THE MYSTERIOUS WAYS OF STRUCTURED INSURANCE. CROSS-SECTION RISK TRANSFER AND CRISES, FROM FINANCIAL TO PURE RISK SECURITIZATION |
| 3 | |
| 2013 |
| ЭКОНОМИЧЕСКИЕ НАУКИ |
| научная статья | 336.763 | ||
| 9-15 | Structured Insurance, Structured Finance, risk transfer, risk securitization |
| Structured Insurance is mainly the result of the so called Alternative Risk Transfer, that is the process through the which insurance companies, and non financial firms afterwards, forward to the market the quota share of pure risk they wouldn’t or couldn’t keep (Life-insurance Securitization and CAT bonds issuing are good examples, this time). Recent experience of western economies demonstrated that, whenever transparency levels lower, and supervision is stressed by financial innovation, it leaves enough space for information asymmetries concentrate risks within groups of unaware investors. An effective control of information asymmetries seems to be the focus, together with a way back to the specialization of functions that convergence of Insurance and Financial markets destroyed during the last decades, so making the cross-sector risk transfer. |
 |
| 1 . Babbel D.F. and Santomero A.M., Risk Management by Insurers, an Analysis of the process, The Journal of Risk and Insurance, 64/2, 1997. 2 . Banks E., Alternative Risk Transfer, Integrated Risk Management through Insurance, Reinsurance and the Capital Markets, Wiley Finance Series, 2004. 3 . Banks E., Synthetic and Structured Assets, Wiley Finance Series, 2006. 4 . Bhuyan V.B., Life Markets, Trading Mortality and Longevity risk with Life Settlement and Linked Securities, Wiley Finance Series, 2009. 5 . Barrieu P. and Albertini L., The Handbook of Insurance Linked Securities, Wiley Finance Series, 2009. 6 . Black K. and Skipper H.D. Jr., Life & Health Insurance, Prentice Hall, 2000. 7 . Briys E and De Varenne F., Insurance, from Underwriting to Derivatives, Wiley Finance Series, 2001. 8 . Culp C.L., Structured Finance and Insurance, the ART of Managing Capital and Risk, Wiley Finance Series, 2006. 9 . Cummins J.D. and M.A. Weiss, Convergence of Insurance and Financial Markets: Hybrid and Securitized Risk?Transfer Solutions, The Journal of Risk and Insurance, 76/3, 2009. 10 . Dionne G. and Harrington S.E. (Eds.), Foundations of Insurance Economics: readings in economics and finance, Boston, Kluwer Academic Publishers, 1992. 11 . Fishkin C.A., The Shape of Risk, a New Look at Risk Management, Palgrave Macmillan, New York, 2006. 12 . Hoyt R.E. and McCullough K.A., Catastrophe Insurance Options: are They Zero-Beta Assets?, Journal of Insurance Issues, 1999, 22, 2, pp. 147–163. 13 . Jobst A.A., What is Structured Finance ?, ICFAI Journal of Financial Risk Management, 2007. 14 . Lane M. (Ed.), Alternative Risk Strategies, Risk Waters Group, London, 2003. 15 . Louberg? H. (Ed.), Risk and Insurance Economics 25 years After, The Geneva Papers on Risk and Insurance, 23, 89, Oct. 1998. 16 . Rejda G.E., Principles of risk management and insurance, Reading (Mass), Addison-Wesley, 6th ed., 1998. 17 . Swiss Re – Sigma series 18 . n. 5/1996, Insurance Derivatives and Securitization: New Hedging Perspectives for the US Catastrophe Insurance Market? 19 . n. 1/2003, The Picture of ART. 20 . n. 7/2006, Securitization – New Opportunities for Insurers and Investors. 21 . n. 4/2011, Product Innovation in Non-life Insurance Markets, Where little “I” meets big “I”. 22 . Vaughan E.J.and Vaughan T.M., Fundamentals of Risk and Insurance, Wiley & Sons, New York, 1995. |