In the insurance industry, claims tend to constitute the major proportion of total annual outgoings across almost all product lines. This study develops a cost function of insurance claims and applies the model to 1988–93 data from the United Kingdom and New Zealand life insurance industries....

Executive Summary The Determinants of Credit Ratings in the United Kingdom Insurance Industry Academic researchers have devoted a considerable amount of attention to the activities of credit rating agencies over the past 20 years, focusing in particular on the agencies’ potential role in...

This paper, set in the context of a rationale for financial regulation, considers how the Financial Services Authority’s (the regulator) approach to establishing compliance competent organisations in the life assurance sector (the regulated) has evolved from a prescriptive approach to one of...

The Treasury's report "Institutional Investment in the United Kingdom: A Review" (the Myners Review) suggested in 2001 that various sectors of the UK equity market may be suitable for active investment management, tacitly assuming that some sectors are efficient whilst others are not. The...

The objective of this article is to identify and explore the fundamental issues necessary to design an integrated model of financial risk (hereinafter referred as “FR”) and operational risk (hereinafter referred as “OR”) within the framework of enterprise risk management (hereinafter...

Risk is inherent to all functions of a business. Enterprise risk management (ERM) is for the measurement and the management of all significant risks of the business holistically irrespective of types and sources. Consequently, the portfolio of enterprise risk includes both objective and...