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Outsourcing Pension Longevity Protection

Igor Balevich

in Reorienting Retirement Risk Management

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.003.0010
Subject:
Business and Management, Pensions and Pension Management

Steadily improving mortality rates are boosting pension liabilities, and plan managers are starting to evaluate ways to handle this exposure. The authors explore the impact of increasing longevity on ... More


Risk Transfer in Public Pension Plans

Olivia S. Mitchell and Kent Smetters

in The Pension Challenge: Risk Transfers and Retirement Income Security

Published in print:
2003
Published Online:
August 2004
ISBN:
9780199266913
eISBN:
9780191601323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199266913.003.0006
Subject:
Economics and Finance, Financial Economics

This chapter shows that existing pension actuarial methods transfer risk away from early generations towards later generations. This causes equal expected costs to appear as unequal risk-adjusted ... More


The Pension Challenge: Risk Transfers and Retirement Income Security

Olivia S. Mitchell and Kent Smetters (eds)

Published in print:
2003
Published Online:
August 2004
ISBN:
9780199266913
eISBN:
9780191601323
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199266913.001.0001
Subject:
Economics and Finance, Financial Economics

This book is the first in a new series produced by the Pension Research Council of the Wharton School of the University of Pennsylvania. It discusses how to improve retirement security given the ... More


Systemic Risk and Regulation

Franklin Allen and Douglas Gale

in The Risks of Financial Institutions

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226092850
eISBN:
9780226092980
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226092980.003.0008
Subject:
Economics and Finance, Financial Economics

This chapter explains that inefficient regulation can result in risk-transfer activity that is focused on evasion of regulation, and that such activity can increase systemic risk. It also provides ... More


Prologue

Mauricio Drelichman and Hans-Joachim Voth

in Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II

Published in print:
2014
Published Online:
October 2017
ISBN:
9780691151496
eISBN:
9781400848430
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691151496.003.0001
Subject:
Economics and Finance, Economic History

This prologue provides an overview of state debts and sovereign default in the sixteenth century, looking in particular at Philip II's defaults. The debts and defaults of Philip II suggest that there ... More


Characterizing Insurance

Rob Merkin and Jenny Steele

in Insurance and the Law of Obligations

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199645749
eISBN:
9780191747823
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199645749.003.0002
Subject:
Law, Law of Obligations

Introduces the complexity of insurance and questions the dominance of an actuarial model. The actuarial model is associated with distributive, collectivising techniques, and these have also been ... More


Reshaping the Islamic Finance Industry: Applying the Lessons Learned from the Global Financial Crisis

Rafe Haneef and Edib Smolo

in Islamic Banking and Financial Crisis: Reputation, Stability and Risks

Published in print:
2013
Published Online:
May 2014
ISBN:
9780748647613
eISBN:
9780748695133
Item type:
chapter
Publisher:
Edinburgh University Press
DOI:
10.3366/edinburgh/9780748647613.003.0002
Subject:
Religion, Islam

This chapter examines the lessons learned from the global financial crisis of 2008 and how they can be applied to reshape the Islamic financial industry. It analyses some of the significant flaws in ... More


The Benefits of Long-Term P3 Concessions

Robert W. Poole Jr.

in Rethinking America's Highways: A 21st-Century Vision for Better Infrastructure

Published in print:
2018
Published Online:
May 2019
ISBN:
9780226557571
eISBN:
9780226557601
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226557601.003.0006
Subject:
Economics and Finance, Public and Welfare

The P3 model creates different incentives for highways, including risk transfer and design innovation. Financial differences include revenue bonding, better project selection, guaranteed maintenance, ... More


Unraveling the Nest: From a Market for Acts of God to a Market for Commodities

Paula Jarzabkowski, Rebecca Bednarek, and Paul Spee

in Making a Market for Acts of God: The Practice of Risk Trading in the Global Reinsurance Industry

Published in print:
2015
Published Online:
April 2015
ISBN:
9780199664764
eISBN:
9780191811487
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199664764.003.0006
Subject:
Business and Management, Finance, Accounting, and Banking, International Business

Chapter 6 introduces current shifts stemming from the fact that multinational insurance companies are now buying reinsurance as large bundled multi-territory, or even global, deals that cover ... More


Making a Market for Acts of God: The Practice of Risk Trading in the Global Reinsurance Industry

Paula Jarzabkowski, Rebecca Bednarek, and Paul Spee

Published in print:
2015
Published Online:
April 2015
ISBN:
9780199664764
eISBN:
9780191811487
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199664764.001.0001
Subject:
Business and Management, Finance, Accounting, and Banking, International Business

Reinsurance is financial market trading in the risk of unpredictable and devastating disasters—e.g. Hurricane Katrina or the Tōhoku earthquake and tsunami—that are increasing in frequency, severity, ... More


Moral Grammar and Military Vocabulary

Neta C. Crawford

in Accountability for Killing: Moral Responsibility for Collateral Damage in America's Post-9/11 Wars

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199981724
eISBN:
9780199369942
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199981724.003.0002
Subject:
Political Science, International Relations and Politics, American Politics

Clarifies the concepts of collateral damage and moral responsibility, as well as terms such as combatant, noncombatant, and civilian as they are used in international law and ethics. Other terms, ... More


Innovative Insurance-Linked Securities for Financing Extreme Events

Howard C. Kunreuther and Erwann O. Michel-Kerjan

in At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262012829
eISBN:
9780262255431
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262012829.003.0008
Subject:
Political Science, Political Economy

In the aftermath of the 2005 hurricane season, reinsurance prices for catastrophic risks increased dramatically in the United States. The pronounced reduction in the size of the retrocession market ... More


Proposed Innovations for Dealing with Catastrophic Risks

Howard C. Kunreuther and Erwann O. Michel-Kerjan

in At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262012829
eISBN:
9780262255431
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262012829.003.0014
Subject:
Political Science, Political Economy

Hurricanes and other natural disasters cause significant damage which, combined with the growing population and assets in high-risk areas, underscores the need for a new approach not only for ... More


Risk Budgeting and Longevity Insurance:: Strategies for Sustainable Defined Benefit Pension Funds

Amy Kessler

in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk

Published in print:
2014
Published Online:
December 2014
ISBN:
9780198719243
eISBN:
9780191788505
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198719243.003.0012
Subject:
Business and Management, Pensions and Pension Management

The extreme losses incurred in defined benefit pension plans during the financial crisis have called into question the conventional approach to managing pension risk. Defined benefit pension plans ... More


Rethinking America's Highways: A 21st-Century Vision for Better Infrastructure

Robert W. Poole Jr.

Published in print:
2018
Published Online:
May 2019
ISBN:
9780226557571
eISBN:
9780226557601
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226557601.001.0001
Subject:
Economics and Finance, Public and Welfare

This book examines how the model of state-owned highways came about and why it is failing. It argues for a new model that treats highways as public utilities, such as electricity and water supply. ... More


Reinsurance: A Market for Acts of God

Paula Jarzabkowski, Rebecca Bednarek, and Paul Spee

in Making a Market for Acts of God: The Practice of Risk Trading in the Global Reinsurance Industry

Published in print:
2015
Published Online:
April 2015
ISBN:
9780199664764
eISBN:
9780191811487
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199664764.003.0001
Subject:
Business and Management, Finance, Accounting, and Banking, International Business

Chapter 1 explains the structure of, and key players in, the reinsurance market; the insurers (cedents), reinsurers, and brokers. This book focuses on the reinsurers who, despite being competitors, ... More


GSE Credit Risk Transfer Deals

Debra Chen

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0010
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter analyzes the government-sponsored enterprise (GSE) credit risk transfer (CRT) deals of Fannie Mae and Freddie Mac, part of the Federal Housing Finance Agency’s (FHFA) initiative to bring ... More


Loss-Spreading

Rob Merkin and Jenny Steele

in Insurance and the Law of Obligations

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199645749
eISBN:
9780191747823
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199645749.003.0006
Subject:
Law, Law of Obligations

Focuses on the means by which loss-spreading is effected by insurance and on the issues of private law which arise in the process. Illustrates that losses are not merely spread within defined risk ... More


What is Insurance and How Does it Differ from General Finance?

Christian Thimann

in The Economics, Regulation, and Systemic Risk of Insurance Markets

Published in print:
2016
Published Online:
December 2016
ISBN:
9780198788812
eISBN:
9780191830877
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198788812.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter provides an economic definition of insurance and delineates insurance from general finance. This delineation is important because in global finance the distinction is frequently blurred, ... More


Learning from an Example

Gilles Bénéplanc and Jean-Charles Rochet

in Risk Management in Turbulent Times

Published in print:
2011
Published Online:
April 2015
ISBN:
9780199774081
eISBN:
9780190258474
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199774081.003.0015
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter illustrates how the risk management methodology can be applied in practice using the fictitious pharmaceutical company called Med Corp. Med Corp is designed to have a commercial profile ... More


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