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解説
An authoritative and comprehensive graduate textbook on the modern insurance sector
The traditional role of insurers is to insure idiosyncratic risk through products such as life annuities, life insurance, and health insurance. With the decline of private defined benefit plans and government pension plans around the world, insurers are increasingly taking on the role of insuring market risk through minimum return guarantees. Insurers also use more complex capital management tools such as derivatives, off-balance-sheet reinsurance, and securities lending. Financial Economics of Insurance provides a unified framework to study the impact of financial and regulatory frictions as well as imperfect competition on all insurer decisions. The book covers all facets of the modern insurance sector, guiding readers through its complexities with empirical facts, institutional details, and quantitative modeling.
- An up-to-date textbook for graduate students in economics, finance, and insurance
- Covers a broad range of topics, including insurance pricing, contract design, reinsurance, portfolio choice, and risk management
- Provides promising new directions for future research
- Can be taught in courses on asset pricing, corporate finance, industrial organization, and public economics
- An invaluable resource for policymakers seeking an empirical and institutional account of today's insurance sector