Risk Management Issues in Insurance

by Bird, Martin; Gordon, Tim

• ISBN13: 9781849300650
• ISBN10: 1849300658
• Format: Hardcover
• Copyright: 2013-11-13
• Publisher: Bloomsbury Academic

Summary

The financial crisis of 2008 had little impact on the insurance industry globally, unlike the solvency issues within other financial sectors. This title looks at the major risk concerns within insurance and how the industry as a whole deals with potential threats to its business in the short, medium, and long term.

It will demystify how insurers cope with liquidity risk, counterparty risk, tail-event risk (catastrophe), longevity risk, and the impact of climate change.

Author Biography

Co-editor Martin Bird is a partner at Aon Hewitt and head of Aon Hewitt’s risk settlement practice, which specializes in providing strategic risk management and longevity advice to a range of large UK and multinational clients with pension plans ranging in size from £50 million to over £30 billion. This includes structuring risk transfer transactions, advising on the value for money of different types of solution, and identifying which solutions provide the best fit to client objectives. He has led a number of high-profile longevity risk transfer transactions, including the BMW, BAE Systems, Rolls-Royce, and Pilkington deals, each of which covered £1 billion or more of pension liabilities.

Co-editor Tim Gordon is a partner at Aon Hewitt and leads the Aon Hewitt longevity modeling team, which provides the mortality analysis and risk advice to support Aon Hewitt’s UK funding and valuation actuarial advice and its longevity risk transfer transaction advice to pension plans and their sponsors, as well as to reinsurers of longevity risk. He developed and implemented Aon Hewitt’s postcode and stochastic projections longevity models. He is currently chairman of the Continuous Mortality Investigation (CMI) of the UK actuarial profession, the body responsible for producing standard actuarial mortality tables and projections in the country.

Other contributors include: Paul Barrett, Alex Bernhardt, David Blake, Tom Boardman, Daniel Byrne, Andrew Cairns, Neil Cantle, Andy Davies, Neal Drawas, Dominic Grimley, Stephen Haddrill, Tanya Havlicek, Patrick O. J. Kelliher, Gene C. Lai, Morton Lane, S. Erik Oppers, George C. Orros, Stephen J. Richards, and Suzanne White.