors in the insurance market. It addresses the ever increasing risk exposure of insurance companies that could endanger their financial health. This book constitutes a unique reference work for the attention of both OECD countries and emerging economies.

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A new environment is surrounding the insurance business. The increasing liberalisation of markets has resulted in most prior supervision of products and tariffs being relinquished in favour of ex post supervision; the concentration and internationalisation of insurance companies has necessitated greater mutual understanding and closer co-operation between supervisory authorities in the different countries. Moreover, the supervisory authorities have had to meet the challenge represented by increased convergence between the different financial sectors – banks, insurance, securities and pensions – by drawing up solvency rules for insurance groups and financial conglomerates and co-operating closely or even merging with other financial sectors’ supervisory authorities. Finally, the new emerging risks have had to be taken into account and the protection of the insured has in some instances been increased, by introducing an additional level of cover, i.e. general funds for the protection of policyholders...

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