By Erik Banks
A realistic method of ART-an substitute technique in which businesses tackle a variety of different types of riskThis finished publication exhibits readers what artwork is, the way it can be utilized to mitigate chance, and the way convinced instruments/structures linked to paintings might be carried out. via a number of examples and case reviews, readers will research what really works and what does not whilst utilizing this system. Erik Banks (CT) joined XL Capital's weather/energy chance administration subsidiary, point Re, as a associate and leader possibility Officer in 2001. Read more...
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Extra info for Alternative risk transfer : integrated risk management through insurance, reinsurance, and the capital markets
5 Insurance premium pricing components might suffer ﬁnancial distress and jeopardize the position of all cedants. Pricing, therefore, cannot be unfair or egregious, and must certainly not be discriminatory. 8 The latter element is essential, as insurers must provide their shareholders with a fair return on capital. In a typical risk/return framework, the riskier the insurer’s business, the greater the required proﬁtability, since the variability of claims is higher. A business with more claims variability demands greater capital support, meaning a greater economic return to shareholders.
2 Hard versus soft markets The insurance market, like most other sectors of the global ﬁnancial marketplace, goes through cycles that can last for any length of time. During a theoretically “normal” market cycle, insurance supply and demand operate in an equilibrium state, and the fair premium charged by insurers is appropriately borne by cedants. 6, we note the equilibrium point N at the intersection of the supply and demand curves, reﬂecting a supply of insurance at Q 1 at a premium price of P1 .
In Part IV (Chapters 10 and 11) we focus on the future of ART by reviewing the nascent, but increasingly important, ﬁeld of enterprise risk management (based on integrated risk products and corporate solutions) and conclude with thoughts on future growth prospects. 2 Risk Management Drivers: Theoretical Motivations, Beneﬁts, and Costs The ART market, as we shall note in detail throughout the book, is an innovative sector comprising intermediaries, capacity suppliers, services, products, and solutions, that helps institutions manage their ﬁnancial and operating risks efﬁciently.