The objective of this paper to present a general overview of a possible approach for the valuation of insurance liabilities and the capital requirements required as a consequence of the risk transfer from a policyholder to the insurer...

This document refers to sub-issue 11G of the IASC Insurance Issues paper and proposes a method to value risk-adjusted cash flows (refer to the IAA paper INSURANCE LIABILITIES - VALUATION & CAPITAL REQUIREMENTS, GENERAL OVERVIEW OF A POSSIBLE APPROACH, sections 2.2 and 2.3). The principles and...

As mentioned in our response to sub-issue 7H of the IASC Insurance Issues Paper (the IASC Paper), the IAA agrees with the IASC Insurance Steering Committees tentative view as given in paragraph 357 that equalization provisions should not be recognized as a liability...

Sub-issue 11I of the IASC Insurance Issues Paper (the IASC Paper) discusses whether the credit standing of the insurer should affect the measurement of its insurance liabilities. The following summarizes the major arguments (including significant counter-arguments) concerning this issue in a...

This Geneva Association “insurance reader on the credit crisis” has been put togetheras a reaction to the widespread demand for reliable information on and an intellectualappreciation of the insurance sector’s involvement in the credit crisis. Since the end of2007, The Geneva Association...

At the General Assembly of the Geneva Association held 28-31 May 2008 in Hamilton, Bermuda, the CEOs of the world's leading insurance and reinsurance companies decided to launch a new research project on climate change and its economic impact on insurance (CC+I). This initiative reflects one of...

Insurers and banks are both suppliers of financial services and constitute together thebulk of the financial services industry. As such, they share certain common traits and,consequently, are often analyzed together. At the same time, they differ markedly in certainrespects, insurance and...

Strict liabilities prevails at major accidents. According to the Polluter Pays Principle,l it is the liable party who pays for any damage. The accidents may be very large, however, compared to the assets of the liable plant owner. The liable party may, therefore, simply go bankrupt and leave the...

Several of the risks currently faced by corporations are shaped by legal rules. Liability rules, for instance, determine the cases in which firms will incur economic losses, either because thay are obliged to compensate for the harm suffered by others, or because they are inflicted monetary...

Insurance Industry will create a more efficient, customer centric, collaborative and innovative marketplace. Embrace extended/networked business models that include innovation across value chain through capabilities of strategic partners, best practices, expertise, and capital...