Download PDF by Erik Banks: Alternative Risk Transfer: Integrated Risk Management

By Erik Banks

ISBN-10: 0470857455

ISBN-13: 9780470857458

The booklet seems effortless to learn, yet nonetheless rather complete. the hot traits of artwork recommendations are stable captured and defined in a good understandible demeanour. stable publication for everybody who desires to comprehend major gains of artwork industry with no getting himself misplaced in small mathematical information

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Extra resources for Alternative Risk Transfer: Integrated Risk Management through Insurance, Reinsurance, and the Capital Markets

Example text

Risks, in either case, are said to be ‘adversely selected’, which will have a detrimental effect on the insurer. To protect against adverse selection the insurer must thoroughly understand the nature of its portfolio; this typically means devoting proper resources to identifying, classifying, and tracking the loss experience of each of the parties it is protecting, enabling it to properly stratify and, then price, the protection it is offering. As indicated above, basis risk is the risk that arises between an exposure and a risk transfer/hedge mechanism that is imperfectly correlated with the exposure.

Risks, in either case, are said to be ‘adversely selected’, which will have a detrimental effect on the insurer. To protect against adverse selection the insurer must thoroughly understand the nature of its portfolio; this typically means devoting proper resources to identifying, classifying, and tracking the loss experience of each of the parties it is protecting, enabling it to properly stratify and, then price, the protection it is offering. As indicated above, basis risk is the risk that arises between an exposure and a risk transfer/hedge mechanism that is imperfectly correlated with the exposure.

As a general rule, if an insurance premium is less than, or equal to, the expected loss, a company will purchase insurance. , partial insurance through deductible/coinsurance features). The hedging process can be viewed in a similar light. , a compensatory payment, reduced NCF uncertainty, and lower probability of financial distress; if the derivative qualifies as a hedge, it may also have certain tax deductibility features. ) The cost of hedging a risk through a derivative contract comes in the form of an option premium (which is, of course, distinct from an insurance premium) or a bid–offer spread on a swap or forward contract.

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Alternative Risk Transfer: Integrated Risk Management through Insurance, Reinsurance, and the Capital Markets by Erik Banks


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