Insurance regulation is typically aimed at policyholder protection. In particular, regulators attempt to ensure the financial "safety" of insurance firms, for example, by means of capital regulation, and to enhance the "affordability" of insurance, for example, by means of price ceilings....

This paper compares the shareholder-value-maximizing capital structure and pricing policy of insurance groups against that of stand-alone insurers. Groups can utilise intra-group risk diversification by means of capital and risk transfer instruments. We show that using these instruments enables...

Market risks account for an integral part of life insurers' risk profiles. This paper explores the market risk sensitivities of insurers in two large life insurance markets, namely the U.S. and Europe. Based on panel regression models and daily market data from 2012 to 2018, we analyze the...

This paper compares the shareholder-value-maximizing capital structure and pricing policy of insurance groups against that of stand-alone insurers. Groups can utilise intra-group risk diversification by means of capital and risk transfer instruments. We show that using these instruments enables...

Socially responsible investing (SRI) continues to gain momentum in the financial market space for various reasons, starting with the looming effect of climate change and the drive toward a net-zero economy. Existing SRI approaches have included environmental, social, and governance (ESG)...

Sozial verantwortliches Investieren (Socially Responsible Investing, SRI) gewinnt an den Finanzmärkten aus verschiedenen Gründen zunehmend an Bedeutung, beispielsweise aufgrund der sich abzeichnenden Auswirkungen des Klimawandels oder des Strebens nach einer Netto-Null-Wirtschaft. Bestehende...